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January 1, 2026
2026 Infrastructure Market Outlook

We expect fiscal liquidity and dovish central bank policy in 2026 to pressure bond yields, which should support utilities and also drive growth on GDP-sensitive user-pays infrastructure.

December 31, 2025
Semiconductor Strength Drives EM Outperformance

Emerging Markets 4Q25: The Strategy outperformed the benchmark for the quarter and full year, led by strong contributions from our holdings in Korea, China and Taiwan.

December 31, 2025
Lower Bond Yields to Add Tailwind for Infrastructure

Global Infrastructure Income 4Q25: We expect a continued constructive policy environment in conjunction with further AI-related capacity additions to continue to support infrastructure investments.

December 31, 2025
Preparing for Improving Growth Earnings

International Growth EAFE 4Q25: We have increased our exposure to stocks with value characteristics through our structural growth bucket, mostly by expanding allocations to banks.

December 31, 2025
Enduring Fast and Furious AI Market

Large Cap Growth 4Q25: The Strategy meaningfully underperformed its benchmark, with underweights to mega cap and lower quality AI beneficiaries the main headwinds.

December 31, 2025
Balance Matters When Markets Rotate

Growth 4Q25: A balanced, high active share approach drove a third consecutive quarter of outperformance amid heightened volatility and rapid market reversals.

December 31, 2025
The Long View: Party Like It's (Not) 1999

Despite bubble fears, there are several key differences between the late 1990s and today that we believe bode well for U.S. equities in the year to come.

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