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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.
As asset owners contemplate allocation decisions for a post-COVID world, two topics are regularly showing up on the radar: alternatives and climate change. After more than a decade of strong equity performance — and with fixed income poised to deliver lower returns and perhaps a more modest diversification benefit — I think the time is ripe to revisit alternative exposures and consider several areas where the winds of change are blowing. Meanwhile, real-world weather patterns and climate events are raising issues that may impact not only security and manager selection but also broader investment policy, including capital market assumptions and strategic asset allocation. I’ll offer a preview of our Investment Strategy team’s work on these topics and suggest next steps for climate-aware portfolio decisions.
Looking across the alternatives space, there are a number of trends and best practices that haven’t changed, but also several important new ones that asset owners should be thinking about. Let me start with three things that haven’t changed:
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Navigating the new global economy in 2023Continue reading
China’s economy: Poised to exceed expectations in 2023Continue reading
Why Europe could surprise in 2023Continue reading
2023: The year of disinflation for the US economyContinue reading
2023 Macro and rates outlook: Goodbye easy money, hello regime changeContinue reading
Can agency MBS bounce back from dismal performance?Continue reading
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.
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.
Why Europe could surprise in 2023
Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.
2023: The year of disinflation for the US economy
In the coming year, US Macro Strategist Juhi Dhawan expects to see inflation begin to decline, the economy adjust to higher interest rates, and labor markets feel the pain of restrictive Fed policy.
Geopolitical outlook: Shifting policies, structural advantages?
Geopolitical Strategist Thomas Mucha and Macro Strategist Santiago Millán look at five geopolitical themes they believe investors should watch in 2023.
Pivot points: Five portfolio positioning ideas for the new market regime
Multi-Asset Strategist Adam Berger looks at five ways in which the world may be very different in the coming decade and how they could influence the next wave of investment winners.
Markets take US election results in stride (for now, anyway)
Client Portfolio Manager Jitu Naidu weighs in on the markets' response to, and other potential implications of, the recently held US midterm elections.
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.
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.
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.