Views and Analysis
Type:
Author:
Sort:
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
Test new working paper en
created on 0403
May 22, 2026
What to watch 0522
test html disclaimer
May 11, 2026
US inflation, bad but contained?
The record-breaking monthly jump in the State Street PriceStats index in March was largely mirrored in official readings (especially ex-shelter). But despite the size of that jump, there are few of easing in April. State Street PriceStats rose a further 0.9%mom nsa; a modest step down from March, but still the third-largest increase since the series began in July 2008. This pushed the annual inflation rate up beyond 4.5%, well-above the official inflation rate. The only good news is that the spike ...
Apr 28, 2026
Asset markets are not pricing stagflation risk, unless…
As we discuss in the latest Mr.Risk, Will equity and bonds run out of time?, Stagflation, simply defined by below trend growth and above-trend prices as captured by the ISM survey, is the usually the worst macro environment for equities over the past 30-years. And in theory, bonds should be a good diversifier in this environment. For now, markets seem to be betting that stagflation will not arrive in 2026, but if it does, the bottom line is that investors are certainly not positioned for it. Unless ...
May 2026
A New Chapter for US and China?
This week we explore the evolving US-China relationship and the drivers of the stellar equity market performance in Asia this year joined by Dwyfor Evans, Head of Macro Strategy for Asia at State Street Markets. The recent summit meeting of US President Trump and Chinese Premier Xi Jinping marked a thawing of relations but considerable questions remain around how the two countries will navigate geopolitical and trade tensions. These important discussions frame a regional market backdrop remarkable ...
May 2026
The RINO In the Room: Concentration Risks in Equities
As impressive as the recent bounce in stocks has been, it is a Rally In Name Only. Large cap tech companies dominate returns, while almost everything else - whether at a country or a sector level - continues to struggle. With inflation spiking and interest rate markets starting to show signs of dislocation, it is worth asking if the concentration of returns carries with it the seeds of its own undoing. Marija Veitmane, Head of Equity Strategy at State Street Markets, joins us to discuss the sustainability ...
May 2026
Are We In A New Inflation Regime?
To kick off State Street’s series of global research events, we are joined by research partner Alberto Cavallo, co-founder of PriceStats and Professor of Business Administration at Harvard Business School. In this wide-ranging discussion of inflationary dynamics, we assess the last ten years of recurring price shocks and how much inflationary regimes and the price sensitivities of retailers and consumers have changed. The current impact of another energy price shock and lingering effects of last ...
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.