Top Papers: The best insights from May

Some of the most thought-provoking pieces from this month

Bolster your portfolio with the right alternative investments, dive into the history of the most reliable dividend paying companies in America, explore the impact of AI on productivity, navigate the recent trade turmoil, and find out how to mitigate overall risk while improving returns.

20 Fun Facts about S&P 500 Dividend Aristocrats (S&P Dow Jones Indices)

The S&P 500 Dividend Aristocrats index tracks companies within the S&P 500 that have consistently raised their dividends for at least 25 consecutive years.

The Art of Learning: Asset Allocation Insights (KKR)

For compliance reasons, this paper is NOT accessible in the United States and Canada

With a whirlwind of recent developments KKR thinks it makes sense to update what we have all been learning, especially as it relates to the firm's Regime Change thesis.

Innovation Remains the Engine of Growth (Robeco)

Although the evolving trade war has fueled uncertainty over the world economic order and roiled markets, humanity’s knack for overcoming hurdles through innovation persists.

Active Fixed Income Perspectives Q2 2025: Risks to Realities (Vanguard)

For compliance reasons, this paper is only accessible in the United States

Higher-quality bonds have outperformed so far this year as Treasury yields broadly declined and credit spreads widened.

Europe’s Securitisation Revival: Where to from Here? (PGIM Fixed Income)

The changes coming to Europe’s economic and political landscape are emerging at historically unprecedented speeds.

Unlocking Infrastructure Opportunities (UBS AM)

The demand for semi-liquid solutions stems from an investor’s desire for increased flexibility in their portfolio allocations.

Tailoring Real and Alternative Assets to Illiquidity Appetite (Amundi)

For compliance reasons, this paper is NOT accessible in the United States

Including alternative investments in a portfolio increases expected returns by 50 to 100 basis points with a medium appetite for illiquidity risk.

The Shift in U.S. Leadership: Building the Euro for a New Age (DB)

This report assesses what the recent radical departures in U.S. leadership in the global economy mean for Europe.

Global Asset Management Report 2025 (BCG)

Three forces are reshaping the industry: shifts in product offerings and approaches to distribution, industry-wide consolidation, and the need for leaner cost structures.

How are U.S. Consumers and Firms Responding to Tariffs? (Apollo)

This report presents in charts the impact of U.S. tariffs on consumers and the direction of the country's economy.

Tracking the Price Impacts of U.S. Tariffs (State Street)

Alberto Cavallo, Professor, Harvard Business School and co-founder of PriceStats, discusses inflation trends, past and present.

Why Quality Stocks Aren’t Doing Better this Year (Morningstar Indexes)

Why are quality stocks lagging? It’s useful to open the hood and examine the nature of quality investing from both holdings-based and returns-based perspectives.

Investing amid Trade Wars (Sparkline Capital)

Unfortunately for investors, tariff-exposed stocks comprise the vast majority of stock indexes. How can allocators navigate around this risk?

A Trade Breakdown (Lyn Alden)

This newsletter examines the nature of U.S. trade and sheds light on its complex realities in detail.

AI Beneficiaries: Investing in Second-Order Effects (Morgan Stanley IM)

The long-term outcome for chip manufacturers remains uncertain, but the history of other disruptive technologies suggests a positive future.