Asset Allocation

President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.

President Trump’s tariff maneuvers sent financial markets on a rollercoaster. The shock from his aggressive trade policies triggered a surge in volatility, briefly pushing the VIX above 50 – an extremely rare event.

Macroeconomic and structural trends are finally moving in favor of emerging local currency bonds, after recent setbacks.

Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.

Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.

After Friday’s close, Moody’s downgraded U.S. treasuries, as S&P had 14 years ago, in 2011. I criticized the downgrade then…and I do now. The government cannot technically default, as the Fed can always buy the bonds for any auction.

As markets rebound from a brief but sharp correction, Journey’s investment team reflects on the impact of tariffs, global diversification, and the evolving role of alternatives in investor portfolios. With caution as the theme, this month’s commentary urges investors to revisit risk tolerance and stay grounded in disciplined, long-term strategies amidst ongoing economic uncertainty.

The recent rally began when Treasury Secretary Scott Bessent struck a more conciliatory tone with China, saying he expected a de-escalation shortly.

A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.

Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.

Technology and trends have made individual investors an important part of the private market.

A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.

So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).

We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.

On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.

Keeping your financial plan aligned with your goals, risk tolerance and time horizon.

By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.

When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.

Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.

The surprisingly large reduction in mutual tariffs between China and the U.S. announced early Monday morning has sent the markets flying. Trump has softened his approach dramatically and markets are expecting future deals. The base case: everyone at 10%, China at say 20% is still a jump, but at least will likely prevent a recession. Trade and tariffs remain the main focus for markets.

In the report, Portfolio Managers John Kerschner, Nick Childs, and Thomas Polus highlight three reasons why agency mortgage-backed securities (MBS) look attractive in the present environment.

The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.

The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.

In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.

The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.

When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.

As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.

Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.

At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.

Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.

Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.

Central banks continued to stockpile gold in the first quarter.

As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.

Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.

Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.

Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.

Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.

When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.

Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.

Despite negative GDP growth in Q1 and global trade tensions, markets are showing surprising resilience. Investors are betting tariffs will not bite as hard as feared earlier in April and that deals will emerge to soften the blow.

A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.

Markets clawed back early losses in April, but one thing has become clear – policy uncertainty and risk isn’t fading, it’s spreading.

One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals

This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.