- Macro Strategist
- About Us
- My Account
The views expressed are those of the author at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
I recently visited India for two weeks and was struck by how much has changed, predominantly for the better, in terms of its macroeconomic picture. With that in mind, here are my latest thoughts on the macro environment, along with my high-level take on India’s equity market.
On Indian equities, I think the catalysts of cleaner company balance sheets and strengthening business and consumer demand augur well for both nominal gross domestic product (GDP) and corporate earnings growth. I see India’s economy as being in much better shape structurally than it was pre-pandemic and expect GDP growth of around 7% for full-year 2022, followed by annual growth in the neighborhood of 6% – 7% over the next few years. Rising interest rates are a potential headwind, but I suspect the Reserve Bank of India will be unlikely to hike rates too aggressively for fear of dampening demand and growth.
Bottom line: While overall market valuation has been quite elevated lately, I continue to believe discerning investors should look for opportunities to “buy the dips” in India’s equity market going forward. While not my base, the biggest risk to my view is a large and sustained upward move in commodity prices, which could adversely affect India’s current and fiscal accounts and push broader inflation even higher.
The denominator effect: Thoughts on the rise in private equity allocationsContinue reading
Three themes that could define 2023 for income investorsContinue reading
Private equity market in 2023Continue reading
Peak inflation, back to goldilocks? Not so fastContinue reading
Why investing in themes for EM equities may reap rewardsContinue reading
February Fed meeting: Chair Powell strikes a more optimistic toneContinue reading
Why global investors should watch the Bank of JapanContinue reading
The denominator effect: Thoughts on the rise in private equity allocations
The sharp drop in public markets has left many asset owners with above-target exposure to private assets, raising a number of governance questions. Multi-Asset Strategist Adam Berger considers the likely responses and their potential pros and cons.
Three themes that could define 2023 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.
Private equity market in 2023
In the first episode of WellSaid Season 2, Co-Head of Private Investing Michael Carmen joins host Thomas Mucha to share his constructive outlook for today's rapidly evolving private market landscape. In addition, they discuss the role of ESG in privates, how Wellington collaborates with entrepreneurs, and much more.
Peak inflation, back to goldilocks? Not so fast
Portfolio Manager Nicholas Petrucelli explains why the market could be underestimating just how complex and volatile the global economic cycle is and details the implications for inflation.
Why investing in themes for EM equities may reap rewards
Portfolio Manager Dáire Dunne outlines why he is increasingly optimistic about the potential opportunities within select EM equity themes this year.
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.
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.
How to invest amidst a still unfolding energy crisis?
In this ActiveViews webcast, senior climate – and energy – focused professionals explore the still unfolding energy crisis in Europe and the associated challenges and opportunities for investors.
An allocator’s playbook for 2023
Natasha Brook-Walters, co-head of iStrat, examines the three objectives allocators may wish to focus on in 2023.
Financial Market Review — Fourth quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
Monthly Market Snapshot — December 2022
A monthly update on equity, fixed income, currency, and commodity markets.