CIO Weekly Commentary

Nuveen's CIO Saira Malik highlights the unwinding of the AI momentum trade and the impact of benchmark reclassifications on portfolio risk. The report advises a pivot toward selective equity strategies and a diversified multi-strategy credit framework.

Key Takeaways

• 1.The 'momentum trade' in tech stocks has reversed, with the Magnificent Seven trailing the Russell 1000 Value Index by over 10 percentage points since June.
• 2.Nuveen recommends a multi-strategy credit approach—combining convertible arbitrage, long-short credit, and opportunistic CLOs—to navigate market volatility.

Table of Contents

• Bottom line up top
• Portfolio considerations
• About Nuveen's Global Investment Committee
• Endnotes

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