Asset Allocation Outlook
How to evolve your portfolio for the latest market conditions? Explore the latest monthly snapshot of Wellington Solutions' asset class views.
The rally: Refusing to yield?
Find out why we remain constructive but increasingly selective as AI investment supports equities, rising yields create opportunities in government bonds, and geopolitical risks complicate the outlook.
The total portfolio approach: A mindset, not a mandate
We explain why the total portfolio approach (TPA) to asset allocation doesn’t have to be an all-or-nothing overhaul — and how selected practices can drive more deliberate decisions about risk, liquidity, and active management.
Focus, flexibility and resilience: Resilience for multi-asset investors in Asia Pacific (Part 3)
Resilience goes beyond simply allocating across asset classes. In the final video of this three-part series, Andrew Sharp Paul and Steve Gorman discuss how thoughtful manager selection, an understanding of how different alphas behave across regimes, and a consistent assessment framework across public and private investments can help investors build more resilient portfolios.
Focus, flexibility and resilience: Flexibility for multi-asset investors in Asia Pacific (Part 2)
Flexibility can be a powerful advantage in multi-asset investing. In the second video of this three-part series, Andrew Sharp Paul and Steve Gorman explore how investors can adapt to changing market conditions through active asset allocation, specialist security selection, and risk management, while maintaining a disciplined approach to risk budgeting.
Resilient growth, rising risks: Investing through the energy shock
Macro Strategist Eoin O’Callaghan explores the drivers of resilient growth amid the continued energy shock and discusses why investors need to keep a close eye on evolving macro conditions.
Focus, flexibility and resilience: Focus for multi-asset investors in Asia Pacific (Part 1)
Focusing active risk is not simply about taking more risk. In the first video of this three-part series, Andrew Sharp Paul and Steve Gorman discuss why investors should better understand the sources of active risk construction and how to think about the spectrum between strategic asset allocation and total portfolio approach.
Income investing in the Warsh Fed era: What investors should consider
How should income investors be positioned for a Warsh-led Fed? Our experts believe it begins by rethinking fundamentals, and being more deliberate and adaptive.
Oil is the spark — the cost of capital is the story
Higher oil prices are refocusing markets on inflation and the Fed, but the bigger investment story may be a broader shift toward a higher cost of capital and new diversification challenges.
Top of Mind: Challenging false investment dichotomies
Multi-Asset Strategist Adam Berger takes on three familiar investment debates where rigid “either/or” thinking may not serve investors well: active vs passive, US vs non-US, and public vs private.
Follow the money: 3 ways wealth is reshaping economic and investment outcomes
We explore how macroeconomic, demographic, and sector-specific trends are reshaping commercial real estate, and why selectivity by sector, asset, quality, and capital structure may matter more than broad asset-class exposure.
Finding opportunity in a narrowing market
In this quarter's outlook, our team explains why they believe insurers should maintain a moderately constructive but selective risk posture, emphasizing dependable income, downside resilience, liquidity, and reinvestment flexibility.
Focus, flexibility and resilience:
Three portfolio ideas for 2H 2026
Watch Solutions Director Andrew Sharp Paul share three portfolio ideas for the second half of 2026, with a focus on quality equities, flexible fixed income, and diversifiers that may help build portfolio resilience.
2026 midyear geopolitical update: What “structural competition” means for investors
Our expert explores how structural geopolitical competition is reshaping markets, raising risk premiums, and creating long-term investment implications across defense, energy, technology, supply chains, sovereign credibility, and portfolio resilience.
The rally and the reality
Can the markets remain resilient in the face of geopolitical disruption and inflation worries? We offer our views on the macro environment, AI-driven earnings, and the implications for equities, bonds, and commodities.
Looking beyond mega-caps
We explore how the growing concentration of capital in mega-cap private companies is reshaping the venture and growth opportunity set, and the implications for portfolio construction, manager selection, diversification, and potential return opportunities across private markets.
Growth outlook faces a new test: Inflation
Explore our latest views on risks and opportunities across global capital markets.
Three priorities for investors in a less predictable world
Despite adverse headlines and events, risk markets have remained constructive this year, but the rally has become increasingly dependent on a limited set of market leaders. How robust can markets be when so much depends on momentum continuing unchecked?
Warsh’s first FOMC: We have a task force for that
Our experts highlight new task forces, examine evolving inflation and labor dynamics, and contend that the Fed soon may need to choose between growth support and price stability.
Tighter spreads, wider dispersion
Fixed Income Portfolio Managers Campe Goodman and Rob Burn share their midyear outlook for credit markets. They find that tight index spreads do not mean a lack of opportunity.
Markets are underestimating the persistence of inflation
Macro Strategists Eoin O'Callaghan, Michael Medeiros and John Butler share their macro outlook for the remainder of 2026 and discuss the implications of the ongoing energy shock for markets and investors.
Top of Mind: Next-generation diversifiers for a changing market landscape
Multi-Asset Strategist Adam makes a case for a set of “next-generation diversifiers” — asset classes that may help protect portfolios against equity downside and other risks in the market environment investors are likely to face in coming years.
Focus on flexibility, selectivity, and income
Explore key asset allocation insights for insurers, including views on fixed income, equities, and other asset classes, as well as the latest regulatory updates.
Quarterly Market Review — 2Q26
A quarterly update on equity, fixed income, currency, and commodity markets.
One battle after another: Time to reset expectations?
How might the historic energy shock impact portfolio decisions in the coming months? We offer our take on the implications for equities, bonds, and commodities.
Iran ceasefire – risk deferred, not removed
The US and Iran have announced a two-week ceasefire. While this reduces immediate tail risk, Geopolitical Strategist Thomas Mucha cautions against mistaking it for a resolution. What should investors be watching now?
The economy needs more competition. AI can make that happen.
Brij Khurana believes that as AI evolves, it will challenge traditional business moats and revitalize competition across industries. This transformation could lead to increased productivity, higher real wages, and stronger economic growth.
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Chart in Focus: Diversifying for different macro regimes
Against the backdrop of heightened geopolitical uncertainty, our experts Alex King and Joshua Riefler explore how to optimise diversification across different macro regimes.
US exceptionalism: 5 perspectives on 2 truths
Our experts discuss the paradox of US exceptionalism today, emphasizing diversification and active management in response to evolving global economic trends.
Investment insights on the Middle East: A roundtable discussion
In a special roundtable discussion, our investment experts discuss the Middle East crisis, including geopolitical developments, energy prices, emerging markets, and multi-asset implications.
The Fed’s growing footprint on the market has a cost
Brij Khurana explains what the Federal Reserve's balance sheet expansion may mean for inflation and asset prices.
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"WellSaid – The Active Dialogue" outlook event 2026 Highlights
Kicking off the year with our flagship “WellSaid – The Active Dialogue” outlook event in Hong Kong, Singapore, Thailand and Malaysia. This year, we bring to the stage insights from Wellington’s deep research bench to spark an active dialogue that connects our investment research to the realities of today’s markets.
Warsh as Fed chair: Something for everyone
Macro Strategist Juhi Dhawan shares five key takeaways on Kevin Warsh, President Trump’s nominee to be the next Fed chair, including thoughts on interest rates, deregulation, and the market impact.
2026 Insurance Outlook: Cautious optimism and a second bite at the apple
Members of our Insurance team share their economic expectations, investment ideas, and a regulatory roundup for the year ahead.
An active management partner for the near and long term
CEO Jean Hynes focuses on key themes driving our evolving capabilities and client collaboration, including AI's transformative potential and new thinking about equity, fixed income, and alternative allocations.
Oil: The real influencer in the Venezuela intervention
Multi-asset Strategist Nanette Abuhoff Jacobson details the role of oil in the recent events in Venezuela and shares the investment implications.
Top of Mind: The allocator’s checklist for 2026 and beyond
Multi-Asset Strategist Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.
Is AI taking over? Portfolio and productivity insights for asset allocators
Amid questions about corporate spending, valuations, and technology exposure, Global Industry Analyst Brian Barbetta and Multi-Asset Strategist Adam Berger take a deep dive on the AI landscape, offering investment insights and ideas for using AI to improve productivity.
Constructive, selective, resilient
Amar Reganti, a member of our Insurance team, explains why he believes insurers should remain selectively risk-on while prioritizing high-quality income and preserving flexibility to add risk as valuations improve.
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Is all that glitters still gold?
Gold has delivered impressive gains thus far in 2025, but what does that say about market risks and the recent strong returns of stocks? Multi-Asset Strategist Nanette Abuhoff Jacobson offers her take on the precious metal and the case for diversification in today’s market.
Rational exuberance: Will the bulls keep running?
Tariffs, fiscal challenges, geopolitical turmoil — lately, nothing has seemed to get the market down. We consider how long the good times may last in our quarterly look at the equity, bond, and commodities markets.
Chart in focus: Three reasons to revisit emerging markets
Multi-Asset Strategist Nanette Abuhoff-Jacobson illustrates the case for emerging markets in three charts.
Chart in Focus: Fed rate cuts resume — What’s next for investors?
In this edition of Chart in Focus, we explore the Fed’s return to rate cuts after a strategic pause. We examine how this move, alongside diverging central banks paths, could shape the outlook for risk assets.
Still climbing, just slower
Members of our Insurance team share the key themes behind their cautiously optimistic outlook for the second half of 2025 and the implications for reserve-backing and surplus fixed income, as well as other major asset classes.
One Big Beautiful Bill: Why it’s “buy now, pay later” for markets
Multi-Asset Strategist Nanette Abuhoff Jacobson weighs the near-term benefits of the recently enacted US tax and spending bill against the longer-term costs, and suggests several investment implications.
The long and short (term) of markets
Head of Multi-Asset Strategy Adam Berger offers a four-part plan for short-term volatility and looks at the longer-term implications of shifting capital market expectations.
Multi-strategy investing 101
We explore multi-strategy investing, profiling its potential role in growing and protecting wealth amid today’s uncertainty.
Facing a new economic reality
We summarize our 2025 mid-year outlooks.
Severance: The split between the economy and the markets
While markets have bounced back since Liberation Day, policy changes and macro data bear watching. Heading into the second half of 2025, we're focused on relative opportunities across asset classes created by disconnects and divides between markets and economies.
The power of positive and pragmatic thinking
While markets have a lot to worry about, from government policy to geopolitics, Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson looks at the world from another angle: What could go right? She offers five reasons for positive thinking and considers the investment implications.
Where’s my safe haven? A global investor perspective on the tariff tantrum
Portfolio Manager Martin Harvey shares his insights on how global investors may need to reassess long-held assumptions in light of shifting global dynamics.
Four investment perspectives on Trump’s first 100 days
Four of our experts across fixed income and equity share their asset-class level insights on the first 100 days of the current Trump administration and analyze the implications for investors.
The US equity rotation: Where have all the good vibes gone?
After riding into 2025 on a wave of post-election euphoria, the US stock market has struggled to find its footing so far this year. Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson looks at what’s changed in the markets and what it might mean for investors.
Monthly Market Review — January 2025
A monthly update on equity, fixed income, currency, and commodity markets.
Deeply seeking the impact of AI spending on bond yields
Brij Khurana explores the surprising way in which AI spending may impact Treasury yields and complicate the Fed's rate-policy decisions.
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Implementing decarbonisation guidelines: lessons learned in collaboration with clients
For asset owners with net-zero ambitions, balancing decarbonisation goals with investment objectives can be a challenge. Climate Transition Risk Analyst Julie Delongchamp outlines a practical five-step approach to implementing tailored guidelines.
Quarterly Market Review
A quarterly update on equity, fixed income, currency, and commodity markets.
Monthly Market Review — November 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Monthly Market Review — December 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Four achievable New Year’s resolutions for investors
Are New Year’s Resolutions for investors purely aspirational or a helpful tool? Investment Strategy Analyst Alex King believes the latter and proposes four achievable resolutions.
Balancing bumps in the road and big-picture thinking in 2025
How can investors position portfolios for bumps in the road without losing sight of longer-term opportunities?
The allocator’s checklist for 2025 and beyond
Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.
Executive Summary 2025: Finding opportunity amid uncertainty
In this article, we summarize some of the key findings from our 2025 outlooks, from divergence-driven opportunities to the impacts of AI and beyond.
Accelerating the future of active management
CEO Jean Hynes explains how Wellington is building for the future of active management by investing in our capabilities and aligning our organization and talent with clients’ shifting needs.
Trump 2.0: Time to curb your enthusiasm?
How does an allocator navigate markets when so much about the policy landscape is unknown? Our Investment Strategy & Solutions Group offers their views on the new political realities in the US and their global implications, including for equities, bonds, and commodities.
Multi-Asset Investment Outlook
To help think through the asset allocation outlook and implications for this year, we offer views from iStrat, our investment strategy and solutions group.
A guide to investing in the age of anxiety
There's a long list of issues worrying asset owners, from geopolitical risk to high valuations. To help, Head of Multi-Asset Strategy Adam Berger offers coping tips for an uncomfortable investment backdrop and a world where investing rules of thumb may be broken.
Monthly Market Review — October 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Trump win likely to accelerate macro trends already in motion
The US election results could have significant implications for the global economy and markets. To help you understand these changes, US Macro Strategist Mike Medeiros provides a thorough analysis and discusses the potential market impacts.
What do the US election results mean for investors?
The US election results could have significant implications for the global economy and capital markets. Our panel of experts provides a thorough analysis of what happened and explores potential market impacts.
Pre-election ideas for investors: Lean into what you know (not what you don’t)
Our expert offers investable ideas based on known macro and market conditions, rather than speculation.
Quarterly Market Review
A quarterly update on equity, fixed income, currency, and commodity markets.
Monthly Market Review — September 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Sahm rules are meant to be broken
Fed easing is finally here and fundamentals remain favorable. But what about that election? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.
A blueprint for building climate-aware multi-asset portfolios
Members of our Investment Strategy & Solutions Group take a deep dive on the issues asset owners should consider when choosing climate-aware portfolio building blocks, from the evolving opportunity set to the active/passive decision.
Managing currency exposure in multi-asset portfolios: how to weigh the trade-offs and impact
Nick Samouilhan, Head of Multi-Asset Strategy – APAC, evaluates the trade-offs of different currency hedging approaches and offers a novel framework for gauging their potential portfolio impact.
Fork in the road: Slowdown or reacceleration ahead?
Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities.
Rebalancing a multi-asset portfolio: A guide to the choices and trade-offs
Many investors wrestle with portfolio rebalancing decisions, particularly in volatile environments. In this paper, members of our Investment Strategy Team argue for a well-structured rebalancing policy and share research on different approaches and common implementation considerations.
Designing a climate-aware strategic asset allocation
Members of our Investment Strategy Team explain how they incorporate climate metrics into their asset allocation optimization process. They also discuss implementation — the choice of specific climate-aware building blocks and strategies to express the desired asset allocation.
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Monthly Market Review — August 2026
A monthly update on equity, fixed income, currency, and commodity markets.
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