CIO reading list: September 2025

Investors are not as diversified as they think

The theme that threads all of the thought leadership below together is the new face of risk. Allocators have entered a new market environment with novel dynamics but old principles. Explore pragmatic insights from Rockefeller Global Family Office, S&P Dow Jones Indices, and others to learn how CIOs across the world are thinking about these dynamics.

For CIOs

5 Year Expected Returns: The Stale Renaissance (Robeco)

Many economists are expecting a huge AI-driven productivity boom. Are they correct? And if they are, to what extent will this improvement transpire?

Red Thread: Europe Edition - Mid-Year Report 2025 (UBS AM)

In this report, investors will explore the ways Europe can regain its competitiveness in a challenging and uncertain world.

SPIVA Institutional Scorecard Year-End 2024 (S&P Dow Jones Indices)

After deducting fees, in all formats, at least 80% of equity funds and more than 50% of fixed income funds underperformed their respective benchmarks.

Building a High-Velocity Back Office (State Street)

A high-velocity back office helps investors stay on top of rapid innovation while keeping costs down.

CIO Insight: Series 3 (Manulife IM)

For compliance reasons, this paper is only accessible in certain geographies

In his latest video series, Colin Purdie, CFA, Manulife IM's CIO of public markets, discusses AI, current market conditions, and more.

The Case for Frontier Debt (Ashmore)

For compliance reasons, this paper is only accessible in certain geographies

"Frontier markets" refer to economies with smaller, less liquid capital markets, or markets that are more difficult for international investors to access.

From CIOs

A Yen for Stablecoins: Japan Confronts Rising Yields (Rockefeller Global FO)

This month's report explores Japan's rising yields and stablecoins' role in boosting U.S. Treasury demand.

Taking Stock of Market Dynamics (Merrill)

Equity markets have cheered signs that the U.S. economy has shaken off its Q1 contraction bout and is adjusting better than expected to the new tariff regime.

U.S. Equity: Great Earnings, Greater Expectations (Nomura)

The S&P 500 forward P/E 22x sits above both 5- and 10-year averages—plain evidence that future growth is being pulled forward into today’s price.

CIO Industry Guide (DBS)

No one can predict the future with absolute surety, but no poker player ever said the game was “too random”. One plays according to all the information available.

The Concentration Risk Investors Are Missing (Excess Returns)

Most investors are not as diversified as they think. Market concentration is a real and growing risk.