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The revenge of the monetarists

Fixed Income Portfolio Manager Brij Khurana makes the case for a monetarist explanation for moderating inflation.

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2025-05-31
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Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

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2025-12-31
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Monthly Market Snapshot — April 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-05-31
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As India goes to the polls, is the case for Indian equities still compelling?

While current Prime Minister Narendra Modi is expected to secure a third term, a full-scale win is not a foregone conclusion. Against this backdrop and continued investor enthusiasm for Indian equities, Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks assess the macro case for India. Are higher valuations justified?

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2025-06-30
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Value stocks: Rules of thumb are meant to be broken

What will it take for value stocks to bounce back from a long period of underperformance? Members of our iStrat Team say that, conventional wisdom aside, it's not all about the economic cycle and offer their outlook for the next three to five years.

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2026-05-31
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Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

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2025-05-30
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New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

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2025-05-31
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With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

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2025-05-30
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Asset Allocation Outlook – April 2024

How to evolve your portfolio for the latest market conditions? Explore the latest monthly snapshot of our Multi-Asset Team’s asset class views.

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2025-05-31
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What could change the trajectory of value stocks?

Head of Multi-Asset Strategy Adam Berger and Equity Portfolio Manager Nataliya Kofman discuss “resilient” value stocks, disruptive themes, and attractive sector- and country-level opportunities.

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2025-05-31
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European elections: all change for equity investors?

Macro Strategist Nicolas Wylenzek discusses how the elections for the European Parliament could herald significant change, with major implications for European equity investors.

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2025-05-07
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Small-cap stocks: Watching for mean reversion, technology diffusion, and the next inflection point

Our experts discuss factors that could help small-cap stocks rebound and the search for winners in this inefficient segment of the market.

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2024-12-31
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Bonds in brief: making sense of the macro — April issue

What's driving global bond markets and what are the investment implications? Read the April issue of "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment of risks and opportunities within bond markets.

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2025-05-31
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Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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2025-04-30
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Powell back to waiting on inflation data

Our expert's key takeaways from the May FOMC meeting.

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2025-05-31
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The Fed’s lessons learned from its COVID response

Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.

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2025-04-30
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4 equity themes: Budding opportunities in small caps and more

Our expert highlights 4 areas where he sees opportunity in global equity markets.

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2025-04-30
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Japan equity: Reason to believe

Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.

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2025-04-30
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Iran/Israel conflict: What can we expect?

Our expert examines the recent attacks, the threat of escalation, and the dynamics at play in the region.

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2024-10-31
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Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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2025-04-30
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Monthly Market Snapshot — March 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-04-30
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Biden 2.0: National security and investment themes

The geopolitical and investment implications of a potential second Biden term.

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2025-04-30
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A turning point for US small caps

Myth busting US small caps: why now could be a compelling entry point for the asset class.

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2025-04-30
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Risky business: Is now the time for surplus action?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.

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2025-04-30
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The immigration surge: Political challenge, economic blessing?

Macro Strategist Juhi Dhawan considers the impact of rising immigration, a top issue in this year's US elections, on growth, interest rates, and the labor market.

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2025-04-30
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Trump 2.0: National security and investment themes

Our expert examines the geopolitical and investment implications of a potential second Trump presidency.

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2025-04-30
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Bonds in brief: making sense of the macro — March issue

What's driving global bond markets and what are the investment implications? Read the latest "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment of risks and opportunities within bond markets.

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2025-04-30
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Battle for the supply side of the economy: US election implications

Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy. 

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2025-04-30
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Four questions for investors after Japan’s historic hike

With the Bank of Japan having finally moved out of negative rates, Macro Strategist John Butler identifies the four key questions he believes investors should focus on.

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2025-04-30
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Do fundamentals support a risk-on tilt?

Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities. 

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2025-03-31
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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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Monthly Market Snapshot — February 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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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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Key factors to monitor in European equities

Macro Strategist Nicolas Wylenzek assesses the longer-term prospects of European equity markets through the prism of five key factors.

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2025-03-31
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Is there opportunity for high yield in today’s new economic era?

Is there opportunity for high yield in today’s new economic era? Portfolio Manager Konstantin Leidman explores.

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2025-03-31
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No bulls in the China shop?

John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.

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2025-03-31
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The Trump/Biden rematch: Market implications of unprecedented policy divergence 

Macro Strategist Juhi Dhawan discusses six key areas of policy debate in this year's US election that she expects will matter most to markets, from the tax and spending plans to trade and geopolitics.

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2025-03-31
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It's all about Nvidia! But is it really?

From an equity market perspective, it seems February was all about Nvidia’s earnings and AI. Read Wellington Macro Strategist Nicolas Wylenzek's perspectives. 

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2025-03-31
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Is the US economy really that different since COVID?

US economists have been touting the resilience of the post-COVID economic rebound. Brij Khurana dissects several key economic indicators to see what's really changed since 2019. 

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2025-03-31
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How to nurture a growth mindset in a higher-yielding landscape

In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.

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2025-03-31
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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities? 

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2025-03-31
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Adopt a new vantage point for diversifying your portfolio

Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.

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2025-01-31
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Bonds in brief: making sense of the macro - February issue

What's driving global bond markets and what are the investment implications? Read February's "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.

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2025-03-31
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How to reposition for a new economic era?

In this short video, Macro Strategist John Butler outlines the key features of the new economic era we are now entering.

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2025-03-31
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Back to the future: a new economic era

Macro Strategist John Butler explores why he believes the old macroeconomic model is broken and how best to navigate a new era of investing.

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2025-01-31
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5 reasons to be active in fixed income

Actively managed fixed income portfolios have several distinct advantages over passive approaches.

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2025-02-28
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Why high-yield investors should keep a close eye on the default cycle

A peak in defaults may not be far off. What does this mean for investors considering a move to high yield? 

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2025-03-31
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Facing the inflation dilemma head on

Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?

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2025-02-23
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Monthly Market Snapshot — January 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-02-28
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Too much focus on Fed, not enough on fiscal

Current US fiscal and monetary policy stances argue for risk taking in fixed income.

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2025-02-07
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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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Bonds in brief: making sense of the macro - January issue

What's driving global bond markets and what are the investment implications? Read January's "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.

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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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Thematic investing focus: security in a world of great-power competition

In an environment of accelerating great-power competition and geopolitical instability, policymakers may place a higher emphasis on security – even at the expense of economic efficiency. What could this mean for thematic investors?

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2025-02-28
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Trends and transformation distilled: Our 2024 outlook in brief

Our experts explore investment opportunities and risks for the year ahead.

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2025-02-28
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Three things I’m excited about in 2024

2023 was an eventful year for markets, with plenty of excitement, challenges and opportunities for fixed income investors. We believe our Global Impact Bond portfolio managers navigated them successfully.

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2025-02-28
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Top of Mind: The allocator’s checklist for 2024 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.

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2025-01-31
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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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No more free lunch: Impact of higher interest rates on private equity strategies

We explain what the direct and indirect rate exposure of buyouts, venture capital, growth equity, secondaries, and fund-of-funds mean for investors.

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2025-01-31
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Private market perspectives

Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG  teams.  

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2025-01-31
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Monthly Market Snapshot – December 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-01-31
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Trends and transformation: Ideas for 2024

Explore our latest views on risks and opportunities across the global capital markets as we look ahead to 2024.

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2024-06-30
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Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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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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Bonds in brief: making sense of the macro - December issue

What's driving global bond markets and what are the investment implications? Read "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.

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2024-12-31
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Annual message from our CEO: At a crossroads

CEO Jean Hynes offers perspectives on the current macro and market environment, including the need to challenge long-held assumptions, prepare for persistent disruption, and consider the resulting investment opportunities and risks.

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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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Why structural change in Germany may impact investors globally

Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.

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2025-01-31
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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. 

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2026-01-31
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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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Monthly Market Snapshot – November 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-12-31
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Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year. 

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2024-12-31
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Bonds in brief: making sense of the macro - November issue

What's driving global bond markets and what are the investment implications? Read "Bonds in brief" for Wellington Investment Director Marco Giordano's monthly assessment.

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2024-12-31
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Credit: Better opportunities to add risk on the horizon

Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.

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2024-12-31
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Equity Market Outlook

In our 2023 Equity Outlook, we offer a range of fundamental, factor, and sector insights as we look to 2023.

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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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Rates: Tracking the trade-off between inflation and growth

In their 2024 rates outlook, Investment Directors Amar Reganti and Marco Giordano investigate the treacherous trade-off faced by central banks and what it means for bond investors.

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2024-12-31
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Learning to love (or live with) a late-cycle environment

Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.

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Look past the cycle: The surprising total return potential of natural resources and commodities

Portfolio manager Nick Petrucelli explains the cyclical, structural, and macro tailwinds behind this opportunity.

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2024-12-31
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2024 Insurance Outlook: Position portfolios for the unexpected

Tim Antonelli offers two critical ideas for insurers' 2024 investment planning: doubling down on diversification and rethinking risk, including geopolitical and default risk.

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2024-12-31
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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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Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

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2024-11-30
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The growing importance of supply chain transparency

Head of Sustainable Investment Wendy Cromwell explains why supply chains remain a key investment risk and details related research areas for our SI team in 2024.

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Sustainable Investment 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, 

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2024-12-31
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Private credit: Key market themes for the year ahead

In our annual private credit outlook, learn about three themes that have dominated headlines recently and may create opportunities for parts of the private credit market going forward.

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2024-12-31
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Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

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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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2024: A year of intensifying macro regime change?

John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.

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2024-11-30
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The intersection of geopolitics and deglobalization

The geopolitical landscape is likely to remain complex and unpredictable throughout 2024. What are the key risks to watch out for and what are the implications for investors? 

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2024-11-30
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Global Economic Outlook

Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.

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2024-11-30
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Macro implications of the AI revolution: is the market right?

Macro Strategist John Butler sets out an initial framework to help answer key questions about the potential macro impact of artificial intelligence.

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2024-11-30
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The US economy in 2024: A tale of transition

Our US macro expert sees changes in consumer and investment spending in the coming year, and highlights what she'll be watching for in terms of policy, politics, and profit margins.

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2024-06-30
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Commodities: Top ideas and evolving opportunities

To help clients plan for the coming year, our commodities experts share their top near-term, medium-term, and long-term investment ideas.

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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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China fixed income: Dislocations create opportunities in this large and diverse market

Hear from our experts as they uncover new fixed income opportunities in China.

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2024-11-30
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How geopolitics and the energy transition may reshape global trade

We explore the potential near- and longer-term market effects of deteriorating US/China relations, coupled with the shift toward a low-carbon economy.

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2024-11-30
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Getting Real: China looks beyond real estate for economic success

Our experts explore signs of an improving macro picture in China.

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2024-11-30
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Monthly Market Snapshot – October 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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Have the Fed’s recent comments just provided a tailwind for agency MBS?

Fixed Income Portfolio Manager Brij Khurana explains why the market may be missing an important nuance in the Fed's focus on financial conditions.

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2024-11-30
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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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The future of investment research

Head of Investment Research Mary Pryshlak joins host Thomas Mucha to discuss the evolution of research in the asset management industry amid shifting market, technological, and geopolitical environments.  

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2024-09-30
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The great central bank balancing act

Marco Giordano examines the difficult balancing act that central banks around the world are seeking to perform and its likely implications for investors.

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2024-11-30
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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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EMEA Investment Forum 2023: highlights

In this short video we share highlights from Wellington's 2023 EMEA Investment Forum, "The only constant is change" and explore associated expert insights.

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2024-10-31
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Deglobalisation and divergence: opportunity or threat?

John Butler and Supriya Menon discuss the drivers underpinning growing macroeconomic divergence and deglobalisation and what it may mean for asset allocators. 

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2024-10-31
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Monthly Market Snapshot – September 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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Early 2024 resolutions: Enjoy the yield but be smart with your surplus

What should insurers expect from markets as we approach the end of the year? Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, offers his views and identifies areas that may be worth a closer look.

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What if US wealth inequality reverses?

Our experts examine the role of wealth inequality in the US economy and the potential investment implications of a reversal in that dynamic.

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2024-09-30
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Is bad news for the economy actually good news for markets?

While it has taken longer than expected, higher interest rates are starting to take their toll on the global economy and the "bad news is good news" market narrative could be changing. Members of our Investment Strategy team offer their macro and market outlook, including their latest views on equities, bonds, and commodities. 

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2024-03-31
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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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Long/short investing in European equities' growing dispersion 

We explore how growing dispersion in European equity markets is driving opportunities for long/short investors, fueled by structurally higher inflation, changing market leadership, and a renewed focus on valuation.

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2024-09-30
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Monthly Market Snapshot — August 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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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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Three themes (and what they mean) for income investors

With several macro crosscurrents at play, Portfolio Manager Peter Wilke suggests that income-oriented investors not lose sight of the “big picture” in their quest for yield.

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2024-08-31
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Why the change of direction in Germany warrants close attention

Macro Strategist Nicolas Wylenzek assesses the shifts underway in Germany and Europe more broadly, including the recent surge in the far right's popularity and the challenges associated with the energy transition.

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2024-09-30
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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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US regional banking sector update

We explore how banking regulation and legislation could impact US regional banks, including highlighting the potential for M&A activity and for dispersion to drive long/short opportunities.

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2024-08-31
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Financials amid rising dispersion

We explore why we believe dispersion across stocks, sectors, and geographies is supporting numerous secular themes in long/short investing in financials.

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2024-09-30
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Monthly Market Snapshot — July 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-07-31
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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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Generative AI: Separating hype from opportunity

Two of Wellington's tech experts join host Thomas Mucha to discuss the rapidly evolving AI landscape and separate hype from reality, highlighting everything from the industries most likely to be impacted to AI's geopolitical implications.

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2024-08-31
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Economic and market forecast in six charts

This visual summary of Wellington Management’s 2023 Outlook captures insights on economic and market forces shaping investment results from specialists from across our investment platform.

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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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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 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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Building resilience: Key questions equity investors need to ask today

Consider these essential traits for re-assessing the resilience of your core equity portfolio against higher interest rates and more adverse macro conditions.

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2024-07-12
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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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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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Core fixed income: Stop me if you’ve heard this one before

Head of Multi-Asset Strategy – Insurance and Portfolio Manager Tim Antonelli updates insurers on the status of the market today, shares what he believes they can expect for the rest of the year, and identifies areas that may be worth a closer look.

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2024-07-31
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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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Monthly Market Snapshot — June 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-07-31
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The great American labor shortage: Causes, consequences, and solutions

Shifting demographics suggest that US labor markets will remain tight in years to come, with major implications for income inequality, investment spending, and government policy.

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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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A test for the global economy

What are the similarities and differences between the US regional banking crisis and 2008's global financial crisis? How likely is a recession? Should investors be focusing on value or growth? In this podcast, Macro Strategist Nanette Abuhoff Jacobson shares her interpretation of where the economy is headed, outlining where the risks and opportunities may lie for investors in the next 12 months.

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2024-07-31
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Financial Market Review

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-07-31
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Multi-Asset Outlook: A recession is looming…or is it?

The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.

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2024-07-31
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How a thematic approach can help harness change within portfolios

Multi-Asset Strategist Supriya Menon and Investment Director Andrew Sharp-Paul discuss why a thematic approach can help harness change within portfolios against a structurally different macroeconomic backdrop.

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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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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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Monthly Market Snapshot — May 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-06-30
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New market regime, a new environment for global equities?

Global Equity Strategist Andrew Heiskell characterizes the new market regime, makes a case for shelving the old investment playbook, and shares potential investment implications for equity markets. 

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2024-06-30
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European equities: cyclically challenged but structurally supported

Macro Strategist Nicolas Wylenzek discusses why, despite cyclical challenges, European equities may be in the best structural position that they have been in for years.

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2024-06-30
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Chinese equities: Pockets of strength for patient stock pickers

Portfolio manager Bo Meunier explores how China’s recovery may be more modest than headline numbers suggest and why, as a stock picker, she remains constructive.

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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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Private credit in a new regime 

We explore how a shifting macro backdrop, ongoing banking crisis, and evolving competitive dynamics may create opportunities across private credit markets. 

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2024-06-30
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The state of venture capital markets

Co-head of private investments Michael Carmen shares his outlook for venture capital markets, including the state of deal flow, valuations, and the IPO market.

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2024-06-30
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Global high yield: Attractive entry points could soon emerge

Fixed Income Portfolio Manager Konstantin Leidman shares his outlook for high-yield fixed income for the rest of this year and beyond.

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2024-06-30
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Credit market outlook: Expect greater opportunities in back half of 2023

Against a backdrop of elevated recession risks and banking-sector stress, Fixed Income Portfolio Manager Rob Burn identifies relative-value sector opportunities in the credit market.

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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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Fixed income 2023: Will opportunity keep knocking in the second half?

Learn where Fixed Income Strategist Amar Reganti sees opportunities in the fixed income market today and dive deeper into the three key themes he thinks investors should consider going forward.

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2024-06-30
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Inflation loosens its grip, but bank turmoil could put the squeeze on US growth

US Macro Strategist Juhi Dhawan weighs the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.

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2024-05-31
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When the US sneezes, does the world still catch a cold?

Macro Strategist John Butler discusses the growing potential for cyclical and monetary policy divergence, despite markets pricing for the contrary, and assesses what it means for investors.

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2024-05-31
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Europe/US divergence: the ECB has further to go

How far will Europe diverge from the US? Macro Strategist Eoin O’Callaghan sees several reasons sustaining this growing divergence. 

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2024-06-30
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The “money illusion” economy: Misplaced faith in markets?

Fixed Income Portfolio Manager Brij Khurana shares a skeptical view of US Federal Reserve policy, his assessment of the current market backdrop, and his view of what the future could hold.

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2024-06-30
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Asia: A growth story with longer-term momentum

Is China’s recovery already running out of steam? Macro Strategist Santiago Millán assesses the outlook for China and Asia and sees longer-term momentum for growth. 

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2024-06-30
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Time for a new playbook on bonds

Is it time to add to fixed income allocations? Multi-Asset Strategist Adam Berger and Fixed Income Strategist Amar Reganti offer their views, as well as thoughts on specific areas of opportunity.

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2024-05-31
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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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Monthly Market Snapshot — April 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2024-05-31
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EM equities: Can they prove the doubters wrong?

Multi-Asset Strategist Adam Berger offers six reasons that EM equity performance could be much more compelling in the decade ahead, from attractive valuations to economic tailwinds to mean reversion in the US dollar.

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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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How do bond investors approach the new volatile regime? 

Wellington fixed income experts provide an analysis on how to navigate short-term volatility and reposition portfolios for the structural changes occurring in fixed income markets. Watch the replay here. 

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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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4 reasons why European investors may benefit from going global

Bonds are looking increasingly attractive, but a new, more volatile, normal means investors with a home bias may wish to revisit portfolios. An inconsistent policy landscape and lower hedging costs are just some of the reasons why European investors in particular may benefit from going global.

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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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Financial Market Review: First quarter 2023

A quarterly update on equity, fixed income, currency, and commodity markets.

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2023-10-15
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Monthly Market Snapshot — March 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2023-06-15
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Is the long-awaited change in Japan’s fortunes finally materialising?

Portfolio Manager Dan Maguire explores why Japan may finally be exiting deflation and assesses the opportunities this structural change could create for small- and mid-cap equities.

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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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Uncovering opportunities in health care

Our experts analyze the ways in which innovation, digitization, and pandemic recovery come together to brighten the outlook for the health care sector.

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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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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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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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Putting the global economy to the test

With economic and market fault lines emerging as a result of higher interest rates, members of our Investment Strategy team reassess the investment landscape and offer their views on equities, fixed income, and commodities.

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2023-10-31
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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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Integrating climate change into capital market assumptions: our approach and findings
Members of our Investment Strategy team explain how they are incorporating climate-related inputs, including physical and transition risks, into their capital market assumptions and outline the impact of these changes at the asset-class level.
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2024-04-30
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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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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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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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Monthly Market Snapshot — February 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2023-05-15
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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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Using market-implied regimes to help build more resilient portfolios

Markets may fluctuate between different regimes, but how exactly should those regimes be defined? Our iStrat Team offers research on their market behavior-based approach and explains how it may aid in constructing portfolios that are better able to withstand the ups and downs of different environments.

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Article
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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Quick Take
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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Quick Take
2024-03-31
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Tight money: Banks feeling the squeeze of higher rates

In this curated collection, some of our experts share their latest perspectives on the ongoing turmoil in the US banking sector and its potential implications.

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Collection
2024-03-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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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Deep and diverse: Welcome to today’s Asia credit market

Two of our Singapore-based experts on Asia credit discuss the market's key features, along with how it's evolved and is likely to continue doing so.

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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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What does the new macro regime mean for investors?

In this Q&A with two senior market practitioners we explore what the new macro regime means for investors and what to expect next.

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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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