Identifying high-quality small and mid-cap companies with strong management teams and sustainable competitive advantages is essential for investors, according to the Fiera Apex report. The healthcare and technology sectors can offer “an attractive combination of high growth potential and manageable risk,” the asset manager’s report states.
Healthcare
Driven by prolific innovation, demographic tailwinds, resilient demand, and solid fundamentals, healthcare among small and mid-cap companies holds one of the greatest long-term growth potentials, according to experts.
Within the biotechnology subsector, significant opportunities can be found in companies focused on addressing unmet medical needs with de-risked clinical assets and substantial upside potential in the market.
Prescription drug spending in the U.S. exceeds $400 billion annually and continues to grow. However, current therapies approved by the Food and Drug Administration (FDA) address only a fraction of defined diseases, reflecting vast and untapped total addressable markets (TAM) awaiting solutions.
“Thanks to their focus on R&D and ongoing advances in life sciences technology, small and mid-cap biotech is poised to deliver numerous short-term breakthroughs across the spectrum of human health, from major causes of death such as heart disease and cancer to rare orphan indications like Huntington’s disease and muscular dystrophy,” the research adds.
Meanwhile, annual healthcare spending in the U.S. currently stands at about $4.5 trillion—17% of GDP—with approximately “a quarter considered waste,” Fiera Apex experts note, attributing this to issues such as inadequate diagnostics and treatments, administrative complexity, and other coordination failures.
Technology
In the tech sector, moving nearly $5 trillion, small and mid-cap firms also stand out, focusing on areas like cloud computing, artificial intelligence, and digital transformation.
Within AI, significant opportunities exist in companies that address the need to control, monitor, and process large volumes of complex data.
As the number and complexity of applications grow with cloud computing and AI, there are opportunities in companies leveraging AI to boost innovation and productivity among professionals. Companies positioned in this space are in the early stages of addressing vast market opportunities.
“We seek companies that can seize the opportunity to replace legacy point solutions with these innovative platforms. This opportunity is especially appealing when considering large industries in the early stages of modernization, such as construction and public administration,” the firm’s researchers say.
As cloud computing evolves into the dominant form of computing in the coming years, there is an opportunity to adopt platforms with modern functionality and data integration, the report concludes.
According to the latest study by the Thinking Ahead Institute (TAI), associated with WTW, assets under management (AUM) by the world’s 500 largest asset managers reached $128 trillion at the end of 2023. Although levels from 2021 were not reached, the annual growth of 12.5% already marks a significant recovery following the previous year’s correction, when AUM dropped by $18 trillion in 2022.
The study highlights the evolution in active and passive management, showing that, for the first time, passive management strategies account for more than a third (33.7%) of assets under management among the top 500 asset managers, though nearly two-thirds continue to be actively managed.
In terms of asset class allocation, there is notable growth in private markets. Equity and fixed income, however, remain the predominant asset classes, totaling 77.3% of assets under management—48.3% in equities and 29% in fixed income. This represents a slight 0.2% decrease from the previous year as investors continue seeking alternatives such as private equity and other illiquid assets to achieve higher returns.
“Due in part to the performance of American equities as a driver of returns, North America experienced the highest growth in assets under management, with a 15% increase, followed closely by Europe (including the UK), which recorded a 12.4% rise. Japan, however, saw a slight decrease, with a 0.7% drop in AUM. As a result, North America now accounts for 60.8% of the total AUM among the top 500 managers, reaching $77.8 trillion at the end of 2023,” the report explains.
Consequently, U.S. asset managers dominate the top of the ranking, holding 14 of the top 20 positions and representing 80.3% of assets in this group. Among individual asset managers, BlackRock remains the world’s largest, with total assets exceeding $10 trillion. Vanguard Group holds the second spot with nearly $8.6 trillion, both far ahead of Fidelity Investments and State Street Global, ranked third and fourth, respectively. Among the managers with the most notable rises in the past five years are Charles Schwab Investment, which climbed 34 spots to reach 25th place, and Geode Capital Management, which rose 31 spots to 23rd. Canada’s Brookfield Asset Management also advanced 29 positions, reaching 31st place.
“Asset managers have experienced a year of consolidation and change. While we’ve seen a return to positive market performance, there have also been significant transformative factors,” says Jessica Gao, director of the Thinking Ahead Institute.
The report’s findings indicate that macroeconomic factors have played a key role, with high interest rates in 2023 exerting various pressures across asset classes, geographies, and investment styles. The study explains that as rates begin shifting toward a reduction phase, equity markets are again delivering positive returns, driven by growth expectations. Future uncertainties are centered on geopolitical events and several major national elections.
Raúl Mateos, APG Leader for Continental Europe, notes that asset managers face significant pressure to evolve their investment models: “Technology is essential, not only for maintaining a competitive edge but also for meeting client needs and expectations, as well as responding to the growing demand for more customized investment solutions. These demands are challenging traditional industry structures. In this context, we have seen notable successes among independent asset managers compared to many of those tied to insurers and banks.”
Regarding specific geographies, Mateos points out that in the past decade, we’ve seen a rise in AUM globally; however, Spain’s market share has declined over this period, from managing 1.5% in 2013 to 0.6% in 2023. “We need to go down to 99th place to find a Spanish representative, Banco Santander, with a total of $239.49 billion, leading the list of ten Spanish managers that include entities like CaixaBank, BBVA, and Mapfre. Moreover, assets managed under ESG criteria grew by 15.5% in 2023, reaching 29.6% of ESG investments within portfolios, marking the highest level in the past three years. This trend shows that ESG criteria are increasingly being integrated into asset selection, demonstrating a growing focus on the impact of our investments on the world,” he concludes.
“This is actually a very good time to have a substantial allocation to fixed income after the normalization of two years ago.” These words are from Christian Hoffmann, head of fixed income and a portfolio manager for Thornburg Investment Management. Hoffmann recently sat for an interview with Funds Society to offer insights into the current market environment.
Hoffmann has been operating for 20 years in the industry. He likes to put facts in context for a better understanding of market conditions. For instance, he says that it is important for investors to understand that their fixed income portfolio won’t necessarily operate like they did in the 2010s or even in the same way it’s done for the past 40 years: “I think it’s important to always challenge historic correlations and regressions because the world is never exactly the same. This is a very good time to be invested in fixed income, but in a thoughtful way, and in a way that might challenge some investor assumptions.”
Hoffmann also throws out a warning: “Reinvestment risk is real, particularly as we see declining short-term rates.” So, to his point, this is “certainly an environment where taking some duration is favorable.” Thornburg considers its Strategic Income and Limited Term Income Funds to be suitable strategies to help investors navigate this complex market, depending on an investor’s risk tolerance and their long-term needs.
What is your outlook for the Fed’s new rate cutting cycle?
I still think that the market is probably looking for too much, especially as we’ve seen a slightly uncomfortable inflation print and certainly uncomfortable jobs numbers. We’re also heading into not just an election and some potential volatility and uncertainty, but also what is likely to be more noisy numbers owing to job strikes, hurricanes, and other exogenous events. The Fed has talked so much about data dependence that it’s hard to imagine why they feel the need to cut it all now. The argument would be, we’re in restrictive territory, we believe inflation is going in the right direction. The job market seems okay, but we want to protect it. The reaction function is based on data dependency, so I think the market should be concerned and recognize this needs to be more restrictive than we originally planned. I think it’s unlikely that we will see another 50-basis point move.
What should fixed income investors expect going forward?
We are living in a period of very high-interest rate volatility and actually very low spread volatility in credit. This environment should position investors to be somewhat cautious and thoughtful because the premium for taking risk is quite low relative to history at this point in the cycle. It also means a more opportunistic and tactical approach is warranted, given a lot of uncertainty around the economic path forward, on inflation, interest rates, monetary policy and on the fiscal side as well. I think it’s a good idea to have some dry powder because it’s unlikely we experience a lot of additional tightening from here.
It’s also important to point out that most people in financial markets have grown up in a zero-interest rate world. Zooming out and looking at the longer course of history, that’s a very abnormal period related to history. We had a gigantic reset, as we’ve shifted from a zero-interest rate world to something that looks a lot more normal now, so investors can again get income from a fixed income portfolio and achieve some ballast with a diversified portfolio relative to other risk assets.
Where are you finding opportunities in credit?
In volatile markets, there are more opportunities. But in the past couple of years, we’ve been very constructive on both agency and non-agency MBS. We feel good about home prices, so that’s led to opportunities in the non-agency space. But even in the agency space, credit risk is all but out of the picture. Historically, convexity risk has played a part, given that those securities traded near par, and investors were compensated with additional income. But given those prices had suddenly sold off, investors still have nice income as well as a lot of protection as it relates to pay downs and potential price appreciation. Several buyers in terms of the large banks exited the space, and the Federal Reserve unwound its balance sheet and created a supply-demand mismatch which offered an opportunity for investors like us. It could go tighter, but not much tighter: 10 basis points, possibly 30.
Are markets underestimating geopolitical risks?
We see a lot of complacency in the market right now. I think there’s probably too much focus on the Fed and not enough on global markets. The Chinese economy is clearly challenged and has issues, and the measures announced by its government tend to be a bit choppy, uncertain and hard to telegraph. There’s also tremendous geopolitical uncertainty in the Middle East, China and Russia. The market has been sanguine about them so far. When investors no longer feel sanguine, they tend to move to a more defensive position. A recession isn’t necessary to have risk assets misprice, because assets look through the future and to future expectations. All the market needs is fear to see credit spreads reprice.
Are you worried about the path of the fiscal policy and the possible outcomes after the elections?
It’s certainly a close election, and the likely best outcome for markets is some kind of split government. That said the two candidates both espouse policies and actions that I think an economist would not be particularly happy about, from Trump’s rhetoric about wanting more of a say in in central bank policy, which is, frankly, anathema to how the Federal Reserve has always been run in this country and I think should be a point of concern. Another problem is that neither candidate seems particularly interested in fiscal discipline. Government spending continues to increase, and that has been in a very good economic environment. So, we certainly worry about what that might look like in a less good economic environment. That could also mean that the bond reaction function operates a bit differently relative to the past. If we find ourselves in a bad environment, and people are also worried about the fiscal situation and monetary discipline, bonds might be less of a safe haven and people might move into cash or gold.
Photo courtesyAnjali Bastianpillai is Senior Client Portfolio Manager at Pictet Asset Management.
Since its inception in 1956, artificial intelligence (AI) has experienced several cycles of optimism that have often been quickly followed by disappointment. In 2023, enthusiasm has reached an all-time high with the emergence of generative AI.
Although much of this technology is still new, it is becoming increasingly clear that AI in general could open the door to both economic growth and increased efficiency in a wide variety of industries.
AI is expected to generate around $7 trillion of global economic growth in ten years thanks to productivity growth of 1.5 percentage points per annum1.
How could our technology-themed investment strategies benefit from the growth of AI?
Virtually all of the companies in which our strategies invest are likely to benefit from the expansion of AI in three key areas:
Enablers: these include semiconductors driving software or electric vehicles and cloud computing providers delivering vital infrastructure to fast-growing industries.
Developers: companies are using AI to make wide-ranging improvements, from increasing productivity by automating manual processes to using predictive analytics to shape demand for their products.
Users: technology companies are developing AI-based products such as virtual assistants, as well as innovative business software for sectors such as security, healthcare and finance.
Why do we believe thematic investing is the best approach for technology?
Technology investing based on sectors or benchmarks can force investors to overweight or underweight certain companies in an index. In contrast, our thematic approach sets aside the limitations of benchmarks and instead seeks to create a single, unconstrained investment universe based on megatrends.
This eliminates “forced” investment decisions and allows our investment teams to freely select the best possible stocks.
At Pictet Asset Management, we are pioneers of thematic investing, with USD 70 billion of assets under management across 17 strategies2.
About our thematic technology investment range
The range dates back to 1997 and encompasses three strategies: Digital, Security and Robotics. In addition to offering exposure to the AI megatrend, all three are diversified thematic with their own focus:
Robotics: Invests in companies that are revolutionizing robotics and automation technologies, as well as software companies that drive industrial and enterprise automation.
For more information on our Robotics fund, please click here.
Digital: Invests in companies that leverage data, technology and online platforms to deliver innovative products and services in the digital economy, and the companies that enable them.
For more information on our Digital fund, please click here.
Security: Invests in the security products and services needed to protect individuals, businesses and governments in a rapidly evolving threat landscape.
For more information on our Security fund, please click here.
How can investors use our technology-themed investment strategies?
Each strategy can be used as a growth driver within an overall equity allocation and has a long-term approach based on active and expert management. In the technology sector in particular, active management helps mitigate issues related to market timing, valuations and capitalization bias.
Opinion article by Anjali Bastianpillai, Senior Client Portfolio Manager at Pictet Asset Management
For more information on the opportunities within our Robotics fund, click here.
Photo courtesySteve Freedman is Head of research and sustainability, Thematic Equities at Pictet Asset Management
We can’t blame readers of the financial press for thinking that active investing is not worth the time and effort. They are often told that because stock prices capture all available information accurately, investors should abandon their pursuit of alpha, i.e., active investment performance, altogether.
It’s a compelling argument: passive investing is an inherently attractive proposition, especially since investors welcome low fees and greater transparency. However, it would be incorrect to say that active equity investing has lost its purpose.
A good proportion of active equity investment strategies become distinguished over time. Research shows that when investment managers stay true to their strongest convictions and avoid holding stocks simply to alter a portfolio’s tracking error, such approaches can be successful.[1]
All of this helps explain why Pictet Asset Management argues that allocating capital to thematic equities, characterized by their research-intensive, index-independent approach, presents a path to potentially higher returns.
The main objective of a thematic equity strategy is to invest in companies that benefit from structural forces that evolve independently of the economic cycle. In other words, it seeks to transform long-term megatrends, such as urbanization, globalization and climate change, into investment opportunities.
Implemented correctly, the thematic approach can offer investment managers a greater number of opportunities to generate alpha compared to conventional equity strategies. This is partly because it requires an in-depth understanding of complex economic and non-economic phenomena that require large-scale resources not available to all asset managers.
At Pictet Asset Management, our thematic teams have worked for many years with strategic consultancies, academics and business leaders to design a framework that tracks both the evolution and effects of 21 megatrends in the economy. Using this model, detailed below, we have identified 16 distinct investment universes comprised of companies with above-average growth prospects.
Pictet’s megatrends analytical framework
Source: Pictet Asset Management, 2024
Among these is robotics. Here, advances in artificial intelligence mean that robots are becoming part of everyday life, whether at home, in the office or in industrial plants.
Healthcare companies are also seeing their prospects improve thanks to powerful structural trends. On the one hand, technological progress promises to improve diagnostics and accelerate drug development. On the other hand, an increasingly long-lived population and growing middle classes in emerging markets are expected to drive demand for healthcare and diagnostic services in the coming years.
According to our forecasts, the returns of each of these two thematic universes could outperform the MSCI World index by 20% over the next five years.[2]
While thematic stocks can be a source of alpha, the analysis also allows us to conclude that they can serve as a complement to a passive equity allocation. According to our calculations, there are almost as many thematic stocks as there are companies represented in conventional equity indexes. This means that it is just as easy to diversify an equity portfolio with a thematic approach as with a traditional one benchmarked to a standard global equity index. In addition, the composition of a thematic equity portfolio bears little resemblance to more traditional global equity indexes.
This does not mean that the thematic approach is suitable for everyone. Those who invest over short investment horizons or who cannot tolerate significant deviations from benchmarks from time to time may find thematic stocks unsuitable. However, for investors willing to take a longer-term view, this approach offers the opportunity for superior equity returns.
Many investors consider active equity portfolio management to be expensive and unlikely to add value after costs. However, while simple math indicates that the average active investor should underperform, there are investment policies that can consistently add value over time.
We believe Pictet Asset Management ‘s active thematic equity strategies are among them, for several reasons:
The design of thematic strategies incorporates a broader view of alpha, which goes beyond simply outperforming an index. Thematic investing takes a holistic perspective, starting with the selection of an appropriate and superior investment universe.
We allow our investment teams complete freedom to select their stocks, eliminating “forced” or “uninformed” investment decisions.
We focus on stock selection, which is generally more promising than sector/regional or market timing bets.
Guest column by Steve Freedman, Head of research and sustainability at Pictet Asset Management.
For more insights on opportunities within our Robotics fund, please click here.
The U.S. Department of Justice accused Toronto’s TD Bank of fraudulent actions that enabled criminal money laundering activities and imposed fines of about $3 billion.
The bank pleaded guilty to the accusations of failing to implement adequate controls for almost a decade to detect and prevent the laundering of funds from illicit activities.
“TD Bank created an environment that allowed financial crime to flourish,” stated Attorney General Merrick Garland, as reported by the local press.
Additionally, the attorney general was firm in his comparison: “By facilitating its services to criminals, it became one of them.”
At the end of September, the bank issued a statement announcing a provision of $2.6 billion in its financial results to cover the fines the financial institution expected to have to pay.
“We recognize the seriousness of the deficiencies in our anti-money laundering program in the U.S., and the work needed to meet our obligations and responsibilities is of utmost importance to me, our senior executives, and our boards of directors,” said Bharat Masrani, Group President and CEO of TD Bank Group at the time.
Furthermore, the Fed also issued a statement announcing that the central bank’s Board had decided to impose a fine of $123.5 million “for violations related to anti-money laundering laws.”
“TD failed to conduct adequate risk management and oversight of its U.S. retail banking operations, which resulted in the use of a U.S. subsidiary to launder hundreds of millions of dollars in illicit proceeds. The Board’s action will help ensure that TD operates in compliance with all U.S. laws and regulations,” the Fed’s statement said.
Moreover, the banking authority requires the Toronto-based entity to establish a series of actions.
First, TD must set up a new office in the U.S. dedicated to addressing the deficiencies identified by the authorities.
Additionally, TD must relocate parts of its anti-money laundering compliance program responsible for adhering to U.S. law to the U.S. and certify that “sufficient resources and attention are allocated to correcting the company’s deficiencies in its anti-money laundering efforts before issuing dividends or distributing capital.”
Finally, a comprehensive and independent review of the board of directors and company management must be conducted to ensure proper oversight of U.S. operations.
First Trust Advisors (“First Trust”) announced the launch of a new ETF, the First Trust New Constructs Core Earnings Leaders ETF (FTCE) (the “fund”), according to a statement obtained by Funds Society.
“The fund seeks investment results that generally correspond to the price and performance (before the fund’s fees and expenses) of a stock index called the Bloomberg New Constructs Core Earnings Leaders Index,” the firm’s release states.
New Constructs determines core earnings by reviewing company reports and identifying non-core and non-recurring gains and losses through its proprietary rating system, using a combination of technology and expert analyst review.
Additionally, FTCE provides exposure to companies that are part of the Bloomberg New Constructs Core Earnings Leaders Index (BCORE). BCORE uses a quantitative approach to select the top 100 companies from the Bloomberg 1000 Index (B1000) with the highest earnings quality, based on Earnings Capture. A positive Earnings Capture reflects stronger business fundamentals and may present an investment opportunity, the statement adds.
“The rise in valuations has been a key driver of returns in the current bull market, while earnings growth has been more moderate. Consequently, for the bull market to continue, we believe investors may focus more on stocks with the potential to deliver high-quality, repeatable earnings,” said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust.
Meanwhile, Allison Stone, Head of Multi-Asset Products at Bloomberg Index Services Limited, commented, “It’s exciting to work with First Trust and see how our differentiated approach to earnings analysis is available to investors through an ETF. We’ve combined Bloomberg’s leading data and research with New Constructs’ analysis to create the index with a fresh perspective on the true earnings of companies.”
BECON Investment Management, in partnership with New Capital, announced on Monday the close of the fifth issuance of Fixed Maturity Bond Funds, significantly surpassing initial expectations, according to a statement.
“With this latest issuance, which raised 65 million dollars, the total for the five series exceeds USD 400 million, consolidating both firms’ positions as leaders in the fixed-income market for Latin American and US Offshore investors,” the statement adds.
Fred Bates, an executive at BECON IM, highlighted the success of the FMP series, affirming that “we are committed to continuing to launch new products and share classes that are relevant to our clients in the US Offshore and Latam markets. New Capital is a highly dynamic firm with the ability to quickly adapt to investors’ needs.”
Juan Fagotti, also an executive at BECON IM, emphasized the depth and diversity of New Capital’s product offerings, underscoring the importance of providing tailored solutions for each investor profile.
“Each of the five fixed maturity funds, with maturities staggered from 2025 to 2029, has been marked by a rigorous and diversified investment strategy focused on active bond selection, geographic diversification, and active risk management,” said representatives from BECON IM.
“The success of this fund series reflects the growing demand for fixed-income products among investors in Latin America and the US Offshore market. In an environment of low-interest rates and high uncertainty, investors are seeking investment alternatives that combine stability and potential returns,” they added.
In addition to the Fixed Maturity Bond Funds, New Capital offers the New Capital USD Shield Fund (a short-duration, high-quality fixed-income fund) and the New Capital Global Value Credit Fund (a fund focused on relative value corporate bonds, designed for investors with a longer-term investment horizon and tolerance for a higher level of risk).
The asset manager, owned by Mass Mutual, has initiated a change in its leadership structure for North America with immediate effect.
Ilena Coyle will assume her role as Head of North American Insurance and Intermediary, while Graham Seagraves will take on the position of Head of North American Institutional and Consultant Relations. Together, they will jointly oversee the firm’s regional strategy to expand Barings’ strategic relationships with existing and potential clients, reporting to Global Head of Distribution, Neil Godfrey.
Coyle and Seagraves will work at Barings’ headquarters in Charlotte, where they will strategically oversee and expand a team of 25 distribution professionals in key regions across North America.
“We are thrilled to welcome Graham to Barings and to congratulate Ilena on her promotion, as we continue to deepen our partnerships with institutional, insurance, and intermediary clients, working closely with the investment teams to support the firm’s long-term growth goals,” said Godfrey.
Seagraves joins Barings from Russell Investment Group, where he held senior distribution roles for over 18 years, most recently serving as Managing Director and Head of Client Solutions for its Institutional Americas business.
“His extensive experience managing institutional client relationships also includes previous positions at OFI Institutional Asset Management and Global Distribution Strategies,” the firm’s statement adds.
“Barings has a strong track record of providing customized investment solutions to clients, and I am excited to collaborate with Neil and Ilena to shape and execute our North American distribution strategy in order to grow the platform, deepen client relationships, and drive third-party asset growth,” Seagraves stated.
Coyle, meanwhile, has worked in the industry for over 15 years, including at MetLife Investment Management, where she was a member of the Institutional Client Group before joining Barings six years ago. “Her expanded role will build on her deep knowledge of the firm and her experience within the distribution team, where she has been responsible for overseeing Barings’ third-party insurance relationships,” the firm added.
“At Barings, our goal is to be long-term trusted partners and to meet the evolving needs of existing and potential clients by leveraging our broad and deep expertise across all asset classes,” Coyle said.
HSBC Asset Management Mexico has launched the HSBCMDL Multi-Asset Balanced Fund in Dollars, “an option designed for investors seeking diversification and a global portfolio referenced in U.S. dollars without actively seeking exposure to Mexican assets,” according to the firm.
According to the institution, the fund’s primary goal is to generate long-term returns by investing in dollar-referenced global debt and assets.
The HSBCMDL Fund invests in equities from developed and emerging markets, treasury bonds, and other global debt instruments, providing diversified exposure to the world’s leading economies with a focus on dollar-denominated assets.
The investment process follows HSBC Asset Management’s global guidelines and focuses on active risk and performance management, adapting to changing market conditions to optimize the asset mix over time.
Antonio Dodero, Executive Director of HSBC Asset Management Mexico, explained, “The launch of the HSBCMDL Fund addresses the growing need for investment solutions that align with local market expectations. This new offering also strengthens HSBC Asset Management Mexico’s relationship with clients seeking innovative financial products.”
HSBC also reported that the fund’s availability is 24 hours after execution, with a recommended minimum holding period of three years. It is aimed at both individuals and corporations and operates Monday through Friday from 8:00 to 13:30 (Mexico City time). Various fund series are available to accommodate the specific needs of each investor type.
The HSBCMDL Multi-Asset Balanced Fund in Dollars offers global exposure across various asset classes and geographic regions, with a balanced portfolio of approximately 50% in equities and 50% in debt. The fund’s active management allows investors to benefit from opportunities presented by the global economic environment.
Additionally, investment in pesos with a dollar reference allows investors to capture both financial instrument returns and exchange rate movements. It’s important to note that the fund does not invest in Mexican assets, except for occasional short-term peso cash positions or those implied in collective investment instruments.
“The ideal investor profile includes individuals or entities looking to diversify their portfolio with foreign investments, seeking dollar exposure, and who can tolerate exchange rate fluctuations. This profile also includes those preferring professional management of their investment, with assets distributed according to global market conditions, focusing on a balanced mix of equities and debt,” Dodero explained.
