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Executive Summary: Market Backdrop The third quarter of 2026 was defined by the bond market, not the stock market. Long-term interest rates surged to levels not seen in more than two decades, and that one development shaped almost everything else.

We have expanded our quarterly market update to include more types of investments to provide a richer view of what is happening in the markets.   The table accompanying this post shows returns for Exchange Traded Funds (ETFs) representing different investment

Executive Summary – Market Backdrop The first quarter of 2026 delivered a sharp departure from the broad equity momentum that defined 2025. Markets were shaped by a significant rotation — away from large technology and growth stocks and toward value,

Executive Summary – Market Backdrop As we entered the final quarter of 2025, markets were powered by broad equity strength, supportive fixed income returns and continued investor focus on diversification. Through September, global equities experienced robust gains — both domestic

The third quarter of 2025 delivered strong equity market gains, extending the positive momentum established earlier this year. Despite ongoing concerns about inflation, global growth, and monetary policy, risk assets broadly advanced, with particular strength in U.S. small-cap and international

Equity Markets: A Sharp Reversal Q2 was a clear turnaround from Q1’s sluggish equity performance. Leading the rebound were large-cap U.S. growth stocks, with the Nasdaq-100 (QQQ) surging +17.8% for the quarter. That brought its year-to-date return to +8.2%, recovering

In a world of constantly shifting economic and geopolitical dynamics, understanding the structure of the Global Market Portfolio (GMP) can help investors benchmark their own portfolios and identify diversification gaps. This post offers a snapshot of the global investable universe—spanning

As we approach the halfway point of 2025, global markets have shown resilience amid persistent economic uncertainty. While the first quarter was characterized by muted or even negative equity returns in many segments, the second quarter—so far—has delivered a sharp

April brought continued volatility to global financial markets, reflecting persistent investor concerns over inflationary pressures, central bank policy shifts, and uneven economic data. While fixed income markets posted modest gains, equities—particularly in the U.S.—remained under pressure. Below is a summary

As we close out the first quarter of 2025, the markets have presented a mix of headwinds and bright spots. Below is a snapshot of how various asset classes performed year to date, based on popular exchange-traded funds (ETFs). Keep