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Jun 4, 2026
Policy Regimes versus Economic Regimes
Apr 15, 2026
The Fallacy of Concentration
Apr 10, 2026
Journal Articles: regression test
Apr 24, 2026
How do Global Portfolio Investors Hedge Currency Risk?
We study how institutional investors hedge foreign exchange risk using more than 25 years of monthly portfolio data from a global custodian, matching asset holdings with FX forward positions for U.S.- and non-U.S.-based investors. Fixed-income investors hedge more than equity investors, non-USD investors hedge more than USD investors, and hedging has risen markedly since 2008. Many investors appear to target and rebalance toward stable hedge ratios. Hedge ratios are related to carry, volatility, ...
Apr 8, 2026
Working Papers - Meets Private Markets
We analyse the transformative impact of life insurance platform integration on the business models, financial profiles, and market valuations of prominent alternative asset managers (AAMs).
Apr 3, 2026
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Jun 24, 2026
2026 Summer Sessions
2026 State Street Summer Sessions Webinar Series It is now our annual custom to take time in the summer months to share insights on the ever-evolving fundamentals of finance and investing. Please join us for our 6th annual State Street Summer Sessions, where we feature back-to-basics presentations from our renowned academic partners and the deep expertise of our research team in State Street Markets. Connecting theory to practice, our presenters will cover topics ranging from macro policy and investment ...
Jun 12, 2026
What to watch 0612
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May 22, 2026
What to watch 0522
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Jul 2026
Mick Mulvaney: Policy, Polarization and the Trump Legacy
With so many unanswered questions about the direction of US domestic politics and the role the United States now plays in the world, few can bring the experience and depth of knowledge of the political process as this week's guest, Mick Mulvaney. Mick is a former elected member of the US House of Representatives for South Carolina, serving four terms before joining the first Trump administration in 2017 as Director of the Office of Management and Budget, ultimately serving as acting White House ...
Jun 2026
Alastair Campbell: Leadership, Media and the Populist Moment
Few people are better positioned to comment on current trends in media and politics than Alastair Campbell. After a long career in journalism and politics, serving as UK Prime Minister Tony Blair's Press Secretary and Downing Street Director of Communications and Strategy, Alastair now co-hosts 'The Rest Is Politics', the most popular politics podcast in the UK. This wide-ranging discussion covers the changing nature of the media, what it takes for a leader to drive policy, the state of populism ...
Jun 2026
Street Signals Turns 3!
As the podcast starts its fourth year, we take a look back this week: to its origins, how the content and message have changed over the years, what guests stood out as formative to building the audience and the lessons learned about macro and markets along the way. In a twist, the microphone gets turned around as well, with our host, Tim Graf, taking a turn as a guest. Ramu Thiagarajan, Head of Thought Leadership for State Street takes over this special birthday edition of Street Signals!
Feb 2026
A step on the brakes
Holdings Institutional portfolios stayed strongly tilted towards equities, with stock allocations at their highest since 2007 and bond allocations at their lowest since 2008, while the US remained a clear regional overweight. Risk Appetite Risk appetite eased back to neutral after a mid month lift, as Fed uncertainty and liquidity concerns encouraged a more cautious mix, with selective risk still expressed in emerging market bonds and FX and high yield versus investment grade.
Dec 2025
Investors neutral amidst data uncertainty
Holdings Institutional portfolios remain heavily overweight in US equities and technology, favouring quality, growth and large caps, with stock allocations at an eighteen‑year high and bonds and cash still out of favour.
Nov 2025
One Step Forward, One Step Back
Holdings Institutional portfolios remain heavily overweight in US, Tech, and growth oriented styles, with stock allocations at an 18-year high. Risk Appetite The risk appetite index has dropped to neutral as investors rotate out of cyclicals and commodities into defensives and the US dollar.
1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.