Services Tags: Investment Consulting

Jessica Noviskis Featured on Bloomberg Markets 7/3/26

Portfolio Strategist Jessica Noviskis, CFA was featured on Bloomberg Television’s Markets coverage on July 3, 2026.

Jessica discussed market uncertainty surrounding the AI rally, how investors can approach diversification within portfolio construction — including across both asset classes or geography — what asset classes may diversify portfolios well outside the 60/40 structure, and expectations for how Fed actions may impact markets and the economy with Warsh at the helm.

Watch Jessica’s interview segment on Bloomberg’s website.

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

2026 Halftime Market Insights Webinar

JULY 23 — 1:00pm CT

Please join Marquette’s research team for our 2026 Halftime Market Insights Webinar analyzing the first half of 2026 across the economy and various asset classes as well as themes we’ll be monitoring in the coming months. We’ll be recording this webinar and posting the video to our YouTube channel afterward.

 

LOGISTICS

  • Register directly with Microsoft Teams using the invite sent July 7. Once you register, Microsoft will send an email confirming your registration that also contains the meeting link to join, plus a reminder one hour before the webinar starts.
  • Attend on Thursday, July 23, at 1:00pm CT. All attendees will be held in the webinar lobby until the presentation begins at 1:00.
  • Q&A will be open during the webinar using Microsoft Teams’ Q&A feature. Feel free to send any in advance to our team, too.

Our quarterly Market Insights series examines the primary asset classes we cover for clients including the U.S. economy, fixed income, U.S. and non-U.S. equities, hedge funds, real assets, and private markets, with commentary by our research analysts and directors.

If you have any questions, please send our team an email. 

Commodities: An Overview of the Asset Class

Commodities represent a unique asset class within global financial markets. Like equities and bonds, commodity prices are influenced by the macroeconomic environment, geopolitical events, and technological developments. However, because commodities are tangible assets, their prices are also directly affected by physical supply-and-demand dynamics, weather patterns, and other factors unique to underlying resource markets. Recent structural trends, including rising demand for metals within the technology and renewable energy sectors, have created secular tailwinds for certain commodities that potentially complement the asset class’s traditionally cyclical characteristics. Additionally, evolving energy market dynamics may provide further structural support. Years of underinvestment in conventional energy production coupled with recent geopolitical conflicts and damage to critical infrastructure in the Middle East have increased concerns about the long-term resilience of global energy supply chains, potentially supporting elevated energy prices relative to historical norms. Simultaneously, global inflationary pressures and conflicts across the world have renewed interest in commodity allocations as a hedge against macroeconomic uncertainty and geopolitical strife. This paper examines the viability of commodities in institutional portfolios by exploring the dynamics of commodity cycles and demand drivers, analyzing the historical performance of the asset class, and outlining risk management considerations. By reviewing both opportunities and challenges, the paper aims to provide a balanced and educational assessment for institutional investors seeking to understand the role of commodities in modern portfolios.

The Fed Tackles Succession Planning

The leadership structure of the Federal Reserve is intentionally designed to promote continuity, independence, and institutional stability across political cycles. Specifically, the seven members of the central bank’s Board of Governors serve staggered 14-year terms, while the Chair is appointed to a renewable four-year term by the president and confirmed by the Senate. In this context, the nomination of Kevin Warsh by the Trump administration earlier this year to lead the Fed marks a potential inflection point for U.S. monetary policy leadership. Warsh brings a combination of public- and private-sector experience, having served as a Federal Reserve governor during the Global Financial Crisis, worked in mergers and acquisitions at Morgan Stanley, and later advised policymakers and investors as a fellow at the Hoover Institution and lecturer at Stanford. Warsh’s nomination, first announced in late January and now nearing final Senate confirmation, comes as Jerome Powell is set to end his term as Chair in the coming days, concluding a tenure defined by extraordinary economic shocks and aggressive policy responses. Recent developments have effectively cleared the path for this transition, with Warsh expected to assume the role shortly after Powell’s term expires, even as Powell has indicated he intends to remain on the Board of Governors through 2028 in a move aimed at preserving institutional continuity. Against this backdrop, Warsh is in position to take the helm of a Federal Reserve that has recently undergone a historic tightening cycle and is now navigating the late stages of the inflation fight, setting the stage for what is likely to be an evolution (rather than a reset) of policy direction.

We’ve Seen This Before

Diversify. Rebalance. Stay invested. Every one of these letters has concluded with that same advice in some shape or form. It’s not particularly shiny and new, but the best documented path to a successful long-term investment program. The last eight weeks are another data point in support of these practices.

In this edition:

  • Impact of U.S.–Iran conflict on oil prices, interest rates, and equity markets
  • Volatility and drawdowns in the market cycle
  • Equity market rotation
  • Magnificent 7 detraction and increased market breadth
  • Slowdown in non-U.S. equities

Fiduciary Duties in Selecting Designated Investment Alternatives

On March 30, 2026, the Department of Labor (DOL) issued its proposed regulation: Fiduciary Duties in Selecting Designated Investment Alternatives. This comes after the executive order released by the Trump Administration last August which asked the DOL to clarify its position on alternative assets as well as provide guidance to plan sponsors on fiduciary processes for incorporating alternative investments into DC plans. Marquette’s first DC Perspectives paper on this topic can be found here.

The key takeaways from this newly proposed regulation for fiduciaries selecting designated investment alternatives (DIAs) in participant-directed defined contribution plans include:

  • Process matters most: Fiduciary decisions will continue to be evaluated based on a prudent and well‑documented process, focused solely on participants’ best interests.
  • Asset‑neutral framework: The DOL does not require or prohibit any particular asset class, including alternative investments.
  • Clear evaluation factors: To qualify for safe harbor protection, fiduciaries should evaluate DIAs across six areas — performance, fees, liquidity, valuation, benchmarking, and complexity.
  • No immediate changes required: The proposal does not require plans to add new investment options or alter current menus; changes occur only if a fiduciary chooses to act.

1Q 2026 Market Insights Webinar

This video is a recording of a live webinar held April 16 by Marquette’s research team analyzing the first quarter across the economy and various asset classes as well as themes we’ll be monitoring in the coming months.

Our quarterly Market Insights series examines the primary asset classes we cover for clients including the U.S. economy, fixed income, U.S. and non-U.S. equities, hedge funds, real assets, and private markets, with commentary by our research analysts and directors.

Featuring:
Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research
James Torgerson, Senior Research Analyst
Fred Huang, Research Analyst
David Hernandez, CFA, Director of Traditional Manager Search
Evan Frazier, CFA, CAIA, Senior Research Analyst
Dennis Yu, Research Analyst
Hayley McCollum, Senior Research Analyst

Sign up for research alerts to be invited to future webinars and notified when we publish new videos.

If you have any questions, please send our team an email.

 

A Portfolio Needs Structure: An Overview of the Securitized Credit Asset Class

Fixed income is the largest global financial market and often one of the largest allocations within institutional investors’ portfolios. A typical fixed income allocation implements an investment grade anchor with a few “satellite” mandates — most commonly high yield bonds, leveraged loans, and emerging market debt — that carry more credit risk but provide higher levels of yield. Fixed income portfolios are often over-exposed to corporate borrowers through both anchor and satellite allocations. Additionally, these satellite allocations usually increase corporate credit risk while reducing equity diversification that fixed income is supposed to provide. Securitized credit provides higher yields and more compelling diversification benefits.

Securitized credit is a large asset class that has been largely ignored by institutional investors due to under-representation in fixed income indices, perceived complexities, and a stigma from its role in the Great Financial Crisis. While factors responsible for under-allocation to securitized credit have merits, these have caused investors to overlook the benefits of the asset class. Securitized credit provides a spread and yield premium relative to similarly rated corporate credit, diversified risk exposure to various credit and market cycles, and lower correlation to both traditional fixed income and equities. Overall, securitized credit’s attributes can help to further optimize portfolio structures.

Andrea Blomquist Speaking at Women Investment Professionals Event 7/22

On Wednesday, July 22, Andrea Blomquist, CFA will be speaking at a professional development event hosted by Women Investment Professionals in Chicago: “Boiling the Ocean: Understanding Your Place in the Investment Ecosystem.”

Andrea will be joining a panel at the event discussing her career journey and the role investment consultants play in helping institutional clients build and oversee their investment program. The event will bring together professionals across a range of roles in the investment ecosystem to share perspectives and advice with those earlier in their careers.

Women Investment Professionals aims to enhance women’s opportunities and growth in the investment industry by offering professional and personal development, educational programs and networking opportunities. For more information, please visit the WIP website.

Sarah E.R. Wilson Speaking at PSACC 2026 Annual Conference 7/28

On Tuesday, July 28, Sarah E.R. Wilson will be speaking at the Pennsylvania State Association of County Controllers’ (PSACC) 2026 Annual Conference in Shawnee on Delaware, PA.

Sarah will be moderating an Investment Roundtable at the event. The annual conference gives controllers, deputies, and their solicitors the opportunity to participate in roundtable discussions and receive training on various topics related to the responsibilities of the controller’s office and county government. For more information, visit the PSACC website.