Insights blog

Exploring the future of investment with the thoughts of today

SpaceX IPO launches: Implications for index exposures

2026 is increasingly poised to become the year of the mega-cap IPO. With listings from the likes of SpaceX, Anthropic and OpenAI planned this year, index vendors are figuring out how to incorporate and fast-track these companies of such extraordinary scale into their benchmark indices. However, even with inclusion rule changes, differences between index provider rules remain, with implications for investors seeking to reflect these IPOs in their portfolios in a timely manner.

9 min read

Private markets react to an uncertain world

Private markets remain resilient amid global shocks. In this blog, we examine trends, key risks, and sector specific levers shaping these asset classes in 2026 to-date. Private markets entered 2026 facing an unusually complex mix of forces: geopolitical tensions, lingering inflation pressures and rapid technological disruption driven by artificial intelligence (AI). Despite this challenging backdrop, the underlying data suggests private assets are in a position of relative strength.

14 min read

CIO Insight: The truth about today’s rising yields

Rates have been on the rise recently, with the 30-year Treasury yield recently reaching its highest level since 2007. Numerous factors are driving the rise in yields, but one truth about the increase is worth highlighting: It has come without the traditional corresponding rise in rate volatility.

7 min read

The case for US multifamily commercial real estate

Investors choosing to diversify their portfolios with US property have a wide array of property types on offer. However, there is one subsector that we believe is especially attractive in today’s investment environment: US multifamily. Multifamily investments have delivered essentially the same degree of portfolio diversification as US commercial real estate (CRE) as a whole in recent years, while also outperforming the broader US CRE market. Looking forward, we see this trend continuing.

14 min read

The capital logic behind US insurers’ growing securitized allocations

US insurer allocations to securitized assets are expanding, and regulatory capital rules are a meaningful driver. Put simply: Under the National Association of Insurance Commissioners (NAIC) risk-based capital (RBC) framework, the higher the NAIC designation, the less capital an insurer must hold against an investment. Senior tranches across many securitized structures often earn high NAIC designations because they are engineered to limit expected and stress losses. As a result, they can carry relatively low NAIC capital charges—allowing insurers to earn more spread per unit of required capital than many similarly rated corporate bonds.

13 min read

Our Q2 2026 MSCI Rebalancing Predictions

Ahead of each quarter’s MSCI World rebalancing, we assess the accuracy of our predictions for the prior quarter’s rebalancing and release our predictions for upcoming changes to the index. With the second-quarter 2026 rebalancing announcement set for May 12, we evaluate our performance for the first quarter of 2026 and look ahead at the approaching announcement in our new blog. For the first quarter, our prediction accuracy score showed strong directional accuracy amid lower overall turnover.

11 min read

CIO Insight: Watch for more AI‑driven disruption

Markets have been preoccupied with Middle East geopolitics for the last month, but if a ceasefire can be maintained investors are likely to revisit the theme of AI disruption. We believe this theme will be an enduring headwind for markets that may prove more widespread, deeper and more abrupt than currently priced in, compressing margins.

6 min read

A Cash Balance Plan Hedging Playbook

Cash balance plans are booming—but so are the challenges that come with hedging their unique liability profiles. Approaches to this dynamic range from the simple to the pragmatic to the precise. Although there is no silver bullet, we believe our experience working with cash balance plan sponsors provides a clear framework for evaluating the available approaches. We find that each alternative carries trade offs, and the optimal strategy depends on the sponsor’s risk tolerance, plan design and broader investment objectives.

17 min read

Talking Total Portfolio Approach: A Useful Concept?

The total portfolio approach (TPA) has been the buzz of the asset allocation industry following a major pension plan’s recent move to replace its strategic asset allocation (SAA) model with a TPA. The announcement has reignited debate: Is TPA a genuine step forward for asset owners and managers, or simply a repackaging of ideas long familiar to the industry? We provide our take in the first of our blog series on “Talking Total Portfolio Approach.”

12 min read

AI Disruption and the Software Selloff: What It Means for US CLOs

In recent months investors have grown increasingly concerned about the potential for AI to disrupt traditional software business models. New releases in AI models have prompted a reassessment of how resilient software firms are. For credit investors, the issue is particularly relevant: Software represents a meaningful share of US collateralized loan obligation (CLO) exposures. Understanding whether the perceived disruption risk is justified is therefore crucial when evaluating potential vulnerabilities and opportunities across CLO portfolios, as we explain in our new blog.

13 min read

Views and opinions expressed herein are as of the date published and may change based on market and other conditions. The material contained here is confidential and intended for the person to whom it has been delivered and may not be reproduced or distributed. The material is for informational purposes only and is not intended as a solicitation to buy or sell any securities or other financial instrument or to provide any investment advice or service. Legal & General Investment Management America, Inc. does not guarantee the timeliness, sequence, accuracy or completeness of information included. Past performance should not be taken as an indication or guarantee of future performance and no representation, express or implied, is made regarding future performance.