Russell Large Growth Index — New Rules, Same Concentration

FTSE Russell introduced issuer‑level concentration caps to the Russell U.S. Style indexes in March 2025 to temper mega‑cap dominance while preserving benchmark utility.

U.S. Fixed Income: Q4 2023 Update

U.S. Fixed Income: Q4 2023 Update

The 4th quarter Treasury and spread rally rescued the broad fixed income market from another year of negative or barely positive (depending on sector) returns. In traditional bond market fashion, however, we find much to worry about with stretched valuations in most of the spread sectors and an uncertain path forward for the economy and interest rates.

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The View From the Top: What the Markets Look Like at a Potential Top of the Rate Cycle

The View From the Top: What the Markets Look Like at a Potential Top of the Rate Cycle

Investors’ 2023 New Years’ resolution was apparently to forgive and forget their travails of 2022, as global markets spent 2023 shrugging off the prior years’ anxieties. Excluding emerging East Asia, major global markets have already fully recovered from their losses related to the inflation induced rate cycle kicked off in early 2022.

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Systematic Global Equities: Q4 2023 Update

Systematic Global Equities: Q4 2023 Update

As 2023 drew to a close, the financial markets began to manifest the early signs of a soft-landing scenario, marked by a robust rally in equity markets in the fourth quarter, showcasing double-digit gains. This period was characterized by broadening of market strength, with notable outperformance by small-cap stocks, heavily shorted names, lower-quality companies, unprofitable tech, and a mix of long-duration, meme, cyclical, and value stocks.

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