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Institutional investors face new challenges and opportunities as they seek the optimal mix of public and private credit in multi-asset portfolios.
As we navigate the third quarter of 2025, investors are faced with a number of challenges: tariff policies reshaping global markets, central bank divergence, and a shift in stock-bond correlation regimes. Against this backdrop, recession probability remains elevated at more than 60%, US fiscal debt is on the rise approaching 130%, and geopolitical tensions continue to fuel market volatility. Despite these challenges, there are potential opportunities that investors may be able to capture. Our Third Quarter 2025 outlook explores five key themes impacting markets and seeks to identify these compelling, actionable opportunities through our assessment of major asset classes.
Capital moves are driving market transformation
Currencies are never driven by just one factor.
The Trump administration is reshaping the global landscape with bold policy moves that have stirred markets and exposed key vulnerabilities in the global economy.
Trade and tariff policy has emerged as the most disruptive factor for the economic outlook.
With the economic and investment landscape evolving rapidly, some institutional asset owners are championing a new model for ensuring that asset allocations continue to remain aligned with their investment objectives.
Attractive valuations, future growth expectations, and macro tailwinds make emerging markets a compelling option
A customized risk framework aligning risk control with investment objectives to improve client outcomes.