Portfolio

Special Report

Everyone is talking about the Total Portfolio Approach. Few are explaining how to do it. A new series from BCA’s Portfolio Construction team takes TPA from whiteboard to execution. The first three reports cover running the team, building the portfolio, and how TPA and Evergreen funds are reshaping Private Markets.

The Total Portfolio Approach stumbles really on one thing: the team. Everyone says it, but nobody has prescribed the fix. We provide three logistical principles that close the gap. And they work for SAA investors too.

History suggests central bank policy determines how bonds behave in recessions, even for high-debt countries. The Fed should be able to cut into a slowdown, making Treasurys an effective equity hedge… for USD-based investors. Foreign investors will see currency depreciation erase their gains.

Special Report

The rise of remote work, online dating, and other demographic changes are increasing the demand for aesthetics. GLP-1s provide an effective and inexpensive cure for obesity, and their secondary effect “Ozempic face” has structurally altered the demand for aesthetic procedures and skincare. Long GLP-1 producers, biostimulator injectable producers, and K-Beauty contract manufacturers.

Special Report

High-profile adoptions of the Total Portfolio Approach (TPA) and the often-cited outperformance of TPA funds have generated FOMO among funds following an SAA framework. Buzzwords and vague rulesets frustrate anyone trying to learn more. We combed through the TPA literature, built practical examples, and found that many components are just best practices, repackaged. Our suggestion: look past the hype, adopt what fits, ignore what doesn't.

Special Report

We estimate that a US 60/40 portfolio will return 6.9% over the next 10-to-15 years. In this update, we include hedging costs projections and revamp our scenario analysis to incorporate hypothetical outcomes to the AI capex cycle.

Special Report

For almost two decades, beta was the only game in town and alpha a loser's game. This era is ending, and we lay out why a more multipolar, dirigiste, and AI-disrupted world is pushing dispersion structurally higher, creating renewed alpha opportunities.

Special Report

BCA's bull/bear debate webcast, held on July 13, 2026 (replay here) and moderated by Chief Investment Strategist Marko Papic, pitted Peter Berezin and Arthur Budaghyan on the bearish side against Juan Correa and Noah Weisberger on the bullish side. This edited summary condenses, reorganizes by theme, and lightly paraphrases their remarks.

Special Report

How should I hedge my portfolio for the next bear market? This is a question many of our clients face, and one that investors too often answer on the basis of intuition or narrative. The All-Defense Chartpack aims to provide a solid starting point for that analysis, grounded in empirical data. It examines the historical performance of a wide range of defensive assets across several decades of large drawdowns, and adds further considerations on likely future performance and the tradeoffs each safe haven offers.

We have long argued, on a case-by-case basis, that countries willing to play the superpowers against each other win in a multipolar world. The logic is intuitive, and in this report, we measure it systematically.