FIS Reasearch Archives - Xponance | Asset Management and Investment

Style Cycles to Core Stability: Investing in Today’s Markets — Q1 2026 Systematic Global Equities Update

Binika Rijal and Sumali Sanyal — Thu, 16 Apr 2026 19:32:01 +0000

Drawing on regime analysis, holdings overlap studies, turnover data, and comparative portfolio scenarios, we show that incorporating a core component delivers comparable or superior risk-adjusted returns while reducing costs, simplifying oversight, and providing the flexibility to allocate across the full valuation spectrum within a single mandate.

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Fixed Income Market Year in Review and 2026 Outlook

Charles Curry Jr and Noel McElreath — Tue, 27 Jan 2026 14:34:39 +0000

In the wake of a particularly robust year for fixed income returns across sectors—with notably little differentiation between them—it is instructive to examine return patterns over the prior decade.

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Latam Markets in 2026: Revolution, Revelation, or Reversion?

Tina Byles Williams and Adam Choppin — Mon, 26 Jan 2026 19:07:41 +0000

After a historic year of outperformance, what’s next for Latin American markets in 2026? Will these traditional “hot money” markets give back their gains or is this a turning point for these former investor darlings turned market minnows?

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How AI Is Rewriting Capital Efficiency, Profitability and Valuation: Q4 2025 Systematic Global Equities Update

Serena Li Sumali Sanyal — Mon, 26 Jan 2026 16:30:14 +0000

From Technology Giants to Industrial Titans, Big Tech is transitioning from a world of capital-light economics to one defined by physical scale, infrastructure intensity, and resource constraints

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The Price of Distrust ─ Part 2: The Costs of Political Interference at the Fed

Tina Byles Williams and Adam Choppin — Wed, 22 Oct 2025 17:27:07 +0000

45 years of de facto Fed independence appears increasingly at risk. President Trump has already installed one Fed Governor, is attempting (possibly illegally) to dismiss another, and has triggered market speculation about his ability or willingness to even dismiss the Chairman. What does this mean for markets?

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Spreads Say ‘Go’—The Economy Says ‘No’

Charles Curry Jr and Noel McElreath — Wed, 22 Oct 2025 14:08:16 +0000

As we enter the home stretch of 2025, we are struck by the current state of valuations in the fixed income markets. We are particularly struck by the divergence between broad market valuations and the growing weakness in various economic sectors.

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Can Equity Markets Keep Defying Gravity? Q3 2025 Systematic Global Equities Update

Sumali Sanyal and Cameron McLennan — Tue, 21 Oct 2025 17:10:39 +0000

In this environment, investors should balance exposure between the structural tailwinds of AI and the cyclical vulnerabilities of an economy still walking a fine line between expansion and slowdown.

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A Regime Shift in Private Equity Returns

Adam Choppin and XAlts Investment Team — Wed, 01 Oct 2025 18:08:07 +0000

In this piece, we will look into key structural differences within segments of U.S. private equity strategies (with an emphasis on buyout funds) that are likely to become critical return drivers in the coming years in the evolving macroeconomic environment.

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Passive Fixed Income…NOT: The Case for Active Fixed Income

Charles Curry Jr — Wed, 01 Oct 2025 14:52:36 +0000

In this paper, we begin by examining the differences between equity index construction and fixed income benchmark construction. We then analyze data from the eVestment database to evaluate the performance of the Bloomberg Aggregate index relative to the median active manager.

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Machine Learning in Stock Selection: A Refresher

Sumali Sanyal — Fri, 15 Aug 2025 16:38:10 +0000

With equity markets producing vast streams of data from corporate fundamentals to market prices, sentiment, and alternative datasets, machine learning offers the ability to uncover subtle, nonlinear relationships that traditional linear factor models might overlook.

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