Centralized Portfolio Management

2025 Fixed Income Outlook: Monetary and Fiscal Crosscurrents May Create Volatility, Yet Opportunity Persists

In an environment of modest growth and inflation, we believe 2025 could be favorable for fixed income investors.

Equity Cash and Carry Trades to Help Enhance Returns on Cash

Capturing the richness of equity implied financing may improve returns on cash.

Gradually, then Suddenly: Policy Proposals and the Deficit

In part three of our series, we review major policy plans and budget deficit challenges posed by the US presidential candidates.

Look at Duration During Fed Rate Cutting Cycles

Find out why duration matters in the face of declining interest rates.

What Goes Up, Must Come Down: Mean Reversion in Commodities

Explore how a commodity portfolio can be built to emphasize diversification and rebalancing.

Dispelling Three Election Cycle Myths That Can Undermine Investment Success

Here we dispel three common myths about elections and investments, demonstrating why we think sticking to a long-term investment plan might be a better path to success than trying to predict political cycles.

Two in the Bush: Still Time to Lock in Long-Term Rates

Despite the allure of higher short-term rates in hand now, here’s why we think it makes sense to take on duration to limit reinvestment risk later.

Gradually, then Suddenly: Financing the Nation’s Growing Debt

In part two of our series, let’s examine Treasury market supply and demand.

Extensive Capabilities of an Overlay Program: More than Meets the Eye

Read why we believe consultation, customization and flexibility are three key elements of a successful and holistic overlay program.

Midyear LDI Outlook: Planting Seeds for a New Direction in Pensions

After some interesting twists in the pension world, let’s look at how far we’ve come and where that might lead.

Gradually, then Suddenly: US Debt and Deficits

Ongoing budget deficits linger amid the post-COVID economic recovery. In part one of our series, let’s look at fiscal policy and Treasury debt.

Midyear Fixed Income Outlook: Solid but Slowing, a Favorable Environment for Fixed Income

Economic resilience and the year-to-date increase in yields may simply prolong and enhance what we see as an attractive opportunity in fixed income.

Midyear Commodity Outlook: Are Higher Rates Masking Tight Inventories?

Learn why the level of inventories can have a big impact on commodity prices, and relatively low inventories can lead to higher volatility across commodity markets.

Can Tight Spreads Still Deliver Excess Returns?

Here’s why we believe that even at current tight spread levels, investing in corporate bond ladders may continue to offer a total return advantage over time in most economic environments.

What Is Impact Investing?

Impact investing may be the key to generating measurable social or environmental benefits while also fueling healthy financial return.

While the Last Round in the Inflation Fight Might Be the Hardest, Don’t Expect Gold to Outperform

Read why we think it makes sense to prepare for bouts of unexpected inflation by including a modest allocation to diversified commodities in a resilient core portfolio.

Reducing Leverage When Cash Rates Are Elevated Is (Probably) Market Timing

Should investors use leverage in their portfolios when interest rates on borrowing have risen? Read why we think it can still make sense.

2024 Institutional Outlook: Working with Investors to Help Enhance Portfolio Value

What matters most to institutional investors in 2024? Here’s what we think.

2024 Responsible Investing Outlook: Moving Climate and Diversity Efforts Forward Against the ESG Backlash

After two years of public debate and political backlash against ESG, what’s next for responsible investors in 2024?

2024 Commodity Outlook: Peak Rates and Inflation Give Way to a Sustainable Future

Read why we think commodities belong in a well-diversified portfolio, even after interest rates and inflation have peaked.

2024 Liability-Driven Investing Outlook: Are the Tides Turning for Pensions?

Has the demise of pension plans been greatly exaggerated? With the right LDI strategies and funding in place, sponsors might manage cost and risk more effectively. See how different strategies can help.

2024 Fixed Income Outlook: A Happy New Year for Bonds

Delayed market trends have investors wondering what will happen in 2024. Read why we think bond investors could have a happy new year.

Season’s Greetings: How the Year-End Funding Squeeze Has the Potential to Enhance Cash Returns

A persistent trend in the funding market around year end may provide investors with an opportunity to materially improve yields on any excess cash they hold.