Insights /

Macro Commentary

The Fed’s easing path and what it means for fixed income positioning

March tested diversified portfolios. Geopolitical pressure and energy supply disruption drove simultaneous moves across equities, bonds, and commodities, the exact conditions a static allocation is least prepared for.

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When correlations converge

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A portfolio diversified only in calm markets is not diversified at all.

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How the TRF responded

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23 May 2026

March tested diversified portfolios. Geopolitical pressure and energy supply disruption drove simultaneous moves across equities, bonds, and commodities, the exact

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