As we wrote in our recent Rate and Credit View, the case for global bonds has strengthened as the structure of fixed income markets — and the sources of risk within them — have become increasingly asymmetric. The U.S. bond market represen

Over the past year, LPL Research’s Strategic and Tactical Asset Allocation Committee (STAAC) has emphasized that tactical investing does not require constant activity. Instead, it requires preparation, patience, and the discipline to act only w

In what should be a surprise to no one, energy has been one of the better performing sectors since the joint U.S.-Israel airstrikes on military targets in Iran on February 27, although it has given up some ground since a two-week cease fire was annou

Asset-Based Lending

While headlines related to private credit’s direct lending sector have captivated market participants over the past month, there exists a meaningful investment universe, each with distinct characteristics, und

Outside of energy commodities, capital markets posted a downbeat March as cross-asset volatility spiked in response to the outbreak of hostilities in the Mideast, and kicked off April in similar, choppy fashion before posting a swift bounce following

Private markets benefited enormously from the post-Great Financial Crisis era of ultralow interest rates that stretched through much of the 2010s and into the early 2020s. Amid regulatory change and muted returns in traditional fixed income during th

Early in my career, during a particularly challenging market environment, a mentor remarked that there are always opportunities — you simply have to look for them. That observation has remained a key tenet of my investment philosophy, particula

With March and the first quarter (Q1) behind us, we conducted a deep dive into exchange-traded fund (ETF) flows over the month and year-to-date (YTD) periods. Flows measure the net movement of cash into and out of investment vehicles, such as mutual

As strikes on Iran continue and the Strait of Hormuz remains effectively closed, it’s clearly too early for market watchers to stop thinking about geopolitical risk. As discussed in recent commentaries but worth repeating, history shows stocks

LPL Research periodically conducts a detailed study that examines when and where active management has performed well. Our data includes actively-managed mutual funds across a variety of asset categories, going back 20 years. We assess active managem