Don’t Plot the Dot: Will the End of the Fed’s Forward Guidance Increase Volatility?
Pivotal on New Federal Reserve Chair Kevin Warsh’s reform agenda, is the abandonment of the Federal Reserve’s forward guidance, a multi-decade tradition at the Federal Reserve since the pre-GFC days of Alan Greenspan. In reaction, economists, strategists, and portfolio managers from major institutions as Pimco, Lord Abbett, T. Rowe Price, JP Morgan, and The Conference Board are all on the record that the end of forward guidance will increase market volatility.
Beyond the Quality Label: Understanding the Different Types of Quality in Non-US Equity Investing
Quality investing in developed non-US markets has run into a strong headwind. After more than a decade of durable outperformance, the highest-quality segments of the MSCI EAFE universe lagged sharply over the year ending April 2026, while lower-quality, more cyclical names led the index higher. The reversal was most acute among compounding and franchise businesses, and it reopens a familiar question for allocators: does a single year of weakness signal a structural problem or a cyclical one? Many managers describe their portfolios as high quality, yet those portfolios differ widely in both composition and performance. The reason is that quality is not one factor.
Signals & Shields: Fixed Income Strategies for a World in Flux
As we enter the second quarter of 2026, geopolitical conditions have shifted meaningfully since our last quarterly review.
The 2020s Reboot of “That ‘70s Show”: Decoupling from the Global Hydrocarbon System
We believe the energy supply shocks of the 2020s will ultimately prove no less revolutionary for financial markets than their 50-year-old cousins did. Much like the First and Second World Wars culminated in the localization of steel production, over the next two decades, we believe that the shocks of the 2020s will accelerate the use of alternative energy sources for economically critical energy needs.
Style Cycles to Core Stability: Investing in Today’s Markets — Q1 2026 Systematic Global Equities Update
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.
AI, Capital Intensity, and Why Climate Indices Have Diverged
Climate-aligned equity indices have faced a challenging start to 2026. To better understand the drivers of this divergence, we analyzed the performance of the MSCI USA Climate Paris-Aligned Benchmark (PAB) Index relative to its parent MSCI USA Index across sector, style, emissions, and asset-intensity dimensions.