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FOMC: Stable policy amid market volatility

The Fed is holding steady amid market turmoil. See our quick notes on the FOMC's March policy statement, forecasts, and the Fed chair's press conference. 

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2025-03-31
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Will proposed corporate governance reforms help to narrow the “Korea discount”?

Could South Korea's Corporate Value-up Program help to narrow the so-called “Korea discount” and build on the momentum gathering pace elsewhere across Asia to improve corporate governance and shareholder returns?

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2025-03-31
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Agency MBS key questions for 2024

Is there room for mortgage spreads to tighten further? Brian Conroy and Joseph Marvan examine this and seven other questions that will be significant for the agency MBS market in 2024.

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2025-03-31
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Top 5 fixed income ideas for 2024

With central banks set to pivot to accommodative policy, and elevated yields still prevailing, we think fixed income offers compelling opportunities. Here we share our top five ideas.

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2025-02-28
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CLOs: 4 hot topics

Bank demand, net supply, the cycle for broadly syndicated loans, and loan fundamentals will be front and center for CLO investors in 2024.

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2025-02-28
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Emerging markets debt: resilience in the face of adversity

Our expert discusses why she is positive on the outlook for emerging markets debt, even though growth will likely slow.

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2025-01-31
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The shifting liquidity landscape: What’s at stake?

The beginning of the end could be in sight for the Federal Reserve’s quantitative tightening (QT) program. US Macro Strategist Juhi Dhawan considers the Fed's next steps and what they could mean for banks, liquidity, and markets broadly.

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2025-01-31
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Bizarro World: Could 2024 be the opposite of 2023?

Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.

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2025-01-17
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Global high-yield outlook: Near term, defensive but longer term, solid

High-yield portfolio managers Mike Barry and Konstantin Leidman discuss their 2024 outlook and the merits of a near-term defensive stance with an eye on longer-term opportunities.

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2024-12-31
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Fed’s projections yielded mixed results this year — what’s in store for 2024?

Our Fed watcher opines on 2023 policy and looks ahead to 2024.

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2024-03-31
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China’s growing self-reliance could bolster its equity market

Our expert, Philip Brooks, finds reasons for optimism in China's equity market.

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2024-12-31
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Should investors prepare for a rate hike in Japan?

Investment Directors Marco Giordano and Masahiko Loo discuss why a rate rise in Japan may occur sooner than markets expect.

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2024-12-31
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Full speed ahead: China’s race to implement AI

Our experts examine market implications of China's AI expedition.

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2024-11-30
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Look below the surface: A contrarian view on China equities

Equity expert, Ben Chen, dives into China's murky investment landscape.

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2024-05-31
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Securitized debt: Strategies for navigating emerging cracks in consumers’ financial health

Our expert highlights reasons for deteriorating consumer financial health and explores strategies for mitigating risk in securitized asset-backed securities.

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2024-11-15
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You snooze, you may lose: The case for bonds

There are signs the Federal Reserve's rate-hiking cycle may be nearing an end, but some uncertainty remains. With that in mind, Multi-Asset Strategist Nanette Abuhoff Jacobson considers the timing of a move from cash to bonds.

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2024-11-30
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The “cleanest dirty shirt” now has too many stains

Fixed Income Portfolio Manager posits that US fiscal profligacy will change the game for asset allocators. 

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2024-09-30
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Shareholder activism in Japan: Integrating ESG within the investment process

In the final article within our series on shareholder activism in Japan, ESG Analyst Soo Ho Jung shares how the Japan equity team integrates ESG to help realize value for investors.

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2024-09-30
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Fed not yet willing to declare victory on inflation

We think the Fed is done raising rates for this cycle, despite the likelihood that they are being overly optimistic about inflation. Read to find out why.

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2024-03-31
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Public CRE debt — Risk, opportunity, or both?

Our experts explore the implications of the ongoing stress in the public CRE debt, or commercial mortgage-backed securities (CMBS), space for investors and analyze risks and opportunities for ratings-constrained insurers.

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2024-09-30
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Green horizons: How the shift toward sustainable finance may reshape fixed income markets

Three sustainability trends have the potential to reshape fixed income markets, leading to a range of new opportunities for investors.

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2024-08-31
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Reasons for optimism about Indian equities

Our experts explain why, despite criticisms that Indian equities trade at higher valuations today than they have historically, they may have the potential to help drive total returns over time.

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2024-08-31
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After the US downgrade: Thoughts on public debt, bond yields, and Fed policy

In the wake of the US debt downgrade by Fitch, Macro Strategist Juhi Dhawan explains what worries her most about the nation's debt situation and considers the impact on the term premium and the Fed’s plans.

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2024-08-31
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Why cash won’t cut it for long: The case for bonds

Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson and Investment Strategy Analyst Patrick Wattiau explore the relative potential benefits of bonds versus cash.

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2024-08-31
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Commercial property values shrinking? No problem for big cities

We analyze the impact of declining office property values and outline the reasons why they believe large cities should be able to weather the storm of shrinking commercial property value.

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2024-08-31
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What AI could mean for fixed income

Fixed Income Portfolio Manager Brij Khurana details the potential effects of artificial intelligence on the fixed income market.

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2024-08-31
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How would emerging markets weather a “standard” recession?

Macro Strategist Gillian Edgeworth explores the potential impact of a developed market recession on emerging markets.

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2024-08-31
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Seven observations on the latest US/China executive order

Geopolitical Strategist Thomas Mucha shares his analysis of the recent Biden administration executive order, which aims to restrict investment into certain sectors in China, and details the potential investment implications. 

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2024-08-31
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How to interpret the Bank of Japan’s latest policy shift

We analyse the wide-ranging investment implications of the Bank of Japan's latest policy shift.

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2024-08-31
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Shareholder activism in Japan: How our engagement approach drives value

Equity Portfolio Manager Katsuhiro Iwai introduces the Japan equity investment team's approach to engagement, sharing a number of successful recent case studies.

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2024-08-31
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US loses its AAA rating (again)

US Macro Strategist Michael Medeiros analyzes Fitch's recent downgrade of US credit quality and explores the bigger issues at play.

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2024-08-31
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Chair Powell maintains optionality

Fixed Income Analyst Caroline Casavant shares what she thinks matters most for investors in light of the latest interest-rate hike from the Fed.

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2024-07-31
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Bank loans remain attractive despite macroeconomic uncertainty

Our experts believe that bank loans currently offer attractive levels of income and have already priced in an overly bearish macroeconomic view.

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2024-07-31
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State of the credit markets: Does cash rule everything around us?

Fixed Income Portfolio Manager Brij Khurana outlines the state of the credit market today, compares historical periods of quantitative easing, and warns credit investors of cash scarcity in the near future. 

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Quick Take
2024-06-30
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Investing in the age of great-power competition

As competition between great powers intensifies, a new global order is taking shape. Geopolitical Strategist Thomas Mucha explores the investment implications of a more fragmented and fractious world.

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2024-06-30
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Financial materiality: The cornerstone of the ISSB’s global baseline for sustainability disclosure

The new standards may help provide market participants with data necessary to price sustainability-related risks and opportunities, which can feed directly into the assessment of enterprise value.

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2024-06-30
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More green shoots: Tracking trends in sustainable debt issuance

While growth in the sustainable debt market has been uneven, certain pockets offer substantial opportunities. Two of our fixed income investment professionals weigh in.

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2024-06-30
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FX outlook: Is USD exceptionalism withering away with the Fed hiking cycle nearing an end?

Discover the status of the USD today, learn where the greenback may be headed going forward, and understand why.

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2024-01-31
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Is your asset allocation ready for the realities of climate change?

Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.

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2025-06-30
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Fed skips along the path to a pause

Jeremy Forster analyzes the Federal Reserve's decision to pause its interest-rate hiking cycle, explains why he believes it could be an extended pause, and shares the potential implications for fixed income markets.

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2024-06-30
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Activism – History and evolution in Japan

Investment Specialist Toshiki Izumi examines the history of shareholder activism in Japan, with particular emphasis on the differences between current and historical attitudes toward activism.

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2024-06-30
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A quiet bull market in EM local debt?

Brian Garvey illustrates the recent strength of emerging markets local debt following an extended period of underperformance. 

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2024-06-30
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Is the structural case for inflation still intact?

Even if inflation cools in the coming months, members of our Investment Strategy team expect it to be "stickier" over the long term. Find out how that might impact asset allocation decisions.

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2024-05-31
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Have you looked at Brazilian equities lately?

Equity Research Analyst David Reid believes now is an opportune time for EM equity investors to consider implementing or augmenting portfolio allocations to Brazilian stocks. 

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2024-05-31
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Value investing: Alive and well in today’s market

Global Investment Strategist Nanette Abuhoff Jacobson expects the drivers of the next economic cycle to favor value stocks over their growth counterparts.

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2024-05-31
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US debt ceiling back in focus: The context matters

US Macro Strategist Mike Medeiros shares his latest thoughts on the US debt-ceiling standoff, including its potential outcomes and implications.

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2024-05-31
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Did the Fed just make a policy error?

Did the Fed just make a policy error? All things considered, Fixed Income Portfolio Manager Jeremy Forster thinks the answer is yes. Learn why and what the implications could be.

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2024-05-31
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India equity's improving risk/return tradeoff

This is not your grandfather's India equity market. Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks explain why and back their argument with risk/return data.  

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2024-04-30
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How do bank failures impact fintech?

Global Industry Analyst Matt Ross analyzes the ways in which recent US bank failures could impact the fintech sector in public and private markets.

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2024-04-30
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Three macro assumptions that could be just plain wrong

Fixed Income Portfolio Manager Brij Khurana offers his non-consensus take on three entrenched, but potentially flawed, beliefs in today's market environment.

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2024-04-30
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Win by losing? The surprising truth about long-term active management

Research shows that even the best managers have had to bounce back from periods of underperformance. For asset owners who've invested time and effort to find these managers, the data argues for cultivating a long-term mindset.

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2024-04-30
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European stocks: Regime change and the valuation gap

Portfolio Manager Dirk Enderlein explains why we may see more dispersion in European stocks in coming years and why there may be greater clarity about which stocks will be the new market leaders.

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2024-04-30
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Commercial real estate: Seeking shelter from the storm 

Finding potential opportunities in commercial mortgage-backed securities these days is all about knowing where to look, says Fixed Income Credit Analyst Carolyn Natale.

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2024-04-30
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Lessons from 2008: Stress testing portfolios in today’s market

While very different from 2008, the current market environment makes a strong case for portfolio stress testing. Gregg Thomas, Co-Head of Investment Strategy, offers suggestions for improving the process, including assessing factor positioning and reducing recency bias.

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2024-04-30
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US banking system: Three pressing questions

Equity Strategist Andrew Heiskell asks three questions investors ought to ask when it comes to the recent US banking system volatility.

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2024-04-30
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High-yield bonds: Too early to get aggressive?

Our high-yield team suggests a somewhat defensive risk posture for now but expects opportunities to take on greater risk to arise later this year.

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2024-04-30
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Emerging markets health care: Ready for takeoff?

Global Industry Analyst Sue Su shares her sanguine outlook on the health care sector in emerging markets, especially in China, which represents the largest opportunity in this space.

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2024-03-31
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Adapting our capital market assumptions to the realities of climate risk
As the momentum behind decarbonisation and net-zero objectives builds around the world, asset owners are increasingly engaged in addressing the investment implications of climate change. The focus thus far has largely been on implementation at the security- and manager-selection levels, but there is a growing recognition of the need to factor climate change into broader investment policy and asset allocation decisions. To help with this process, our Investment Strategy Team, in partnership with our Climate and ESG teams, recently completed a comprehensive effort to integrate climate risks into our capital market assumptions (CMAs).
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2024-04-30
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Private placement amid today’s financial distress

We explore how today's challenging environment impacts private credit markets, including its effects on spreads, issuance, and terms.

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2024-03-31
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Will higher rates sap US consumer spending?

Higher interest rates have increased borrowing costs. Could a consumer-led US recession be looming? Fixed Income Portfolio Manager Kyra Fecteau sees three factors that may help mitigate the impact.

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2024-03-31
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Macro risks to watch in this rapidly oscillating global cycle

Macro Strategist John Butler explores the two key questions he believes macro investors should focus on in the current volatile environment.

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2024-03-31
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Financial stability versus inflation: The Fed’s balancing act has gotten much trickier

The Fed’s policy calculus has clearly changed somewhat over the past few weeks but the central bank may not be done hiking rates just yet, says Fixed Income Portfolio Manager Jeremy Forster. 

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2024-03-31
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Securitized assets: Caught in the storm but with scattered bright spots

Securitized assets have been on the front lines of the ongoing turmoil in the banking sector, but not all securitized subsectors appear equally vulnerable.

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2024-03-31
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Wellington investor survey: The bears ponder whether inflation will be too hot, too cold or just right

Conducted prior to the collapse of Silicon Valley Bank, our latest quarterly survey of Wellington investors shows a majority of respondents being more bearish than the consensus view.

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2024-03-31
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Understanding the US banking sector shake-up

Investment Communications Managers Jitu Naidu and Adam Norman detail recent US bank failures and analyze the implications. (Published 15 March 2023)

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2024-03-31
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On to the next crisis: Glimpsing a post-SVB world

Amid the turmoil in the US banking sector, Global Investment Strategist Nanette Abuhoff Jacobson suggests investors consider pivoting to a “risk-management mode” that favors higher-quality assets. (Published 14 March 2023)

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2024-03-31
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SVB collapse: What are the implications?

Multi-Asset Strategist Supriya Menon shares her latest perspectives on the collapse of Silicon Valley Bank Financial Group (SVB) and the unfolding implications for investors. (Published 14 March 2023)

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2024-03-31
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Decoding the effects of deglobalization

Nicholas Petrucelli outlines the economic, political, and geopolitical underpinnings of deglobalization. He also demonstrates the impact this trend has today and analyzes the investment implications.

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2024-03-31
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India: Structural tailwinds for 2023 and beyond

Following his recent trip to India, Macro Strategist Tushar Poddar shares why he's very positive on the country's medium- to longer-term structural outlook.

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2024-03-31
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New BOJ governor: Dove, hawk… or owl?

Investment Director Masahiko Loo and Client Portfolio Manager Jitu Naidu discuss potential implications of the upcoming “changing of the guard” at the BOJ.

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2024-03-31
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US debt-ceiling risk: Justifiable jitters?

With markets on high alert around the US debt-ceiling standoff, Macro Strategist Juhi Dhawan lays out some possible paths forward and weighs the economic risks.

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2024-02-29
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More currency volatility ahead: Which hedges could help?

To help investors begin to think about elevated currency risk, as well as opportunities to generate alpha through active currency management, members of our iStrat Team offer an overview of hedging approaches and their potential tradeoffs.

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2024-02-29
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Sector rotation opportunities for nimble credit investors

Following a credit market rally, Fixed Income Portfolio Manager Rob Burn still sees value in higher-yielding sectors but believes investors should stay nimble.

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2024-02-29
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Russia/Ukraine: One year in with no end in sight

Geopolitical Strategist Thomas Mucha analyzes the impacts of the Russia/Ukraine conflict one year in and identifies potential longer-term effects.

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2024-02-29
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European equities: a complex story

Macro Strategist Nicolas Wylenzek examines the complex prospects of European equities from both a near-term and structural perspective.

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2024-02-29
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Key updates to Wellington’s 2023 proxy voting guidelines

We periodically update our guidelines in an ongoing effort to help Wellington's investment teams vote proxies in our clients' best interests. Read about key updates for this year from two members of Wellington's ESG team. 

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2024-02-29
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Debt and dysfunction in Washington: The US hits the ceiling (again)

Global Investment Strategist Nanette Abuhoff Jacobson talks to Macro Strategist Mike Medeiros about the US debt-ceiling showdown and considers its potential investment implications.

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2024-02-29
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What’s driving convertibles in 2023?

Following a challenging 2022, Fixed Income Portfolio Manager Mike Barry and Investment Director Raina Dunkelberger highlight three tailwinds that may help turn the tide for convertibles.

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2024-01-31
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Peak inflation, back to goldilocks? Not so fast

Portfolio Manager Nicholas Petrucelli explains why the market could be underestimating just how complex and volatile the global economic cycle is and details the implications for inflation.

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2024-02-29
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February Fed meeting: Chair Powell strikes a more optimistic tone

The Fed just might still be able to engineer the hoped-for "soft landing" but it's not going to be easy, says Fixed Income Analyst Caroline Casavant.

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2023-09-30
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Why global investors should watch the Bank of Japan

Macro Strategist John Butler explores why global investors should watch the Bank of Japan and what is likely to happen next.

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2024-01-31
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Spread the risk: Our top three fixed income diversifiers for 2023

Fixed Income Strategist Amar Reganti highlights three types of strategies that may be well positioned to provide fixed income portfolio diversification going forward.

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2024-01-31
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CLOs: Poised to outperform in 2023?

Collateralized loan obligations (CLOs) have been sparking investor interest lately — and with good reason, say Investment Director Andrew Bayerl and Investment Specialist Celene Klimas.

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2024-01-31
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Can US bank loans “carry” investors through 2023?

Fixed Income Portfolios managers Jeffrey Heuer, CFA and David Marshak and Investment Director Nick Leichtman describe what they see as the most prudent approach to the bank loans asset class in 2023 and why.

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2024-01-31
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Could Japan face a UK-style pension crisis?

Investment Director Masahiko Loo explores the risks of Japan facing a UK-style pension crisis and identifies fundamental reasons that make Japanese pension funds inherently less vulnerable. 

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2024-01-31
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US recession risk: No longer if, but when and how bad

Portfolio Managers Brij Khurana, Brian Garvey, and Nick Petrucelli believe many observers are underestimating the severity of a potential US recession this year. 

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2024-01-31
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Take credit: Our five best credit market ideas for 2023

Fixed Income Strategist Amar Reganti highlights credit market opportunities that he expects to arise over the course of 2023, against a backdrop of slowing growth.

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2024-01-31
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High yield: Opportunity to pivot in 2023?

Our high-yield bond portfolio managers have a guardedly optimistic outlook on the market and believe security selection will be key to benchmark-relative outperformance in 2023. 

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2024-01-31
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Currency outlook: Nearing the end of USD exceptionalism?

Fixed Income Portfolio Manager Martin Harvey and Investment Communications Manager Jitu Naidu consider the present state of and outlook for the US dollar.

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2023-12-31
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Pivoting from innovation and growth to stability and value

In a more volatile world, stability may take priority over innovation, and that, explains Multi-Asset Strategist Adam Berger, would tend to favor value stocks over growth stocks.

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2023-12-31
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The Fed’s unenviable task for 2023

Fixed Income Portfolio Manager Jeremy Forster offers his forward-looking take on the Fed's comments and latest rate hike coming out of its December meeting. 

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2023-12-31
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Hidden in plain sight: Overlooked opportunities in investment-grade credit 

Fixed Income Strategist Amar Reganti and Investment Specialist Geoff Austein-Miller highlight some relatively simple, straightforward ways to implement a positive view on high-quality corporate credit. 

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2023-12-31
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A new blueprint for US trade: Building a more resilient, sustainable, and competitive economy

Macro Strategist Juhi Dhawan explains how the Biden administration is reshaping US trade policy to reflect today's global realities, including supply-chain challenges, decarbonization, and geopolitical turmoil.

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2023-12-31
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Recession risks and markets: Can we avoid a COVID hangover?

Current earnings forecasts and asset prices suggest overly optimistic expectations for the global economy and markets in 2023, according to Equity Portfolio Manager Dan Pozen.

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2023-11-30
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By design and by default: Industry consolidation gathers steam across India

Equity Portfolio Manager Murali Srikantaiai sees increased industry consolidation in India as a largely positive trend from which some equity investors can (and should) seek to benefit.

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2023-11-30
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Wellington investor survey: inflationary Europe seen as top “problem child” of 2023

In the latest Wellington investor survey, inflationary Europe was seen as the top "problem child" of 2023.

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2023-11-30
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Markets take US election results in stride (for now, anyway)

Client Portfolio Manager Jitu Naidu weighs in on the markets' response to, and other potential implications of, the recently held US midterm elections.

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2023-01-31
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Diversifying styles to survive today’s bond market

In a challenging year for fixed income markets, members of our Fundamental Factor team highlight a bright spot: the momentum factor in global government bond and corporate credit markets.

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2023-11-30
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Physical climate risks: Implications for investors

Director of Climate Research Chris Goolgasian and Woodwell Climate Scientist Zach Zobel discuss how investors might use climate science as an input for financial decision-making.

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2023-04-30
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Three tailwinds that could power CLO equity in 2023 and beyond

Three members of our fixed income team argue that the headwinds currently facing CLO equity should give way to improved returns in 2023 and beyond.

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2023-11-30
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November FOMC meeting: How slow can the Fed go?

Investment Specialist Caroline Casavant shares her takeaways from the November FOMC meeting, including thoughts on the likely pace of further Fed interest-rate hikes.

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2023-01-31
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Bank of Japan policy shift: Waiting for the other shoe to drop?

Client Portfolio Manager Jitu Naidu and Investment Director Masahiko Loo share their take on the consensus view that Japan has reached several key inflection points.

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2023-01-31
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India equity: An unsung long-term performance story

Despite strong long-term performance, Indian equities are often overlooked. That may be a mistake, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks.

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2023-10-31
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Can agency MBS bounce back from dismal performance?

Fixed Income Portfolio Manager Brian Conroy and two colleagues weigh in on the mortgage-backed securities (MBS) market in the wake of a very challenging month.

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2023-01-31
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Advocating for better climate disclosures to improve investment outcomes
Members of our Sustainable Investment Team share recent advocacy efforts with policymakers and standard setters around the world.
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2023-10-31
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China equity: Is today's investor pessimism overdone?

The short answer is yes, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks, who believe China may offer a short-term buying opportunity.

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2023-10-31
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Equity market volatility is perking up: Why now?

The recent uptick in equity volatility may be about looming macro and systemic risks in today's uncertain environment. Director of Global Derivatives Gordy Lawrence explains.

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2023-10-31
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Impact measurement and management: addressing key challenges

Our IMM practice leader describes common impact investing challenges and suggests ways to overcome them. 

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2023-10-31
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Bank loans: Can issuers overcome higher interest expenses?
The short answer, according to Fixed Income Portfolio Managers Jeff Heuer and David Marshak, is that many can. And, they believe bank loans can outperform many other fixed-income sectors over the next 12 months.
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2023-01-31
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Drug pricing reform: A bitter pill for biopharma?
Global Industry Analyst Wen Shi considers the implications of drug price reform for biotech companies — modest in the near term, but likely negative longer term.
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2023-01-31
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The Fed’s “lean, leave, then clean” strategy
US inflation could prove "stickier" than many observers think. How might that influence Fed policy into 2023? Fixed Income Portfolio Manager Jeremy Forster opines.
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2022-12-31
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India: Growth drivers are in place
Following a recent visit to India, Macro Strategist Tushar Poddar shares his take on the country's changing macro environment and its equity market.
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2023-09-30
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Germany: Reducing Russian energy dependence in a hurry
Macro Strategist Juhi Dhawan sees Germany continuing to embrace the transition to renewables while also working to diversify its sources of fossil fuels.
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2022-12-30
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Sustainable fixed income: Key terms allocators should know
ESG integration versus sustainable investing: What’s the difference? We explain a few key distinctions that are important for allocators to understand.
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2023-06-30
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What does an equity market bottom look like?
Applying a historical analysis to today's market, Multi-Asset Portfolio Manager Nick Petrucelli believes US equities have not yet found a near-term bottom.
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2022-11-30
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The shifting equity/bond correlation: Implications for portfolio construction
Multi-Asset Strategist Nick Samouilhan looks at what's driving the change in the all-important equity/bond relationship and what can be done about it.
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2023-09-30
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No more Mr. Nice Guy? Fed Chair Powell talks tough on inflation

Fixed Income Portfolio Manager Brij Khurana offers his latest thoughts on Fed policy following the central bank's recent Jackson Hole meeting.

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2023-09-30
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US/China relations: What next after Pelosi’s visit to Taiwan?
Geopolitical Strategist Thomas Mucha assesses the escalating tension in US/China relations following US Speaker Nancy Pelosi's visit to Taiwan.
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2022-11-30
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Investment takeaways from the latest inflation data
With 2022's structural inflation story still very much intact, now may be a particularly opportune time for investors to add real-asset and inflation-sensitive exposures to their portfolios.
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2022-11-30
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Wellington investor survey: Global recession tops investors’ concerns
The latest Wellington investor survey shows that our investment teams are increasingly concerned about the economic cycle, with 45% seeing a global recession over the next 12 months as the most likely outcome.
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2022-11-30
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The shrinking central bank balance sheet: A credit market opportunity
With the shift in central bank policy, heightened volatility and dispersion may yield a promising environment for exploiting credit market inefficiencies.
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2022-11-30
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Positioning for a “pricey” recession scenario
Client Portfolio Manager Jitu Naidu and Fixed Income Strategist Amar Reganti offer portfolio positioning ideas for the potential recession scenario that may lie ahead.
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2022-11-30
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New IFRS financial reporting standards: three key investment implications for insurers
ALM and Regulatory Capital Strategist Francisco Sebastian examines the investment impact of the new IFRS reporting standards and considers three potential investment implications.
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2023-07-31
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Why today’s fixed income market is fertile ground for active management
Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.
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2022-12-31
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Reckoning with recession risk: Why this one may be “pricey”
Client Portfolio Manager Jitu Naidu shares his latest take on the looming risk of a global economic recession and related issues.
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2022-11-30
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Global convertibles: Unprecedented times call for unconventional solutions
Fixed Income Portfolio Manager Michael Barry and Investment Director Raina Dunkelberger argue that global convertible bonds are well suited to today's uncertain market environment.
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2022-11-30
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What can history teach us about today's markets? A framework for drawing comparisons
Members of our Investment Strategy Group explain how they identify similarities to past market environments and what their approach is signaling about today's conditions.
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2022-11-30
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Fixed income: Relative value opportunities amid growth slowdown
In the face of this year's fixed income market turmoil, Fixed Income Portfolio Manager Rob Burn sees attractive opportunities for investors with longer-term time horizons.
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2022-10-31
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Fed rate hikes: A tailwind for bonds?
Global Investment Strategist Nanette Abuhoff Jacobson believes higher-quality, longer-duration bonds may prove resilient even if the Fed keeps raising short-term rates into 2023.
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2022-10-31
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Fintech industry outlook in a recession
We explore the current environment for the fintech industry and highlight a few factors that show why the outlook for payments and other related subindustries may be less challenging than many may anticipate.
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2023-07-31
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July Fed meeting: Rising inflation vs falling growth
After another rate hike, the Fed must balance moderating growth with mounting inflation. Caroline Casavant opines on how the central bank might navigate this dilemma.
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2022-10-31
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Impact investing: Increasing needs, broadening opportunities
Members of our impact investing team, offer a brief update on our impact platform, which continues to evolve amid an expanding opportunity set in developed and emerging market equities and fixed income.
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2022-12-31
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Climate change investing: Research and collaboration continue
Our research into the economic impacts of climate change continues to expand, as does our climate-related engagement and industry-leadership efforts. Members of our Climate Research Team summarize our ongoing progress.
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2022-12-01
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Don’t be surprised if CLO equity surprises to the upside
Members of our fixed income team, including Portfolio Manager Alyssa Irving, believe CLO equity could be poised to outperform many other risk assets over the next few years.
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2022-10-31
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New IFRS financial reporting standards: how should insurers implement the changes?
ALM and Regulatory Capital Strategist Francisco Sebastian assesses how insurance companies should implement upcoming changes to International Financial Reporting Standards to create value for their shareholders and mutual members.
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2023-07-31
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Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
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2022-07-31
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Sustainable fixed income investing entering the mainstream
This short piece explores the continued rise of sustainable fixed income investing and links to a more in-depth white paper on the topic.
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2022-12-31
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Credit and equity risk back on speaking terms, but will it last?
Following their uncharacteristic rift and recent reconciliation, Director of Wellington’s Global Derivatives Group Gordy Lawrence considers whether equity volatility and credits spreads are likely to remain in harmony.
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2022-10-31
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Three overlooked opportunities in today’s markets
Portfolio Manager Brian Garvey highlights three large macro dislocations in today's environment that he believes the capital markets have yet to price in.
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2023-06-30
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How the Russia/Ukraine conflict has galvanized the West
Geopolitical Strategist Thomas Mucha provides his latest insights on the Russia/Ukraine conflict, particularly with regard to its significant and potentially enduring impact on US/EU relations.
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2022-08-30
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Timely musings on Fed policy and inflation
With rising inflation and interest rates dominating the financial headlines in recent weeks, I have been fielding a flurry of colleague and client questions about the likely future trajectory of US monetary policy. While I don’t claim to have all the answers, especially with so many “known unknowns” as of this writing, here are my latest thoughts.
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2022-08-30
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How the public market correction is affecting the late-stage private equity market
The times they are a-changin’. The late-stage private equity market is digesting a public growth multiple collapse that took us from boom to bust in four months. But while valuations may be coming down in the private market as a result, the opportunity-creating trends of technology disrupting all parts of the economy and companies staying private longer remain in place.
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2022-09-30
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US inflation risk, angry bondholders, and silver linings
Here are quick thoughts on some common questions I’ve been asked recently about Fed policy, yields, the US dollar, and financial markets.
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2022-08-31
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Deepening our commitment to sustainability: Highlights from 2021
Head of Sustainable Investment Wendy Cromwell shares 2021 sustainability highlights across our investment, client, and infrastructure platforms.
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2023-05-30
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Is it too soon to call a “top” in US interest rates?
Are we nearing the top of the 10-year treasury rate?
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2023-05-31
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Empirical duration: reason for optimism on risk assets?
While rising rates often produce negative bond returns, combining the concept of empirical duration with a positive outlook on the credit cycle may bode well for some fixed income sectors' return prospects going forward. Investment Analyst Will Prenits and Investment Director Tobias Ripka explain.
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2022-07-31
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Six reasons India may be on the cusp of a major upcycle
Numerous positive structural and cyclical factors are pointing towards a major economic upcycle in India over the next five to six years, in our view, creating a range of potential investment opportunities. We believe India’s market is supported by an evolving investment universe, powerful demographic trends, increasing urbanisation and rising wealth, export growth, geopolitical tailwinds and a supportive policy regime. These factors are coalescing at a time when the corporate deleveraging cycle of the last few years is coming to an end and a new upcycle in profitability could be beginning.
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2022-12-30
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Will Japanese buyers look beyond USD fixed income? They may have to
With the US Federal Reserve’s (Fed’s) interest-rate-hiking cycle now underway, it’s an important time to keep a close eye on non-US buyers of US dollar (USD) fixed income securities.
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2022-07-31
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Helping European investors navigate inflation fears
The recent shift to a higher inflation regime, with resulting expectations of tighter monetary policy and rising interest rates, presents a material challenge for European fixed income investors. Against this backdrop, Investment Analyst Will Prentis and Investment Director Tobias Ripka believe investment flexibility is key.
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2022-07-31
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Five reasons to take a closer look at Brazil
I have published my views on Brazil more than once over the past year (most recently in my November 2021 blog post), but the environment there has changed markedly through the first few months of this year, with COVID-related risks seemingly on the wane and the Russia/Ukraine conflict having driven up commodity prices — so I thought now would be an opportune time to share a fresh perspective on South America’s most populous country.
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2022-07-31
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Global convertibles: Poised to benefit from five structural tailwinds
Fixed Income Portfolio Manager Michael Barry and Investment Specialist Raina Dunkelberger believe global convertible bonds are likely to outperform other fixed income sectors over an investment time horizon of approximately two to three years. Learn why.
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2022-07-31
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The full climate-investing opportunity
From devastating floods in Australia — tragically, in many of the same areas hit by fires in recent years — to wildfires in Europe and the US, widespread disasters bring into stark reality the consequences today of a changing climate. The human toll of these events has become an unfortunate yet familiar part of the news cycle, but the second-order impacts of climate change on financial markets are sometimes less well understood. Many traditional approaches to climate investing have rightly focused on these risks, but we believe both their approach and their scope are often incomplete and lacking nuance, thereby creating inefficiencies in the climate-investing landscape.
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2023-04-30
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Addressing the shared financial challenge of climate change
In February, the Intergovernmental Panel on Climate Change (IPCC), a body of the United Nations, released its Sixth Assessment Report, “Impacts, Adaptation and Vulnerability.” While the full report is 3,675 page long, the Technical Summary is just 96 pages and well worth the read. In the Summary alone, climate adaptation is referenced 442 times, versus 60 for climate mitigation.
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2022-07-30
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Global credit: Where do we go from here?
Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).
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2022-07-31
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Crypto beyond the hype: Insights for institutional investors
We highlight a few practical insights on cryptocurrencies for institutional investors evaluating the asset class, including our views on custody, regulation, and more.
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2022-12-31
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Four potentially powerful tailwinds for the securitized sector
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
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2022-06-30
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Stewardship and engagement: 2021 highlights and 2022 goals
Wellington’s long-standing commitment to deep fundamental research and meaningful engagement with investee companies continues to drive positive engagement outcomes that we believe support and enhance long-term investment value for our clients. We are proud of progress we made in 2021 advancing our stewardship priorities, and we have seen many positive outcomes spanning a range of environmental, social, and governance (ESG) issues. We look forward to continued momentum on ESG and to expanding our influence via active ownership in 2022.
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2023-07-31
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Why I’m getting more bullish on biotech
The biotechnology sector, especially SMID-cap biotech equities, suffered a dramatic drawdown in 2021. Investor sentiment toward the sector remains poor, but my outlook has become increasingly bullish as multiple headwinds facing biotech over the past year or so begin to abate and turn into potential tailwinds for 2022 and beyond. Encouragingly, the level of innovation across the industry has never been higher, in my view. I believe many biotech stocks may be nearing a bottom, even though the exact timing of (and catalyst for) a rebound remains unclear as of this writing.
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2022-06-30
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China in 2022: Embracing the volatility
China’s new antitrust, data privacy and cybersecurity regulations, combined with its education and real estate industry reforms, the continued impact of COVID-19 and rising geopolitical tensions, drove a tumultuous investment environment last year. The country’s numerous headline-grabbing changes spurred global concern given the philosophical shift towards “Common Prosperity” and the sheer scale and speed of policymaking.
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2022-08-31
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An inside look at today’s municipal market
After a year in which municipal bonds posted respectable returns (Figure 1), many clients have been seeking forward-looking guidance on the market as a whole and (increasingly) on particular sectors of it. Here are my latest thoughts as of this writing on the outlook for the rest of 2022.
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2022-05-31
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How might equity sectors fare when Fed tightening begins?
We look back at how US equities have performed in the months following the beginning of a tightening cycle, as well as how bond yields have tended to behave.
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2022-05-31
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EM local debt: Forgotten but not forsaken
The emerging markets (EM) local debt sector (as measured by the JP Morgan Government Bond Index – Emerging Markets Global Diversified) just posted its worst calendar-year performance since 2013, returning -8.75% against the headwind of higher EM local interest rates. The underlying culprit? EM inflation surprised to the upside in 2021, forcing a number of EM central banks to raise their policy interest rates in an effort to curb the impact.
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2022-09-30
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Amid heightened regulation and geopolitical tension, is China still investable?
Recent regulatory announcements have sent shivers through a wide swath of China’s economy, including the technology, finance, gaming, and property sectors, and tensions between China and the US continue to simmer. But while I understand the market’s reaction to these risks, I take a long-term perspective on China’s investability.
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2022-05-31
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Regime change likely to challenge modern market structures
Recently, I wrote about the rotation from growth to value and why some of my colleagues and I expect volatility, more than a smooth transition of leadership, to define markets. The thesis is rooted in the fact that seismic macro questions loom over markets and are likely to trigger violent fluctuations in investor conviction. Earlier this month, Macro Strategist John Butler dissected one of these questions: Will the negative correlation between stocks and bonds turn positive?
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2022-05-31
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Credit and equity performance around Fed hiking cycles
One of the discussion topics du jour is how the credit and equity markets might react to the US Federal Reserve (Fed) interest-rate hikes that are widely anticipated in the coming months. As is often the case with me, I find it helpful here to refer to past hiking regimes and market performances as a sort of guidepost. The proof’s in the pudding To wit, I examined the historical returns of both US credit (for this purpose, proxied by corporate high-yield bonds) and US equities (represented by the S&P 500 Index) during the six months before the first rate increase of a Fed hiking cycle through the 12 months after said increase.
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2022-05-31
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Can Ukraine’s economy withstand another conflict with Russia?
Macro Strategist Gillian Edgeworth assesses Ukraine’s outlook in the face of renewed conflict with Russia and finds that under most scenarios Ukraine's macro-economic prospects may be less negative than perhaps is assumed.
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2023-02-28
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The critically important national security implications of biotech
Deepening US policy risks in the biotechnology sector have garnered some well-deserved attention from many of my colleagues lately. Given biotechnology’s potential future importance to US policymakers in the context of the ongoing US-China “great-power” competition, I’d like to share my own thoughts on what’s driving the rising geopolitical risk and national security concerns.
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2022-04-30
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Fixed income: Turn to nontraditional sectors for greater return potential in 2022
As discussed in our 2022 credit sector outlook piece, Break with tradition in 2022, we see opportunities in a few nontraditional credit sectors that stand out to us as having a higher probability of generating excess returns in the months ahead.
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2022-04-30
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Ukraine crisis: Understanding the broader picture
I believe the current standoff between Russia and the West over Ukraine is part of a global geopolitical pattern of “great-power” competition. As I explore in my 2022 Outlook, the geopolitical backdrop is becoming increasingly unpredictable and dangerous. This shift is driven primarily by US-China rivalry but also other structural factors such as domestic political polarization, and longer term, the growing impact of climate change on national security. In this new geopolitical reality, I think great powers will be more likely to act out of regional and global self-interest, especially in relation to geostrategic issues they consider core to national security. For Russia, Ukraine is such a critical security consideration and part of its wider strong geostrategic desire for cultivating “buffer states.” Accordingly, the Russian invasion threat to Ukraine is real, structural, and rooted in this emerging world order.
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2022-04-30
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Euro area: Challenging long-held assumptions
We believe 2022 will be the year when macroeconomic and political developments challenge two deep-rooted misperceptions about the euro area:
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2022-04-30
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The latest market sell-off: Regime change in the making?
What a difference a few weeks can make in the equity market! The sharp, swift sell-off through the first month of this year is raising some difficult questions for investors, chiefly: Are we just witnessing a long-overdue short-term correction in the more speculative areas of the market, or perhaps something more fundamental (and enduring) that could portend a broader unwinding of equity risk?
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2022-03-31
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Value versus growth: expect volatility more than a smooth transition of leadership
Even if a "growth to value" regime change is underway, investors should expect volatility more than a smooth transition of leadership. Thematic Strategist Trevor Noren shares his perspective and those of several Wellington colleagues.
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2022-03-31
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Playing inflation defense with fixed income in 2022
For fixed income investors who are worried about the double threat of higher inflation and rising rates, there are strategies that may help insulate a bond portfolio. Fixed Income Investment Director Amar Reganti and Investment Specialist Jonathan Tan offer up some suggestions.
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2022-02-28
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Ten essential climate questions for private companies
We explore how climate change impacts private companies and share the top questions for companies to be prepared to address as this issue grows.
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2022-06-30
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Why COP26 was (probably) more constructive than headlines suggest
From better targets to methane to financial commitments, a climate investor shares his views on the lasting positive outcomes likely to emerge from the recent global conference on climate change.
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2022-07-31
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Fed watch 2022: Year of the hawk?
With inflation on the rise and all eyes seemingly on the Fed these days, Fixed Income Portfolio Manager Jeremy Forster shares his takeaways from the Federal Open Market Committee (FOMC)'s December 2021 meeting.
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2022-07-29
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The fish are biting: Exploiting Japan’s inefficient equity market
Our Japanese equity team has shown Japan to be one of the world’s most inefficient markets, making it a good “fishing pond” for alpha-seeking active managers who do their homework and apply a strong investment process.
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2021-12-31
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