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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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Climate resiliency factor: Helping asset owners go “long” climate change

We aim to offer asset owners an intuitive way to integrate climate risks into their portfolios and shift their expected return profile for better potential outcomes.

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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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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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The alpha equation: Balancing active risk sources in multi-asset portfolios

Members of our iStrat Team share their research on the process of deciding how much active risk to take at the asset class and security levels in pursuit of alpha objectives. They also offer a step-by-step framework for implementing the research findings.

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2024-04-30
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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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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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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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The state of climate investing: Asset owner perspectives

Discover what we learned from our 2022 global study on asset owners' interest and engagement around climate investing.

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2024-04-30
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Designing a climate-aware strategic asset allocation

Members of our Investment Strategy Team explain how they incorporate climate metrics into their asset allocation optimization process. They also discuss implementation — the choice of specific climate-aware building blocks and strategies to express the desired asset allocation.

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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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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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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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2023 Asia Pacific Investment Forum: Restrategise for an altered macro regime

At our 2023 Asia Pacific Investment Forum, a multidisciplinary group of Wellington’s specialists shared their unique perspectives on how to re-strategise for 2023 and beyond.

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2024-03-31
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The allocator’s perspective: three key decisions on EM equities

How can investors best access opportunities within an improving outlook for emerging market equities? Natasha Brook-Walters, co-head of iStrat, shares three key decision points for allocators.

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2024-03-31
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Should insurers incorporate additional flexibility within their core credit allocation?

ALM and Regulatory Capital Strategist Francisco Sebastian assesses how insurers can capture tactical credit opportunities without meaningfully impacting risk levels.

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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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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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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 14 March 2023)

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2024-03-31
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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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Thematic investing focus: The education imperative

Education is poised for transformation — and set to see a decade of spending and growth we believe will be unmatched by any since the post-World War II boom.

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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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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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ESG integration in public and private markets

Two ESG leaders discuss why ESG matters for investors, and how their teams help inform the investment process. They also share their priority research and engagement topics for 2023.

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2024-02-29
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More currency volatility ahead: Which hedges could help?

To help investors begin to think about elevated currency risk, as well as opportunities to generate alpha through active currency management, members of our iStrat Team offer an overview of hedging approaches and their potential tradeoffs.

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2024-02-29
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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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The churning tides of portfolio liquidity: How to avoid being left high and dry

Markets have sent asset owners some strong reminders of the need to think about liquidity risk across a portfolio and to plan for uncertainty. To help, Multi-Asset Strategist Adam Berger proposes a framework based on the intended uses and sources of liquidity.

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2024-02-29
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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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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.

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2024-02-29
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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.

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2024-01-31
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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.

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2024-02-29
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2023 Investment Strategy Outlook
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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.

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2023-12-31
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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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Building climate resilience: Toward a practical corporate framework

The need for systemic climate change resilience is becoming clear. We present a practical framework to help companies enhance resilience in their own operations.

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2023-10-03
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Multi-Asset Outlook — A rocky road to recovery in 2023

Markets may be jumping the gun when it comes to expectations for a policy pivot and the likely risk-asset rewards. Members of our Investment Strategy team still see bumps in the economic road, though their outlook has brightened a bit when it comes to China and other emerging markets.

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2024-07-31
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Small-cap value: Strong past, bright future?

While equity markets have had a challenging recent past, history teaches us that there may be several reasons to be optimistic about small-cap value. 

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2024-01-31
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Adding thematic equity investments to a multi-asset portfolio: An allocator’s handbook

Thematic investing may add a powerful return engine to portfolios, but allocators sometimes struggle with implementation decisions. Members of our Investment Strategy Team offer a framework for thinking about allocation size, strategy selection, and performance evaluation.

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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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Thematic investing focus: The future of food

The global food system has reached a tipping point and change is coming, creating investment opportunities aided by demographic, policy, and innovation tailwinds.

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2024-01-31
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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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2023 Insurance Outlook: Resolve to solve with a restocked toolkit

Multi-Asset Strategist Tim Antonelli and Insurance Strategist Max Davies share four actionable ideas designed to help insurers successfully navigate 2023.

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2023-12-31
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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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2024-01-31
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A theme is not an index

Portfolio Manager Dáire Dunne and Investment Director Andrew Sharp-Paul discuss the case for active thematic investing and highlight the importance of avoiding so-called "theme-washing."

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2023-12-31
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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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Pivoting from innovation and growth to stability and value

In a more volatile world, stability may take priority over innovation, and that, explains Multi-Asset Strategist Adam Berger, would tend to favor value stocks over growth stocks.

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2023-12-31
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Climate mapping in action: Investment case studies

We describe our Climate Exposure Risk Application (CERA), which can help our investment teams visualize and quantify physical climate risks.

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2023-12-31
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Reality bites: Are equity markets too upbeat?

Cautious on global equity risk, Global Investment Strategist Nanette Abuhoff Jacobson suggests that investors favor higher-quality stocks and take a look at high-quality fixed income.

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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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2023 Alternative Investment Outlook
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Opportunity in disguise: Why bad news may be good for alternatives in 2023

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how alternative investments may help allocators make tailwinds out of macro and market headwinds in the year ahead.

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2023-12-31
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Thematic investing focus: The transportation revolution has arrived

New technology and environmental concerns are creating a disruptive force in the transportation sector, leading to supply-chain investments and a host of new addressable markets.

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2023-11-30
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Have we reached the end of a tech era? 

Thematic Strategist Trevor Noren explores how active management and a global lens could provide tech investors with essential edges moving forward.

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2023-11-30
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Multi-Asset High Income Fund

Portfolio Manager Peter Wilke outlines how the Wellington Multi-Asset High Income Fund seeks to achieve consistent high income and minimise downside risk.

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2023-12-31
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Multi-Asset Outlook — Higher rates for longer: What does it mean for markets?

For central banks, the inflation fight is on, but the policy and market responses will vary in the coming months. Nanette Abuhoff Jacobson and Supriya Menon discuss the implications for equities, bonds, and commodities.

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2023-11-30
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Advancing stewardship on biodiversity: Engagement examples

Members of our ESG Research Team share their approach to and examples of engagements on the financial risks of biodiversity.

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2023-12-31
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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.

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2023-12-31
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2023 Investment Strategy Outlook

To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group.

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2023-12-31
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2023 Investment Strategy Outlook
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Thematic investing: Long-term thinking for a short-term world

With economic conditions expected to remain volatile in the coming year, members of our Investment Strategy team suggest that thematic allocations may help reduce the importance of the cycle to portfolio returns.

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2023-12-31
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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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Understanding the climate opportunity in alternatives

Portfolio Manager Alan Hsu highlights the potential inefficiencies created by traditional long-only climate strategies.

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2023-11-30
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Equity allocation ideas after a year of factor extremes

Members of our Fundamental Factor Team discuss the role of defensive allocations as a complement to growth and value, the improved stock-picking environment, and the need for macro stress tests, among other topics.

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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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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.

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2023-10-31
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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.

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2023-10-31
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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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The Fed wants to crush inflation, but at what cost?
Following a higher-than-expected inflation print and the Fed's latest rate hike, Global Investment Strategist Nanette Abuhoff Jacobson considers potential implications for fixed income and equities.
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2022-12-31
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Thematic investing focus: The accelerating drive for financial inclusion
The global effort to expand access to financial services is getting a boost thanks to the digitalization trend and the growing consumer acceptance of technology, creating a range of investment opportunities.
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2023-09-30
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Wanted: A better definition of thematic investing
Multi-Asset Portfolio Manager Brian Garvey and colleague Manny Hunjan believe the prevailing definition of thematic investing is overly narrow and offer a potential solution.
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2023-09-20
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The road less traveled: An insurer’s path to investing in alternatives
Insurance Multi-Asset Strategist Tim Antonelli lays out a sturdy yet flexible framework to help global insurers navigate the alternative investments space.
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2023-09-30
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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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2022 Asia Pacific Investment Forum: The energy complex
What do the rapidly accelerating tensions in the energy and commodity complex mean for investors? Discover three expert insights from our 2022 Asia Investment Forum.
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2023-09-30
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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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Investment takeaways from the latest inflation data
With 2022's structural inflation story still very much intact, now may be a particularly opportune time for investors to add real-asset and inflation-sensitive exposures to their portfolios.
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2022-11-30
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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.
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2023-08-31
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Positioning for a “pricey” recession scenario
Client Portfolio Manager Jitu Naidu and Fixed Income Strategist Amar Reganti offer portfolio positioning ideas for the potential recession scenario that may lie ahead.
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2022-11-30
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High inflation and slow growth in Europe: How should investors respond?
Multi-Asset Strategist Supriya Menon explores the asset allocation implications of high inflation and slow growth in Europe.
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2023-08-31
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Cash-balance liabilities: A new investment framework
A cash-balance plan is very different from a traditional pension, and the differences can have a major impact on interest-rate sensitivity. With this in mind, we propose a focus on capital preservation, consistent income, and liquidity.
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2023-08-31
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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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What can history teach us about today's markets? A framework for drawing comparisons
Members of our Investment Strategy Group explain how they identify similarities to past market environments and what their approach is signaling about today's conditions.
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2022-11-30
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Is the commodities rally built to last?
Commodities were the only major asset class that performed well in the first half of 2022. Multi-Asset Strategist Adam Berger and Commodities Portfolio Manager David Chang consider whether there’s more upside from here.
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2023-08-31
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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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Recalibrating alternative allocations for a new market reality
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategists Cara Lafond and Adam Berger explain 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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Will the Fed send the US economy into a recession?
Multi-Asset Strategist Adam Berger and US Macro Strategist Juhi Dhawan consider the broad impact of Fed rate hikes and how asset allocators should respond.
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2023-07-31
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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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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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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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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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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 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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Stepping-stone investment ideas: A bridge over troubled waters?
Multi-Asset Strategist Adam Berger offers incremental investment ideas that may help asset owners improve a portfolio's return potential.
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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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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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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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Making the money last: Research insights on the decumulation challenge
Our Investment Strategy team considers the unique challenges of decumulation strategies, including sequencing and longevity risk, and offers thoughts on best practices in portfolio construction, process design, and implementation.
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2023-04-30
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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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2022-07-31
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Demystifying decumulation: A practical guide
Investors seeking a sound decumulation strategy must consider a host of variables, including risks that weren’t on the radar when they were accumulating assets. Members of our Investment Strategy team consider the interaction between portfolio withdrawals and specific characteristics of the portfolio’s realized return. They also offer thoughts on successful decumulation strategies, focusing on portfolio construction, process design, and implementation.
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2023-04-30
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Nobody’s perfect: The case for a long-term strategy in active management
While many asset owners recognize the value of a long-term mindset, it can be challenging to resist short-term instincts in volatile environments like the one we’ve seen in recent months. But asset owners who have a strategy to help them stay focused on the long term may avoid a number of potentially costly behaviors, including abandoning a thoughtfully selected allocation to a manager after a relatively short period of underperformance.
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2023-05-02
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When will US federal deficits matter?
Now that the Federal Reserve has moved into tightening mode, it’s worth asking when the US deficits and overall debt could become a source of worry. As long as interest rates stay reasonably low without driving persistently high inflation, I believe deficits and the debt won’t matter too much to the economy or markets. The debt won’t be painful to finance and can continue to grow — within reason. In fact, if economic growth is higher than the interest rate on government borrowing, it’s possible for debt to GDP to shrink even amid sizeable deficits.
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2022-07-31
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Nearing the finish line: Ideas on end-state investing for corporate DB plans
As corporate plans approach their fully funded “end state,” new goals will need to be set. Members of our LDI team share their research on this transition and the required realignment of asset allocation strategies, including changes in return-seeking and liability-hedging portfolios and key liquidity considerations.
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2023-04-30
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Beware of benchmark concentration
We discuss the outperformance of megacap stocks and offer perspective on how active managers may approach the challenge of being underweight those stocks.
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2022-06-30
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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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2022-06-30
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Preserving funded-ratio stability in volatile markets
Faced with extreme market volatility in the early months of 2022, what can corporate DB plan sponsors do to potentially provide stability in their portfolios while still pursuing longer-term funding aspirations? Multi-Asset Strategist Amy Trainor offers thoughts on rerisking, hedge ratios, and liability-hedging and return-seeking allocations.
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2023-03-31
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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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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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2022-10-31
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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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2023-02-28
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Adapting our capital market assumptions to the realities of climate risk
As the momentum behind decarbonisation and net-zero objectives builds around the world, asset owners are increasingly engaged in addressing the investment implications of climate change. The focus thus far has largely been on implementation at the security- and manager-selection levels, but there is a growing recognition of the need to factor climate change into broader investment policy and asset allocation decisions. To help with this process, our Investment Strategy Team, in partnership with our Climate and ESG teams, recently completed a comprehensive effort to integrate climate risks into our capital market assumptions (CMAs).
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2022-05-31
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Regime change likely to challenge modern market structures
Recently, I wrote about the rotation from growth to value and why some of my colleagues and I expect volatility, more than a smooth transition of leadership, to define markets. The thesis is rooted in the fact that seismic macro questions loom over markets and are likely to trigger violent fluctuations in investor conviction. Earlier this month, Macro Strategist John Butler dissected one of these questions: Will the negative correlation between stocks and bonds turn positive?
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2022-05-31
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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.
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2023-02-28
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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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2022-04-30
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Hedging climate risk: The best defense is a good offense
Climate risks have the potential to create a long-term return drag on investment portfolios. We suggest a straightforward approach to hedging the deleterious effects of climate change.
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2023-02-28
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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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2023-02-28
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How to reposition portfolios for inflation with listed infrastructure
With the risk of structurally higher inflation increasing, Tom Levering and Ken Baumgartner assess whether allocating to listed infrastructure may help mitigate the impact of inflation.
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2023-01-31
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Start at the end: How to size and structure private allocations for corporate plans
How should corporate defined benefit plan sponsors think about the private allocation decision? Members of our LDI and Alternatives teams propose a “start where you want to end up” approach that incorporates liquidity and return requirements.
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2023-02-28
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Navigating narrow bond markets: how diversified is your fixed income alpha?
Understanding an active manager’s path and style of alpha generation should be a critical part of anyone’s fixed income manager evaluation process, says Brendan Fludder of our Fundamental Factor Team.
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2022-07-28
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2022 Alternative Investment Outlook
Our 2022 Alternative Investment Outlook looks at 5 areas of focus for the coming year and explores private equity markets and ESG opportunities.
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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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2022-11-15
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When public and private equity converge: An allocator’s guide
Multi-Asset Strategist Cara Lafond believes the time has come to recalibrate private equity portfolios to keep up with the evolution of the equity ecosystem. She offers a case for a more holistic view of public and private allocations, a fresh look at how allocators access growth, and the use of private and crossover strategies in innovative sectors.
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2022-12-30
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2022 Equity Outlook
Our 2022 Equity Outlook explores opportunities in equity income and emerging markets, along with trends in health care and technology for the coming year
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2023-01-27
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LDI in 2022: Nine questions corporate plan sponsors are asking
Our LDI Team offers insights for the coming year, addressing some of the most commonly asked questions on funded ratios, securitized assets, intermediate credit, alternatives, and other return-seeking and liability-hedging topics.
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2022-12-31
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Tying ESG to alpha — in practice
In a climate-driven capital cycle, companies that prioritise the environment and formulate clear climate strategies can become market leaders.
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2022-10-31
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Setting ROAs for 2022: A guide for US corporate and public plans
How are pension plans adjusting their ROA assumptions? How do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.
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2022-10-31
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2022 Multi-Asset Outlook
In our 2022 Asset Allocation Outlook, we expect markets to focus on central bank efforts to tame inflation look at 5 post-pandemic essentials for 2022.
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2022-12-31
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Changing “weather” patterns in alternatives and climate
Multi-Asset Strategist Adam Berger offers a forecast on the future of alternative and climate-related investing, with insights on manager selection, public/private allocations, climate-aware capital market assumptions, and a range of other topics.
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2022-11-30
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Roadmap to net zero
We outline a potential roadmap to help investors transition towards a net-zero emissions portfolio and highlight two strategies that may serve as potential building blocks.
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2022-09-30
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A credit strategy designed for all seasons
Today’s fixed income allocators face a variety of challenges. Against this backdrop, Multi-Asset Strategist Cara Lafond and Investment Directors Amar Reganti, Chris Perret, and Andrew Bayerl make the case for having an “all-weather” credit portfolio composed of carefully chosen building blocks.
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2022-11-15
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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.
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Quick Take
2022-05-31
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The evolution of derisking: Assessing new and time-tested liability-hedging ideas
As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.
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2022-09-30
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Climate conundrum: Will carbon constraints affect the pursuit of other portfolio objectives?
Members of our Fundamental Factor Team share their research on the potential for trade-offs when carbon goals are integrated into outcome-oriented, factor-based portfolios.
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2022-10-31
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Strong but slowing growth: A tale of two narratives
Markets appear to be caught between two hard-to-reconcile narratives: The pace of economic growth looks poised to slow, but the level of growth is likely to stay relatively strong. Multi-Asset Insurance Strategist Tim Antonelli and Investment Strategy Analyst Daniel Cook offer insights for global insurers at this point in the cycle.
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Whitepaper
2022-01-31
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Investing for the long term (in a short-term world)
With short-term behavior evident across the financial landscape, Multi-Asset Strategist Adam Berger explores the intuitive and quantifiable advantages of being more long term, and he offers seven habits that can help asset owners cultivate a long-term mindset.
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2022-09-30
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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.
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2022-08-31
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Tangible steps to decarbonise portfolios
We explore why equity investors need to start reducing exposure to climate risk and outline a balanced approach to moving portfolios towards net zero.
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2022-09-30
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People, planet, profit: investing with a stewardship mentality
An investment strategy with a long-term mindset focused on companies that weigh the interests of all stakeholders and generate strong returns on capital can potentially deliver good investment returns while helping to address ESG concerns.
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2022-07-31
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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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2022-07-31
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Why global insurers should take a closer look at REITs
Insurance Strategist Max Davies, Investment Director Will Lee, and Investment Specialist Ethan Sales look at the potential benefits of REITs for global insurers, plus why now may be an opportune time to consider this often unsung asset class.
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2022-07-31
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Update on key sustainability initiatives
We highlight progress on key sustainability initiatives: interim targets for our net-zero commitment, inclusion of location data in climate disclosures, and expanding our compliance with SFDR.
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2021-12-31
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Rethinking growth and where long/short directional strategies fit in
With allocators looking for opportunities to recalibrate their growth exposures, Multi-Asset Strategist Cara Lafond shares her “best fit” criteria for long/short directional strategies and explains why the financial sector appears to check all the boxes.
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2022-07-31
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Building climate resilience with strategic asset allocation framework
Driving volatility and dispersion, climate change could have lasting effects on the risk and return profile of a strategic asset allocation plan. We suggest allocators factor climate change into their structural planning today, and we propose a climate-aware allocation framework to help them do so.
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2022-07-31
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