​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Our long-term return expectations for capital markets serve as key inputs into our strategic asset allocation for multi-asset portfolios...

As expected, the Fed cut rates by 25 bp in Wednesday’s meeting, the third rate cut this year. However, three officials dissented—two (Goolsbee, Schmid) disagreed with the cut, while one (Miran) wanted a 50 bp cut.

When selecting a fund to anchor your clients’ portfolios, consider its journey just as carefully as its destination.

Odds of a rate cut at next week’s Fed meeting rose, pushing equities higher and yields down.

Highlights from the week of November 28 – December 5, 2025.

November kept investors on their toes. Early in the month, stocks that had been winning all year suddenly fell behind, while sectors that had lagged started to catch up. Companies tied to artificial intelligence (AI) faced pressure as investors worried about high valuations and how much big tech firms will need to borrow to fund their massive spending plans. At the same time, concerns grew about whether the AI boom is becoming a “circular economy,” where companies mostly sell to each other instead of creating new demand.

Stocks and bonds climbed, yields fell, and most companies topped forecasts over the holiday-shortened week.

Third-quarter results were strong, even as the broader economy showed signs of slowing.

The labor market, a potential AI-bubble, and the December Fed meeting drove the equity markets lower while bonds rose.