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    Blogs

September 2, 2025
AOR Update: Labor Market Bending, Not Broken

The labor market is in heightened focus as a sharp drop in immigration has contributed to slower but also lower churn employment growth, increasing the likelihood of modest interest rate cuts.

September 1, 2025
Concentrated Returns Challenge Small Cap Alpha

The Russell 2000’s top 10, 20, and 30 contributors have recently accounted for a historically high percentage of benchmark gains, creating a set of unique challenges for active small cap managers.

August 1, 2025
AOR Update: Clarity Coming Into View

With clarity on tariffs emerging, a major source of macro and market uncertainty is waning. Combined with a tax and fiscal boost from new legislation, corporate animal spirits are poised to pick up.

July 21, 2025
Rally Relieves—but Does Not Reassure

U.S. stocks have significantly underperformed from a global perspective, even while the market trades at a record premium, highlighting the value of diversification and dividends.

June 25, 2025
China Emerging as Global Biotechnology Player

Evolving from its fast follower approach, an expanding number of Chinese biotech companies are licensing new compounds to multinational pharmaceutical firms.

June 2, 2025
AOR Update: Flexing the Edge

Periods of substantial uncertainty offer an opportunity for individuals and professionals alike to gain an investment edge by lengthening their time horizon.

May 27, 2025
Infrastructure Steady as Equities Swing

Despite recent strong performance for listed infrastructure versus equities, infrastructure valuations are still attractive on a risk adjusted basis, and could have room to run.

Related Perspectives

Large Cap Growth Strategy 4Q25 Update
Portfolio Manager Margaret Vitrano recaps Strategy performance and positioning since Liberation Day, highlighting active moves to improve relative results.
Gen AI Buildouts Spur Tech Infrastructure Boom
Ambitious capital spending on generative AI projects by hyperscalers, which we view as a once-in-a-decade cycle, represents a meaningful tailwind for technology infrastructure providers supplying the picks and shovels to run large language models.
Harnessing Market Energy: Active Value in an Inelastic Era
Value 3Q25: We combine potential value energy with selective kinetic momentum to build a differentiated portfolio.
A Tighter Risk Framework Lowering Volatility
Large Cap Value 3Q25: We have made concerted efforts this year to neutralize momentum exposure, reduce outsize bets in higher-volatility stocks and implement tighter underwriting across the portfolio, with positive results so far.
Improving Market Breadth Offers Value Opportunities
Large Cap Value ESG 3Q25: We believe the current market offers significant value opportunities as capital flows shift from high-flying growth stocks to overlooked, high-quality businesses.
Upgrading Exposures to Secular Growth Trends
Global Growth 3Q25: We meaningfully repositioned our weightings to banks and companies with vital roles in the buildout of generative AI workloads.
Large Cap Growth Strategy 3Q25 Update
Portfolio Manager Margaret Vitrano highlights positioning moves in a growth market being dominated by an aggressive AI buildout.
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