Four Questions to Ask When Choosing an SMA Provider

As interest in direct indexing grows, investors should take care to find the right partners.

How Can Investors Ease the Effects of Inflation?

When inflation brings stock and bond prices too close together, it’s time for investors to build diversification.

Four Ways to Improve After-Tax Investment Returns

Active tax management is a year-round, multifaceted effort. Discover four of the best ways to create tax savings for your clients.

How Can Investors Help Close the Gender Gap?

Investors play a key role in ensuring companies provide a safe and fair workplace and helping close the gender gap.

What Is the Volatility Risk Premium?

Recent trends tell us that volatility will remain high in the current environment. Find out how investors can use the volatility risk premium during these market conditions.

Midyear LDI Outlook: Uncertainty and Pension Investing

We began the year in an uncertain market environment, and it’s just as uncertain now. For LDI investors, we continue to see reasons for optimism.

Understanding the Zigs and Zags of Emerging Markets

We believe there are solid reasons to own emerging market equities as a means of diversifying portfolios across markets, minimizing risk, and maximizing growth opportunities.

Midyear Responsible Investing Outlook: Navigating the ESG Backlash

Recent debates run the risk of leading investors to oversimplify ESG. Find out what truly responsible investing means.

More Is More: Combining Corporates and Munis in Laddered Bond Strategies

Find out how a rules-based multisector strategy can help fixed income investors access the highest after-tax yields in all market environments.

Midyear Tax Outlook: Will Proposed Tax Changes Stop Being Proposals?

Between a divided Congress and worldwide inflation, the timing for President Joe Biden to impose tax changes may be even worse than before.

Midyear Bond Outlook: A Stable Ladder in Uncertain Times

How can bond investors stay ahead of rising rates?

Midyear Investment Outlook: Three Actors to Watch in 2022’s Inflation Special

As investors wait for inflation to settle down, diversification and rebalancing provide better protection than market timing.

Fighting Fire: How Commodities Help Beat Back the Flames of Inflation

Can commodities help in times of high inflation?

By the Numbers: Calculating the Value of Tax Management

How can clients put after-tax performance in perspective? Discover how customized after-tax benchmarks and tax alpha work together to isolate the value of active tax management.

Four Easy Steps to Building a Responsible Investing Portfolio

Want to know how to create a portfolio on principle? Learn how investors can begin their responsible investing journey.

Applying the Impact Perspective to Linear Overlays in Institutional Portfolios

Derivatives like futures and swaps can comprise useful hedging overlays for institutional portfolios—as long as investors understand their purpose correctly.

Seeking Shelter in a Market Storm: Understanding the Market Discount Rule

How can investors find value in the protection of the market discount rule?

What Is Tax Management?

Maximizing investors’ long-term wealth takes thoughtful tax management. Learn what that involves—and how direct indexing can be a powerful part of every advisor’s tool kit.

How to Avoid Greenwashing in Bond Portfolios

What should fixed income investors make of bonds with a green use of proceeds but a not-so-green issuer? Find out if greenwashed bonds belong in responsible investing portfolios.

How Can CEF Investors Maintain Balance in a Rising Rate Environment?

Updates on the state of capital markets. Today: The impact of rising interest rates on closed-end funds.

Short-Term Reversal Factor: A Balancing Act

Strike the right balance between maximizing after-tax returns and aligning with benchmarks.

Does Rising Volatility Plus Higher Rates Equal More Tax Losses to Harvest?

Equity markets can be sensitive to rising interest rates—but well-prepared investors can make that sensitivity work for their portfolios. Find out how.

Green Bonds, Greener Planet: How Fixed Income Investors Can Help Solve the Climate Crisis

Investor interest in sustainability is rising, and ESG bond issuance is rising with it. What makes a bond issue green?

A Long Road Ahead for the Biden Administration’s 2023 Tax Proposals

Could long-anticipated tax hikes from the Biden White House finally hit high-net-worth investors? Years of delays and exemptions suggest it may not be that easy.

Is the World Finally Awakening to the Climate Change Threat?

Between new climate change rules from Washington and increased environmental activism from shareholders, we have reasons to be hopeful on Earth Day 2022.

The Crossover Trade: When Tax Free Isn’t Always Tax Efficient

Do you know why tax-free municipal bonds might not offer fixed income investors the highest after-tax returns? Test yourself and find out.

Look Beyond Returns to Measure Institutional Portfolio Impact

Institutional investing requires a long-term perspective—but asset owners may be thinking all wrong about reducing long-term risk through hedging. What’s missing?

How Can Advisors Use Direct Indexing to Deepen Client Relationships?

Get up to speed on a growing investment solution that offers a wide range of advantages. Test your direct indexing smarts.

Is History Really Repeating Itself in Today’s Muni Market?

The muni market is in the midst of a historic sell-off, the likes of which we’ve only seen a few times before—but much has changed since those few times. How should bond investors handle it?

What Fixed Income ESG Investors Should Keep on the Radar in 2022

What can responsible investors in fixed income expect in the year to come? Sustainable bonds should play an increasingly important role.

Finding High Liquidity and Low Costs for Corporate Bond Investors

Corporate bond investors can take full advantage of fixed income SMAs without paying extra to access liquidity—as long as traders move fast.

The State of the Commodities Market

While commodities markets are slowing somewhat, we still see opportunities.

2022 LDI Outlook: How Might 2022 Affect Pension Investment Decisions?

Explore what 2022 might hold in store for pensions and their sponsors.

What We Talk About When We’re Talking About Inflation

The BLS publishes the CPI, the BEA publishes the PCE using the NIPA, markets expect hikes in bps from the FOMC, and investors say OMG. It all spells inflation—but in two different ways.

Finding Balance in Diversified Index Portfolios

How can index investors build accessible, diversified portfolios that achieve their goals?

In the Tumultuous 2020s, What Can Investors Control?

Investors may not be able to control the markets—but they can control their risks, values, and taxes. Find out how the rise of direct indexing makes it possible.

A Structure to Enhance Yield in Fixed Income SMAs

A dependable hybrid can be the best, even when it comes to fixed income investing.

2022 Tax Outlook: In Pursuit of a Better Mousetrap!

With the narrowest Senate majority, President-elect Joe Biden won’t have much room to pursue aggressive tax reform. What should taxable investors expect this year?

2022 Responsible Investing Outlook: Climate and Diversity Continue to Dominate

What lies ahead for responsible investors in 2022? We see hope for more progress.

2022 Bond Outlook: Solid Markets Despite Inflation Threats

Bonds performed well in 2021. Expect more of the same in 2022, even amid risks.

2022 Investment Outlook: Fed Actions Likely to Dominate Headlines

The coming year should yield a fresh crop of economic surprises and some market uncertainty.

Applying Tax-Loss Harvesting to a Fixed Income SMA

Can tax-loss harvesting strategies bolster your clients’ SMA portfolios in lower-yield scenarios?

The Trouble with Dividend Forecasting

Our Dividend Income Strategy provides the diversification investors need to weather the storm of unpredictable and volatile markets.

What Is Direct Indexing?

If you’re not sure, you’re not alone. Get a quick primer on how this method of investing works, what its advantages are, and which types of investors may see the greatest benefit.

What’s the Best Way to Maximize the Tax Benefits of Charitable Giving?

Cash or securities? Different approaches to charitable giving can yield very different after-tax results for investors.

LDI: What Do Current and Forward Curves Say About Future Yields?

Learn how to better evaluate current and forward interest rates.

Why Does Everyone Keep Trying to Kill the 60/40 Portfolio?

The balance provided by a 60/40 portfolio plays a key role in a diversified portfolio.

Is Now the Time to Reach for Yield with Municipals?

How can investors navigate the turbulent waters of municipal-bond credit-risk spread? The answer may be: “Wait and see.”

What to Make of Recent Volatility in the Muni Market?

Municipal bonds had a turbulent third quarter. But did the sharp rise in yields (and corresponding drop in prices) cause investors to overreact?

What Is Impact Investing?

How can investors generate measurable social or environmental benefits while also fueling healthy financial return? Impact investing is the key.

ESG Principles: Applying Your Personal Values to Your Corporate Bond Portfolio

How do ESG principles affect bond-portfolio yield and performance? There’s no yield penalty for using an ESG overlay in the IG corporate bond market and it can provide more protection from downside risk.

Tax Management and Tracking Error: You Can’t Have One Without the Other

Investors may bristle at the mere mention of tracking error—but that’s what helps them keep more of their money while maximizing their after-tax returns.

Extreme Weather Events: Assessing Climate Risk in the Municipal Bond Market

Now is the time for municipal bond investors to mitigate climate risk.

China’s Regulatory Crackdown: A Cautionary Tale for Investors

How will recent regulatory shifts in China affect investment strategy? A diversified approach is the key to spread out exposure.

Expanding the Boundaries of Fixed Income Investing by Elevating Taxes as a Crucial Element of Customization

How important are taxes in customizing a fixed income portfolio?

What Can Investors Do About the Devastating Impact of the Pandemic on Workplace Equity?

Progress toward diversity—and disclosure—continues

Patience Is a Virtue in Portfolio Construction

Even in the fast-paced world of investing, slow and steady can win the race.

Too Much of a Good Thing: Unwinding a Concentrated Stock Position

It may feel daunting to reduce single-stock risk, but implementing a staged diversification plan in tandem with a separately managed account makes it possible to do so tax efficiently.

Decluttering Tax Management

Can tax management spark joy? Decluttering tax management and finding the most effective strategy can at least minimize stress.

Midyear Responsible Investing Update: Disclosures, Climate, and Diversity

The first half of 2021 has seen a renewed investor focus on ESG investing and disclosure.

Midyear Bond Outlook: A Stronger Economy Supports Lower Volatility

The reopening economy hasn’t come without drawbacks—but compared with last year’s headaches, bond investors can expect a much less dramatic second half of 2021.

Stars in Your Eyes: How Credit Upgrades Benefit Corporate Bond Investors

A record number of corporate bonds were downgraded to high-yield status in 2020. Will they see a turnaround along with the greater economy?

What Investors Should Know About ESG in Fixed Income

Aren’t all municipal bonds “responsible?” How green are green bonds, anyway? We answer common questions about applying ESG criteria to fixed income.

The Time for Comprehensive, Mandatory, and Consistent Climate Risk Disclosure Is Now

Both investors and regulators agree: The world can’t wait to tackle climate change. That’s why mandatory climate reporting is vital.

Tax Change Proposals: Six Things to Keep in Mind

Investors might wonder how the Biden administration’s ambitious proposals might affect their tax burdens. Though the answer remains unclear, these six facts should reduce anxiety.

Transitioning to a New Market Cycle Requires a Fresh Look at Risk

Investor anxiety is shifting from the impact of COVID-19 to the changes that may come with the removal of stimulus measures. We share three ways to prepare your portfolio.

Not-So-Silent Spring: Exxon and the Vote Heard Round the World

Is 2021 the year climate risk finally got real for oil and gas companies? Why two events concerning Exxon and Shell could be game changers.

Roll-Down Impact on Bond Returns

To maximize the benefit of a laddered strategy, investors should understand the impacts of a roll-down.

US Census Data Reveals Population Pressures for Investors

The US population has just seen its lowest growth rate since the Great Depression. How will this ripple throughout the economy and the markets?

GRAT Expectations: Why More Investors Are Turning to Grantor-Retained Annuity Trusts

Amid low interest rates and volatile asset values, high-net-worth individuals are taking a fresh look at a powerful wealth transfer tool—grantor-retained annuity trusts, or GRATs.

Why Has My Pension Funding Improved (and Why Hasn’t It Done Better)?

How can corporate pension plans make the most of the strong start to 2021? There are three key factors to consider.

How Will Biden’s New Infrastructure Plans Affect Investors?

We now know how President Biden proposes to address America’s infrastructure woes, but do we know what that means for investors?

Making Sense of Lower Readings on the Market’s Fear Gauge

What’s behind lower volatility forecasts: COVID-19 optimism or something more foreseeable? We take a deep dive into the numbers.

It's Always Tax-Loss Harvesting Season

Learn how an active tax-loss management strategy ensures year-round performance, maximizes tax alpha, and minimizes costs.

What Does Biden’s Infrastructure Bill Have in Store for the Muni Market?

Will a corporate tax increase shift muni demand upward? Are Build America Bonds coming back? We take a look at what the Biden administration’s infrastructure bill could mean for fixed income investors.

Are Natural Resource Stocks the Inflation Fighters Investors Want?

Owning a portfolio of natural resource stocks may seem like the easiest way to gain exposure to commodities. But is it the best way?

Tackling Climate Change Through the Municipal Bond Market

President Biden has introduced a comprehensive strategy for updating aging US infrastructure, giving investors an opportunity to focus on meaningful environmental impact.

School’s Always in Session: Brush Up on Your Financial Literacy

To celebrate Financial Literacy Month, our strategists share the frequently misunderstood terms all investors need to know.

When the Bond Market Gives You Lemons, Make a Ladder

Current market conditions have reminded some corporate bond investors of the 2013 taper tantrum. Is that comparison fair?

Tax Day: How Investors Can Have Their Cake and Eat It Too

Through an effective tax-managed investment strategy, losses can offset gains, turning a volatile year into another step toward achieving investment goals.

Is Inflation Around the Corner?

Haunted by double-digit inflation of the past, some fear the US economy is poised for runaway inflation. Given how successfully the Fed has anchored expectations, that seems unlikely.

Stronger Together: What Morgan Stanley’s Acquisition of Parametric Means for Our Clients

Now that Morgan Stanley’s acquisition of Parametric is complete, our CEO looks ahead to what it means for our clients, how it will affect the company, and what it says about the industry.

Opportunities Emerge as Munis Come Back to Earth

What’s behind a big surge in municipal bond yields? We look at how muni buyers can capitalize on recent volatility.

The Common-Sense Case for Real Action on Diversity and Inclusion

Linking gender diversity to financial performance only muddles a vital conversation. Here’s what really matters when it comes to building a more inclusive world.

What Does the Future Hold for Chinese Securities?

How will the new presidential administration change US trade policy toward China? From what we’ve seen thus far, we don’t expect anything drastic.

How to Use Custom Direct Indexing Portfolios to Boost Yield

How far can investors go in pursuit of excess return? We share some strategies that can help—as long as the added risk isn’t too intimidating.

Is the US Equity Market Heading for a Bubble?

A crowdsourced short squeeze is dominating headlines in the investing world. What does it mean for the US equity market as a whole?

How to Make Responsible Investing Truly Personal

When an off-the-shelf solution doesn’t cut it, responsible investors can turn to customized SMAs to build portfolios that align with their values.

Municipal Bonds Win Big from Recent and Proposed Federal Stimulus

The CARES Act provided much-needed support to a municipal bond market reeling from COVID-19. What’s coming next now that the Biden administration is setting to work?

Why Customization Is the Investment Industry’s Watchword in 2021

It’s not unusual for pension plans to have a sizable mismatch to interest rates and credit spreads. How much might that mismatch hurt in 2021?

Tracking Error: Why Deviation from a Benchmark Shouldn’t Dissuade Passive Investors from ESG

What’s behind the idea that socially responsible investing hurts performance? We clear up the confusion around tracking error.

Muni Investors Can Prioritize the “S” in ESG with Social Bonds

Fixed income issuers are starting to respond to investor demand for portfolios that reflect their principles. How can muni investors get the most out of social bonds?

Stop Waiting, Start Customizing: How Passive Investors Can Make Their Own Rules

The recent exclusion of a high-profile company from a major equity index took many investors by surprise. But who says an index provider has to be in charge?

Market Performance amid COVID-19 and the 1918 Flu Pandemic

There are parallels between the economic impact of COVID-19 and that of the 1918 flu pandemic—but how do they stack up from a market perspective?

Why Muni Investors Should Go Long for Yield Despite Record Lows

Are record-low yields holding you back from investing in munis? Other metrics suggest you may be missing out.

Don’t Fear the Premium: Highly Priced Muni Bonds Can Offer Compelling Value

Are the potential benefits of premium munis worth the high cost to investors? Find out why avoiding them may lead to missing out on great value.

Defining Two Varieties of Volatility in Corporate Pension Plans

Some institutional investors may think surplus volatility and funded ratio volatility are the same thing. We take a deeper dive.

After-Tax Benchmarks: Easier Said Than Done

Traditional benchmarks don’t work for taxable investors seeking to put their after-tax performance in perspective. The solution? Customized benchmarks.

Spot On: What to Know About Commodity Price Indexes

Don’t get caught up in commodity confusion. Learn how spot prices play a role in your investments.

For Responsible Investors, Sunlight Is the Best Anti-Greenwashing Agent

How do you know when a company is honestly green? We provide some pointers.

To Capture the Volatility Risk Premium, Patience Is a Virtue

If you have the patience, the odds for a strong volatility risk premium in 2020 are in your favor.

Power in Numbers: Can Impact Investing Increase Shareholder Engagement in 2020?

Shareholder engagement is on the rise in 2020. Find out how this form of active ownership could prove to be beneficial for public equities, investors, and society.

Lights, Camera, Action: Direct Indexing Takes Center Stage

Direct indexing has been called the next big thing in investing. Find out whether it’s right for your portfolio.

What’s the Difference Between Positive and Negative ESG Screens?

Positive screens include good companies, and negative ones exclude bad companies, right? Discover why they’re really just two sides of the same coin.

Mirror, Mirror: The Inverse Relationship Between Commodities and the US Dollar

Prices of commodities and the US dollar are strongly linked. But is this also true at the individual commodity level?

Passive Voice: As Index Investing Grows, So Does Active Ownership

As assets continue to flow from active management to index investing, passive shareholders will still hold companies to account.

How Much Do You Know About Tax-Loss Harvesting?

There are a lot of myths out there. Here are six true-or-false questions to help you separate fact from fiction when it comes to tax-loss harvesting.

Is Tax-Loss Harvesting Right for Your Clients?

More and more asset managers and advisory platforms are marketing tax-loss harvesting to more and more investors. A bit of caution might be in order.

Stock in Trade: Brexit, Tariffs, and Their Effect on Equity Markets

As the Brexit debate roils Britain and the EU, what does trade uncertainty portend for global growth—and for the longest bull market in history?

Yes, Tactical Investing Can Be Tax-Aware Investing

Costs matter, and many investors assume the tax bite of being tactical is too high. But tactical investing can actually be tax aware—and still generate alpha.

How Do Options Work? An Illustrated Guide

You’ve heard of options, but what exactly are they? Puts and calls may seem complicated, but they don’t have to be intimidating. Here’s a plain-English explanation.