Research report

There are periods when knowing many things and skillfully implementing them is the main source of alpha, but that hasn’t been the case since the financial crisis.

The Treasury Department’s issuance of a significant amount of debt in July caused a profound shock to bond markets and left investors questioning the U.S. fiscal position.

Are leading economic indicators sending false signals? If not, then Houston we have a problem.

Zero interest rates and quantitative easing have long provided seemingly interminable tailwinds. But 2022 and Q1 2023 prove we’re now in a cut-down phase.

Periods of mean reversion have always been a positive for the Global Allocation space. Read more about why we believe one such period is arriving and the opportunities we see in the global financial markets.

Rising free cash flow margins have been the principal driver of stellar equity returns. In this report, we apply a quantitative lens to margin expansion and examine the ramifications of a trend reversal for markets.