Navigating today’s uncertain investing environment requires an understanding of the forces driving markets. Our three-part series, Holding Altitude: Perspectives for Volatile Times, examines the macroeconomic backdrop, the evolving central bank landscape and actionable insights across fixed income and equity markets.
Holding Altitude: Strategic Perspectives for Volatile Times
U.S. trade policy appears structurally tilted toward higher and more persistent trade restrictions and our base case is for U.S. growth to slow down materially from 2024 levels, but not contract. Ultimately the path the global economy takes will depend heavily on policy choices. Market shifts support a more global approach to asset allocation while real assets and real return strategies can serve as important tools for diversification.
Holding Altitude: Fixed Income Perspectives for Volatile Times
U.S. bond markets have been more volatile than their peers this year and investors have appeared increasingly open to diversifying their investments outside of the U.S. We would caution that 2025’s “sell America” trade has been a tactical trend, rather than a secular shift. There are, however, secular shifts in Europe, where we see opportunity. A disciplined approach to fixed income, and a diverse opportunity set may help investors add value to their portfolios and even potentially turn volatility to their advantage.
Holding Altitude: Equity Perspectives for Volatile Times
U.S. trade policy appears structurally tilted toward higher and more persistent trade restrictions and our base case is for U.S. growth to slow down materially from 2024 levels, but not contract. Ultimately the path the global economy takes will depend heavily on policy choices. Market shifts support a more global approach to asset allocation while real assets and real return strategies can serve as important tools for diversification.
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