Broad-based growth continues to be generally solid but less uniform across geographies. The underlying fundamentals supporting economic expansion remain intact. Volatility should continue for the remainder of the year, but we expect the market to maintain an upward trajectory.
Inflation is slowly drifting higher in most developed economies and will likely continue to do so, although inflation expectations remain well contained.
We continue to observe this trend. Active and long/short equity managers have had good success this year, although we note that “value" managers as a group have been significantly underperforming the broader markets here and abroad.
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