Global and domestic headlines have put the focus squarely on U.S. sovereign assets. We look at what steps investors should take in this time of shifting economic messages.

Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this “Great Narrowing” should be top of mind for investors.

Stock and bond market returns face high hurdles in 2026, but we think the former should be given the benefit of the doubt.

AI is seldom out of the headlines in 2025, with defining developments coming one after another. We look at where AI is today and how its promise is matched against technological, economic, and geopolitical challenges.