Insights

Evolving secular trends combined with maturing business cycle dynamics and elevated valuation multiples would suggest investors take a more defensive stance in their equity portfolios.

In February, Treasury yields fell across the curve, and the 10-year yield declined 30 basis points, as buyers turned to Treasuries amidst potential signs of the disinflationary power of AI, rising geopolitical tensions and worries about private credit.

The voluntary insurance market and state and local governments seek to adapt and increase resiliency in the face of a changing climate.

Treasury yields rose modestly across the curve during January, with the 2-year and 10-year maturities seeing increases of 5 basis points, as markets adjusted to shifting economic data.

California’s proposed wealth tax faces significant political, legal, and administrative obstacles and is unlikely to be enacted.

AI-driven data center growth is increasing water demand, especially in water-stressed regions, with electricity generation driving most water use.

Economic growth remained robust in the fourth quarter, fueled by strong spending from high-income households and productivity gains linked to artificial intelligence-related investments.

As we enter 2026, we are of the view that the next 12 months may be more about total return and less excess return.