Country Indices Flash Report – December 2025
International equities staged a major comeback in 2025, with MSCI EAFE outperforming MSCI USA by 13.9%—the widest gap since 1993—while broader MSCI ACWI ex-US outperformed by 15.1% on emerging market strength. Precious metals sparkled even more: gold climbed 65% and silver—up 27% in December alone—soared 148%. [Read more…]
Unpacking Incarcerated Labor
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(Video) AI’s Next Wave: Setting up for Value Beyond Hardware
Where might the next AI investment opportunities lie beyond hardware? Bailard’s Chief Investment Officer, Dave Harrison Smith, CFA offers his perspective as a seasoned technology investor and portfolio manager.
Named #1 Firm from Financial Planning's "Best RIAs to Work For"
Meaningful work depends on judgement built over years, not quarters. At its core, our work is a long-term partnership. Clients turn to us as plans evolve, responsibilities grow, and new possibilities take shape, and we don’t take it lightly when we are their first call. The specifics may differ, but the steady thread of trust is what gives our work its depth.
Financial Planning ranked Bailard No. 1 on its Best RIAs to Work For list. It was our first year participating, and the result reflects something we've built over decades. A culture where talented people want to stay, grow, and do their best work. Long tenure has helped strengthen that foundation, creating continuity that clients and partners often value in enduring relationships.
With Bailard’s first-place ranking came an interview with CEO Sonya Mughal, CFA, in which Financial Planning explored the firm’s approach to building an environment that supports lasting careers. The profile highlighted policies such as paid sabbaticals, flexible time off, full medical premium coverage for employees, and a hybrid model designed to encourage teamwork and collaboration across offices.
Bailard’s independence plays a quiet but important role in shaping that environment too. As an independent, employee-owned firm, we are not driven by outside shareholders or short-term pressures. That structure gives our leaders the latitude to plan for the long term and act with purpose, investing in people, refining processes, and strengthening the resources that serve our clients.
Earlier this week, Bailard appeared for the eighth consecutive year on Pensions & Investments' Best Places to Work in Money Management list. Viewed together, the two honors offer a window into a culture that fosters continuity and engagement. Clients often appreciate that steadiness, particularly when needs can span financial and estate planning, investing, real estate, philanthropic goals, and values-driven priorities.
Mike Faust, CFA, President of Wealth Management, shared his perspective. “Clients come to us expecting clarity and continuity, not quick fixes. We can support those relationships more effectively when our team feels aligned with the firm’s purpose and grounded in their work. That’s the value of a strong culture, and it’s something we work hard to maintain.”
Our commitment remains steady. Serve clients with care, support colleagues with intention, and protect the independence that allows us to do both well. That's what we'll continue to build.
To view the full 2025 Best RIAs to Work For list, visit: https://www.financial-planning.com/list/best-rias-to-work-for-2025-ranking
About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, along with in-house sustainable, responsible, and impact investing expertise. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.5 billion in assets under management as of 9/30/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.
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Bailard was considered for these awards without paying for inclusion, however, some programs have charged a registration fee: Pensions & Investments required $199 in 2023, 2024, and 2025, and the 2023 program included a $499 data-sharing fee from Best Companies Group. The awards do not evaluate the quality of services provided to clients and are not indicative of Bailard's future performance.
About Financial Planning's Best RIAs to Work For
To be considered for participation, eligible firms must be a for-profit or not-for-profit business or public agency, have a U.S. facility, have a minimum of 10 employees working in the U.S., and have been in business a minimum of 1 year. Evaluation consisted of a two-part process. First, an evaluation of workplace policies, practices, philosophy, systems, and demographics. Second, an employee survey measuring day-to-day experience. The combined scores determined the final ranking. 60 firms were ranked in 2025. For more information on Financial Planning’s Best RIAs to Work For program, visit https://www.financial-planning.com/list/best-rias-to-work-for-2025-ranking
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source for money management and institutional investing. P&I released the 2025 ranking in December 2025. Participating firms must have at least 20 U.S.-based employees, $100 million of discretionary institutional assets under management or advisement, and a minimum of one year in business. In 2025, 103 firms were ranked, with 25 managers recognized in Bailard's category of 50 to 99 employees. For 2024, 2023, 2022, 2021, 2020, 2019, and 2018, there were 113, 123, 100, 76, 94, 76, and 69 firms ranked, respectively. For additional details regarding methodology, please visit http://www.pionline.com/BPTW2025.
Bailard Recognized as One of P&I’s Best Places to Work
Great workplaces often start with a simple idea. When you support your people, everything else gets better. That belief has guided Bailard for decades. It’s also why this year’s recognition from Pensions & Investments carries real meaning. Bailard has once again been named one of the Best Places to Work in Money Management. It’s our eighth consecutive year on the list (2018-2025).
Unlike many industry awards, this recognition is grounded in employee feedback, with 80% of the evaluation focused on the day-to-day employee experience. For an independent firm in an industry where consolidation continues to accelerate, that validation matters. Independence holds up only when the culture underneath it is strong.
This year, Bailard is ranked 3rd among firms with 50-99 employees. And while awards are always a chance to pause and reflect, an eight-year streak reflects something deeper: a culture shaped by the choices our people make every day and anchored in our firmly held values of accountability, compassion, courage, excellence, fairness, and independence.
“Culture is something you build choice by choice. It’s the small, everyday moments of supporting one another and doing what’s right for the people we serve. Seeing Bailard recognized for the eighth year in a row is a reflection of a team I’m immensely proud of. They show up with purpose, integrity, and compassion. They’re the reason this culture stays strong," remarked Sonya Mughal, CFA, Bailard’s Chief Executive Officer.
At its core, this recognition reinforces what we strive for. When people feel supported, trusted, and valued, it shapes how they show up for clients and colleagues. As we mark this milestone, our focus stays on what comes next: strengthening our culture, supporting our team, and protecting the independence that helps us serve the people and communities who rely on us.
For a full list of the 2025 honorees, visit http://www.pionline.com/BPTW2025.
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About Bailard, Inc.
Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, along with in-house sustainable, responsible, and impact investing expertise. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.5 billion in assets under management as of 9/30/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.
About Pensions & Investments’ Best Places to Work in Money Management
Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source for money management and institutional investing. P&I released the 2025 ranking in December 2025. Participating firms must have at least 20 U.S.-based employees, $100 million of discretionary institutional assets under management or advisement, and a minimum of one year in business. In 2025, 103 firms were ranked, with 25 managers recognized in Bailard's category of 50 to 99 employees. For 2024, 2023, 2022, 2021, 2020, 2019, and 2018, there were 113, 123, 100, 76, 94, 76, and 69 firms ranked, respectively. For additional details regarding methodology, please visit http://www.pionline.com/BPTW2025. Bailard was considered for this award without paying for inclusion, however, some programs have charged a registration fee: Pensions & Investments required $199 in 2023, 2024, and 2025, and the InvestmentNews’ 2024 program, and Pensions & Investments 2023 program included a $499 data-sharing fee from Best Companies Group. This award does not evaluate the quality of services provided to clients and is not indicative of Bailard's future performance.
Issue Brief: Will Nuclear Energy Make a Comeback?
The 2023 proxy season: More shareholder proposals, tougher proposals, and less support.