Top Papers: Thought-provoking insights from October

A new dawn for global markets?

Explore some of the best analysis we read in October – including JP Morgan AM’s iconic Guides to Markets. This selection of thought leadership touches on all manner of subjects, from private credit fund structuring, to China’s reaction to U.S. tariffs, to European real estate.

The Building Blocks for Better Retirement Portfolios 2025 (PGIM)

A majority of plan sponsors support allocations to alternative investments as a means to enhance diversification, yet these classes are not prevalent in DC plans.

FX Pulse Q4 2025: Dollar Weakness to Resume (Invesco)

What are the key movements across FX markets in the months ahead? How should investors position their portfolios? Read this report to find out.

Currency Hedging in a Fragmenting World (Fidelity International)

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

The global financial landscape is undergoing profound changes due to complex macroeconomic and geopolitical shifts.

Europe’s Real Estate Renaissance? (Nuveen)

There are several factors that underpin the case for European real estate, as this report argues.

Charting Market Views on Interest Rates with Richard Clarida (PIMCO)

This chart pack explores the direction of U.S. interest rates and broader economy over the coming months.

Long-Term Investing: Developments and Opportunities in a Digital Economy (HKIMR)

Long-term investing is a cornerstone of effective financial planning, significantly enhancing individuals’ financial well-being and resilience to potential shocks.

How to Use the Sharpe Ratio (ADIA)

The standard Sharpe ratio estimator is biased in finite samples and further distorted by skewness, kurtosis, and multiple testing.

The Future of Central Bank Reserves by 2030 (Deutsche Bank Research Institute)

As the dollar weakens, central banks face a defining question: Can Bitcoin serve as a credible reserve asset alongside (or even in place of) gold?

Is China Circumventing U.S. Tariffs? (Brookings Institution)

The U.S. and China are at the center of rising geopolitical tensions as China challenges U.S. power across the economic, military, and technology domains.

Trends in Private Credit Fund Structuring 2025 (AIMA/Dechert)

A modest uptick is evident in the liquidity features of PC funds, which is expected to continue as c.75% of survey respondents report rising investor demand for liquidity.

How Investors are Operationalizing TPA (CAIA/TAI)

The market environment has been shifting at a dizzying pace, prompting investors to question playbooks that have guided portfolio decisions for decades.

Benchmarking PE: Are U.S. Pension Plans Performing Poorly? (EDHEC Infra)

The authors of this paper evaluate the benchmarking choices and recent returns for ten U.S. public pension plans of varying sizes, ranging from $15 billion in assets to over $500 billion.

Explore JP Morgan AM's Q4 Guides to Markets

Guides to the Markets Q4 2025 (JP Morgan AM)

Updated each quarter, the Guides to the Markets illustrates a comprehensive array of market and economic trends and statistics through compelling charts.