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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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Trends and transformation: Ideas for the year ahead

Explore our latest views on risks and opportunities across the global capital markets as we look ahead to the second half of 2023.

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2024-06-30
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Monthly Market Snapshot – October 2023

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

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2024-11-30
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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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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 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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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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Monthly Market Snapshot – September 2023

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

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2024-09-30
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Financial Market Review: Third quarter 2023

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

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2024-10-31
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Decoding impact expectations: best practices for impact investors and companies

We share three recommendations each for impact investors and companies to help them better understand and manage each other's expectations.

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2024-10-31
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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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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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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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Why impact bonds make financial sense

We explore how impact bond investments can help deliver the dual benefits of attractive fixed income returns and material, additional and measurable impact.

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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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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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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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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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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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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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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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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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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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Evaluating labelled bonds: a robust framework is key

Fixed Income Portfolio Manager Campe Goodman and Investment Specialist Will Prentis explain why they believe a robust framework for analysing labelled, or sustainable, debt can help to generate real-world impact.

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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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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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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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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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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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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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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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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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Mid-year Bond Market Outlook

In this collection fixed income experts across our platform highlight risks and opportunities for discerning fixed income allocators looking ahead to the second half of 2023.

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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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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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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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Blue bonds: long-awaited innovation or yet to make a splash?

Blue bonds – which aim to support projects related to ocean conservation – are on the rise. How effective are they and what do investors need to know before they invest?

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2024-05-31
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Closing the return gap: A new set of “stepping stone” ideas
Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.
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2024-08-02
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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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Today’s sweet spot for yield, the growing role of alts

Insurance Multi-Asset Strategist Tim Antonelli provides his latest multi-asset views for insurers, with an emphasis on the value of core fixed income in today's environment.

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2023-10-15
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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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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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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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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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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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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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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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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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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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Fixed income 2023: Ripe for a reversal

Three of our fixed income investment professionals discuss the potentially compelling opportunity set to be found in today's global bond markets.

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2024-03-31
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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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Monthly Market Snapshot — January 2023

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

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2023-05-15
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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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European credit: seeking to make the most of the new market regime

Fixed Income Portfolio Manager Derek Hynes and Investment Specialist Jillian Rooney assess why the new market regime is creating potentially compelling opportunities in the European credit market.

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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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Financial Market Review — Fourth quarter 2022

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

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2023-07-15
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Monthly Market Snapshot — December 2022

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

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2023-03-15
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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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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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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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Picture this: Our 2023 economic forecast in five charts

We explain the shifts the market is undergoing, analyze the implications for different asset classes, and identify potential risks and opportunities in a series of visuals. 

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2023-12-31
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Navigating the new global economy in 2023

This executive summary distills the points of view of several of our 2023 Outlook authors. Discover the risks and opportunities they see as we enter a new economic and market regime.

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2023-12-31
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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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Monthly Market Snapshot: November 2022

A monthly update on equity, fixed income, currency, and commodity markets.
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2023-02-15
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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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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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In a new era for interest rates, can hedge funds fill the role of fixed income?

Hedge funds could be valuable building blocks for a fixed income substitute portfolio, but how should the portfolio be constructed? Members of our Fundamental Factor Team share their views.

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2023-11-30
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How to find potential in volatile European high-yield markets?

Fixed Income Portfolio Manager Konstantin Leidman discusses why European high-yield investors need to be ready for both further volatility and the emergence of new opportunities.  

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2023-12-31
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Monthly Market Snapshot: October 2022

A monthly update on equity, fixed income, currency, and commodity markets.
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2023-01-15
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2023 Investment Strategy Outlook
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The allocator’s landscape: Three areas of attention for 2023

Natasha Brook-Walters, Co-Head of Investment Strategy, discusses downside mitigation given the shifting equity/bond correlation, the impact of cyclical and macro volatility, and opportunities to position for long-term change.

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2023-12-31
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High-yield bonds in 2023: Fortune favours the patient

Amid ongoing dislocation in the high-yield market, Fixed Income Portfolio Manager Konstantin Leidman sees opportunities for investors to take advantage of potentially attractive valuations.

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2023-12-31
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2023 Bond Market Outlook
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Emerging markets debt outlook: A glass half full or half empty?

Against a still-challenging global backdrop for emerging markets, Macro Strategist Gillian Edgeworth highlights opportunities created by extreme credit spread dispersion across individual countries.

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2023-12-31
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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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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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Inflation, rates, and volatility: The best defense is a good offense

Insurance Strategist Tim Antonelli shares his latest multi-asset views for insurers, including the need to balance defensive portfolio strategies with continued income and return generation.

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2023-04-15
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Financial Market Review: Third quarter 2022

A quarterly update on equity, fixed income, currency, and commodity markets.
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2023-04-15
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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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2023 Macro and rates outlook: Goodbye easy money, hello regime change

Macro Strategist John Butler highlights the impact of macroeconomic "regime change" on global inflation and interest rates, with potential implications for investors.

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2023-12-31
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A new economic era: Why inflation, volatility, and cycles are back

Macro Strategist John Butler argues that a seismic global shift is underway that will disrupt the macro dynamics of the past two decades, challenging long-held investment assumptions.

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2023-12-31
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Monthly Market Snapshot: September 2022

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

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2022-11-15
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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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Credit market outlook: Partly sunny with a chance of good value

In his 2023 credit market outlook, Fixed Income Portfolio Manager Rob Burn highlights some potentially attractive opportunities in the wake of this year's market sell-off.

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2023-12-31
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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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Monthly Market Snapshot: August 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-11-15
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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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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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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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Monthly Market Snapshot: July 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-10-15
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Emerging local debt markets: Time to wade in?
Fixed Income Portfolio Manager Michael Henry sees positive trends across ELD fundamentals, valuations, and technicals that could be tailwinds for these markets going forward.
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2023-08-31
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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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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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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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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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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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Financial Market Review: Second quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
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2023-01-15
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Monthly Market Snapshot: June 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-09-15
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Insurers: Strengthen your core in the second half
Insurance Multi-Asset Strategist Tim Antonelli shares his latest multi-asset insights for global insurers, including his view that core fixed income holdings — US interest rates and investment-grade corporate bonds — should stack up well against most risk assets in the second half of 2022.
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2022-12-31
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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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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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Can hedge funds behave if fixed income doesn’t? A manager-selection view
Our Fundamental Factor Team proposes an alternative approach for analyzing hedge funds and constructing multi-manager hedge fund portfolios intended to fill the roles of fixed income.
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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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Mid-2022 Alternative Investments Outlook
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.
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2023-08-31
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Mid-2022 Asset Allocation & Investment Strategy Outlook
We explore the market implications of central bank policies, rising prices, and slowing growth and offer incremental steps to improving a portfolio’s return potential.
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2023-07-31
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Using hedge funds to perform the role of fixed income: An alternative approach
Member of our Fundamental Factor Team offer a role-based framework that may help better align manager research, portfolio construction, and potential investment outcomes.
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2022-10-31
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Mid-2022 Asset Class Outlook
We offer perspectives on growth and value equities and explore ideas for shoring up your fixed income flank amid the evolving economic and market environment.
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2023-07-31
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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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Global Impact Annual Report — Executive Summary
As a preview to our full annual report, we share a few key highlights from our impact platform in 2021.
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2023-07-31
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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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Global Impact Annual Report
Discover how we evolved our impact platform in 2021 and track the progress of select portfolio companies and issuers.
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2023-06-30
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Sustainable fixed income investing comes of age
ESG integration and sustainable investing have gained considerable traction in global fixed income markets. Investment Directors Anand Dharan and Meredith Joly and Fixed Income Trader Keenan Choy discuss this ongoing trend and some of its key implications for asset allocators.
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2023-06-30
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A transition year for agency MBS?
Following a challenging period for agency MBS, members of our securitized team now see attractive opportunities in the space and believe actively managed strategies may be the best way for many investors to capitalize.
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2022-07-31
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Sticky inflation, weaker growth: A volatile mix
As central bank policy, rising prices, and slowing growth roil the markets, Nanette Abuhoff Jacobson and Supriya Menon explore the implications for equities, bonds, and commodities.
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2022-10-31
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Navigating an uncertain world: finding value in European high yield
Fixed Income Portfolio Manager Konstantin Leidman and Investment Specialist Jillian Rooney explore why recent spread widening has created a potentially attractive entry point into the European high-yield market.
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2022-12-31
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Monthly Market Snapshot: April 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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2022-07-15
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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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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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Quick Take
2022-08-31
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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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Quick Take
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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Quick Take
2022-07-31
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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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Quick Take
2022-07-31
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Fixed income impact investing: Growth, evolution, opportunity
Members of our fixed income team share their perspectives on the growing need for impact solutions, the expanding opportunity set and the team’s focus on engagement with issuers.
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Article
2022-12-31
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Financial Market Review: First quarter 2022
A quarterly review of results in the global equity, fixed income, currency, and commodity markets.
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Article
2022-10-15
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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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Quick Take
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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Monthly Market Snapshot: March 2022
A monthly update on equity, fixed income, currency, and commodity markets.
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Article
2022-06-15
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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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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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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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Quick Take
2022-06-30
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Ten more “what if” scenarios for 2022
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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Article
2023-02-28
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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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Quick Take
2022-05-31
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For markets, it’s complicated
As markets grapple with the war in Ukraine, inflation worries, and a host of other issues, Nanette Abuhoff Jacobson and Daniel Cook offer their thoughts on the investment implications for equities, commodities, and fixed income.
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Article
2022-10-31
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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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Navigating a new tomorrow
In this video, Wellington investment professionals and prominent guests articulate the structural risks and opportunities that we believe will shape tomorrow’s investment strategies, ranging from medical innovation spurred by the global pandemic to technological breakthroughs, and ideas aimed at curbing or mitigating climate risk.
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Event replay
2023-01-31
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Better balance in bonds: How a factor framework and a barbell approach could help
For investors seeking diversification in their credit portfolios, members of our Fundamental Factor team propose a portfolio construction and manager selection process designed to source complementary manager alpha-generation styles and help “smooth out” the path of fixed income alpha.
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Article
2023-02-28
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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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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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Quick Take
2022-04-30
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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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High yield: Be ready for sideways moves, bouts of volatility in 2022
Our high-yield portfolio managers believe investors should stand ready to dynamically adjust positioning in a year that could see sideways spread moves and plenty of market volatility.
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2022-08-31
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Reflation or stagflation? Assessing the investment outlook for 2022
Are investors right to fear a return of stagflation? What areas of portfolios may need repositioning? And how do they think about inflation and climate risk?
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2022-12-31
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2022 Fixed Income Outlook
Our fixed income outlook for 2022, examines our views on inflation and interest rates and the role central banks will play in the coming year.
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Article
2022-11-15
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Three transition year themes — inflation, capital, ESG
Insurance Multi-Asset Strategist Tim Antonelli believes 2022 could be a year of transition for the global insurance industry, with the three big themes of inflation, capital, and ESG likely to play prominent roles in many insurers’ strategic planning and decisions.
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Whitepaper
2022-12-01
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Impact investing in practice: supporting the shift to alternative energy
In this case study, we explore how our impact team supports the shift to alternative energy while seeking to capture the associated return potential.
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2022-12-31
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