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Global Investment Committee Themes

Diversify Beta, Concentrate Alpha

From 2009-2017, successful investors did not diversify across asset classes but concentrated holdings in a handful of sectors and asset classes. Additionally, passive strategies outperformed active. 

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European Equities: Attractive Story; Still Underappreciated

The European economy, slower to recover from the Great Recession, is earlier in the cycle than other developed markets.

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Late-Cycle Opportunities Remain in Energy and Financials

While the GIC has recently advocated shifting to a more defensive position, we continue to see opportunity for Energy and Financials as late-cycle plays, buoyed by higher oil prices and rising rates.

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Begin Positioning More Defensively

Decelerating earnings growth, peaking margins, a flattening yield curve, and elevated geopolitical risk all point to a market poised for defensive leadership.

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Japanese Equities: An Emerging Growth Story

Loose monetary policy and fiscal stimulus, combined with political and structural reform, may mean that Japanese equities, driven by “Abenomics” and attractively valued, present a rare opportunity after 20+ years of underperformance.

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Emerging Market Equities Present New Opportunities

Emerging markets underperformed the broad market since 2010, but could enter a sustained bull market. Re-priced currencies that are less vulnerable to Fed hikes, and declining EM yields may all provide tailwinds.

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Manage Risk of Rising Rates with Short-Duration Treasuries

The GIC believes interest rate normalization will most likely be a slow and measured affair, but will provide a meaningful headwind for investors using bonds for principal preservation.

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Neutralize Outsized Style and Factor Exposures

Companies with momentum and aggressive growth outperformed their peers over 2017. Both of these factors now appear poised for reversal.

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Manage Broad Global Volatility: Consider Global Macro and Managed Futures

Along with interest rate normalization, the GIC believes capital market volatility will soon normalize, potentially increasing by as much as 30% over the next three-to-five years across bonds, equities, currencies and commodities.

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Meet the Global Investment Committee