Income

The first half of 2025 has been driven by headlines that have caused volatility in both the stock and bond markets. While tariff negotiations have commanded the most attention, we are now pivoting to the federal budget deficit, which feels like a perpetual headline over the last 15 years.

Today, Vanguard released its newest bond fund, the Vanguard Multi-Sector Income Bond ETF (VGMS).

Integrating volatile and illiquid assets into the ETF structure is something to be avoided, Doubleline CEO and CIO Gundlach said.

A new culture of reform at Japanese companies offers exciting potential for equity investors.

In the current land of uncertainty the markets and investors find themselves in, the monthly Employment Situation report is ‘must-see TV’ and will remain that way for the foreseeable future.

Supporters of tax cuts argue that they eventually "pay for themselves" and lower deficits through economic growth and increased revenue, even without significant spending cuts.

What's the debt ceiling? Learn how the debt ceiling works and how a default on federal debt could impact the U.S. stock market and economy.

With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.

While the immediate path for tariffs may drift lower, the U.S. legislative branch is hammering out a tax and spending bill that seems to favor tax cuts over lower spending, reviving worries over the U.S. budget deficit and a growing debt burden that cannot be ignored.

Advisors looking to add or enhance existing gold exposures in their portfolio have a range of strategies to consider within the ETF vehicle.

The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?

If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.

The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.

Doug Drabik discusses fixed income market conditions and offers insight for bond investors.

Robotics was one of the earliest examples of a disruptive technology. It enjoyed some time in the investment community limelight. But it was rapidly usurped by other innovative technologies, including AI.

The US housing market remains in a state of inertia. Despite the arrival of the spring selling season, both new and existing home sales continue to underwhelm.

Diversification of portfolios using international equities can reduce volatility and enhance risk-adjusted returns, especially given recent geopolitical shifts that decrease correlations between U.S. and international markets. Despite some investor skepticism, and as we discuss below, the benefits of international diversification can be significant and should be considered in investment strategies.

In this video, Chuck Carnevale, Co-Founder of FAST Graphs, aka Mr. Valuation will do a comprehensive analysis of Autoliv Inc (ALV), the world’s largest automotive safety supplier.

The Fear Trade is what most Western investors are familiar with. It’s the flight to safety during times of uncertainty, driven by concerns over inflation, interest rates, geopolitical risk and more.

I spent the last two weeks of May catching up with partners and clients in Malaysia, Singapore, China, and Hong Kong. Following are some reflections on those conversations.

Here’s the blunt truth: Many great investment strategies fail because of poor implementation. Robust capabilities in trading, transition management, overlays and currencies are critical to executing a strategy.

Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.

For the first time in five months, gold-backed ETFs globally reported modest outflows in May as investors took profits.

After falling 0.7% in April, the S&P 500 gained 6.3% last month, marking the index’s best May return since 1990 and its best monthly return since November 2023 (see the chart).

Back during the Financial Panic of 2008, clickbait media kept screaming “Hyperinflation.” We consistently pushed back against this theme, and argued inflation would not accelerate.

Last week’s employment report was an important stabilizer for the markets. After concerning revisions and weak ADP numbers raised recession alarms, Friday’s payrolls print calmed fears on labor market deterioration.

Increasing investor preference for actively managed strategies continues in this year’s tumultuous environment. With active ETFs taking increasing market share, advisors and investors have ever-expanding choices when looking to augment existing passive exposures.

Today we’ll continue our SIC highlight series featuring a relatively new face who is now indispensable, plus some new ones who were crowd favorites.

It would seem evident that most investors would understand that consumer spending drives economic growth, ultimately creating corporate earnings growth. Yet, despite this somewhat tautological statement, Wall Street appears to ignore this simple reality when forecasting forward earnings.

The Federal Reserve (Fed) lost its chance to lower interest rates further during the first half of the year, when inflation came down to close to its 2.0% target with very limited risk that its decision would have triggered higher inflation.

Systematic fixed-income investing is attracting increased attention but needs specialist skills and resources. Would your manager have what it takes?

Research trips are an integral component of our active, fundamental investment process. Our investment teams meet with different companies, attend conferences, and travel to new markets around the world, gaining insights for our clients and a deeper understanding of potential investments.

Rebounding demand from ETF investors and resilient buying from central banks and Asia retail have propelled gold prices to fresh records north of US$3,000/oz. Find out why we believe there is more room to run.

Last week, the labor market took center stage, presenting a nuanced picture of continued resilience alongside subtle signs of softening.

The bill contains several tax-code changes that could affect municipal bonds, although we don't think it reduces the appeal of munis for high-income earners.

The ETF market saw a noticeable slowdown of new products launched in May; however, innovation continued to be a driving force.

Bouts of volatility may continue in the second half of 2025 as bond market investors navigate evolving tariff policy, U.S. government debt, and economic uncertainty.

Kristofer Kraus, portfolio manager and co-lead of PIMCO’s asset-based finance business, charts the nuances behind the overall resilience of U.S. consumers – and explains how these insights shape lending and investment strategies.

Abstract SMID-cap investing offers stronger performance and lower volatility than small-caps alone. By using the Russell 2500 index, investors can retain top performers longer, reduce turnover, and enhance portfolio resilience and flexibility.

Privacore Capital, an affiliate of Janus Henderson and an open-architecture solutions provider for alternative investment products tailored to the private wealth market, and Partners Capital Investment Group, a global Investment Office, today announced the launch of the Privacore PCAAM Alternative Growth Fund (“AltsGrow”).

Gold’s recent surge to $3,500 was quickly followed by a sharp correction. Each tariff update or diplomatic rumor sends markets into a frenzy—rallying stocks, selling gold, or reversing course the next day.

We remain underweight most developed market stocks as US tariff policy is still unclear but are more enthusiastic about emerging market assets.