Our Research team produces in-depth thematic and sector reports, connecting environmental, social and governance issues with industry and equity market analysis to identify investment opportunities and risks at the sector level. Our equity strategy work informs our asset allocation decisions, and we use our thematic work to engage asset managers in an ongoing dialogue on critical investment issues.
January 15, 2021
Quarterly Market Update & Outlook: Light at the End of a Dark Q1?

Quarterly Market Update & Outlook: Light at the End of a Dark Q1?

Executive Summary: As we look ahead to 2021, we see a continuation of many of the themes that drove the markets in 2020, but with different implications: The pace of vaccine rollout…

October 12, 2020
Quarterly Market Update and Outlook: Many Moving Parts

Quarterly Market Update and Outlook: Many Moving Parts

Fourth Quarter 2020 Executive Summary:  Volatility in financial markets could well rebound as Q4 progresses, given the combination of a potential resurgence of Covid-19 and the upcoming election, which may be…

July 22, 2020
Quarterly Market Update and Outlook: Incrementally More Positive

Quarterly Market Update and Outlook: Incrementally More Positive

Third Quarter 2020 Executive Summary: With most asset classes having recovered from the intense volatility that occurred in financial markets at the onset of the COVID-19 virus, we see select opportunities…

April 17, 2020
Implications of COVID-19 for the U.S. Economy and Capital Markets

Implications of COVID-19 for the U.S. Economy and Capital Markets

The COVID-19 pandemic and the corresponding uncertainty in the financial markets necessitate a different approach to our Quarterly Market Update and Outlook. Importantly, COVID-19 is a health issue first and an economic issue second.…

January 17, 2020
Quarterly Market Update and Outlook: 2020 – Many Moving Parts

Quarterly Market Update and Outlook: 2020 – Many Moving Parts

The combination of (i) a phase one trade agreement with China, (ii) the enactment of the USMCA trade agreement, (iii) an accommodative Fed, and (iv) possible fiscal stimulus ahead of the 2020 election has the…

October 16, 2019
Quarterly Market Update and Outlook: Slowing Global Growth to Sway Asset Prices

Quarterly Market Update and Outlook: Slowing Global Growth to Sway Asset Prices

Global GDP growth continues to slow, with trade and tariff issues being a major contributory factor. The deteriorating macroeconomic outlook has been impacting investors’ decisions. The prices of perceived “safe haven” assets, such…

July 17, 2019
Quarterly Market Update and Outlook: Rates-Driven Markets

Quarterly Market Update and Outlook: Rates-Driven Markets

Global central banks have been key to supporting financial markets. The stimulus has offset weak economic growth and a poor corporate earnings environment. There is no reason to believe this monetary stimulus will…

April 24, 2019
Quarterly Market Update and Outlook: Range-Bound

Quarterly Market Update and Outlook: Range-Bound

With the U. S. yield curve not far from inversion, global GDP growth slowing, and earnings estimates continuing to decline, it seems the risks to stocks are on the downside from current levels.  …

January 17, 2019
Quarterly Market Update and Outlook: Volatility Likely to Continue in 2019

Quarterly Market Update and Outlook: Volatility Likely to Continue in 2019

In our last Quarterly Market Update and Outlook , we noted that “volatility in the capital markets was even more muted in the third quarter than it was in the prior quarter. ”  The…

October 24, 2018
Quarterly Market Update and Outlook: Tough Comparisons in 2019

Quarterly Market Update and Outlook: Tough Comparisons in 2019

Summary: Tough Comparisons in 2019 2019 is shaping up to be a more challenging year for investors than 2018: S&P 500 earnings growth is forecast to be cut in half.…

September 18, 2018
Considering ESG Factors in Fixed Income Investing: A guide for asset owners

Considering ESG Factors in Fixed Income Investing: A guide for asset owners

Executive Summary Access our full report here . Much has been written about the strategies, theoretical and practical, that can be employed by asset managers to integrate Environmental, Social and…

July 23, 2018
Quarterly Market Update and Outlook: Strengthening Headwinds

Quarterly Market Update and Outlook: Strengthening Headwinds

Summary: Strengthening Headwinds While the global economic environment remains relatively healthy, strengthening headwinds that are largely policy-driven are creating challenges for major asset classes.   Governments in the U. S. , Canada, Europe and…

April 30, 2018
Quarterly Market Update and Outlook: Volatility on the Rise

Quarterly Market Update and Outlook: Volatility on the Rise

A key issue for investors is that the business cycle is moving into an increasingly mature phase.   The U. S. economy is now in its ninth year of expansion, is one of the…

March 22, 2018
Equity Outlook: Still Positive, Risks Increasing Modestly

Equity Outlook: Still Positive, Risks Increasing Modestly

Summary Even as stock price volatility has increased in 2018, the U. S. equity outlook remains fundamentally sound.   Strength in corporate profitability is broad-based, with nine of the eleven sectors in the…

February 6, 2018
Equity Outlook: Fundamentally Sound, Valuations Still Key

Equity Outlook: Fundamentally Sound, Valuations Still Key

On January 26, 2018 the S&P 500 closed at a record high, and up 7% for the year to date. On February 5, the S&P 500 was down 1% for the year-to-date, reflecting a…

January 22, 2018
Equity Outlook: Tax Reform an Earnings Wildcard in 2018

Equity Outlook: Tax Reform an Earnings Wildcard in 2018

Summary: Robust Earnings Environment. The combination of favorable bottom-up factors (sales growth, margin expansion) and a solid economic environment (synchronized global growth) has created a healthy earnings environment.…

August 2, 2017
August 2017 Equity Outlook: Tough Comparisons in 2018

August 2017 Equity Outlook: Tough Comparisons in 2018

Executive Summary Earnings Growth Set to Slow in 2018. S&P margins and earnings are now at record levels, while sales growth has accelerated in recent quarters. Likely reflecting tough comparisons,…

July 6, 2017
Equity Outlook: US Equities on Track for More Gains in 2017

Equity Outlook: US Equities on Track for More Gains in 2017

Executive Summary Accelerating Earnings Growth. With earnings reporting season about to begin, Q2 2017 S&P 500 operating earnings are forecast to rise 19% from year-ago levels, an acceleration from the 13%…

June 5, 2017
Global Equity Outlook: A Global Earnings Rebound

Global Equity Outlook: A Global Earnings Rebound

Executive Summary Climbing Out of the Trough. In the US, the Europe/Australasia/Far East (EAFE) region and in Emerging Markets, earnings seem on track to keep climbing out of the 2016 trough.…

April 3, 2017
Global Earnings Synthesis: Earnings Growth Likely to Determine the Direction of Stock Prices in 2017

Global Earnings Synthesis: Earnings Growth Likely to Determine the Direction of Stock Prices in 2017

Executive Summary 2017 Estimates Still Seem Overly Optimistic. While the initial estimate of 2015 earnings was below the initial estimate of 2014 earnings, and the initial 2016 estimate was below the…

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