Quarterly report
Case for greater allocation to international equities and EM assets continues. Keep eyes on Japan; potential reversal of the carry trade could have global implications.
Key highlights:
- Fed’s unique dilemma: concurrent higher unemployment and inflation
- International equities shone in 2025 and tailwinds remain
- Cross-asset EM outperformance continues to have momentum
- USD weakness may continue; signals diversification away from dollar assets
- Diversification benefits from falling intra- and inter-asset class correlations
- Eyes on Japan: Governance reform and potential unwind of Yen carry trade
Published quarterly, this report covers:
- The most impactful macro indicators in the current market environment
- A cross-asset comparison covering rates, credit, equities, listed alternatives, commodities, and currencies
- Insights on market shifts and their implications for multi-asset portfolio construction
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