APAC

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Article

2023-12-31

Japan Volatility Monetary policy Private pension (DB) Retirement Interest rates Quick Take

Could Japan face a UK-style pension crisis?

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

By

Masahiko Loo

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Quick Take

2024-01-31

EM equity Outlook China Geopolitical Asset allocation Equity Article

China equity in 2023: Year of the stock picker

Despite the potential risks of investing in China equity, Equity Portfolio Manager Bo Meunier believes there are attractive opportunities for patient, discerning stock pickers.

By

Bo Meunier, CFA

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Article

2023-12-31

China Economic cycle Macro and market Outlook No Optimizely COVID Geopolitical Inflation Fiscal policy Real estate Article

China’s economy: Poised to exceed expectations in 2023

With the bar set so low for China's economy, Macro Strategist Santiago Millan thinks it won't take much for an upside surprise in 2023.

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Article

2023-12-31

Macro and market India Equity Fiscal policy Discover Quick Take

By design and by default: Industry consolidation gathers steam across India

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

By

Murali Srikantaiah

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Quick Take

2023-11-30

Monetary policy Inflation Interest rates Economic cycle Currency Japan Fixed income Quick Take

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.

By

Jitu Naidu

Masahiko Loo

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Quick Take

2023-01-31

India EM equity Macro and market Asset allocation Equity Quick Take

India equity: An unsung long-term performance story

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

By

Niraj Bhagwat

Philip Brooks, CFA

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Quick Take

2023-10-31

Equity China Macro and market Asset allocation Quick Take

China equity: Is today's investor pessimism overdone?

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

By

Niraj Bhagwat

Philip Brooks, CFA

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Quick Take

2023-10-31

Climate Energy Materials Sustainable investing Macro and market Sustainability policies China Equity EM equity Article

A lesson in climate resilience: Why China’s recent heat wave wasn’t worse

See why Hong Kong-based Macro Strategist Santiago Millán believes China's investments in climate resilience can be a lesson for the rest of the world.

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Article

2023-09-30

Macro and market India Equity Quick Take

India: Growth drivers are in place

Following a recent visit to India, Macro Strategist Tushar Poddar shares his take on the country's changing macro environment and its equity market.

By

Tushar Poddar, PhD

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Quick Take

2022-12-31

Macro and market Geopolitical China USA Quick Take

US/China relations: What next after Pelosi’s visit to Taiwan?

Geopolitical Strategist Thomas Mucha assesses the escalating tension in US/China relations following US Speaker Nancy Pelosi's visit to Taiwan.

By

Thomas Mucha

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Quick Take

2022-11-30

Macro and market China Geopolitical Top of Mind COVID Portfolio strategy Multi-asset Equity Article

Has China’s investment landscape permanently shifted?

Multi-Asset Strategist Adam Berger and Macro Strategist Santiago Millán consider key policy-related questions hanging over the Chinese market and share some near- and long-term investment views.

By

Pasquale Pontoriero, CFTC

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Article

2023-08-31

China Monetary policy Geopolitical Alternatives investing Volatility Economic cycle Americas APAC EMEA Article

A shifting macro landscape: QE, China, and Europe

We explore the changing macro environment, highlighting the investment implications of the end of quantitative easing programs, the state of the Chinese cycle, and an evolving outlook on Europe.

By

John Butler

Mark Sullivan, CFA, CMT

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Article

2023-08-31

Emerging markets Digital transformation Impact India Impact investing Sustainability Sustainable investing Equity Fintech Consumer discretionary Health care Energy Article

Local perspectives matter: Grassroots research in emerging markets

During a recent research trip across India, our impact investing team witnessed the rapid pace of change and growth mindset that are expanding the impact opportunity set.

Multiple authors

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Article

2023-07-31

Geopolitical Russia Energy China Quick Take

How the Russia/Ukraine conflict has galvanized the West

Geopolitical Strategist Thomas Mucha provides his latest insights on the Russia/Ukraine conflict, particularly with regard to its significant and potentially enduring impact on US/EU relations.

By

Thomas Mucha

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Quick Take

2022-08-30

Fiscal policy India Emerging markets Equity E-commerce Consumer discretionary Geopolitical Quick Take

Six reasons India may be on the cusp of a major upcycle

Numerous positive structural and cyclical factors are pointing towards a major economic upcycle in India over the next five to six years, in our view, creating a range of potential investment opportunities. We believe India’s market is supported by an evolving investment universe, powerful demographic trends, increasing urbanisation and rising wealth, export growth, geopolitical tailwinds and a supportive policy regime. These factors are coalescing at a time when the corporate deleveraging cycle of the last few years is coming to an end and a new upcycle in profitability could be beginning.

By

Philip Brooks, CFA

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Quick Take

2022-12-30

Government bonds Currency Macro and market Japan Quick Take

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.

By

Amar Reganti

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Quick Take

2022-07-31

Geopolitical Russia Inflation Volatility Europe China Commodities Multi-asset Article

Russia/Ukraine: Transformational, not transitory

Four Wellington thought leaders share their distinct individual perspectives on the short- and longer-term implications of the tragic watershed conflict between Russia and Ukraine: Geopolitical Strategist Thomas Mucha on the geopolitical backdrop; Macro Strategist John Butler on what it means for Europe; Macro Strategist Santiago Millán on the role of China; and Portfolio Manager David Chang on the commodities markets.

Multiple authors

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Article

2022-11-30

China Russia Inflation Volatility Geopolitical Multi-asset Article

China is not Russia: Reasons to stay invested

Equity Portfolio Manager Greg Mattiko challenges investors to look at actions rather than conjecture when considering reduced exposure to China.

By

Greg Mattiko, CFA

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Article

2023-03-31

China Russia Geopolitical Volatility Multi-asset Article

What does the Ukraine invasion mean for China?

Macro Strategist Santiago Millán argues that the scale and breadth of the sanctions on Russia have increased the uncertainty of investing in China across multiple dimensions. He explores the continued decoupling of China and the West.

By

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Article

2022-06-30

Russia Commodities Geopolitical China Volatility Energy Article

Commodities investing amid the Russia/Ukraine conflict

We explore how the tragic conflict between Russia and Ukraine impacts commodities markets broadly and a few key commodities in particular.

By

David Chang, CFA

Joy Perry

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Article

2023-03-31

USA Inflation Article Equity Fixed income Geopolitical COVID Private equity China

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

Macro and market Asset allocation Multi-Asset Outlook Inflation Interest rates Monetary policy USA Russia Japan Equity Fixed income Multi-asset Commodities Article

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.

By

Nanette Abuhoff Jacobson

Daniel Cook, CFA

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Article

2022-10-31

China Volatility Geopolitical COVID Equity Active management Emerging markets Quick Take

China in 2022: Embracing the volatility

China’s new antitrust, data privacy and cybersecurity regulations, combined with its education and real estate industry reforms, the continued impact of COVID-19 and rising geopolitical tensions, drove a tumultuous investment environment last year. The country’s numerous headline-grabbing changes spurred global concern given the philosophical shift towards “Common Prosperity” and the sheer scale and speed of policymaking.

By

Bo Meunier, CFA

Graham Proud

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Quick Take

2022-08-31

China Geopolitical Equity Active management Quick Take

Amid heightened regulation and geopolitical tension, is China still investable?

Recent regulatory announcements have sent shivers through a wide swath of China’s economy, including the technology, finance, gaming, and property sectors, and tensions between China and the US continue to simmer. But while I understand the market’s reaction to these risks, I take a long-term perspective on China’s investability.

By

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Quick Take

2022-05-31

China Macro and market Risk management Quick Take

Macro survey: Nervous about China

Respondents to our latest internal survey think the markets may be complacent about risks in China and emerging markets more broadly. Every quarter for the past six years, the Wisdom of Wellington team has surveyed around 100 of our Wellington colleagues across different investment disciplines and locations to get their views on what we see as the key macro questions of the day. The results can pinpoint where the firm’s views differ from the consensus and can also reveal significant shifts in our collective thinking.

By

Ben Cooper, CFA

Juhi Dhawan, PhD

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2023-02-28

China Macro and market Equity Emerging markets Quick Take

China in 2022 - Uncorrelated but far from broken

Macro Strategist Santiago Millan highlights a trend of falling correlations between China’s economy and asset prices versus their global counterparts.

By

Christopher Goolgasian, CFA, CPA, CAIA

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Quick Take

2022-08-31

Climate Japan Sustainability Climate tech ESG Climate Strategy Article

Japan rises to the challenge of climate change

Two of our climate investors explain how Japanese companies are developing innovative solutions to protect society from the effects of climate change.

By

Alan Hsu

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Article

2023-02-28

Volatility Macro and market Public pension (DB) Endowments & foundations Family office Insurance Private pension (DB) Union (Taft Hartley) USA China Multi-asset Emerging markets Inflation Portfolio construction Article

What if…? Contemplating five big questions for 2022

Could there be policy, inflation, or market surprises in 2022? Multi-Asset Strategist Adam Berger weighs the possibilities and the portfolio implications.

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Article

2023-02-28

Equity Inflation Global Industry Research Japan Quick Take

Seven reasons Japanese equities are worth another look

Investment Strategy Analysts Steven Ye and Daniel Cook make their case for Japanese equities, based on valuations, the “benefits” of inflation, the potential for event-driven outperformance, and other factors that may be underappreciated by the market.

By

Steven Ye, CFA

Daniel Cook, CFA

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Quick Take

2022-09-30

Japan Equity Factors Quick Take

The fish are biting: Exploiting Japan’s inefficient equity market

Our Japanese equity team has shown Japan to be one of the world’s most inefficient markets, making it a good “fishing pond” for alpha-seeking active managers who do their homework and apply a strong investment process.

By

Hideo Ueki, CFA

Megan Kelly, CFA

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Quick Take

2021-12-31

Innovation Disruption Web 3.0 Gaming Tech & Innovation Macro and market APAC Article

Step into the metaverse

The metaverse is dominating tech headlines. Here, we explore the hardware infrastructure upgrades required to make this innovation possible and highlight the opportunities this creates for the Asia tech sector.

By

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Article

2022-08-31

Outlook USA China Inflation Geopolitical Climate Article

2022 Global Economic Outlook

Our 2022 economic outlook describes the forces we believe will shape macro & market events, including significant inflationary and geopolitical risks.

Multiple authors

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Article

2022-11-30

Inflation Equity Fixed income Multi-asset Article China Opportunities and risks

Five investment essentials for a post-pandemic world

As the world “gets back to business” in 2022, a cautiously optimistic outlook seems warranted. For investors, it may be a year to think thematically.

By

Andrew Sharp-Paul

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Article

2022-11-30

Emerging markets China Macro and market Portfolio policy Equity Quick Take

Should China equity be a stand-alone allocation?

As China’s role on the world stage looms larger, should investors separate the country from the rest of their emerging markets (EM) equity allocation? Three of our multi-asset strategists provide their research-based take, along with some practical considerations.

Multiple authors

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Quick Take

2022-05-31

Innovation Retirement Future Themes Macro and market Artificial intelligence (AI) China Multi-asset Health care Article

The future of retirement: Aging in 2050

We explore the long-term investment trends associated with global aging through the story of Fang, a fictional Chinese retiree living in 2050.

By

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Article

2022-09-30

Emerging markets Fixed income Portfolio policy China Article Opportunities and risks

Chinese government bonds: How do they measure up in a multi-asset framework?

As China’s bond market continues to grow in size and liquidity, we consider the potential role the country’s government bonds can play in diversifying a broader sovereign portfolio, improving yields, and offsetting equity risk.

By

Alex Muir

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Article

2022-08-31

Emerging markets Equity China Fundamental equity Video Opportunities and risks

All-China Focus Equity Fund

Portfolio Manager Bo Meunier and Investment Director Philip Li outline the investment philosophy of the Wellington All-China Focus Equity Fund, and discuss the appeal of a standalone equity allocation to China and the interesting opportunities in today’s environment.

By

Bo Meunier, CFA

Phil Li, CFA

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Video

2022-08-31

Equity APAC Value vs growth Fundamental equity Global Industry Research Article Volatility

Asia equity investing: The contrarian advantage

An approach targeting underappreciated or misunderstood assets may be particularly suited to Asia market dynamics and to the current potentially reflationary environment.

By

Jun Oh

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Article

2022-08-31

China Information technology Regulatory Education Equity Emerging markets Tech & Innovation Article

Chinese regulation: Lessons from after-school tutoring

Investment Director Graham Proud distills our China and EM equity specialists’ views on China’s latest regulatory move — including why investors shouldn’t jump to conclusions regarding potential implications for Chinese internet companies.

By

Graham Proud

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Article

2021-10-31

China Equity Portfolio policy Emerging markets Article

Split decision: Should investors separate China from EM equities?

Many investors are contemplating whether to separate China from the rest of their emerging market equity allocation. Members of our Investment Strategy Group argue that the key decision point is not China’s dominance of the emerging market index, but the extent to which a standalone China allocation can be viewed as similar to an EM ex-China allocation. In this paper, they evaluate the similarity of the two allocations using a variety of metrics, from correlations to factors to sector composition.

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Article

2022-07-31

Climate Sustainability China Commodities Multi-asset ESG Sustainable investing Article

Using climate science to uncover investment opportunities

Investors are increasingly aware of the risks posed by climate change, but perhaps less so of the unexpected opportunities that climate science can help uncover.

By

Alan Hsu

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Article

2022-07-31

Multi-asset Inflation Portfolio policy EMEA Article Americas APAC Opportunities and risks

A source-based approach to managing inflation risk

Multi-Asset Strategists Nick Samouilhan and Adam Berger present a source-based investment “playbook” that asset allocators can follow as they seek to neutralize the looming threat of higher inflation.

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Article

2022-06-30

China Carbon emissions Sustainability Macro and market Climate Sustainability policies Net zero Emerging markets Fundamental equity Article

China unplugged: Investing in the world’s largest decarbonization effort

China has pledged to target peak emissions by 2030 and net-zero emissions by 2060. This massive environmental...

By

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Article

2022-07-31

China Macro and market Geopolitical Article

Executive order on China: Biden broadens the brief

Washington’s latest actions targeted at investments in companies linked to the Chinese military-industrial complex represent another important milestone in the long-term trend of US-China decoupling.

By

Thomas Mucha

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Article

2021-12-31

Fintech Digital payments Disruption Tech & Innovation Information technology Global Industry Research Equity APAC Article

The future of payments

We profile the innovations fueling the next stage of disruption in the payments industry.

By

Matt Ross, CFA

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Article

2022-04-30

Tech & Innovation Asia tech Global Industry Research Innovation Information technology Equity Disruption APAC Fundamental equity Article

Faster computation with smaller, more powerful computer chips

We explore the technology fueling the next stage of computer chip innovation.

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Article

2022-03-31

Tech & Innovation Digital transformation Global Industry Research Innovation Japan Macro and market Information technology Equity Fundamental equity Article

The hidden growth story in Japan tech

Learn why the hidden growth story within Japanese tech is one of our highest conviction themes, especially in the wake of the COVID-19 crisis.

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Article

2022-03-31

Tech & Innovation Asia tech Disruption Innovation Equity Global Industry Research Japan Article

The world’s hub of innovation

We profile Asia technology in the 2020s, outlining the long-term case for the sector after its strong rebound in recent months.

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Article

2022-03-29

Tech & Innovation Asia tech Global Industry Research Innovation Equity China Information technology Fundamental equity Quick Take

Local solutions for local markets

We profile the growth of local Asia tech solutions for local markets, a promising trend we believe continues to thrive amid COVID-19 and the US-China trade war.

By