Vanguard
The latest research and outlooks in the ProAllocate library
- ETFs
Mega IPOs and index investing: What investors should know
Vanguard explains that mega IPOs enter stock indices only once they meet benchmark eligibility rules, with initial weightings based on free-float market capitalisation rather than headline valuation. Index weight can rise later as lock-ups expire and more shares become publicly available.
- Wealth Management
What the Autumn Budget 2026 means for you and your clients
Vanguard's Warwick Bloore outlines UK Chancellor John Healey's Autumn Budget 2026, highlighting higher savings and property taxes, pension IHT changes, and a new Founders' Relief from April 2027. He flags key action points for advisers discussing retirement, estate and business-sale planning with clients.
- Fixed Income
Implications of rising bond yields
Vanguard's Roger Aliaga-Díaz and Roger Hallam attribute rising bond yields to sticky inflation, resilient growth, hawkish central banks and heavy bond issuance tied to AI capex. They argue fixed income's outlook has improved despite weak 2026 returns, while AI-driven equity valuations face risks from slowing earnings growth or yields above 5%.
- Wealth Management
Autumn Budget 2026: A playbook for advisers
Vanguard's Warwick Bloore urges advisers to use uncertainty ahead of the UK's 28 October Autumn Budget to engage clients, emphasising long-term goals over speculation while offering ISA and inheritance tax guidance materials.
- Equities
Global equity investing isn’t what it used to be
Vanguard argues that market-cap-weighted global equity benchmarks have become heavily concentrated in US mega-cap tech, prompting a need for deliberate choices among all-cap, small-cap and ex-US exposures. It outlines how each approach addresses different diversification objectives within portfolios.
- ETFs
ETF inflows ease but Q3 still strongest on record
Vanguard reports European-domiciled ETFs took in $41.8 billion in September, slower than August but capping a record third quarter of $415.9 billion year-to-date. Commodity ETFs saw unprecedented inflows amid energy supply concerns, while core equity and government bond ETFs retained investor favour.
- Wealth Management
Don’t react to markets. Be prepared for them.
Vanguard argues that financial advisers should use diversification, particularly global bond allocations, to keep clients invested during volatile markets rather than reacting to short-term swings.
- Equities
Earnings carry the market – but rates warrant watching
Vanguard's Kevin Khang argues AI-driven earnings are propelling US equities even as valuations stay restrained, with rising Treasury and earnings yields signalling a key risk to watch. Structurally higher rates could eventually raise AI capex costs and pressure debt-reliant small- and mid-cap firms.
- Fixed Income
The tug of war shaping markets: AI optimism versus policy uncertainty
Vanguard's Ales Koutny argues bond markets are caught between AI-driven investment and issuance growth and persistent supply-side inflation, with central bank credibility key to the direction of long-term yields.