Friday, December 19th, 2025 ⁠A topical newsletter from CIO Managing Volatility In highly concentrated markets, allocators are balancing risk and uncertainty as they manage, and take advantage of, ongoing volatility. SPONSORED AD Asset Allocation How Investors Can Approach Portfolio Volatility Heading Into 2026 While most forecasts are optimistic for next year, volatility is projected to continue, likely resulting in a variety of strategies rising to navigate it. Market Moves Markets Battle Data Blackout, Cloudy Fed Outlook With key inflation and jobs reports delayed, allocators brace for a foggy December—balancing risk, volatility and uncertainty about the Federal Reserve’s next move. Asset Allocation Despite High Market Concentration, Investors Are Holding On Institutions might be willing to maintain their bet on concentrated markets, if top-performing equities grind higher. Opinion A 60/40+ Portfolio for the Next 30 Years: A Broader Tool Kit A J.P. Morgan Asset Management CIO explains why it is time for institutional allocators to ‘diversify the diversifiers.’ Market Moves Politics and Interest-Rate Expectations Drove Volatility in 2025 Charts show how forces such as US trade tariffs impacted markets this year. Asset Allocation How Institutional Allocators Can Approach and Manage Volatility A senior asset allocation strategist at Capital Group explains how organizations can determine how, where and at what magnitude to take risks. Did someone forward you this newsletter? Sign up here to get Chief Investment Officer Spotlight directly in your mailbox!

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