The Iran conflict has turned energy markets into a moving target, with oil prices adjusting as expectations around Strait of Hormuz supply risk shift.

The U.S. stock market continues to trade near all-time highs, with performance again concentrated in a handful of the largest, predominantly tech-oriented companies in the S&P 500 Index. Meanwhile, active managers are continuing to underperform.

How our open platform of best-of-breed managers allows us to distill complexity in the face of market turbulence by tapping into their collective intelligence.

Three months into 2025, the U.S. IPO (initial public offering) market remains in a rut. Why? And, perhaps just as importantly, is a rebound still possible?

Managers are cognizant of potential risks to portfolios, identifying dominant Chinese component manufacturers, North American automotive supply chains, and smaller cap industrial cyclicals as market segments worth monitoring.

The Magnificent Seven stocks (Microsoft, Apple, Alphabet, Amazon, Nvidia, Meta, and Tesla) have been the largest driver of equity returns in recent years and were again the dominant contributors in 2023, accounting for more than half of the market increase.

Interest rates are one of the most important factors affecting the economy and the outlook for stocks. Managers increasingly think interest rates in the U.S. have likely peaked and are repositioning equity portfolios for the new environment.