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?
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.