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.
A Macroeconomic Perspective: Reserve Currency Status and Persistent Trade Deficits
Nations whose currencies serve as global reserve currencies enjoy unique benefits but also face structural challenges.
There’s a Pony in Here Somewhere: Q1 2025 Fixed Income Update
As we enter the second quarter of 2025, there is much to consider for fixed income markets and the broader economy.
The Only Certainty Is Uncertainty: Systematic Global Equities Q1 2025 Update
The opening quarter of 2025 was a roller coaster ride for investors, beginning with optimism but ending with considerable turmoil.
The Fraying Trans-Atlantic Alliance is Making Europe Great Again
America – or at least the Trump Administration – and Europe are clearly seeing the world differently these days.
Customized Equity Solutions
Customized Equity Solutions We adopt a collaborative approach to create and implement custom solutions that align with our clients’ values. We begin by engaging with the client to understand their unique investment goals, the values they wish to prioritize, and their...
The Precariat Are Still Mad! Part III – How Should Investors Play the Next 4 Years? It Depends!
This piece is the third in a three-part series on the issues that led to 2024’s anti-incumbent party backlash. Here, we evaluate the trade and other fiscal proposals put forward by the incoming Trump administration, as well as their investment implications.
Change at the Top: Economic and Equity Market Implications: Systematic Global Equities Q4 2024 Update
U.S. stock markets experienced positive performance in 2024, and that trend is expected to continue in 2025. However, 2025 also has the potential to experience increased market volatility and shifting trends due to policy changes from the incoming administration combined with uncertainty about inflation and global economic conditions.
The Captain Has Elected to Keep the Fasten Seatbelt Sign Illuminated: Q4 2024 Fixed Income Update
Given the substantial price action in rate markets, we consider what outcomes the market is currently pricing, the risks to this “consensus” view, and what we think will or will not occur as the new administration begins its term.
Tariffs, Tensions, and Opportunities
Understanding the interplay of policy, market sentiment, and regional dynamics is critical for successful investment positioning in this era of renewed protectionism and global economic realignment.
Xponance Celebrates Five Years of Recognition as a Best Place to Work in Money Management by Pensions & Investments
Press Release Philadelphia, PA (Dec. 9, 2024) – Xponance, Inc., a multi-strategy investment firm, was recognized in the 2024 Best Places to Work in Money Management awards announced by Pensions & Investments today. This is the fifth year in a row that the company...
The Precariat Are Still Mad! Real Talk on Immigration – Part II
This is the second of a three-part series on the two issues that led to 2024’s anti-incumbent party backlash. This paper evaluates salient macroeconomic, demographic, and social factors that have or should inform immigration policy, as well as the policy solutions put forward by the incoming administration to address unauthorized workers in America.