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Featured: Global CIO Outlook: October 16, 2019
David P. Harris, CFA
Changing Directions

While the Eurozone has been combating both increasing political divisions and stagnant economic growth since the financial crisis, the United States has been a relative pillar of stability.  Investors have rewarded U.S. equities with higher multiples reflecting: 1) its mix of more innovative and rapidly growing companies, especially in healthcare and information technology, 2) a better capitalized banking system, and 3) more resilient economic growth.As we head into a contentious U.S. election season in 2020, we see the valuation premium of U.S. equities dissipating given the risk to earnings that the leading candidates’ platforms present. We also believe the economic fundamentals in Europe may be close to a cyclical trough, which could lead to a period of meaningful outperformance.

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Featured: Sustainability: September 25, 2019
Rockefeller Asset Management
PRI’s ESG Research Report of the Year

Rockefeller Asset Management was awarded the prestigious Principles for Responsible Investment (PRI) Environmental, Social and Governance (ESG) Research Report of the Year award for its report, Applying Scenario Analysis to Actively Managed Strategies.

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Featured: Global CIO Outlook: July 9, 2019
David P. Harris, CFA
Beware of the Bubbles

Investors have reacted to increasingly accommodating central banks’ policies by concentrating investments in a select few sectors, resulting in a distortion of valuations. As a result, we see overvaluation centered largely in two groups of stocks: those within steady dividend paying sectors such as staples and utilities, and those in certain sub-sectors of technology perceived as having revenue growth immune to an economic slowdown, primarily software and cloud stocks. The silver lining for investors is that fear of economic weakness has created some attractive valuations across a wide range of companies offering an opportunity to acquire shares of quality businesses at depressed prices. In this issue of Global Foresight, we assess which sectors look most interesting and those which warrant caution.

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Featured: Global CIO Outlook: April 8, 2019
David P. Harris, CFA
Connecting The Dots

Connecting the Dots — In this issue of Global Foresight, we discuss some of the behavioral biases that often distort our thinking but create of some the opportunities on which we seek to capitalize as long-term investors and we take a close look at Modern Monetary Theory, a subject that has garnered much recent press with some vocal new supporters in Washington D.C.

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