Q3 2025 Outlook: The Dollar Dilemma

We’re pleased to share our Q3 2025 Outlook: The Dollar Dilemma.

In the lead article, Chief Investment Officer Michael Crook examines the evolving global economic landscape through the lens of the US dollar’s recent weakness. While the US economy remains resilient, policy uncertainty, large fiscal deficits, and shifting foreign capital flows have created new challenges for investors. Michael discusses why a gradual weakening of the dollar could persist and how this dynamic may affect asset allocation decisions going forward.

We also provide an updated summary of our current asset allocation views across public and private markets (page 5), review key market developments from the second quarter (page 6), and explore thematic opportunities in private investments. Highlights include an analysis of Treasury issuance and the potential effects on yields and market dynamics (page 7), an examination of manufactured housing as a possible solution to the US affordable housing shortage (page 9), and approaches for managing low-basis positions in taxable portfolios (page 11).

We hope you find this quarter’s insights valuable and thought-provoking.

Download the Q3 2025 Outlook here.

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Disclosures & Important Information

Any views expressed above represent the opinions of Mill Creek Capital Advisers ("MCCA") and are not intended as a forecast or guarantee of future results. This information is for educational purposes only. It is not intended to provide, and should not be relied upon for, particular investment advice. This publication has been prepared by MCCA. The publication is provided for information purposes only. The information contained in this publication has been obtained from sources that

MCCA believes to be reliable, but MCCA does not represent or warrant that it is accurate or complete. The views in this publication are those of MCCA and are subject to change, and MCCA has no obligation to update its opinions or the information in this publication. While MCCA has obtained information believed to be reliable, MCCA, nor any of their respective officers, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

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