Mutual Funds

Transformative new technologies and geopolitical tensions have become powerful disruptive forces, redefining business models, global supply chains and the economy. These seismic shifts are upending competitive dynamics across industries and drawing trillions of dollars in capital flows that we believe are reshaping the sources of long-term equity returns.

The dominant theme this week was a tug of war between improving macroeconomic conditions and weakness in parts of the technology sector.

Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.

As expectations have shifted toward slower growth, higher inflation, and higher rates, investors have rotated back to sectors like large-cap technology and semiconductors, capable of delivering durable earnings in a tougher macro environment.

During the past month, the ETF market has seen a wave of excitement surrounding a concentrated group of companies. While investors still want exposure to the tech giants that have dominated the past few years, the successful launch of SpaceX in early June created widespread anticipation for planned IPOs like Anthropic and OpenAI.

Last week’s data reaffirmed that inflation pressures remain the defining narrative across the economic landscape.

The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..

Model portfolios have helped many advisors solve for scale. The next challenge is more nuanced: how do advisors keep that scale while delivering more personalization, tax awareness and differentiated value to clients?

Private credit is having a moment in the headlines. Higher interest rates and a pullback in certain types of bank lending have pushed more financing activity into private markets. Investors may be left with a simple question: What exactly is private credit?

As the market continues to broaden in 2026, a balanced approach matters more than ever.

AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.

Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.

VettaFi currently has index products tied to ETFs issued by American Century, Victory Capital, and ALPS ETFs, but the addition of RAFI products issued by Invesco and PIMCO that are fundamentally weighted is really exciting, according to Rosenbluth.

Kevin Warsh’s first Federal Reserve meeting as chair mattered less for the rate decision than for what he revealed about how the Fed intends to operate. Warsh signaled a shift toward less guidance and more flexibility.

The international ETF landscape has become quite popular with investors over the last year. Investors flocked to ex-U.S. equity opportunities over the last 12 months, driven by high domestic valuations and persistent concentration risk. By contrast, emerging and international markets have both offered lower costs and healthy diversification.

In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.

It’s easy to understand why investors are skeptical about value stocks. After nearly two decades of chronic weakness, value’s strong rebound since early 2025 hasn’t offered enough proof that the turnaround has staying power.

THOR builds upon the success of the firm’s Thornburg Investment Income Builder Strategy, bringing that same income generation expertise into a flexible, actively managed ETF.

Equities rallied after President Trump announced an agreement with Iran to end their conflict and reopen the Strait of Hormuz. The S&P 500 and the NASDAQ finished the holiday-shortened week with solid gains, led by the technology sector.

While the market-cap methodology has been the guiding principle for equity index creators, it’s increasingly viewed as a structural error in the world of fixed income. Today, TMX VettaFi is helping to spearhead a growing movement of index innovators who are inclined to challenge the fixed income status quo.

U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.

The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.

The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500^® dividend yield has sunk toward all-time lows near 1%.

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive-money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks.

The fixed income environment continues to project uncertainty, as higher-for-longer interest rates persist amid sticky inflation. Investors may want to lean on the expertise of active managers when deciding between an active and indexed fund.

A real, potentially lasting U.S.-Iran deal appears to be on the horizon for the first time in many weeks of on-, then off-again negotiations. Should this be the deal that does it, or another one in the near term, oil prices will respond. In fact, they’ve already dropped in response to the news that the Strait of Hormuz will reopen.

Kevin Warsh, the new chairman of the FOMC, has long been critical of forward guidance, which is the Fed’s practice of explicitly signaling the future path of interest rates (e.g., “rates will stay low for an extended period” or publishing a projected path for policy rates). His concern is that the guidance could give the impression that policymakers might have a high degree of confidence about the future path of the economy and rates.

On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.

The most consequential decisions a founder will face, equity gifting before valuations increase, trust structures timed ahead of a sale, QSBS qualification built while eligibility still exists, all must be decided before liquidity. Once the transaction closes, much of what was available earlier is simply gone.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

Discover why DoubleLine's Jeffrey Gundlach is urging a structural defensive rotation into emerging markets and international assets.

The emergence of leveraged ETFs tied to Space Exploration Technologies (more familiarly known as SpaceX) points to strong investor demand for concentrated exposure.

The convergence of long-term structural drivers and emerging cyclical tailwinds suggests the industrial sector may be approaching an inflection point, with conditions increasingly supportive of new development.

Investors have plenty of reasons to celebrate the covered call ETF boom. Covered call strategies have offered new ways to add income to portfolios. Challenges in fixed income were a catalyst for assets to flow into traditional covered call ETFs.

Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.

Co-packaged optics, the technology of integrating lasers and optical components directly into network switches rather than using pluggable modules, is becoming the standard architecture for large-scale GPU clusters, and Nvidia needed to lock in supply for the buildout it is planning.

In an effort to streamline retirement income planning, MassMutual Strategic Distributors has launched a behavioral framework.

Higher-for-longer interest rates and ongoing geopolitical friction make navigating emerging markets (EM) and capturing their growth potential a trying task. This is where investors can shift the onus of EM investing to experienced portfolio managers, with an active fund such as the Fidelity Fundamental Emerging Markets ETF (FFEM).

Green life, sustainable mutual funds, buying local, the “buy nothing” movement, plastic-free living, eco-fashion, electric vehicles. You’ve seen all the headlines about reducing your impact on the planet, but you may be wondering how you can best implement a greener workplace in a way that considers the needs of your business, employees and clients or customers.

The questions in our inbox have gotten louder lately. Are we reliving 1999? Has the tech rally reached the dangerous ‘Euphoria’ bubble stage we first discussed in our 2026 Outlook? And is the recent surge in initial public offerings (IPOs)— led by SpaceX on Friday— diluting existing holders just as valuations were already drawing scrutiny?

In August 2025, the US President Donald Trump signed an executive order aimed at broadening the investments available in defined contribution plans (DC plans). On March 30, 2026, the US Department of Labor issued proposed guidance regarding a plan fiduciary’s selection of investments, including private market and other alternative investments, in 401(k) plans.

This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.

The catalyst that turns a healthy pullback into something deeper won’t be a single oil-soaked CPI print. It’ll be the moment forward earnings expectations start to roll over while valuations sit at the high end of history. We aren’t there yet.

The Federal Open Market Committee (FOMC) meets this week in what will be Kevin Warsh’s first meeting as Chair of the Federal Reserve. President Trump has been vocal about wanting to see lower yields and general consensus is that Warsh was his pick due to Warsh’s general lean towards lower rates.

The slippery slope never fails. Go back to the 1979 Chrysler bailout and we can find the roots of the US government’s current predilection for getting involved in stocks and bonds.

On Monday, June 15, Guggenheim Investments debuted a pair of new fixed income ETFs. Each of these new funds offers an active take on the fixed income space. This may help investors looking to amplify portfolio yield.

On June 12, SpaceX went public with a US$2 trillion valuation—the largest initial public offering (IPO) ever, by far. It has been the most anticipated IPO in more than two decades and likely ushers in a series of high-profile IPOs in the coming months, including for OpenAI and Anthropic.

One of the most debated topics in private credit is the size of the investment opportunity – or, in industry parlance, the total addressable market (TAM). But the way TAM is typically framed can be misleading.

Markets returned to positive territory for the week, with the turning point occurring Thursday after the announcement of a potential deal with Iran that would extend the ceasefire while reopening the Strait of Hormuz for the first time since February 27.

The Iran conflict, inflation reports, and the largest initial public offering of all time each took its turn in the spotlight last week. The fragile ceasefire with Iran looked ready to collapse after Iran shot down a U.S. Apache helicopter, and the U.S. retaliated with strikes on Iran.

J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.

A massive advisor retirement wave is reshaping wealth management. Discover how $2.5 trillion in assets may fuel industry transformation.