July 2025 top papers

We present the best-performing papers from July 2025 by number of downloads

The Illusion of Thinking (Apple)

Recent generations of frontier language models have introduced Large Reasoning Models that generate detailed thinking processes before providing answers. Their fundamental capabilities remain insufficiently understood.

Mid-Year 2025 Outlook (Apollo)

U.S. tariffs have climbed to their highest level in nearly 90 years, fueling market volatility and creating uncertainty for corporations. The result?

Rethinking Risk Management and the Myth of "Missing the Best Days" (ViewRight Advisors)

One of the most persistent myths in investing is that staying fully invested at all times is essential. This conventional wisdom not only oversimplifies market behavior but also exposes investors to significant, avoidable risk.

U.S. Guide to the Markets Q3 2025 (JP Morgan AM)

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

Lessons from 100 Years of Growing U.S. Debt (Firstlinks)

From the eve of World War II to Trump 2.0 in 2025, U.S. Federal debt has grown 751-fold to about US$36.2 trillion.

Perspective for Asset Allocators on Today’s Markets: Q2 2025 (MFS)

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

Portfolio Perspectives offers market expectations and practical applications to help asset allocators find opportunities.

Balancing Act: Building Resilient Portfolios in a Changing Landscape (PIMCO)

Systematic equity strategies and disciplined diversification can help multi-asset portfolios thrive in unpredictable markets.

All-Weatherproofing Institutional Portfolios with Private Credit (Apogem Capital)

Apogem Capital has spent decades investing in the North American Lower Middle Market, across both private equity and private credit.

Emerging Markets Debt: Is It What Your Asset Allocation Needs? (MetLife IM)

Emerging Markets may be uniquely positioned to help portfolios with income and return potential within a world of many changes.

Macro Pulse: Macro in the Mid-Year Sun (New York Life Investments)

The July Macro Pulse from the New York Life Investments Global Market Strategy team highlights easing tail risks and a more stable market outlook following “Liberation Day.”