Perspectives on industry challenges and opportunities, covering current developments, emerging trends, and future outlooks.
April 2025
Tariffs, Tightening, and Turning Points
Markets are grappling with policy uncertainty, weakening growth, and rising volatility. Tariff shifts, falling capex, and softening earnings point to a fragile outlook, while tightening liquidity and bond market disruptions challenge old investment strategies. In this new environment, agility and real-time awareness are essential.
March 2025
Tariff Uncertainty
The first quarter of 2025 saw heightened market volatility, largely driven by policy uncertainty and shifting investor sentiment. U.S. equities declined sharply, with the S&P 500 down 4.3%—its worst performance since 2022. In contrast, European equities outperformed, supported by expectations of increased defense spending and economic stimulus. As equities faltered, investors turned to safe-haven assets such as Treasuries and gold to preserve capital amid the uncertainty.
March 2025
Evaluating an Asset Manager - A Comprehensive Approach
Selecting an asset manager is a critical decision that requires careful analysis beyond just past performance. While historical returns may provide some insight, they are not always a reliable predictor of future success. Instead, a thorough evaluation should encompass multiple dimensions of a manager’s capabilities and approach.
March 2025
Beyond Traditional Assets: Modernizing Defined Contribution Plans
As the investment landscape continues to evolve, so too must our approach to retirement savings. Defined contribution plans should no longer be limited to a rigid mix of stocks and bonds. By incorporating alternative investments, plan sponsors can help participants achieve better diversification, higher returns, and improved financial security in retirement.
February 2025
Growth Worries Surface
February saw U.S. markets decline amid economic concerns and geopolitical tensions, while European and Asian markets fared better. The report offers key insights on market trends, inflation worries, and shifts in private investments, providing a crucial outlook for investors.
February 2025
Crossroads: Inflation, Liquidity, and Trade Shake-ups
The U.S. economy enters 2025 at a pivotal moment. A robust labor market and resilient corporate profits are keeping the soft-landing narrative alive, but inflation’s persistence and new policy uncertainties pose fresh challenges. As we evaluate these critical factors, it becomes clear that 2025 will demand a flexible approach to asset allocation.
January 2025
Cautious Optimism
In January 2025, financial markets exhibited a blend of optimism and caution across various asset classes.
January 2025
2025 Capital Markets Outlook: Elevated U.S. Stock Valuations Highlight the Need for Broader Portfolio Diversification and Enhanced Flexibility
As we step into a new economic era shaped by shifting monetary policies, technological advancements, and evolving global geopolitical dynamics, investors face a landscape of both challenges and opportunities. This Perspective aims to provide insights into the future of capital market returns, with a focus on how investors can navigate this environment effectively.
December 2024
CITs: The Rising Star in the Retirement Investment Landscape
While mutual funds have long been the go-to investment vehicle for 401(k) plans and other defined contribution (DC) plans, CITs are emerging as a compelling alternative.