Two Levers
View PDF | Print VersionTreasury Secretary Scott Bessent has been busy this month — doubling down on Treasury bond buybacks and coordinating with Tokyo to defend the yen. Neither effort is working the way markets initially hoped, and the reason is the same in both...
Tight Spreads, Big Changes: Navigating Credit Selection, AI Issuance, and a New Federal Reserve
In this research note, we decompose 2Q26 fixed income returns, examine how AI-related corporate issuance is changing fixed income indices, offer our initial assessment of new Federal Reserve Chair Kevin Warsh, and discuss our outlook and portfolio positioning for the remainder of the year.
The Broadening: Why Market Leadership Is Shifting Down the Cap Spectrum
After more than thirteen years of large cap dominance, anchored most recently by the AI driven rally in the “Magnificent Seven,” small and midcap U.S. equities have led their large cap peers for four consecutive quarters.
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.
Systematic Global Equities team explores the potential market impact of a SpaceX IPO
In this latest research piece, Xponance’s Systematic Global Equities team explores the potential market impact of a SpaceX IPO and what asset owners and investment professionals should be watching.