The end of US exceptionalism? Not quite.
For more than a century, it has been “very unwise” for investors to position themselves against the United States, according to professor Paul Marsh of London Business School. The US is likely to remain dominant in terms of market size in the future, but its outperformance may well be coming to an end, he argues.
Today, US equities account for nearly two thirds of global market capitalization, and the world’s largest bond market sits in the same jurisdiction.
Transfers: DLA Piper, RBC Bluebay, HSFK, JP Morgan AM, Anthos, Blackrock
This week’s people update includes news from law firms DLA Piper and Herbert Smith Freehills Kramer, as well as appointments at RBC Bluebay, JP Morgan Asset Management, Anthos and Blackrock.
La Française: favorable winds for growth
Written by François Rimeu, Senior Strategist, Crédit Mutuel Asset Management
Investors reassess strategic asset allocation as negative correlation returns
With the restoration of the negative correlation between equities and bonds, the structure of strategic asset allocation is once again under debate among asset owners and asset managers. Was the shift away from the traditional 60/40 portfolio towards a permanent allocation to private markets a lasting course correction — or merely a temporary response to an extraordinary period? Investment Officer spoke to four leading investment professionals.
CSSF tightens ESG supervision as EU rulebook shifts
Luxembourg’s financial regulator has updated its supervisory priorities for sustainable finance for 2026, reinforcing scrutiny of sustainability disclosures, governance frameworks and portfolio alignment across the financial sector.
Negative Swiss rates back in focus as Franc surges
The sharp rise in the Swiss franc following U.S.–Israeli strikes on Iran has brought an issue back into focus that many believed had been settled: negative interest rates in Switzerland.
Share prices follow earnings, always
Stocks follow earnings per share. Over the long term, the correlation between earnings growth and share price performance is as high as 98 percent. Everything else is noise. Macro fears, geopolitical tensions, quarterly results that fall short by a fraction — in the long run, they hardly matter. What counts is how much a company earns and how those earnings develop over time.
Janus Henderson: Fixed Income Q4 Strategy Videos
Watch our latest Fixed Income strategy update videos.
Janus Henderson: Global Perspectives: ABS may provide attractive opportunities
In this episode, Portfolio Managers John Kerschner and Nick Childs discuss the asset-backed securities (ABS) market, identifying key risks and opportunities for investors seeking to navigate the evolving fixed income landscape.
‘Ghost GDP’ masks lurking AI risk for labor market and inflation
Does AI-driven 'Ghost GDP' mean growth is failing to translate into consumer spending?