News & Insights

A Case for Balance

In recent years, U.S. market performance has been dominated by growth equities, particularly since the AI-driven rally that began in late 2022. Yet history reminds us that leadership between growth and value is cyclical. Extended periods of dominance by one style often give way to long stretches of outperformance by the other. In this brief paper, we explore why this trend makes portfolio rebalancing critical, the risks of overconcentration in growth stocks, and how large cap value strategies may provide diversification, attractive fundamentals, and the potential for consistent returns. This not a case against growth or for value; it is a case for balance.

Explore More

Doll’s Deliberations^®

Weekly investment commentary

See All Commentaries

Fed-Cut Uncertainty Weighs on Risk Assets (Especially High-Flyers)

The Q325 U.S. earnings season is almost complete, and the results were much better than analysts expected. In this week’s newsletter, Bob Doll explains why he anticipates a progressively more difficult investment environment even if the macro backdrop is upbeat.

Plentiful Liquidity Remains Despite Reduced Likelihood of December Fed Cut

It is unprecedented to witness a more accommodative fiscal policy at a time of easing monetary conditions even as the economic expansion has been chugging along just fine. The U.S. output gap is the most positive in decades, and inflation is both firming and well above the Fed’s target. Not surprisingly, such a combination has spurred asset price inflation, which is likely to persist until an economic roadblock develops and/or bond vigilantes return en masse.

Thought Leadership

see all leadership insights

Bob Doll’s Quarterly Market Update Slide Deck 4Q25

In his quarterly webinar, Bob Doll provided his views on the markets, the economy, and what lies ahead for investors in 4Q25.

Bob Doll’s Quarterly Investment Commentary 4Q 2025

In his quarterly update, Bob Doll discusses how, despite lingering economic headwinds, markets remain focused on the positives: solid GDP growth, a resilient labor market, and confidence that the Federal Reserve will maintain its easing stance over the next two years. He also updates his 10 Predictions scorecard – where has he hit, where has he missed?

Webinars

see all webinars

Bob Doll’s Live Quarterly Market Update Webinar – Q4 2025

Bob Doll’s Live Quarterly Market Update Webinar – Q2 2025

In the News

See All Media Appearances

Bob Doll on Schwab Network’s Opening Bell

Crossmark’s Chief Executive Officer and Chief Investment Officer Bob Doll, CFA, joined Schwab Network’s Opening Bell with Nicole Petallides. Bob and Nicole covered Bob’s take on the Mag 7: strong fundamentals justify buying the dips, but concentration risk is rising. Bob discussed that while the AI story is real, the market may be running ahead of itself.

Victoria Fernandez on Bloomberg TV’s Open Interest

Crossmark’s Chief Market Strategist Victoria Fernandez, CFA, joined Matt Miller on Bloomberg TV’s Open Interest. Victoria shared insights on the equity rally’s staying power — strong earnings and AI investment are keeping optimism alive, but shrinking market breadth suggests the bull run could be losing balance.

Press Releases

see all press releases

Crossmark Global Investments Launches Two Active Values-Based ETFs, Managed by Industry Veteran Bob Doll

Crossmark Global Investments has launched two actively managed exchanged-traded funds (ETFs): Crossmark Large Cap Growth ETF (ticker: CLCG) and Crossmark Large Cap Value ETF (ticker: CLCV).

Crossmark Files Preliminary Registration Statement for Two Values-Based Actively Managed ETFs: Crossmark Large Cap Growth ETF and Crossmark Large Cap Value ETF

The offering marks Crossmark’s entry into the active ETF market and the first ETFs managed by Bob Doll in his four-decade career managing portfolios for clients.

Insights