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June 30, 2026
Narrow Market Full of Overlooked Value

Dividend Strategy 2Q26: With record market concentration despite uncertainty introduced by profound technological change, diversification is paramount.

June 30, 2026
Balancing AI Momentum with Regional Exposures

Emerging Markets 2Q26: We are managing concentration risk through allocations to China and India while maintaining dedicated exposure to secular AI growth trends.

June 30, 2026
Infrastructure Positive but Trails in Risk-On Quarter

Global Infrastructure Income 2Q26: Listed infrastructure made positive gains, led by user-pays assets such as airports and rail in a risk-on environment of easing geopolitical tensions.

June 30, 2026
Overhauling AI Exposures to Leverage Scarcity

International Growth EAFE 2Q26: We increased exposure to AI infrastructure across semiconductors, storage and networking where supply constraints and pricing power are emerging.

June 30, 2026
Gaining Flexibility in Shifting Growth Market

Large Cap Growth 2Q26: We believe benchmark changes, greater portfolio latitude and continued AI infrastructure leadership create a strong setup for the second half.

June 30, 2026
The Long View: Not a Straight Line

Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.

June 30, 2026
Materiality Drives Stewardship Insights

ESG Investment 2Q26: Active stewardship on youth safety, content moderation and disclosure can help assess whether social media companies are managing emerging legal, reputational and operational risks effectively.

May 31, 2026
Emerging Markets Monthly Update

Emerging Markets May 2026: The Strategy outperformed in a narrow market environment due to stock selection among technology stocks, primarily in South Korea.

May 31, 2026
Large Cap Growth Monthly Update

Large Cap Growth May 2026: Software was a bright spot in May, with several holdings rerating on improving sentiment and solid earnings results.

April 30, 2026
Large Cap Growth Monthly Update

Large Cap Growth April 2026: A risk-on April provided a measure of confidence in the Strategy’s ability to participate effectively in strong up markets.

Blogs

The Physical Limits of AI: Where Scarcity Is Creating Opportunity
AI demand is turning global supply constraints across chips, wafers, networking and optical infrastructure into pricing power for key suppliers.
Midyear Outlook: Earnings Buoy Case for International Equities
Earnings revisions outside the U.S., particularly in emerging markets, have moved materially higher, with earnings momentum often a key driver of sustained market outperformance.
Orbit Shift: Sizing Up SpaceX and Mega IPOs
The company’s differentiated launch advantage makes SpaceX look less like an traditional aerospace contractor and more like today’s dominant platform companies when they were still defined by a single breakthrough capability.
Pending Mega IPOs Could Curb Passive Positive Feedback Loop
Two new sources of negative feedback are emerging to curb passive’s positive feedback: the disappearance of share buybacks and the pending mega IPOs.
Big Shifts for Magnificent Seven in Russell Rebalancing
Trading activity within strategies tied to these two large cap indexes is expected to be higher than normal.