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Global Markets Weekly Update

Our analysts recap activities across global markets in our weekly report.

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June 2026 / From the Field

Unruptured: Why the market order is holding—for now

Unruptured: Why the market order is holding—for...

Why global equities are proving resilient despite oil and geopolitical shocks.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

June 2026 / From the Field

Turning sideline cash into opportunity

A systematic approach to buying market drawdowns

By Kevin Klassen, Farris G. Shuggi & David R. Giroux

May 2026 / From the Field

Value is working. Here’s why it can continue

Value is working. Here’s why it can continue.

Value is gaining relevance as higher rates, stronger commodities, broader market...

By Sebastien Mallet

Sebastien Mallet Portfolio Manager

The Token Tax Arrives

The token tax arrives

AI may improve software products, but it also raises the cost to compete

By Tony Wang

Tony Wang Portfolio Manager

The Token Tax: A Research-Driven View on AI and Software Across Equity...

The token tax: A research-driven view on AI and software across equity...

The token tax: A research-driven view on...

A cross-asset Q&A on AI costs, software, and credit risk.

By Jeff Helsing, Tony Wang & Michael Trivino

May 2026 / From the Field

Bond markets and the new inflation reality

How to position for a prolonged energy shock.

By Peter Botoucharov

Peter Botoucharov Emerging Market Credit Analyst

May 2026 / From the Field

Evolving auto features to improve retirement adequacy

Evolving auto features to improve retirement...

Next phase of auto features aims to strengthen retirement outcomes

By Sudipto Banerjee & Rachel Weker

May 2026 / Monthly Market Playbook

Is AI infrastructure spending sustainable?

Why markets remain skeptical of the AI infrastructure boom.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

How AI demand is reshaping the Industrials sector

The Analyst Spotlight — How AI demand is reshaping the Industrials sector

The Analyst Spotlight — How AI demand is...

Winners will be defined by differentiation at scale

By Bill Ledley & Tamzin Manning

April 2026 / From the Field

As China’s disinflation fades, inflation risks may rise globally

As China’s disinflation fades, inflation...

China’s anti-involution drive could help push inflation higher worldwide in 2026...

By Adam Marden, Christopher J. Kushlis & Ivan Morozov

April 2026 / From the Field

Private assets in DC plans: What’s changed? What’s next?

Private assets in DC plans: What’s changed?...

For DC plans, access to opportunities in private markets is broadening amid product...

By Jessica Sclafani & Andrew Jacobs Van Merlen

April 2026 / In the Loop

AI in the investment process

AI compresses information edge, making human judgment the new differentiator.

By Vinit Agrawal, Justin Thomson & Eric L. Veiel

April 2026 / From the Field

How governance reforms in Asia could support stronger market outcomes

How governance reforms in Asia could support...

Governance reforms have the potential to unlock long-term value and catalyze positive...

By Yijiang Wang & Colin McQueen

April 2026 / From the Field

How innovation is changing where investors look for defensive quality

How innovation is changing where investors...

Playing defense in stormy markets requires a more nuanced approach that evolves with...

By Tedd Alexander, David Corris & Brian Dausch

April 2026 / From the Field

The great rotation: AI, deadweight loss, and the end of easy compoundin...

The great rotation: AI, deadweight loss, and the end of easy compounding

The great rotation: AI, deadweight loss,...

AI is shifting value beyond tech, challenging mega-cap dominance, and increasing...

By David J. Eiswert

David J. Eiswert Portfolio Manager

March 2026 / In the Loop

How DC plans can combine the best of active and passive

How DC plans can combine the best of active...

Active or passive? Many DC plans want the best of both.

By Jessica Sclafani & Som Priestley

Previous Quarter ( 2025) Hide

December 2025 / From the Field

Considerations for implementing the total portfolio approach to portfol...

Considerations for implementing the total portfolio approach to portfolio...

Considerations for implementing the total...

A growing number of asset managers are exploring the total portfolio approach for...

By Thomas Poullaouec, Richard Coghlan & Chester Cheng

December 2025 / In the Loop

History’s edge: Why Niall Ferguson wants us to take the long view

History’s edge: Why Niall Ferguson wants...

Understanding the past can give us a critical edge in spotting market shifts and...

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

December 2025 / In the Spotlight

Why investors should think differently about global government bonds

Why investors should think differently about...

Expanding the universe gives investors access to a larger pool of potentially powerful...

By Joran Laird, Kenneth A. Orchard & Adithya Rao

December 2025 / Monthly Market Playbook

Has the AI boom turned into a bubble?

Some investors fear a repeat of the 1990s internet bubble. But fundamentals are stronger...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

December 2025 / Ahead of the Curve

How China’s capacity cuts could have global macro implications

How China’s capacity cuts could have global...

Disinflationary impulse from Chinese exports looks set to fade.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

November 2025 / From the Field

HYPErscalers: Is the AI boom dot-com redux?

Artificial intelligence capex spending has reached astonishing levels, but the path...

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

November 2025 / From the Field

China 2026: A new cycle emerges

Chinese equities outperformed other markets in 2025. We expect a stable/improving...

By Wenli Zheng

Wenli Zheng Portfolio Manager

November 2025 / From the Field

AI: Potentially the biggest productivity enhancer since electricity?

AI: Potentially the biggest productivity...

Why AI may drive the most significant productivity surge since electrification.

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

November 2025 / From the Field

Why dividend growth investing has staying power

Why dividend growth investing has staying...

High-quality dividend growers can compound in value.

By Thomas J. Huber & Tamzin Manning

November 2025 / From the Field

Balancing Risk and Return: Public Pension Plan Allocations in a New Fix...

Balancing Risk and Return: Public Pension Plan Allocations in a New Fixed...

Balancing Risk and Return: Public Pension...

Public pension plans may be accepting more volatility than is needed to meet return...

By Som Priestley, Christopher Tarui & Ryan Wagner

November 2025 / On the Horizon

Surprises of 2025: AI, Credit Cycles, Policy Shifts

Surprises of 2025: AI, Credit Cycles, Policy...

David Eiswert explores 2025 market shifts: AI, credit cycles, rate cuts, and regulatory...

By David J. Eiswert & Jennifer O'Hara Martin

November 2025 / On the Horizon

AI Sparks Competition, Reshapes Tech Industry Dynamics

AI Sparks Competition, Reshapes Tech Industry...

David Eiswert explores how AI is disrupting tech giants and shifting opportunities...

By David J. Eiswert & Jennifer O'Hara Martin

November 2025 / On the Horizon

Amid stretched valuations, look to non-U.S. equities and local bonds

Amid stretched valuations, look to non-U.S....

U.S. dollar weakness could boost overseas currency exposure.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

November 2025 / On the Horizon

Stable rates and strong demand to boost private dealmaking

Stable rates and strong demand to boost private...

The drought in key deal markets is coming to an end.

By David M. DiPietro

David M. DiPietro Head, Private Equity team and a partner on the Private Opportunities Fund investment committee.

November 2025 / On the Horizon

Credit selection key while fiscal expansion pressures sovereign bonds

Credit selection key while fiscal expansion...

Non-investment-grade bonds and bank loans offer attractive yields versus equities.

By Paul Massaro & Kenneth A. Orchard

November 2025 / On the Horizon

Equity markets to broaden despite continued AI resilience

Equity markets to broaden despite continued...

There are growing opportunities in non-tech sectors and across regions.

By Josh Nelson & David J. Eiswert

November 2025 / On the Horizon

From hype to hard returns: AI enters a new phase?

From hype to hard returns: AI enters a new phase

From hype to hard returns: AI enters a new...

The focus is shifting from potential to profitability—and risk.

By Dominic Rizzo & Mark Stodden

November 2025 / On the Horizon

Fiscal expansion to propel US economy in multispeed world

Fiscal expansion to propel U.S. economy in multispeed world

Fiscal expansion to propel U.S. economy in...

Other regions may lag as tariffs weigh on manufacturing.

By Blerina Uruçi, Tomasz Wieladek & Christopher J. Kushlis

November 2025 / In the Spotlight

Three big reasons why smaller stocks deserve attention

Three big reasons why smaller stocks deserve...

Discover why small- and mid-cap stocks appear poised for a rebound.

By Ritu Vohora

Ritu Vohora Investment Strategist, Capital Markets

November 2025 / From the Field

Opportunities for positive biodiversity and clean water impacts in Braz...

Opportunities for positive biodiversity and clean water impacts in Brazil

Opportunities for positive biodiversity and...

Water infrastructure development in emerging markets: A growing theme in impact credit...

By Mariel Abreu & Ellen O'Doherty

November 2025 / On the Horizon

Investing on the Right Side of Change Highlights

AI Boom: Bubble Signs, But Opportunities Remain

AI Boom: Bubble Signs, But Opportunities...

David Eiswert discusses his 6-month outlook for the market and the potential for...

By David J. Eiswert & Jennifer O'Hara Martin

AI and the Current Market Environment for Tech Stocks

AI and the Current Market Environment for...

By Dominic Rizzo

Dominic Rizzo Portfolio Manager

November 2025 / From the Field

The market has left GARP behind. What can change that?

The market has left GARP behind. What can...

GARP investment has been out of favor in the current market regime. What caused that,...

By Josh Nelson & Stephon Jackson

October 2025 / From the Field

Looking for income? Four bond solutions to consider

Looking for income? Four bond solutions to...

Fixed income can help investors with a variety of different needs.

By Kenneth A. Orchard

Kenneth A. Orchard Head, International Fixed Income

October 2025 / From the Field

Establishing industry best practice: A net zero methodology for soverei...

Establishing industry best practice: A net zero methodology for sovereign...

Establishing industry best practice: A net...

Sovereign debt integration within net zero strategies could be set to change.

By Tongai Kunorubwe

Tongai Kunorubwe Director, Research

October 2025 / From the Field

Will China’s anti-involution policy succeed?

Will China’s anti‑involution policy succeed?

Beijing has launched a new wave of supply-side reforms.

By Clarence Li

Clarence Li Senior Portfolio Analyst

October 2025 / From the Field

Why quality looks expensive in U.S. large caps and attractive in small...

Why quality looks expensive in U.S. large-caps and attractive in small-caps

Why quality looks expensive in U.S. large-caps...

Dislocated valuations signal opportunity in quality U.S. small-caps.

By Tedd Alexander, David Corris & Brian Dausch

October 2025 / Ahead of the Curve

Higher U.S. long-term yields, steeper curve: Why my thesis still holds

Higher U.S. long-term yields, steeper curve:...

Explore why longer-maturity U.S. Treasury yields could still increase.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

October 2025 / From the Field

Finding clarity in a cloudy market

Three areas of high visibility amid policy uncertainty.

By Justin P. White

Justin P. White Portfolio Manager

October 2025 / From the Field

Ten investing lessons from a master of probabilities

Ten investing lessons from a master of probabiliti...

Lessons in decision-making from a poker champion.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

October 2025 / In the Loop

U.S. Government Shutdown: Update

U.S. government shutdown: Update

Discover what the U.S. government shutdown means for markets and the economy.

September 2025 / From the Field

An approach to downside risk management for multi-asset portfolios

An approach to downside risk management for...

Downside risk management strategies can help multi-asset portfolios deliver on their...

By Richard Coghlan & David Clewell

September 2025 / From the Field

The power of currency hedging: Three key benefits for investors

The power of currency hedging: Three key...

Hedging can boost yields and reduce volatility.

By Multiple Authors

Q3 2025 Show

February 2026 / From the Field

Case for global equities: Enhancing opportunity, diversification, and...

Case for global equities: Enhancing opportunity, diversification, and risk...

Case for global equities: Enhancing opportunity,...

Global equities offer broader opportunities, greater diversification, and reduced...

By Jennifer O'Hara Martin

Jennifer O'Hara Martin Global Equity Portfolio Specialist

September 2025 / In the Loop

What could a U.S.-China trade deal mean for investors?

What could a U.S.-China trade deal mean for...

Explore what matters as U.S.-China economic competition evolves.

By Gilad Fortgang

Gilad Fortgang Associate Analyst

September 2025 / From the Field

Why active management is essential in the municipal bond market

Why active management is essential in the...

Investment decisions can be driven by fundamental research.

By Dawn Mueller

Dawn Mueller Portfolio Specialist

September 2025 / In the Spotlight

Beyond big tech: Why value stocks deserve a closer look

Beyond big tech: Why value stocks deserve...

Explore why global value stocks are gaining momentum as diversification becomes more...

By Ritu Vohora

Ritu Vohora Investment Strategist, Capital Markets

September 2025 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

September 2025 / In the Spotlight

What do retirement investors really want? Quantifying income preference...

What do retirement investors really want? Quantifying income preferences...

What do retirement investors really want?...

Explore data-driven insights for better retirement income solutions.

By Berg Cui & Jessica Sclafani

September 2025 / Monthly Market Playbook

Have U.S. stocks become too expensive?

High U.S. equity valuations are supported by healthy fundamentals and booming investment...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

August 2025 / Ahead of the Curve

Are structural spread changes concealing value in credit?

Are structural spread changes concealing...

Structural changes in credit spreads may be concealing value in credit.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

August 2025 / From the Field

Drugging the undruggable: How biotech innovation is creating opportunit...

Drugging the undruggable: How biotech innovation is creating opportunities...

Drugging the undruggable: How biotech innovation...

A golden age of drug discovery creates opportunities in small- and mid-cap biotech...

By John Hall

John Hall Investment Analyst

Financial wellness is an integral part of the participant experience

Financial wellness is an integral part of...

That’s why one of the key challenges we address is removing barriers to saving for...

The greatest fixed income investment opportunity in decades

The greatest fixed income investment opportunity in decades?

The greatest fixed income investment opportunity...

Significant implications for asset allocations if the 10-year U.S. Treasury yield...

By Jeff Helsing, Som Priestley & Mark Rose

August 2025 / From the Field

Bonds backed by franchise fees or internet bills? The rise of esoteric...

Bonds backed by franchise fees or internet...

Uncover unique opportunities in franchise- and fiber-optic-backed asset-backed securities...

By Walter Peppelman & Evan Shay

August 2025 / From the Field

CryptoFOMO: Why stablecoins are the GENIUS antidote to bungee jumping

CryptoFOMO: Why stablecoins are the GENIUS...

New legislation could bring digital assets into the mainstream.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

August 2025 / From the Field

A new era of global high yield: Stronger, larger, and more diverse

A new era of global high yield: Stronger,...

An allocation offers investors a potential source of attractive risk-adjusted income.

By Michael Connelly & Samy Muaddi

August 2025 / In the Loop

Does the “One Big Beautiful Bill” = big beautiful profits?

Does the “One Big Beautiful Bill” = big beautiful...

Using the Kalecki-Levy framework to understand the profit implications.

By Steve Boothe & Thomas Heidenberger

July 2025 / In the Loop

Focus on what matters beyond the tariff deadline

Trade deals, fiscal stimulus, and AI excitement made this tariff deadline different.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

July 2025 / Monthly Market Playbook

The case for international small-cap stocks

A number of favorable tailwinds are aligning behind international small-cap stocks.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

July 2025 / From the Field

How will the boom in U.S. government debt supply affect markets?

How will the boom in U.S. government debt...

U.S. Treasury debt issuance changes will shift market dynamics.

By Adam Marden & Pranay Subedi

July 2025 / From the Field

Active investing is suited to the challenging markets ahead

Active investing is suited to the challenging...

Changing market conditions will provide new risks and opportunities.

By Robert W. Sharps

Robert W. Sharps Chair of the Board, Chief Executive Officer

July 2025 / In the Spotlight

Beyond the glitter: Why gold remains a strategic asset in today's marke...

Beyond the glitter: Why gold remains a strategic asset in today's market

Beyond the glitter: Why gold remains a strategic...

Discover the strategic value of gold exposure in diversified portfolios.

By Ritu Vohora

Ritu Vohora Investment Strategist, Capital Markets

July 2025 / From the Field

What’s the outlook for the global energy transition?

What’s the outlook for the global energy...

Taking stock of the energy transition—are we making any progress?

By Maria Elena Drew

Maria Elena Drew Head, Global Sustainability

Comparing T. Rowe Price composites with their benchmarks

Comparing T. Rowe Price composites with their...

July 2025 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

July 2025 / From the Field

Finding opportunities in private markets

Why we believe late-stage/growth equity is particularly compelling.

By Emma Norchet

Emma Norchet Partner, Private Opportunities Fund investment committee

July 2025 / From the Field

Are high-quality U.S. large-cap stocks overpriced?

With historically high quality, expensive large-caps could lag in an internal market...

By Tedd Alexander, David Corris & Brian Dausch

July 2025 / From the Field

Meet Vincent Chung

Meet the Manager, Vincent Chung

Co-portfolio Manager, Global Multi-Sector Bond Strategy

July 2025 / From the Field

There are a number of ways to invest in emerging markets debt

Investing in emerging markets debt

There are a number of ways to invest in emerging markets debt.

By Wenting Shen, Nathan Wang & Chester Cheng

July 2025 / In the Loop

125 years of returns: Timeless lessons in investing

125 years of returns: Timeless lessons in...

Short-term anomalies bring risks, but remaining on the sidelines is riskier.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

July 2025 / In the Loop

Market update: Tariff threats ramp up ahead of new August 1 deadline

Market update: Tariff threats ramp up ahead...

Forward earnings guidance to provide indications as to the impact of tariffs and...

By Toby M. Thompson

Toby M. Thompson Target Allocation Strategies Lead

July 2025 / In the Spotlight

Age, evolving allocation preferences, and the case for personalized sol...

Age, evolving allocation preferences, and the case for personalized solutions

Age, evolving allocation preferences, and...

Personalized strategies can meet the diverse needs of aging investors.

By Sudipto Banerjee & Louisa Schafer

Inflation’s underappreciated comeback

We believe the market is underestimating inflation and longer-term interest rate

July 2025 / Ahead of the Curve

Should we be more worried about U.S. growth or inflation? Or neither?

Should we be more worried about U.S. growth...

Explore U.S. economic trends: growth uncertainty and rising inflation risks.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

July 2025 / From the Field

Gone Private: Allocating to Private Credit in Multi-Asset Income Portfo...

Gone Private: Allocating to Private Credit in Multi-Asset Income Portfolios

Gone Private: Allocating to Private Credit...

Adding private credit to a multi-asset portfolio can enhance yield and diversification

By Richard Coghlan & David Clewell

July 2025 / Monthly Market Playbook

Taking a measured approach with high yield bonds

Taking a measured approach with high yield...

Explore high yield bonds as an attractive alternative to expensive U.S. stocks.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

July 2025 / From the Field

How our sustainable bond framework can drive real impact

How our sustainable bond framework can drive...

Our model helps to evaluate impact bonds and the additionality of the projects they...

By Matthew Lawton & Ellen O'Doherty

July 2025 / From the Field

How the U.S. tax bill could impact the economy and bond markets

How the U.S. tax bill could impact the economy...

Fiscal concerns likely to persist amid a lack of near-term plans to address the deficit.

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

Q2 2025 Show

June 2025 / From the Field

Restoring America’s nuclear energy capacity—Digging in to potential imp...

Restoring America’s nuclear energy capacity—digging in to potential impacts...

Restoring America’s nuclear energy capacity—diggin...

Recent executive orders from the White House call for the quadrupling of U.S. nuclear...

By Rick de los Reyes & Vineet Khanna

June 2025 / From the Field

What is stable value, and how does it work?

Demystifying and explaining the retirement investment option.

By Multiple Authors

June 2025 / In the Loop

Market Update: The Section 899 “revenge tax”

Discover how a newly proposed tax could impact U.S. companies and global markets.

June 2025 / From the Field

CryptoFOMO: Decoding the lexicon of digital currencie

CryptoFOMO: Decoding the lexicon of digital currencies

CryptoFOMO: Decoding the lexicon of digital...

A neophyte’s journey to understanding cryptocurrencies (part II).

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

June 2025 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

June 2025 / From the Field

An anatomy of tariffs: History, theory, and prognosis

An anatomy of tariffs: History, theory, and...

Lessons for navigating an era with higher trade barriers

By Justin Thomson & Tomasz Wieladek

June 2025 / From the Field

Policy risk in U.S. health care: Impacts less than feared despite the...

Policy risk in U.S. health care: Impacts less than feared despite the noise

Policy risk in U.S. health care: Impacts...

With any new administration comes policy risk. For the U.S. health care sector, this...

By Jill Jortner

Jill Jortner Investment Analyst

June 2025 / Monthly Market Playbook

Caution: Stocks could face speed bumps ahead

U.S. equities have rallied due to decreased tariff fears. But we remain cautious.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

June 2025 / On the Horizon

Inflation protection and equity diversification to drive asset allocati...

Inflation protection and equity diversification to drive asset allocation

Inflation protection and equity diversification...

Previously unfavored assets are becoming more attractive

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

June 2025 / On the Horizon

Bonds with credit risk may outperform government debt

Bonds with credit risk may outperform government...

Tariffs and German fiscal reform have shifted bond landscape

By Paul Massaro & Kenneth A. Orchard

June 2025 / On the Horizon

Equity markets to broaden further

An expanding opportunity set is expected to occur within the U.S. and overseas

By Josh Nelson & Scott Berg

June 2025 / On the Horizon

Trump’s tariffs will hit the U.S. economy hardest in the near term

Trump's tariffs will hit the U.S. economy hardest in the near term

Trump's tariffs will hit the U.S. economy...

No region will be unaffected in battle of heavyweights

By Blerina Uruçi, Tomasz Wieladek & Christopher J. Kushlis

June 2025 / Ahead of the Curve

U.S. dollar negatives to take precedence in longer run

U.S. dollar negatives to take precedence...

Explore the evolving dynamics impacting the U.S. dollar's future.

By Arif Husain

Arif Husain Head, Global Fixed Income and CIO

May 2025 / From the Field

Safe havens in 2025? It's a complicated relationship

Safe havens in 2025? It's a complicated relationsh...

Explore risk-hedging opportunities in an increasingly complicated market environment.

By Ritu Vohora

Ritu Vohora Investment Strategist, Capital Markets

May 2025 / In the Spotlight

A five-dimensional framework for retirement income needs and solutions...

A five-dimensional framework for retirement income needs and solutions

A five-dimensional framework for retirement...

A new tool to help DC plan sponsors evaluate retirement income solutions for their...

By Jessica Sclafani & Berg Cui

May 2025 / From the Field

Partnering for impact and innovation: A closer look at impact outcome...

Partnering for impact and innovation: A closer look at impact outcome bonds

Partnering for impact and innovation: A closer...

Partnering with supranational organizations can play a key role in accessing innovative...

By Matthew Lawton & Ellen O'Doherty

May 2025 / From the Field

Perspectives on securitized credit

Securitized credit markets posted relatively resilient performance in the first quarter...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

Fixed Income Insights: Current Investment Landscape

Fixed Income Insights: Current Investment...

Fixed income experts, Ken Orchard and Vincent Chung leverage a broad fixed income...

By Kenneth A. Orchard & Vincent Chung

May 2025 / In the Spotlight

Five must-ask questions about private assets in DC plans

Five must-ask questions about private assets...

Explore private assets’ potential to improve portfolio diversification and retirement...

By Jessica Sclafani & Som Priestley

Reference Point 2025

Real data and actionable insights—to help you deliver better outcomes

April 2025 / From the Field

The “Magnificent Seven,” equity market concentration, and portfolio str...

The “Magnificent Seven,” equity market concentration, and portfolio strategy

The “Magnificent Seven,” equity market concentrati...

The outook for equity market concentration and how to address it in active portfolios.

By Peter Stournaras

Peter Stournaras Co-Head, Global Equity Portfolio Management

April 2025 / From the Field

Navigating the evolving landscape of target date solutions

Navigating the evolving landscape of target...

Explore the changes that are shaping the target date marketplace

By Andrew Kuhn, Jessica Sclafani & Kathryn Farrell

April 2025 / From the Field

Three reasons to consider T. Rowe Price Global Multi-Sector Bond Strate...

Three reasons to consider T. Rowe Price Global Multi-Sector Bond Strategy

Three reasons to consider T. Rowe Price Global...

Seeks to provide high yield‑like returns with investment‑grade levels of risk.

By Kenneth A. Orchard & Vincent Chung

April 2025 / From the Field

Five rules for investing in volatile times

What past crises can teach us about investing during market stress.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

April 2025 / From the Field

A closer look at the diversification potential of private assets

A closer look at the diversification potential...

Private assets can enhance multi-asset portfolios. However, careful risk analysis...

By Robert Panariello & Som Priestley

April 2025 / From the Field

The rise of public and private credit opportunities in the evolving mul...

The rise of public and private credit opportunities in the evolving multi-asset...

The rise of public and private credit opportunitie...

Explore diverse credit opportunities in evolving multi-asset investing.

By Ayinde Kazeem & Christopher P. Brown

Navigating Through Global Market Turbulence

Tariff policies have been creating uncertainty, impacting global trade dynamics

By Multiple Authors

April 2025 / From the Field

The power of a global multi-sector bond solution in today’s markets

Agil, global, diversifiziert: Die Kraft der Multi-Sektor-Strategie

Agil, global, diversifiziert: Die Kraft der...

Globale Diversifikation, flexible Allokation – so nutzen Sie Ertragspotenziale und...

By Kenneth A. Orchard & Vincent Chung

Q1 2025 Show

March 2025 / From the Field

CryptoFOMO: Are digital assets becoming a risk-off trade?

CryptoFOMO: Are digital assets becoming a risk‑off trade?

CryptoFOMO: Are digital assets becoming a...

A neophyte’s guide to cryptocurrencies.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

March 2025 / From the Field

SECURE 2.0 Act—cheat sheet

Summary and effective dates of key provisions.

March 2025 / Monthly Market Playbook

Have we reached peak U.S. exceptionalism?

Future earnings growth may not support a valuation premium for U.S. over non-U.S....

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

2025 Capital Market Assumptions: Five-Year Perspective

2025 Capital Market Assumptions: Five-Year...

In-depth analysis and insights to inform your decision-making.

February 2025 / From the Field

Beyond averages: A more robust approach to glide path design

Beyond averages: A more robust approach to...

Key inputs for target date glide path designs should reflect diversity of DC plan...

Optimizing Opportunities: Public Pension Plans Reassess Allocations Ami...

Optimizing Opportunities: Public Pension Plans Reassess Allocations Amid...

Optimizing Opportunities: Public Pension...

By Som Priestley, Christopher Tarui & Ryan Wagner

From Credit Risk to Rate Volatility: Navigating 2025’s Fixed Income Lan...

From Credit Risk to Rate Volatility: Navigating 2025’s Fixed Income Landscape

From Credit Risk to Rate Volatility: Navigating...

Amid a transition into the next phase of monetary policy, managing interest rates...

By Kenneth A. Orchard & Vincent Chung

February 2025 / From the Field

Bondholder engagement—An important tool for effective stewardship

Bondholder engagement—An important tool for...

We believe bondholder engagements can help provide a valuable opportunity to share...

By Tongai Kunorubwe & Penny Avraam

When Valuation Fails

Investors need a fresh approach to relative valuation signals

By Cesare Buiatti & Sébastien Page

February 2025 / ASSET ALLOCATION

When Valuation Fails

Investors need a fresh approach to relative valuation signals

By Cesare Buiatti & Sébastien Page

Timely Insights from T. Rowe Price Policy Week

Market Pulse: Global Fixed Income Update

Improving Global Growth Supports the Expectation for Higher Treasury Yields

Timely Insights from T. Rowe Price Insurance Asset Management

Timely Insights from T. Rowe Price Insurance...

Market Update: Trump Day One

Trump's initial actions: tariffs, immigration, energy impacts.

January 2025 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

January 2025 / From the Field

Looking for income in 2025? These bond solutions could help

Looking for income in 2025? These bond solutions...

Four bond approaches to help meet different investor needs.

By Kenneth A. Orchard

Kenneth A. Orchard Head, International Fixed Income

Building better blends series

Selecting the right active and passive equity and fixed income building blocks.

Building better blends: Part 3 Aligning investment options with fiducia...

Building better blends: Part 3 Aligning investment options with fiduciary...

Building better blends: Part 3 Aligning investment...

Fiduciary responsibilities require careful analysis of the investment options made...

Building better blends: Part 2 Balancing fixed income allocations

Building better blends: Part 2 Balancing...

Selecting the right active and passive fixed income building blocks.

Building better blends: Part 1 Balancing equity allocations

Building better blends: Part 1 Balancing...

Selecting the right active and passive equity building blocks.

January 2025 / From the Field

How investors are tracking progress on Japan's efforts to unwind cross-...

How investors are tracking progress on Japan’s efforts to unwind cross-sharehold...

How investors are tracking progress on Japan’s...

In our view, Japan is becoming increasingly attractive to institutional investors...

By Jocelyn Brown & Hiroshi Watanabe

January 2025 / On the Horizon

Policies evolve to support growing needs of plans and participants

Policies evolve to support growing needs...

2025 U.S. Retirement Market Outlook

January 2025 / On the Horizon

A new era for emergency savings after SECURE 2.0

A new era for emergency savings after SECURE...

U.S. Retirement Market Outlook

January 2025 / On the Horizon

Retirement income universe expands, plan adoption on the horizon

Retirement income universe expands, plan...

2025 U.S. Retirement Market Outlook

January 2025 / On the Horizon

Evolution of target date solutions and QDIAs

2025 U.S. Retirement Market Outlook

Q4 2024 Show

December 2024 / From the Field

Do high margins justify high valuations?

Sustainable high profit margins justify high valuations for growth companies.

By Sébastien Page

Sébastien Page Co-head of Global Investments and CIO

November 2024 / From the Field

Increased climate oversight in Europe: A competitive challenge for bank...

Increased climate oversight in Europe: A competitive challenge for banks

Increased climate oversight in Europe: A...

European banks face tougher climate regulations compared with U.S. banks, impacting...

By Joseph Baldwin

Joseph Baldwin Associate Analyst

November 2024 / On the Horizon

Value and small‑caps could power international equities

Value and small-caps could power international equities

Value and small-caps could power international...

There are significant structural opportunities at attractive prices.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

November 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

November 2024 / MARKETS & ECONOMY

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy,...

Extending tax cuts and an assertive approach on trade policy likely to be areas of...

By Gilad Fortgang, Blerina Uruçi & Timothy C. Murray

October 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

January 2025 / EQUITY

Higher rates and rising capex support international value stocks

Higher rates and rising capex support internationa...

The post-global financial crisis headwinds of low rates and tepid growth have faded.

September 2024 / RETIREMENT

Make it personal: The next chapter for target date solutions

Make it personal: The next chapter for target...

Technology advances now allow personalization that could help address dispersions...

By Sudipto Banerjee & Jessica Sclafani

September 2024 / RETIREMENT

The success of defined contribution plans and the road ahead

The success of defined contribution plans...

Defined contribution plans have achieved remarkable results, and they can accomplish...

July 2024 / EQUITY

T. Rowe Price Integrated Equity Quarterly Newsletter

T. Rowe Price Integrated Equity Quarterly...

Measuring Equity Market Sensitivity to Interest Rate Changes

By Peter Stournaras, David Corris & Brian Dausch

July 2024 / VIDEO

US Structured Research Equity Strategy Overview

Learn About Structured Research Equity From Portfolio Manager Alexa Gagliardi.

By Alexa M. Gagliardi

Alexa M. Gagliardi Co-Portfolio Manager

June 2024 / VIDEO

Two questions on U.S. equities with Gabe Solomon

Two questions on U.S. equities with Gabe...

Portfolio Manager Gabe Solomon discusses his outlook for U.S. large-cap value equities.

By Gabriel Solomon

Gabriel Solomon Co-Portfolio Manager

June 2024 / MULTI-ASSET

The hottest debate in asset allocation: Value vs. Growth

The hottest debate in asset allocation: Value...

On the Asset Allocation Committee (AAC), we like value stocks as a tactical trade...

By Sébastien Page

Sébastien Page Co-head of Global Investments and CIO

September 2024 / TARGET DATE INVESTING

How We Design a Blend Solution for Target Date Investors

How We Design a Blend Solution for Target...

Mixing active and passive investments in a target date solution.

By Wyatt Lee, Kim DeDominicis & Andrew Jacobs Van Merlen

September 2024 / RETIREMENT

Planning for Spending Volatility in Retirement

Access to liquidity and a focus on growth could mitigate spending increases.

By Sudipto Banerjee

Sudipto Banerjee Global Retirement Strategist

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