All Insights

Stock-bond correlation has surged amid persistent inflation and heavy Treasury issuance, underscoring the importance of alternative income and return sources.

As tech firms increasingly dominate public and private market returns, the U.S. middle market may provide an important source of diversification.

Commercial real estate (CRE) touches nearly every part of our daily lives, from housing and offices to warehouses, hotels and neighborhood shopping centers. The debt used to finance these properties may provide attractive income and portfolio stability backed by tangible assets, yet the asset class remains underrepresented in many investors’ portfolios.

Private, non-bank lenders have stepped into the void to meet the diverse borrowing needs of companies and individuals alike, creating a significant investment opportunity within the private asset-based finance market—a missing piece of many private credit allocations.

Historically tight cap rate spreads challenge CRE equity returns while favoring CRE debt.

Revenue growth and improved profitability drove 90% of private equity value creation in exits from 2022–2025.

The Investment Research team explores what a changing macro regime, geopolitical and policy uncertainty may mean for markets.

Private equity GPs expect operational improvement to drive returns, an environment that plays to the strengths of the U.S. middle market.

Rate volatility has challenged core fixed income returns. With inflation still above target, investors may need alternative sources of income.

U.S. growth holds firm as policy and shocks reshape the landscape

The Mag 7, which drove S&P 500 gains from 2023-2025, are now weighing on 2026 returns as their collective weight in the Index has climbed to 34%.

CIO Mike Kelly explains how capital crowding is reshaping risk and return in specific segments of the private credit market today.