Content (78)
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White papersEmerging Markets: Uncovering Key Alpha Drivers Amid Shifting Global Dynamics
Emerging Markets (EM) enter 2026 on the heels of an exceptional 2025 — a year defined by strong total returns and resilient fundamentals despite global volatility. The EMBI Global Diversified returned 14.3%, the GBI-EM Global Diversified returned 19.3%, and the CEMBI Broad Diversified returned 8.7%.
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White papersQ4 2025 Equity Market Review
It has often been said that success and happiness lie within the journey rather than at the destination. For small cap investors, 2025 was a turbulent and twisting ride whose volatile journey fortunately ended with a successful outcome. After the 2024 Presidential election, equity markets rallied as many investors assumed the new administration’s focus on lower regulation and taxes would be beneficial to growth. Underlying economic activity was supportive of this conclusion, driven by consistent employment growth, better inflation trends and increased consumer activity.
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White papersWinners and Losers at the All-K Corral
Economic growth through the third quarter of 2025 came in above expectations and will likely end the year on a strong note. At the same time, the K-shaped economy is more present than ever: even outside the consumer. Most of our recent productivity gains have been concentrated in the information sector while others remain stagnant. Services industries continue to grow, but manufacturing has been in contraction for 34 out of the last 36 months. Large firms are also seeing strong profits, but small firms continue to struggle.
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White papers2026 Investment Grade Private Credit: Annual Review and Outlook
Investment grade private credit enters 2026 with steady supply and healthy investor demand, creating a constructive yet selective outlook. Elevated rates and shifting sector dynamics underscore the need for disciplined underwriting and a focus on risk-adjusted opportunities.
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White papers2026 Emerging Market Debt Outlook: Strengths Endure
For all the shifts in macroeconomic risk factors that swayed market sentiment last year, most credit markets delivered on expectations for carry-driven returns in 2025. Emerging market (EM) debt was an exception, recording strong excess returns in addition to carry driven by supportive market technicals along with fundamentals that have withstood macroeconomic risks.
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White papers2026 Multi-Asset Outlook: Back to Micro
Many believe the economy will slow throughout 2026, with inflation remaining stuck near 3% and a deflating AI bubble keeping U.S. markets lagging others throughout 2026. A bit too much extrapolation, perhaps? We are optimistic that U.S. markets will likely resume their leadership positions in 2026, particularly as AI investment continues.
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White papers2026 Equity Outlook: Alpha in the AI Age
Global equities climbed to new heights in 2025 despite trade and tariff turbulence and big questions about who will win and lose amid massive AI advancements and spending. Throughout the uncertainty, we have maintained our focus on identifying companies whose prospects are underappreciated by the market.
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White papers2026 Fixed Income Outlook: Stay Calm and Keep Your Carry On
Investors would be forgiven for worrying that credit issues may be looming. Recent isolated but high-profile bankruptcies have raised alarms that more such “cockroaches” may be hiding in the banking and private credit sectors — and have spawned fears of a more widespread “termite problem” eating away at the underlying financial system.
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White papersQ4 2025 Short Duration Commentary
MetLife Investment Management’s Q4 2025 Short Duration Quarterly Commentary recaps 2025 and shares insights into opportunities and risks for 2026.
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White papersRelative Value & Tactical Asset Allocation Q1 2026
The dispersal of artificial intelligence (AI) and related technologies across the economy is creating both optimism and pessimism. Job disruptions caused by the spread of this technology appear to be manifesting in rising youth unemployment, a development that has real social and economic impacts in both the short and long term — both on the workers directly impacted and on their families.
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White papersGlobal Risks Outlook 2026: Cloudy with a Chance of Boom
Heading into 2026, investors face a shifting landscape shaped by economic, policy, and geopolitical risks that cut across asset classes. Understanding these forces is essential to interpreting the environment ahead. In this Global Risks Outlook, we outline the macro forces that may influence 2026, including labor-market pressures, ongoing trade policy unpredictability, evolving AI-driven investment trends, and a complex geopolitical backdrop.
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White papersU.S. Economy: All Noise and No Signal?
Although the government shutdown has officially ended, economic observers and market participants have had over 40 days with virtually no official economic statistics from the government. Moreover, government data will likely still be affected even after the government reopens due to interruptions in the data collection process. The shutdown itself is expected to distort the data, as a significant number of federal workers saw no paychecks, reduced spending and filed for unemployment benefits (that need to be repaid).
