What State Street Doubters Missed

State Street’s year featured big new mandates, from expanded servicing for Principal Funds to a government program that chose its SPDR Portfolio S&P 500 ETF as the default option for millions of Trump Accounts. Holding State Street over the past year would have returned 46.4%, including dividends. If you had been deciding on 14 October 2025, what would you have needed to believe about those fee engines and Alpha investments before any of that news hit the wires? The useful thing about a...