Lazard chief on US market concentration and asset allocation

Concentrated stock positions can make investors wealthy – but also pose considerable risks to their portfolios. Our Head of Portfolio Construction & Cross-Asset Strategy Steve Edwards, CFA shares strategies to help investors diversify. https://mgstn.ly/4mupmDz

When Capital Gains Become Gravity After a decade of strong markets, many portfolios face a hidden weight: unrealized gains. Selling to rebalance? That can trigger steep taxes - pulling performance down. A 351 Exchange offers a smarter path: move appreciated assets into an ETF tax-deferred while unlocking diversification, efficiency, and scalability. Our new guide breaks it down: ✅ 3 questions every manager should ask ✅ 5 things to know about a 351 exchange ✅ 1 reason ETC is the partner to trust Don’t let gains weigh portfolios down - turn them into momentum. 👉 [Read the 3-5-1 Guide] https://hubs.la/Q03JDYWf0

When Capital Gains Become Gravity After a decade of strong markets, many portfolios face a hidden weight: unrealized gains. Selling to rebalance? That can trigger steep taxes - pulling performance down. A 351 Exchange offers a smarter path: move appreciated assets into an ETF tax-deferred while unlocking diversification, efficiency, and scalability. Our new guide breaks it down: ✅ 3 questions every manager should ask ✅ 5 things to know about a 351 exchange ✅ 1 reason ETC is the partner to trust Don’t let gains weigh portfolios down - turn them into momentum. 👉 [Read the 3-5-1 Guide] https://hubs.la/Q03JDWkR0

Partner Insight: Resilience through diversification: Why multi-asset matters now In today’s unpredictable market environment, traditional approaches may fall short. Discover how multi-asset investing can offer the adaptability and resilience needed to navigate volatility and deliver long-term value. 📊 Learn how diversification across asset classes is helping advisers build stronger, more future-proof portfolios. 🔗 Read the full article by Mithesh Varsani, CFA, Scottish Widows Adviser https://incm.pub/42r5dag #MultiAsset #InvestmentStrategy #PortfolioResilience #Diversification #FinancialAdvisers #WealthManagement

Check out LPL Financial - Research's latest Street View video update with Thomas Shipp, CFA, Head of Equity Research, as he explores dividend investing strategies — high dividend yield, dividend growth, and shareholder yield — and how they impact portfolio income and long-term returns: http://bit.ly/4nC1OOr. 

NAV vs AUM: The difference every investor should know. Investors often ask: “What is my fund worth?” The answer depends on the lens you use. AUM (Assets Under Management): Shows the total fund size. It signals scale and stability. However, size can fluctuate with changes in flows and market conditions. NAV (Net Asset Value): Indicates the per-unit price at which investors enter or exit. This is the real measure of portfolio performance. Two funds can report the same AUM, yet deliver very different NAV outcomes. That’s why clarity on both is essential.

The secondary space is no longer a niche corner of the private equity market. It has become a strategic tool for managing liquidity in all market environments, and momentum is only building. In our recent paper, “1,000 words or less: Secondaries to the rescue,” we explore what’s driving this shift and why we believe the market is poised for further growth. Here are the highlights: - Private equity NAV reached $8.7 trillion in 2024, but secondary volume remains at just ~1% penetration - Distributions are growing, but NAV is growing faster, signaling a structural disconnect - With exit markets still tight, 1H25 saw a record $54 billion in LP-led deal volume trade - GP-leds have evolved into a mainstream exit option, preserving exposure to high-conviction “trophy assets” 📄 Read the full paper here: https://bit.ly/46tEwEk

The secondary space is no longer a niche corner of the private equity market. It has become a strategic tool for managing liquidity in all market environments, and momentum is only building. In our recent paper, “1,000 words or less: Secondaries to the rescue,” we explore what’s driving this shift and why we believe the market is poised for further growth. Here are the highlights: - Private equity NAV reached $8.7 trillion in 2024, but secondary volume remains at just ~1% penetration - Distributions are growing, but NAV is growing faster, signaling a structural disconnect - With exit markets still tight, 1H25 saw a record $54 billion in LP-led deal volume trade - GP-leds have evolved into a mainstream exit option, preserving exposure to high-conviction “trophy assets” 📄 Read the full paper here: https://bit.ly/46tEwEk

Macro Viewpoint Second day of modest pullback yesterday despite very low, muted headlines. That being said, the S&P 500 has gone 108 sessions without posting a drop of at least 2%, its longest streak since July 2024. So far, no “big” down days. Much of the conversation has been around potential month-end/quarter-end rebalancing. In our last brief, we’ve noted how this behavior by asset managers rebalancing portfolios can lead to a short-term spike in volatility.