New York Life Investments is urging investors to start adding hard-asset hedges, recommending gold and commodities allocations and suggesting a 5%–20% “satellite” position in gold, precious metals, and industrial metals, funded from stocks.
On stocks, the firm stays risk-on: it wants portfolios fully invested at market weight in US large-cap equities, with a preference for strong earnings quality.
Where it changes the playbook is on where new equity money goes. For fresh deployments, it highlights four buckets: financials, materials and digital infrastructure tied to AI, high-quality small caps, and developed ex-US equities.
On bonds, New York Life Investments says income is still attractive, but wants investors to reduce risk from interest-rate swings. Its core implementation point is to keep credit exposure shorter duration across investment grade, high yield, and municipal bonds.
It also recommends balancing that short-duration credit with longer-duration infrastructure debt, and leaning into steeper municipal curves, while favoring structured credit inside core bonds and staying underweight floating-rate bank loans.
In private markets, it points to mid-market private credit and equity for qualified investors, citing growing participation and stronger deal flow.
The hard-asset push is framed as protection against two risks: sticky inflation and more frequent geopolitical shocks. Drivers of stickier inflation include such as tariff policy shifts, supply chain re-globalization, AI infrastructure spending, and energy independence trends.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
