“In this world, nothing can be said to be certain, except death and taxes”

– Benjamin Franklin

… “and your investment manager hitting a patch of underperformance”

– LPL Research (only partly in jest)

According to our latest study of active management, 96% of active U.S. equity mutual funds with a 10-year record had at least one three-year period of underperformance relative to their assigned benchmark at some point over the last 10 years. This same set of funds outperformed in roughly half (47%) of the periods. So, while active management was not poor overall

The U.S. initial public offering (IPO) market appears to be entering one of its most consequential periods in years. After a long drought following the 2021 issuance boom, a healthier macro backdrop, improved risk appetite, and a long queue of mature private companies have reopened the new-issue window. The potential 2026 class is unusual not only because of the number of companies considering public listings, but because several would be large enough to matter for major equity indexes, passive fund flows, and the broader market narrative around artificial intelligence (AI).

An important piece of framing we’d like to re-ite

The 2026 FIFA Soccer World Cup kicks off today, and it will look very different from prior tournaments, not just on the field, but economically.

For the first time, this event will be hosted across three countries: the United States, Mexico, and Canada. That structure shifts the World Cup from a concentrated investment into something closer to a diversified portfolio. Instead of one country absorbing the full cost and risk, exposure is spread across multiple economies, currencies, and cities.

Just as importantly, this will be the first soccer World Cup since 1994 to rely almost entirely on existing stadium infrastruc

Strategy Background

Managed futures strategies, defined as systematic, trend-following funds managed by Commodity Trading Advisors (CTAs), have delivered compelling risk-adjusted returns in the alternatives investment strategy universe through the first half of 2026. The sustained directional moves due to the AI-driven equity rally, Middle East conflict, and stickier inflation have combined to deliver a diversified long/ short trading environment across asset classes. For comparison, a market with limited meaningful trends across asset classes and marked by consistent reversals is often a worse case scenario for the average medi