Alternative Investments

We upgrade equities to neutral from underweight as falling interest rates and improving economic conditions in emerging markets offset uncertainty over US tariff policies.

The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.

As the second half gets underway, we think a modest overweight to risk assets is called for.

Below, we recount highlights from constituents of the ROBO Global Robotics and Automation Index (ROBO) and the ROBO Global Artificial Intelligence Index (THNQ).

Semiconductor equities and related ETFs notched impressive performances in the first half of the year. They were buoyed by ongoing enthusiasm for the AI trade and post-Liberation Day resurgence by the Magnificent Seven.

Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.

Investors looking for cash flow from commercial real estate may want to check out the debt side.

This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.

After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.

From investing to economics to politics, patterns emerge, lessons resurface and the past becomes a powerful guide for navigating today’s unpredictable landscape. Timing, perspective and adaptability can make all the difference in managing the complexities of modern markets.

Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.

Some say private credit hasn’t been tested. We disagree…and stress can sharpen the senses.

The first half of 2025 may not have been kind to private equity, but new data suggests that things could turn around soon.

Israel-Iran hostilities brought a short-term market focus on oil. Longer term, artificial intelligence (AI) electricity needs could create a power shortage, as well as opportunities and risks for investors.

Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.

We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.

An economy cannot subsist on services alone.

The US economy is important, but it’s not the only one in a global approach.

When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was that the implications would extend far beyond a temporary boost to the U.S. stock market and higher inflation. That intuition is proving accurate. We’re now seeing the long-term ripple effects play out in real time across multiple asset classes and global markets.

For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.

The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.

Only a subset of subsidies will be rolled back.

Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.

Readers of a certain age will no doubt recall President Ronald Reagan launching one of the most ambitious military buildups in American history.

Growth is expected to decelerate, but not come crashing down.

In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.

Chief Economist Eugenio J. Alemán discusses current economic conditions.

Thematic investing has experienced cycles of popularity over time. In less cautious market environments, investors often turn their attention to ambitious ideas — such as disruptive technologies or other transformative future trends — looking beyond traditional equity ETFs.

This article will help you evaluate whether it’s still a good time for clients to gain Bitcoin exposure—even after its recent all-time high—and how to do so responsibly. You’ll learn how Bitcoin fits into a diversified portfolio, what leading financial institutions forecast for its future, and why spot Bitcoin ETFs offer a regulated, practical entry point for long-term investors.

For years, Americans have lamented that rising housing prices and elevated mortgage rates have made homeownership unaffordable for too many first-time homebuyers, while prompting many homeowners to stay put rather than sell.

Thematic ETFs are making a comeback, and one theme in particular dominates conversation. Artificial Intelligence remains top of mind for investors. TMX VettaFi’s Zeno Mercer and Todd Rosenbluth discussed the disruptive technology.

The Fed’s credibility rests not on never being wrong, but on being adaptive and forward-looking. Inflation has cooled, wage growth has moderated, and economic momentum is slowing. Now is the time for the Fed to focus not on headline fears, but on real-time data.

Until recently, commercial real estate appeared poised for a long-awaited rebound. However, 2025 has revealed a new reality: Uncertainty has become structural.

It’s often said there are only two certainties in life: death and taxes. However, the tax landscape may become somewhat murkier, as the recently passed U.S. House budget bill may potentially lead to some non-U.S. investors paying more taxes than previously anticipated.

Chuck Carnevale provides an update on Medical Properties Trust (MPW), a hospital real estate investment trust (REIT) he has held for several years.

Index futures inched upward premarket as the headline May PCE data landed in line with expectations, though the core data and annual figures were up slightly.

Money Metals Midweek Memo host Mike Maharrey isn’t buying the recent bearish turn in gold forecasts from Wall Street.

ETFs have surged in popularity thanks to their transparency, low costs and tax efficiency. But behind the scenes, a unique dual-market system powers their liquidity and accessibility.

Jeff Chang, CFA, President of Vest, a pioneer of Target Outcome Investments with some $50 billion under management, examines how geopolitical events like U.S. airstrikes can create ripple effects across global markets, and why the actual impact often depends more on context than headlines suggest.