Tax Loss Harvesting

For many years, the pension plan has often been a drag on a corporation’s financial positions. Now that’s generally no longer the case, and it’s time to consider what’s next.

Everything that our team publishes has been through peer review. We candidly call out every opportunity we see to improve each other’s writing, from quibbling over word choices to challenging an essay’s entire premise.

High yield bonds have historically delivered attractive long-term returns, and since the Great Financial Crisis they have also become higher quality, as weaker borrowers have departed the sector for the private credit and leveraged loan markets.

With the One Big Beautiful Bill Act (OBBBA) signed into law on July 4, this note briefly discusses some of the implications for energy broadly and the energy infrastructure space.

As 2025 progresses, investors and policymakers are navigating a highly complex economic landscape shaped by three powerful and interrelated forces: evolving trade policy, a cautious U.S. Federal Reserve (Fed), and growing concerns over U.S. fiscal discipline.

It is easy to invest when markets are rallying, but it can be tough for investors to stay in their seats when markets inevitably decline again.

As the second quarter earnings season kicks into gear, Wall Street analysts are forecasting modest earnings growth of 4.8% for companies in the S&P 500.

Every year around this time, we update our Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months. I’m biased, but few tools do a better job of providing a clear, interactive picture of the commodities landscape than ours.

The right level of regulation requires careful calibration.

The resilient job market has supported stock gains, but Washington policy has been a primary market driver so far this year.

There’s a connection between our willingness to let the debt problem fester and investors throwing their money into a wildly overvalued stock market. In both cases, we’ve grown way too comfortable with uncertainty.

The second quarter’s rapid recovery from April’s market volatility reminds us how powerful a systematic rules-based approach to tax management can be.

Uncertainty has not impaired overall economic performance.

Most of us are not prepared for the incredible degree of change Artificial Intelligence (AI), combined with automation, is bringing to society.

A full three months since President Trump’s “Liberation Day” tariff announcements sparked panic in financial markets, macro developments have been benign. The passage of the Big Beautiful Bill has brought clarity on the fiscal outlook, but uncertainty on trade negotiations remains. Franklin Templeton Fixed Income CIO Sonal Desai explains what this means for investors going forward.

The valuation of small-cap stocks relative to large caps remains historically attractive, and small-cap recoveries in the past have resulted in meaningful periods of outperformance.

Compelling bond yields and diverging equity returns offer building blocks for effective strategies.

As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.

As we head into the second half of the year, expect record stock buyback activity for companies in the S&P 500.

Liberation Day seems like a lifetime ago. But the 90-day pause is almost over, and—thus far—there are few deals that have been consummated.

We expect tariff policy to remain a key part of the narrative pushed by the administration.

In this month’s issue, Franklin Templeton Emerging Markets Equity explains how markets in many regions are weathering US policy uncertainty and offers an upbeat assessment of Vietnam after a recent research visit.

In this article, you’ll learn how to evaluate crypto ETFs with the same rigor you apply to traditional investment products.

ClearBridge Investments believes positive forces from One Big Beautiful Bill Act passage and future interest rate cuts should soon outweigh negative forces of tariff actions.

The headline employment figure came in stronger than expected and better than feared following the weak ADP report, but the details were far from a blockbuster.

In the latest Alternative Allocations, with guest Brian Ullsperger from Andersen, Tony Davidow examines the traditional 60/40 portfolio and how it can be expanded to include alternatives to meet clients’ needs.

If you’ve been following the mainstream financial media lately, you might think the airline industry is in crisis. From headlines about tariffs and labor costs to geopolitical tensions and delays at Newark Airport, it sounds like air travel should be tanking.

We upgrade equities to neutral from underweight as falling interest rates and improving economic conditions in emerging markets offset uncertainty over US tariff policies.

It was a positive quarter for emerging markets equities.

As the second half gets underway, we think a modest overweight to risk assets is called for.

This year, so far, the world has been riddled with geopolitical news, resonating in widespread unrest, yet seemingly yielding less impact on financial markets.

In the immediate aftermath of Friday’s much anticipated Employment Report it seemed like the judgement from analysts, talking heads, and even markets was unanimous (or nearly so) that there was good news to celebrate.

In last week’s letter, I referenced Torsten Sløk’s excellent midyear outlook for Apollo Global Management. Today I’ll share some longer quotes which will, I hope, help you visualize where the economy is headed.

Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.

After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.

As the global economy navigates a complex landscape, investors are left wondering: are they right to be optimistic or are they being complacent? This article from Franklin Templeton Institute explores the signs of resilience as well as numerous risks.

The Senate has approved its own version of the "One Big Beautiful Bill" tax-and-spending plan. Here's how it differs from the version the House passed in May, and what's next.

Proposed regulatory changes involving the Supplementary Leverage Ratio may have benefits for both large banks and the Treasury market.

Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.

We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.

It has been over six months since the FOMC has made a change to the Fed Funds rate. While the debate continues as to when the next cut will be, market consensus (per Bloomberg calculations) is currently for a 25 basis point cut in September.

An economy cannot subsist on services alone.

On the latest edition of Market Week in Review, Global Chief Investment Strategist Paul Eitelman explored key drivers behind the strong performance in markets. He also provided an update on a proposed U.S. tax measure.

The US economy is important, but it’s not the only one in a global approach.

For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.

The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.

Only a subset of subsidies will be rolled back.

Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.