CIO reading list: August 2025

Despite the current calm, market risks persist beneath the surface

In this edition of the Savvy CIO Reading List, we bring a range of handpicked pieces that discuss alternatives, fixed income, asset allocation, alongside broader geopolitical tensions. Explore these timely insights to separate what matters for the markets from the noise that doesn’t.

For CIOs

Alternative Credit Insights: Advancing Diversification (Nuveen)

The alternative credit market offers a growing and interesting set of opportunities for investors.

Tactical Asset Allocation - August 2025 (Invesco)

Is a recession a necessary condition for Invesco's contraction regimes to reward defensive portfolio positioning? The answer is no.

Active Fixed Income Perspectives Q3 2025: The Power of Income (Vanguard)

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

Downside risks to the U.S. and global economies remain, even as the most severe policy scenarios have been avoided. But there are also bright spots.

‘The Single Biggest Mistake Investors Are Making Today’ (Morningstar Indexes)

It’s difficult to think of a hotter topic in the investment world today than private markets. The author of this paper takes a contrarian stance on this financial sector.

How Will European Companies Ever Catch Their U.S. Peers? (Deutsche Bank)

Fixing the crisis of European underperformance is all the more urgent as investors enter a new corporate age.

From CIOs

Neutral Positioning Seems Prudent (J. Safra Sarasin)

Financial market uncertainty has decreased significantly in recent months. Nevertheless, investors need to remain vigilant.

The Fourth Turning and the Federal Reserve (Merrill)

This critique of the Fed’s mistakes over recent years extends beyond its failure to meet the inflation objective.

Veins of Tension (Rockefeller Global Family Office)

The Trump Administration appears to place less emphasis on fiscal discipline, as reflected in the diminished visibility of the Department of Government Efficiency.

Junction Point: Risks and Opportunities Meet (Nomura)

Despite concerns of economic slowdown, earnings remain healthy, with >70% beats across the world. Is the panic over for markets?

A Stock Market Melt-Up? (Standard Chartered)

After a brief consolidation, global equities scaled a new all-time high. A confluence of factors is fueling the next leg higher for risk assets.