Top Papers: The best insights from March

From the big geopolitical picture to asset class-specific views

What should investors make of 2025 so far? On one side, volatility, uncertainty, and the general hype over tech have been carried over from 2024. And on the other, various developments, such as the ongoing implementation of tariffs by the U.S., are proving difficult to understand the benefits of. Read more on these topics below.

A New Era: Shifting Opportunities in a Dual-Track World (PGIM)

2024 was a year of change, with roughly half of the world’s population voting in national elections across more than 60 countries. 2025 is no different in some respects.

Macro Pulse: Choosing Action over Distraction (Global Market Strategy)

Amid rampant global policy uncertainty, it can be difficult for investors to be forward-looking. However, being so is necessary.

What Increased Index Concentration Means for Active Investors (Robeco)

Over the past decade, the stock market has undergone a dramatic transformation, with market value becoming increasingly concentrated in a small number of giant companies.

Claiming Social Security Early: Breakeven and Longevity Risks (Vanguard)

For compliance reasons, this paper is only accessible in certain geographies

Investors without current income needs may benefit from claiming Social Security early, defying the conventional wisdom that those who can afford to delay claiming, should.

Gold Demand Trends: Full Year 2024 (World Gold Council)

For compliance reasons, this paper is only accessible in certain geographies

Central banks continued to hoover up gold at an eye-watering pace.

Short-Term Volatility vs. Long-Term Impact (Fisher Investments)

For compliance reasons, this paper is only accessible in certain geographies

The first two years of this bull market have been strong but fairly normal. It is rare to get three consecutive +20% years, but not unprecedented.

What to Do about Market Dominance? (Goldman Sachs)

Market dominance is not unprecedented and is only a problem if it is not supported by fundamentals.

ETFs 2029: The Path to $30 Trillion (PwC)

Alongside their trademark liquidity, transparency and affordability benefits, the popularity of ETF products means that fund allocations to ETFs will continue to grow.

The Australian Federal Election: Implications for Investors (Firstlinks)

There is anecdotal evidence that election campaigns cause households and businesses to put some spending on hold.

FX Talking: Dollar Falls back to Earth (ING Bank)

This monthly publication offers an updated view of the key developments that impact currency markets globally.