Research



Capital Markets Review

Current Issue: October 2025
Amid the ongoing Federal Government shutdown, and limited economic data available this month, the FOMC lowered its Fed Funds Rate by 0.25%. While the move was widely expected, Chair Powell signaled another rate cut in December is not guaranteed....
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Insights

Current Issue: The Low-Quality Stock Rally in Q3 2025

The third quarter of 2025 was characterized by unusually sharp underperformance by active management across multiple equity asset classes. The chart below includes the net excess returns across equity regions, as reported to eVestment, for Q3 and the trailing 20-year period...
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