Japan's prolonged downturn has lessons for other nations at inflection points.

The average expected return on asset (EROA) assumption for the largest U.S.-listed pension plan sponsors increased to 6.70% in 2023—the first time a year-over-year increase has been observed in 19 years of records.

Although the world is beset by wars, rising great-power tensions, and other geopolitical risks, most of these factors have not radically affected the outlook for economies and markets in the near term. But that could change if the United States returns to an aggressive "America First" posture.

The active ETF TCAF has crested $1 billion in AUM in just nine months. Emblematic of a strong year for active ETF investing, the T. Rowe Price Capital Appreciation ETF (TCAF) added nearly $500 million in flows over the last three months alone.

Among the G7 countries, the U.S. economy and its inflation rate, for that matter, are impressive. But when factoring other large economies into the equation, India is the dominant force.

The Equity Symposium is just a week away. Advisors can earn free CE credits and hear from industry experts and thought leaders on March 13th.

Rodney Comegys, Global Head of Vanguard Equity Index Group, offers actionable insights to investors on how to select active strategies that can help them achieve investment success.

Investor sentiment and stock market valuations are getting increasingly stretched as indexes trek higher, but solid underlying breadth has been a positive offset for now.

This PIMCO Perspectives assesses how the term premium’s 40-year downturn could start to reverse.

India’s growth story is unprecedented.

After over two years, retail investors, also known as the “dumb money,” are almost back to breakeven.

The economy continues to hum along (Atlanta Fed 1Q24 GDP estimate: +3.0%), albeit shifting down a notch from the pace seen in the final quarters of last year.

In this paper, GMO proposes a novel approach to financing emerging countries’ transitions toward cleaner energy production.

The shift from a regime of secular stagnation to one of reflation is contributing to both a broadening of global earnings growth and significantly higher dispersion in company results and performance.

Amid a 2023 market rally, exchange-traded fund (ETF) inflows had a banner year, putting the mutual fund industry further on notice that ETF popularity continues to grow exponentially. Furthermore, the move toward ETFs should increase investor exposure to active funds that focus on bonds.

Spot bitcoin ETFs have been in focus for the financial services community for the first two months of 2024. Last week at the New York Stock Exchange (NYSE), the executives behind the largest of these ETFs, the Grayscale Bitcoin Trust (GBTC) helped open the stock market.

Washington DC continues to spend much more than it gets in revenue. In the Calendar Year of 2023, the federal government spent $6.3 trillion but only collected $4.5 trillion in taxes.

In previous missives, we have gone into considerable detail regarding the historic ascent of index concentration, coupled with the heightened prevalence of passive investing.

European nations still have a long energy transition ahead.

22%. That is the average increase in potential retirement spending that individual savers in defined contribution plans can achieve when they embed guaranteed retirement income solutions into a target date fund. For lower-income workers, it’s a 25% increase.

Real Estate Investment Trusts (REITs) have long been thought of as a great source for income investors seeking higher than average income as well as good growth and income.

Personal income increased more than expected in January, up 1.0% (or $233.7 billion). The increase in January closely matches what happened in January of 2023 when it increased by 0.95% (or $213 billion).

Buoyed by the artificial-intelligence boom, the US stock market is breaking records with no apparent end in sight. But given the significant challenges and uncertainties facing the American economy regardless of who occupies the White House in 2025, there is little reason to believe that the current rally can last.

Many fixed income investors have started venturing out in duration in portfolios. When interest rates are cut, high-quality duration could serve as an important hedge for a bond portfolio.

After a stellar 2023, the magnificent seven are mixed through the first two months of 2024. Nvidia (NVDA) is on a breathtaking pace higher while Microsoft (NASDAQ: MSFT) is up 10%.

I have written this month’s Absolute Return Letter with a heavy heart. I don’t take any pleasure from other people’s misery.

I revisited that original post a couple of weeks ago as the market approached its 5000 psychological milestone. Since then, the entire market has surged higher following last week’s earnings report from Nvidia (NVDA).

OPEC+ strategies and geopolitical tensions could roil markets.

In my last blog, I talked about how strong Januarys historically tend to lead to strong returns throughout the remainder of the year.

Ed Perks, Chief Investment Officer of Franklin Income Investors, explores the impact of these changes on the fixed income and equity markets and offers insights regarding opportunities in different asset classes.

Equity investors didn't mind the extra day this February as both domestic large-cap stocks and small-to-mid-cap stocks saw steady gains through the month, bringing both groups into positive territory year-to-date, though the latter continues to lag.

The markets these days have been especially sensitive to economic data, as any indication of weakness could mean rate cuts may finally be close. That, in effect, should also push the S&P 500 to even higher heights.

The Equity Symposium on March 13 is shaping up to give investors critical insights into the equity space. This free event will provide CE credits. VettaFi is fresh off the smashing success of Exchange and continuing to provide the insights investors need to navigate today’s complicated environment.

Portfolio Manager Peeyush Mittal, CFA, offers his views on the outlook for India, the coming elections and longer-term themes.

Not all investment returns are the same. Some are taxed at a higher rate than others. The Form 1099-DIV can help you analyze the Investment Tax Health of your clients. By looking at how much the investor received in different investment returns, you can calculate how much federal tax they will need to pay.

OpenAI leader Sam Altman made headlines earlier this month, touting a semiconductor project requiring trillions of dollars.

Investors continue to turn to low-cost core taxable bond ETFs in 2024. The Vanguard Total Bond Market ETF (BND) and the iShares Core Aggregate Bond ETF (AGG) gathered $2.5 billion and $2.1 billion, respectively, as of late February.

Today, we have a different kind of letter. I’ve been in California for some rather innovative and hopefully life/health span-extending medical treatment.

Bitcoin and gold were both top of mind at this past week’s 2024 Investment U Conference in Ojai, California, which I had the privilege of presenting at.

An investment program with dedicated but limited internal resources can extend its staff through a strategic partnership with an external investment solutions provider.

Multi-asset income strategies are becoming more popular, but some may bake in more risk than expected. The key is designing complementary exposures.

This week bitcoin prices reached over $60,000 — the highest level since November 2021. Since the launch of spot bitcoin ETFs in early January, demand continues to pile on. So far the nine new spot ETFs (ex-GBTC) have seen over $7 billion in net inflows.

Bitcoin has long been referred to as “digital gold.” In what would likely amount to good news for the cryptocurrency and related spot ETFs launched in January, at least one expert believes bitcoin could eventually wrest market share from the yellow metal.

Recently, retail investors have started chasing small-cap stocks in hopes of both a rate-cutting cycle by the Federal Reserve and avoiding a recession.

Why the traditional methodology for bond index construction needed a new, investor-focused approach.

Rob Tayloe discusses fixed income market conditions and offers insight for bond investors.

The 2024 survey found US workers are prioritizing higher compensation and the ability to save more for retirement. At the same time, employers’ perceptions of what workers are seeking has diverged. In this piece, our Jacque Reardon shares findings from the survey and potential implications for employers.

Sovereign debt levels soared during the pandemic, and countries at the eurozone’s periphery may look high risk. But appearances can be deceptive.

Thanks to artificial intelligence (AI) and investors still holding out hope that rate cuts will happen at some point, global equities are marching higher. That rally could eventually spill over into other assets like international bonds.

The Nasdaq-100 Index (NDX) is higher by 6.7% year to date. That confirms tech stocks remain in strong form. Still, some market observers are concerned valuations in tech and other high-growth sectors are becoming somewhat frothy.