Since the Federal Reserve began its aggressive tightening cycle in 2022—pushing rates to their highest levels in decades—the question was never whether growth would slow, but rather, to what degree. Today, inflation has cooled from its 2022 peak yet remains above the Fed’s 2% target, while the labor...
The fourth quarter of 2025 marked a fitting conclusion to a year defined by narrow leadership, late-cycle Artificial Intelligence (“AI”) enthusiasm, and sharp factor rotations. While headline equity indices continued to grind higher, returns once again became increasingly concentrated in a small sub...
This quarter’s title is a nod to the Stones’ “Dancin’ with Mr. D” from their 1973 release Goat’s Head Soup. The song chronicles a daring soul engaged in a dance with Mr. D, aka death. We would not dream of comparing the current Mr. D(onald J. Trump) with death (!), so we swapped in “V” for volatilit...
The fourth quarter of 2025 marked a constructive conclusion to a year defined by unusually narrow equity leadership, elevated macro uncertainty, and a persistent tension between income generation and risk control. While markets once again rewarded a small group of long-duration, non-dividend growth ...
The Solactive Hilton Capital BDC Corporate Bond TR Index1 (the “Index”) completed its December 1, 2025, rebalance with two meaningful developments: methodology refinements and the addition of a new issuer: Capital Southwest Corporation. The methodology refinements strengthen how the Index identifies...
The third quarter of 2025 reflected a continuation of many of the same themes that defined the first half of the year, persistent inflation, narrow equity leadership, and elevated fiscal spending, but with a clear shift toward decelerating growth data and rising expectations for a 2026 rate-cut cycl...
Music references have become a staple of these letters. When we reflect on the prior quarter, a song title, lyric, or tone often captures our message. As we began drafting the third-quarter review, something unexpected happened: we found an entire album side whose sequence provides a clear framework...
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