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.
Institutional Investment Process: Rigorous Evaluation, Disciplined Execution
Institutional Grade | Xponance XAlts Institutional Investment ProcessRigorous Evaluation, Disciplined Execution Proprietary investment sourcing of emerging managers through a disciplined evaluation of investment approach, strength of the team and portfolio...GP Staking and Manager Seeding Strategies
GP Capital Solutions Across Strategies and Asset Classes GP Staking & Manager Seeding Strategies | XAlts Institutional Discover how XAlts GP Capital Solutions provides growth capital to Lower Middle Market firms with significant downside protection and anticipated...XAlts News and Insights
Xponance XAlts News & Insights Welcome to the Xponance Alts Newsroom, engaging in research on private equity regime shift, lower middle market advantages, and diverse manager performance. Institutional thought leadership for allocators. XAlts Home | Strategies |...Xponance Alts New
Xponance Alts Solutions Transforming Access to Alpha Through GP Capital Solutions XAlts provides GP Capital Solutions to emerging alternative managers, enabling institutional allocators to access differentiated talent from underrepresented firms in the Lower Middle...
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.
Fixed Income Market Year in Review and 2026 Outlook
In the wake of a particularly robust year for fixed income returns across sectors—with notably little differentiation between them—it is instructive to examine return patterns over the prior decade.
Latam Markets in 2026: Revolution, Revelation, or Reversion?
After a historic year of outperformance, what’s next for Latin American markets in 2026? Will these traditional “hot money” markets give back their gains or is this a turning point for these former investor darlings turned market minnows?
How AI Is Rewriting Capital Efficiency, Profitability and Valuation: Q4 2025 Systematic Global Equities Update
From Technology Giants to Industrial Titans, Big Tech is transitioning from a world of capital-light economics to one defined by physical scale, infrastructure intensity, and resource constraints
Xponance Celebrates Six Years of Recognition in Pensions & Investments’ Best Places to Work in Money Management
Press Release New York, NY (Dec. 8, 2025) – Xponance, Inc., a multi-strategy investment firm, was recognized in the 2025 Best Places to Work in Money Management awards announced by Pensions & Investments today. This is the sixth year in a row that the company has...
Persistence of the Nimble: Understanding Boutique Manager Alpha
Boutique investment managers have durable structural advantages that can lead to enhanced alpha generation.
The Price of Distrust ─ Part 2: The Costs of Political Interference at the Fed
45 years of de facto Fed independence appears increasingly at risk. President Trump has already installed one Fed Governor, is attempting (possibly illegally) to dismiss another, and has triggered market speculation about his ability or willingness to even dismiss the Chairman. What does this mean for markets?
Xalts Event 2025
XAlts Annual Meeting Event Site Preliminary AgendaXAlts Annual MeetingMonday October 27, 20259:45 am – 5:00 pm Time Event Speaker(s)/Presenter(s) 9:45 am Registration (pick up name badges) 10:00 Opening Remarks Tina Byles Williams – CEO/CIO...
Spreads Say ‘Go’—The Economy Says ‘No’
As we enter the home stretch of 2025, we are struck by the current state of valuations in the fixed income markets. We are particularly struck by the divergence between broad market valuations and the growing weakness in various economic sectors.
Can Equity Markets Keep Defying Gravity? Q3 2025 Systematic Global Equities Update
In this environment, investors should balance exposure between the structural tailwinds of AI and the cyclical vulnerabilities of an economy still walking a fine line between expansion and slowdown.
A Regime Shift in Private Equity Returns
In this piece, we will look into key structural differences within segments of U.S. private equity strategies (with an emphasis on buyout funds) that are likely to become critical return drivers in the coming years in the evolving macroeconomic environment.
Passive Fixed Income…NOT: The Case for Active Fixed Income
In this paper, we begin by examining the differences between equity index construction and fixed income benchmark construction. We then analyze data from the eVestment database to evaluate the performance of the Bloomberg Aggregate index relative to the median active manager.
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.
Machine Learning in Stock Selection: A Refresher
With equity markets producing vast streams of data from corporate fundamentals to market prices, sentiment, and alternative datasets, machine learning offers the ability to uncover subtle, nonlinear relationships that traditional linear factor models might overlook.
Mimi Forbes
Mimi Forbes Chief Compliance Officer Mildred O. Forbes, Esq. “Mimi” serves as the Chief Compliance Officer (CCO) at Xponance® and is responsible for maintaining, developing, and managing the overall compliance program at the firm. She is a member of the Xponance’s...Binika Rijal
Binika Rijal Quantitative Analyst, Systematic Global Equities Binika Rijal joined Xponance in January 2025 as a quantitative analyst on the systematic global equities platform. With experience in financial servie and a strong background in data analysis, statistics,...
U.S. Fixed Income: Q2 2025 Update
Despite the relative calm in markets, Q2 2025 was undeniably a roller coaster. The quarter opened with volatility fueled by “Liberation Day” tariffs and closed on a more composed financial note—though uncertainty around international trade policy remains unresolved.
Poised for Lift-Off or Facing Turbulence: Q2 2025 Systematic Global Equities Update
As we enter the second half of 2025, the next six months are expected to be defined by a slowing global economy, tariff uncertainty, and market volatility.
The Price of Distrust: How Much Downside Could There Be in U.S. Equities?
For the past 15 years, global investors’ default positioning was to hold U.S. Dollars as the most obvious choice of non-domestic currencies (and maybe most obvious overall choice) and when investing outside their own equity markets, to look first to the U.S.
Nicole Gerding
Adam Choppin, CFA*, APFI Assistant Portfolio Manager, Multi-Manager Strategies Adam Choppin is Vice President and Assistant Portfolio Manager, Multi-Manager Strategies at Xponance®. Adam joined the firm in May 2013 and he is the Assistant Portfolio Manager for...Damaris Mathenge
Damaris Mathenge Manager Research Analyst, Manager Research Damaris Mathenge is a Research Analyst on the Manager Research Team at Xponance. She conducts due diligence on approved and prospective equity managers for multi-manager portfolios. Before joining Xponance in...Brenda Alfaro
Brenda Alfaro Director of Business Development, Business Development Brenda Alfaro joined Xponance® in April 2025 and serves as Director, Business Development and Consultant Relations. She is responsible for managing relationships with consulting firms and new...
Have EAFE Banks Become the New “Favorite” for Growth Managers?
Non-US banks in developed markets (“EAFE banks”) have quietly emerged as the top-outperforming segments in global equity markets over the past three years (through Q1 2025). This paper explores the fundamental development of EAFE banks over the past decade, dissecting by European and Japanese entities.