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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.
Shareholder activism in Japan: Integrating ESG within the investment process
In the final article within our series on shareholder activism in Japan, ESG Analyst Soo Ho Jung shares how the Japan equity team integrates ESG to help realize value for investors.
Long/short investing in European equities' growing dispersion
We explore how growing dispersion in European equity markets is driving opportunities for long/short investors, fueled by structurally higher inflation, changing market leadership, and a renewed focus on valuation.
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.
Three themes (and what they mean) 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.
Why the change of direction in Germany warrants close attention
Macro Strategist Nicolas Wylenzek assesses the shifts underway in Germany and Europe more broadly, including the recent surge in the far right's popularity and the challenges associated with the energy transition.
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.
US regional banking sector update
We explore how banking regulation and legislation could impact US regional banks, including highlighting the potential for M&A activity and for dispersion to drive long/short opportunities.
Reasons for optimism about Indian equities
Our experts explain why, despite criticisms that Indian equities trade at higher valuations today than they have historically, they may have the potential to help drive total returns over time.
After the US downgrade: Thoughts on public debt, bond yields, and Fed policy
In the wake of the US debt downgrade by Fitch, Macro Strategist Juhi Dhawan explains what worries her most about the nation's debt situation and considers the impact on the term premium and the Fed’s plans.
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.
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.
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.
Seven observations on the latest US/China executive order
Geopolitical Strategist Thomas Mucha shares his analysis of the recent Biden administration executive order, which aims to restrict investment into certain sectors in China, and details the potential investment implications.
How would emerging markets weather a “standard” recession?
Macro Strategist Gillian Edgeworth explores the potential impact of a developed market recession on emerging markets.
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.
Shareholder activism in Japan: How our engagement approach drives value
Equity Portfolio Manager Katsuhiro Iwai introduces the Japan equity investment team's approach to engagement, sharing a number of successful recent case studies.
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.
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.
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.
The great American labor shortage: Causes, consequences, and solutions
Shifting demographics suggest that US labor markets will remain tight in years to come, with major implications for income inequality, investment spending, and government policy.
How to weather the storm: A roadmap for more resilient portfolios
As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.
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.
Asia Tech: Building the technology for everything, everywhere, all at once
Yash Patodia articulates the investment opportunities within generative AI and mixed reality - two themes that are supercharging the tech industry. He outlines how Asia is the bedrock of the innovation and where he believes the world’s future growth will be.
Insurance Quick Takes: Unpacking potential impacts of newly proposed NAIC regulations
Tim Antonelli, Head of Multi-Asset Strategy – Insurance, analyzes the potential impact for US insurers of a recent proposal that could allow the NAIC's security valuation office to override ratings of investments.
Investing in the age of great-power competition
As competition between great powers intensifies, a new global order is taking shape. Geopolitical Strategist Thomas Mucha explores the investment implications of a more fragmented and fractious world.
European equities: cyclically challenged but structurally supported
Macro Strategist Nicolas Wylenzek discusses why, despite cyclical challenges, European equities may be in the best structural position that they have been in for years.
Chinese equities: Pockets of strength for patient stock pickers
Portfolio manager Bo Meunier explores how China’s recovery may be more modest than headline numbers suggest and why, as a stock picker, she remains constructive.
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.
Activism – History and evolution in Japan
Investment Specialist Toshiki Izumi examines the history of shareholder activism in Japan, with particular emphasis on the differences between current and historical attitudes toward activism.
Mid-year Investment Outlook
Explore our latest views on risks and opportunities across the global capital markets as we look ahead to the second half of 2023.
When the US sneezes, does the world still catch a cold?
Macro Strategist John Butler discusses the growing potential for cyclical and monetary policy divergence, despite markets pricing for the contrary, and assesses what it means for investors.
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.
Europe/US divergence: the ECB has further to go
How far will Europe diverge from the US? Macro Strategist Eoin O’Callaghan sees several reasons sustaining this growing divergence.
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.
Inflation loosens its grip, but bank turmoil could put the squeeze on US growth
US Macro Strategist Juhi Dhawan weighs the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.
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.
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.
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.
Have you looked at Brazilian equities lately?
Equity Research Analyst David Reid believes now is an opportune time for EM equity investors to consider implementing or augmenting portfolio allocations to Brazilian stocks.
US debt ceiling back in focus: The context matters
US Macro Strategist Mike Medeiros shares his latest thoughts on the US debt-ceiling standoff, including its potential outcomes and implications.
Will emerging Asia leapfrog the energy transition?
Decarbonizing while maintaining economic growth presents tremendous challenges for developing countries in Asia. Is technological innovation the solution?
Did the Fed just make a policy error?
Did the Fed just make a policy error? All things considered, Fixed Income Portfolio Manager Jeremy Forster thinks the answer is yes. Learn why and what the implications could be.
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.
Is the long-awaited change in Japan’s fortunes finally materialising?
Portfolio Manager Dan Maguire explores why Japan may finally be exiting deflation and assesses the opportunities this structural change could create for small- and mid-cap equities.
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.
European stocks: Regime change and the valuation gap
Portfolio Manager Dirk Enderlein explains why we may see more dispersion in European stocks in coming years and why there may be greater clarity about which stocks will be the new market leaders.
US banking system: Three pressing questions
Equity Strategist Andrew Heiskell asks three questions investors ought to ask when it comes to the recent US banking system volatility.
Emerging markets health care: Ready for takeoff?
Global Industry Analyst Sue Su shares her sanguine outlook on the health care sector in emerging markets, especially in China, which represents the largest opportunity in this space.
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.
Analysing the bright outlook in Asia tech
Global Industry Analyst Yash Patodia outlines the state of the Asia tech sector today and identifies potential long-term opportunities in this space.
Financial stability versus inflation: The Fed’s balancing act has gotten much trickier
The Fed’s policy calculus has clearly changed somewhat over the past few weeks but the central bank may not be done hiking rates just yet, says Fixed Income Portfolio Manager Jeremy Forster.
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.
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.
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)
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)
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)
India: Structural tailwinds for 2023 and beyond
Following his recent trip to India, Macro Strategist Tushar Poddar shares why he's very positive on the country's medium- to longer-term structural outlook.
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.
US debt-ceiling risk: Justifiable jitters?
With markets on high alert around the US debt-ceiling standoff, Macro Strategist Juhi Dhawan lays out some possible paths forward and weighs the economic risks.
Russia/Ukraine: One year in with no end in sight
Geopolitical Strategist Thomas Mucha analyzes the impacts of the Russia/Ukraine conflict one year in and identifies potential longer-term effects.
European equities: a complex story
Macro Strategist Nicolas Wylenzek examines the complex prospects of European equities from both a near-term and structural perspective.
Debt and dysfunction in Washington: The US hits the ceiling (again)
Global Investment Strategist Nanette Abuhoff Jacobson talks to Macro Strategist Mike Medeiros about the US debt-ceiling showdown and considers its potential investment implications.
EM evolution: New paths in equity portfolio construction
Multi-Asset Strategist Adam Berger offers a framework for structuring EM equity portfolios, with a focus on "EM 3.0" — differentiated active strategies that have less reference to cap-weighted benchmarks and may be more diversifying in a portfolio.
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.
China internet: Identifying opportunities amid economic reopening
China’s re-opening and economic recovery from its zero-COVID policy has bolstered our optimism in Chinese internet companies.
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.
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.
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.
The Fed’s unenviable task for 2023
Fixed Income Portfolio Manager Jeremy Forster offers his forward-looking take on the Fed's comments and latest rate hike coming out of its December meeting.
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.
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.
A new blueprint for US trade: Building a more resilient, sustainable, and competitive economy
Macro Strategist Juhi Dhawan explains how the Biden administration is reshaping US trade policy to reflect today's global realities, including supply-chain challenges, decarbonization, and geopolitical turmoil.
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.
Biodiversity: Why investors should take note
With scientists now broadly agreeing on the risks posed by accelerating biodiversity loss, Chris Goolgasian and Jenny Xie assess implications for investors and steps they can take.
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.
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.
Wellington investor survey: inflationary Europe seen as top “problem child” of 2023
In the latest Wellington investor survey, inflationary Europe was seen as the top "problem child" of 2023.
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.
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.
EM equity in 2023: Will the longest bear market in history continue?
We explore three key considerations for EM investors in today’s challenging environment and highlight potential winners and losers in 2023.
Solving the duration mismatch to address Asian insurers’ interest-rate risk
Insurance Strategist Max Davies and ALM & Regulatory Capital Strategist Francisco Sebastian explain why diversifying across a varied mix of investment options is becoming increasingly important for Asia’s life insurers.
A practical guide to addressing Asian insurers’ interest-rate risk
Insurance Strategist Max Davies and ALM & Regulatory Capital Strategist Francisco Sebastian examine how diversification may help Asia's life insurers to better manage their exposure to interest-rate risk.
November FOMC meeting: How slow can the Fed go?
Investment Specialist Caroline Casavant shares her takeaways from the November FOMC meeting, including thoughts on the likely pace of further Fed interest-rate hikes.
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.
Financial Times Moral Money Summit Asia 2022: Impact investing across public, private and emerging markets
In this replay from the Financial Times 2022 Moral Money Summit Asia, Edwina Matthew discusses key themes in impact investing.
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.
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.
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.
After the UK sell-off: what’s next for global markets and investors?
Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.
Fixed Income Portfolio Manager Brij Khurana offers his latest thoughts on Fed policy following the central bank's recent Jackson Hole meeting.