Q1 Capital Markets Review
Global equities (MSCI ACWI Index in USD) declined 3.2% during Q1 with mixed and highly volatile returns across geographies. International stocks performed strongly in January and February buoyed by expectations for global growth expansion, coupled with emerging markets exposure to picks and shovels
Q4 Capital Markets Review
Both global equities and fixed income appreciated strongly during Q4 and delivered impressive returns for full year 2025. Tariff uncertainty continued to abate with the impact on inflation and corporate earnings much lower than initially feared. US economic growth continued to rebound strongly follo
Q3 Capital Markets Review
After a volatile first half marked by tariff uncertainty, Q3 2025 delivered strong gains across global markets as trade tensions abated and AI enthusiasm resurged. However, stretched valuations, concentrated equity exposure, and massive AI capital spending now present meaningful risks. Our report ex
Q2 Capital Markets Review
Global equities, as measured by the ACWI Index in USD, appreciated 11.5% in Q2 and are up 10.1% YTD. Equities (especially US markets) experienced significant volatility during the quarter. The ACWI Index swiftly declined by 10.1% from March-end through April 8th following the April 2nd Libera
Q1 Capital Markets Review
Entering 2025, strong economic momentum gave way to heightened volatility as aggressive U.S. tariff actions disrupted markets and trade relationships. Our report reviews how these shifts impacted public and private markets, identifies actionable investment opportunities, and outlines strategic posit
Q4 Capital Markets Review
Global equities declined 1.0% in Q4 but rose 17.5% in CY 2024, driven by U.S. large-cap stocks (+24.5%) benefiting from strong earnings, economic resilience, and AI-driven tech gains. Fixed income struggled in Q4 as yields surged, though CY 2024 returns remained positive. High-yield bonds and levera
Capital Markets Executive Summary
Global equity markets continued to rise in Q2 2024, while exhibiting significant sectoral and regional trends. US large-cap stocks lead the charge, driven by robust corporate earnings and favorable inflation data. Growth stocks, particularly those linked to AI, outperformed. Our report explores thes
Strategic Asset Allocation View (7-years)
The 7-year outlook forecasts mid-single-digit returns for equities. With US equities at stretched valuations, profit growth will be pivotal with onshoring and lower labor flexibility versus AI-driven productivity gains as opposing factors. Government and investment grade bonds remain relatively attr
Macroeconomic Conditions
Global economic conditions reveal a slowdown in US economic growth, with cooling consumer spending, and resumed disinflation. Europe’s recovery remains fragile, while China’s growth lags expectations. Our analysis covers inflation trends, growth scenarios, and geopolitical impacts on market stab
Shorter-term View
Key issues and scenarios include the inflation trajectory, economic growth possibilities, and corporate earnings outlook. Our report also discusses AI adoption, geopolitical conflicts, and market reactions under various scenarios, from optimistic to pessimistic, resulting in a neutral tactical stanc
