Market-Broadening Rally Materializing at Last

Published on January 22, 2026

Despite the broadening-out call in early 2024, narrow market breadth persisted through 2025. In 2025, around one-third of S&P 500 constituents beat the overall Index, but more than 60% are outperforming year to date in 2026.

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Why Mortgage Loans Fit Insurance Balance Sheets

January 22, 2026
Residential mortgage loans offer insurers a combination of yield, diversification, capital efficiency and liquidity that we think is difficult to replicate elsewhere in private credit. In a market shaped by structural housing undersupply, strong borrower credit and expanding non-agency issuance, we believe residential mortgages present a timely and scalable opportunity.

The “Sell America” Trade Isn’t a One-Off

January 22, 2026
The key point, in our view, is that this combination of shocks is not likely to be an isolated occurrence in 2026 or beyond.