Q1 2025 Outlook
The persistence of equity risk premia in a lower-rate regime
Why we expect global equities to deliver positive real returns over the next decade despite compressed valuations in large-cap technology.
Meridian Capital manages $48 billion across global equity, fixed income, and alternative strategies for pensions, endowments, and sovereign wealth funds. A 22-year track record built on rigorous process and transparent reporting.
Every strategy is built on the same foundation: fundamental research, risk-controlled portfolio construction, and transparent fee structures aligned with client outcomes.
A 35-to-50 stock portfolio of high-quality businesses held across market cycles. Fundamental bottom-up research with a 5-to-7 year holding period.
Investment-grade credit and government bonds managed for income stability and capital preservation. Active duration management against a benchmark.
Direct lending, infrastructure debt, and real estate equity. Illiquid risk premia harvested through disciplined origination and underwriting.
Custom blended portfolios combining public and private strategies. Liability-aware construction for pensions and endowments with long horizons.
Performance figures are net of fees, audited annually by an independent third party, and calculated in accordance with GIPS standards.
As of December 31, 2024. Past performance is not indicative of future results.
| Strategy | 1-yr | 3-yr | 5-yr | 10-yr | Since inception |
|---|---|---|---|---|---|
| Global Equity | +18.2% | +11.5% | +12.8% | +10.4% | +9.8% |
| Core Fixed Income | +5.1% | +4.8% | +7.2% | +5.9% | +6.1% |
| Private Credit & Real Assets | +9.4% | +9.1% | +9.6% | +8.7% | +8.2% |
| Multi-Asset Solutions | +12.6% | +8.9% | +8.9% | +7.8% | +7.5% |
Our senior partners average 24 years in the industry and have personally committed capital to every strategy the firm manages.
Founded Meridian in 2003 after 15 years at Goldman Sachs Asset Management. Oversees investment process across all strategies.
Joined in 2008 from Capital Group. Leads the concentrated global equity team and chairs the equity investment committee.
Joined in 2011 from PIMCO. Manages core fixed income and oversees credit research and duration positioning across portfolios.
Our investment team publishes quarterly outlooks, thematic research, and market commentary grounded in fundamental analysis.
Why we expect global equities to deliver positive real returns over the next decade despite compressed valuations in large-cap technology.
A framework for assessing risk-adjusted returns in direct lending, with analysis of default rates, recovery patterns, and spread compression.
How the shape of the yield curve informs our duration positioning across the core fixed income portfolio and multi-asset solutions.
We work with pensions, endowments, foundations, sovereign wealth funds, and family offices. Request a consultation to discuss your allocation objectives.