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This is an executive summary of our 2023 Investment Outlook, in which specialists from across our investment platform share insights on the economic and market forces that we expect to influence portfolios in the year to come.
In this series of charts, we explore the implications of the ongoing transition toward a new global economy that began in 2022. Discover what defines this new market regime, how it may impact credit, equity, and alternatives markets, and the opportunities we see in thematic investing and climate-change mitigation.
Macro and rates outlook: Goodbye easy money, hello regime change
From inflation to interest rates and more, the macroeconomic environment that has underpinned global financial markets for the past three decades is undergoing major transformation.
Learn about the potentially profound implications of this “regime change” for how investors should think about asset prices and market structures.
Credit market outlook: Partly sunny with a chance of good value
Traditional bonds might continue to struggle as interest rates keep rising. But higher-yielding credit sectors may present brighter opportunities within global fixed income, despite the looming dark cloud of a potential economic recession.
Find out which areas of higher-yielding credit may offer the most attractive risk/reward trade-offs in 2023.
Thematic equity investing: Long-term thinking for a short-term world
The verdict is in: Thematic allocations may help reduce reliance on strong economic growth to drive strong portfolio returns.
Our iStrat team found that global equity themes were, on average, only about half as sensitive to the economic cycle as global equity sectors.
Discover why and learn how a thematic approach could help long-term investors weather shorter-term challenges.
Alternatives outlook: Why we see buyers' market ahead in private equity
High inflation, interest rates, and volatility are conditions many of today’s investors have never experienced.
As a result, private-equity market deal activity is down. But our private-equity team sees this as a positive.
Learn why they believe attractive valuations, continued company innovation, and the end of the investment “frenzy” could add up to a private-equity buyers’ market.
Sustainability outlook: The climate-change mitigation megatrend
While electric vehicles (EVs) are becoming more popular worldwide, penetration rates are still relatively low in the world’s two largest economies, the US and China. That looks poised to change as EV production costs come down.
Bottom line: Using EVs as a proxy for the broader global climate transition, the future upside potential is huge.
Learn more about investment opportunities related to climate change.
To learn more about our outlooks for this year, read Navigating the new global economy in 2023, which distills the points of view of several of our 2023 Outlook authors, to discover the risks and opportunities they see as we enter a new economic and market regime.
Stay up to date with the latest market insights and our point of view.
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Insights Posts
An allocator’s playbook for 2023
Natasha Brook-Walters, co-head of iStrat, examines the three objectives allocators may wish to focus on in 2023.
Video
2023-12-31
Multi-Asset Outlook — A rocky road to recovery in 2023
Markets may be jumping the gun when it comes to expectations for a policy pivot and the likely risk-asset rewards. Members of our Investment Strategy team still see bumps in the economic road, though their outlook has brightened a bit when it comes to China and other emerging markets.
Article
2024-07-31
Navigating the new global economy in 2023
This executive summary distills the points of view of several of our 2023 Outlook authors. Discover the risks and opportunities they see as we enter a new economic and market regime.
Article
2023-12-31
China equity in 2023: Year of the stock picker
Despite the potential risks of investing in China equity, Equity Portfolio Manager Bo Meunier believes there are attractive opportunities for patient, discerning stock pickers.
Article
2023-12-31
Health care outlook for 2023
Looking ahead to 2023, members of our health care team see meaningful innovation, supportive valuations, and a benign political and regulatory backdrop across biopharma, medical tech, and health care services sectors.
Article
2023-12-31
China’s economy: Poised to exceed expectations in 2023
With the bar set so low for China's economy, Macro Strategist Santiago Millan thinks it won't take much for an upside surprise in 2023.
Article
2023-12-31
Why Europe could surprise in 2023
Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.
Article
2023-12-31
Private equity outlook: Why we see a buyers’ market ahead
Co-Head of Private Investments Michael Carmen shares his outlook for the private equity market, highlighting today's normalizing multiples, continued innovation, and, in a number of cases, fewer competitors for the most attractive deals.
Article
2023-12-31
Private credit in 2023: The benefits of a bear market?
We explore conditions in investment-grade private credit and go deeper on how today’s challenging overall market landscape could fuel opportunities for investors.
Article
2023-12-31
2023 Alternative Investment Outlook
Members of our iStrat and private investment teams share their views on opportunities in hedge funds, private equity, and private credit, as well as the ESG landscape for private companies.
Collection
2023-12-31
2023 ESG & Sustainability Outlook
Our head of Sustainable Investment shares key areas of focus for 2023, including climate change and biodiversity, modern slavery, data privacy, shareholder rights, and impact investing,
Collection
2023-12-31
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