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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.

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Article
2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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Quick Take
2023-11-30
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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.

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Quick Take
2023-11-30
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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.

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Quick Take
2023-01-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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Quick Take
2023-12-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

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Whitepaper
2023-11-30
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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.

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Article
2023-12-31
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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.

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2023-01-31
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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.

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Quick Take
2023-01-31
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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.

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Event replay
2023-10-31
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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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Quick Take
2023-10-31
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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.

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Quick Take
2023-01-31
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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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Quick Take
2023-10-31
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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.

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2022-12-30
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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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Quick Take
2023-01-31
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UK in the eye of the storm: which countries might be next?
Macro Strategist John Butler provides his latest take on what's happening in the UK and its broader global implications.
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2022-12-31
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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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Quick Take
2022-12-31
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Drug pricing reform: A bitter pill for biopharma?
Global Industry Analyst Wen Shi considers the implications of drug price reform for biotech companies — modest in the near term, but likely negative longer term.
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Quick Take
2023-01-31
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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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Article
2023-09-30
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The Fed’s “lean, leave, then clean” strategy
US inflation could prove "stickier" than many observers think. How might that influence Fed policy into 2023? Fixed Income Portfolio Manager Jeremy Forster opines.
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2022-12-31
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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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2023-09-30
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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.
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2022-12-31
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Germany: Reducing Russian energy dependence in a hurry
Macro Strategist Juhi Dhawan sees Germany continuing to embrace the transition to renewables while also working to diversify its sources of fossil fuels.
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2022-12-30
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What does an equity market bottom look like?
Applying a historical analysis to today's market, Multi-Asset Portfolio Manager Nick Petrucelli believes US equities have not yet found a near-term bottom.
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Quick Take
2022-11-30
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Hidden corners of sustainability-related innovation
European small-cap equities are at the forefront of sustainability-related innovation but getting exposure to those opportunities requires a combination of research, engagement and long-term mindset.
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Article
2023-06-30
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No more Mr. Nice Guy? Fed Chair Powell talks tough on inflation

Fixed Income Portfolio Manager Brij Khurana offers his latest thoughts on Fed policy following the central bank's recent Jackson Hole meeting.

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Quick Take
2023-09-30
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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.
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Quick Take
2022-11-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Why collective investment trusts are gaining traction within DC plans
Growing interest in CITs within the DC space is being driven by lower fees and other benefits — a trend our DC team expects to continue.
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Article
2023-08-31
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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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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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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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.
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2023-08-31
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A Canadian investor’s guide to navigating climate change
Director of Climate Research Chris Goolgasian and Alan Matijas, director of Client Group in Canada, provide relevant climate-related research and insights for Canadian investors.
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2023-08-31
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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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Article
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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Emerging local debt markets: Time to wade in?
Fixed Income Portfolio Manager Michael Henry sees positive trends across ELD fundamentals, valuations, and technicals that could be tailwinds for these markets going forward.
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2023-08-31
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Why today’s fixed income market is fertile ground for active management
Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.
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2022-12-31
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Reckoning with recession risk: Why this one may be “pricey”
Client Portfolio Manager Jitu Naidu shares his latest take on the looming risk of a global economic recession and related issues.
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Quick Take
2022-11-30
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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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Article
2023-07-31
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Fed rate hikes: A tailwind for bonds?
Global Investment Strategist Nanette Abuhoff Jacobson believes higher-quality, longer-duration bonds may prove resilient even if the Fed keeps raising short-term rates into 2023.
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Quick Take
2022-10-31
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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.
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Article
2023-07-31
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What next for the euro area after the ECB’s historic hike?
Eoin O'Callaghan and Marco Giordano explore the ECB’s likely next steps and the potential future path of inflation and growth in the euro area.
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2023-07-05
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July Fed meeting: Rising inflation vs falling growth
After another rate hike, the Fed must balance moderating growth with mounting inflation. Caroline Casavant opines on how the central bank might navigate this dilemma.
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2022-10-31
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Mid-2022 Inflation Outlook
We explore the current inflation environment's significant impacts on asset markets, anticipated relief in supply-chain pressures, and opportunities in commodities and enduring assets.
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2023-07-31
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US inflation: Supply chains to the rescue?
Macro Strategist Juhi Dhawan shares her inflation outlook, including the prospects for supply-chain normalization, and her views on the market implications.
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2023-07-31
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New IFRS financial reporting standards: how should insurers implement the changes?
ALM and Regulatory Capital Strategist Francisco Sebastian assesses how insurance companies should implement upcoming changes to International Financial Reporting Standards to create value for their shareholders and mutual members.
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2023-07-31
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Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
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2022-07-31
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Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return
Learn why our Financial Reserves Management Group believes FHLB loans provide compelling potential for insurers to add alpha or increase yield by borrowing at low rates and benefitting from possible favorable treatment by ratings agencies.
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2023-07-01
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New IFRS reporting standards: a game changer for insurers?
From 1 January 2023, new requirements set out in the International Financial Reporting Standards (IFRS) on Insurance Contracts and Financial Instruments will change how insurance companies are required to measure and report their performance
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2023-06-30
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Climate from the allocator's perspective
How do different asset allocators within Wellington incorporate climate change into their investment process as markets, data and regulation continue to evolve?
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Event replay
2023-05-31
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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.
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2022-08-30
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Is it too soon to call a “top” in US interest rates?
Are we nearing the top of the 10-year treasury rate?
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Quick Take
2023-05-31
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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.
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2022-12-30
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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.
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2022-07-31
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Helping European investors navigate inflation fears
The recent shift to a higher inflation regime, with resulting expectations of tighter monetary policy and rising interest rates, presents a material challenge for European fixed income investors. Against this backdrop, Investment Analyst Will Prentis and Investment Director Tobias Ripka believe investment flexibility is key.
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2022-07-31
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Five reasons to take a closer look at Brazil
I have published my views on Brazil more than once over the past year (most recently in my November 2021 blog post), but the environment there has changed markedly through the first few months of this year, with COVID-related risks seemingly on the wane and the Russia/Ukraine conflict having driven up commodity prices — so I thought now would be an opportune time to share a fresh perspective on South America’s most populous country.
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2022-07-31
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Five reasons to take a closer look at Brazil
I have published my views on Brazil more than once over the past year (most recently in my November 2021 blog post), but the environment there has changed markedly through the first few months of this year, with COVID-related risks seemingly on the wane and the Russia/Ukraine conflict having driven up commodity prices — so I thought now would be an opportune time to share a fresh perspective on South America’s most populous country.
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Quick Take
2022-07-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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.
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Article
2022-11-30
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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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Article
2023-04-30
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Global credit: Where do we go from here?
Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).
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2022-07-31
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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.
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2023-03-31
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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.
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2022-06-30
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Can the Fed engineer a soft landing?
As widely expected, the Federal Open Market Committee (FOMC) yesterday raised its target federal funds rate...
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A US insurer’s roadmap for navigating the new RBC regs
With the NAIC’s latest revisions to risk-based capital (RBC) charges now on the books, what should US insurers be focused on moving forward? And how have the relative value propositions across fixed income assets and other investments changed as a result? Multi-Asset Insurance Strategist Tim Antonelli and Investment Specialist Geoff Austein-Miller share their views and insights.
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2023-03-31
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War and markets: What's the connection?
Amid the geopolitical turmoil and tragic humanitarian fallout of the Russia/Ukraine crisis, many investors are naturally also concerned about the negative effects the escalating conflict could have on their portfolios. With that in mind, I thought I’d provide a quick snapshot of the impacts that past wars have tended to have on asset prices.
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2023-03-31
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War in Ukraine: Five observations on recent developments
Macro Strategist Gillian Edgeworth assesses recent developments in the escalating Russia/Ukraine conflict and highlights five key implications.
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2023-03-31
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How will war in Ukraine shift the ESG landscape?
Russia’s invasion of Ukraine has turned the spotlight on ESG in new ways. Our ESG Research Team highlights how the crisis may shape their analysis.
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2023-03-31
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River from above
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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.
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2023-03-31
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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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2023-02-28
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How will Russia’s invasion of Ukraine transform the euro area? Four potential paths
As the tragedy in Ukraine unfolds, Macro Strategist John Butler assesses possible implications of the conflict for Europe and the euro area. He outlines four potential paths.
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2023-03-31
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Russia/Ukraine conflict: Five things to watch closely
Amid the ongoing turmoil of the Russia/Ukraine crisis, Global Investment Strategist Nanette Abuhoff Jacobson highlights five key areas she thinks investors should keep a watchful eye on in the weeks ahead.
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2023-03-31
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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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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.
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2022-08-31
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Russia/Ukraine and the commodity challenge
With commodity inventories at multi-decade lows, is rising cross-asset class volatility all but inevitable? Leveraging insights from Wellington colleagues, Thematic Strategist Trevor Noren argues that the Russia/Ukraine crisis demonstrates why the answer is likely yes.
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2023-03-31
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Geopolitical observations on Ukraine
Geopolitical Strategist Thomas Mucha integrates his observations with those of his senior-level military, intelligence and diplomatic contacts to offer insights on the potential consequences of Russia’s invasion of Ukraine.
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2023-03-31
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Russia/Ukraine conflict: What investors need to know
Russia’s invasion of Ukraine sent shockwaves around the world and has triggered sweeping punitive political and economic policy responses from the US and Europe, with the potential to usher in another cold war era in Russia’s relations with the West. Beyond the tragic humanitarian toll, this watershed event is likely to have profound geopolitical, economic and asset allocation implications. We’ve assembled this collection of timely insights, which we’ll update frequently given the fluidity of the situation, to help investors navigate these unprecedented times.
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2023-02-03
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DC plans: Three timely themes that probably aren’t going away anytime soon
Our DC plan specialists highlight three big-picture investment themes that are not only top of mind for many plan participants in today’s environment, but are also likely to have staying power in the months ahead.
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2023-03-31
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How might equity sectors fare when Fed tightening begins?
We look back at how US equities have performed in the months following the beginning of a tightening cycle, as well as how bond yields have tended to behave.
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2022-05-31
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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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EM local debt: Forgotten but not forsaken
The emerging markets (EM) local debt sector (as measured by the JP Morgan Government Bond Index – Emerging Markets Global Diversified) just posted its worst calendar-year performance since 2013, returning -8.75% against the headwind of higher EM local interest rates. The underlying culprit? EM inflation surprised to the upside in 2021, forcing a number of EM central banks to raise their policy interest rates in an effort to curb the impact.
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2022-09-30
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Russian invasion of Ukraine: Looking through the newsflow
Looking beyond the upsetting newsflow, what does the unfolding Ukrainian tragedy mean for investors? Director of Investment Strategy Natasha Brook-Walters shares three different Wellington perspectives.
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2023-02-28
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Navigating a new tomorrow
In this video, Wellington investment professionals and prominent guests articulate the structural risks and opportunities that we believe will shape tomorrow’s investment strategies, ranging from medical innovation spurred by the global pandemic to technological breakthroughs, and ideas aimed at curbing or mitigating climate risk.
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2023-01-31
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Credit and equity performance around Fed hiking cycles
One of the discussion topics du jour is how the credit and equity markets might react to the US Federal Reserve (Fed) interest-rate hikes that are widely anticipated in the coming months. As is often the case with me, I find it helpful here to refer to past hiking regimes and market performances as a sort of guidepost. The proof’s in the pudding To wit, I examined the historical returns of both US credit (for this purpose, proxied by corporate high-yield bonds) and US equities (represented by the S&P 500 Index) during the six months before the first rate increase of a Fed hiking cycle through the 12 months after said increase.
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2022-05-31
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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.
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2022-08-31
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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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Can Ukraine’s economy withstand another conflict with Russia?
Macro Strategist Gillian Edgeworth assesses Ukraine’s outlook in the face of renewed conflict with Russia and finds that under most scenarios Ukraine's macro-economic prospects may be less negative than perhaps is assumed.
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2023-02-28
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Ukraine crisis: Understanding the broader picture
I believe the current standoff between Russia and the West over Ukraine is part of a global geopolitical pattern of “great-power” competition. As I explore in my 2022 Outlook, the geopolitical backdrop is becoming increasingly unpredictable and dangerous. This shift is driven primarily by US-China rivalry but also other structural factors such as domestic political polarization, and longer term, the growing impact of climate change on national security. In this new geopolitical reality, I think great powers will be more likely to act out of regional and global self-interest, especially in relation to geostrategic issues they consider core to national security. For Russia, Ukraine is such a critical security consideration and part of its wider strong geostrategic desire for cultivating “buffer states.” Accordingly, the Russian invasion threat to Ukraine is real, structural, and rooted in this emerging world order.
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2022-04-30
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Ukraine crisis: Understanding the broader picture
The tense Ukraine crisis has brought the US-Russia standoff to a head: Now what? Geopolitical Strategist Thomas Mucha argues this is all part of a global geopolitical pattern — “great-power” competition — that makes the Russian threat particularly dangerous. Read more.
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2023-02-28
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The critically important national security implications of biotech
Deepening US policy risks in the biotechnology sector have garnered some well-deserved attention from many of my colleagues lately. Given biotechnology’s potential future importance to US policymakers in the context of the ongoing US-China “great-power” competition, I’d like to share my own thoughts on what’s driving the rising geopolitical risk and national security concerns.
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2022-04-30
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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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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.
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2023-02-28
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Euro area: Challenging long-held assumptions
We believe 2022 will be the year when macroeconomic and political developments challenge two deep-rooted misperceptions about the euro area:
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2022-04-30
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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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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.
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2022-09-30
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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.
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2021-12-31
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Quality-growth investing amid inflation and rising rates
We discuss how today’s market impacts growth companies, including which areas are well positioned for the year ahead.
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2022-12-31
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Quality-growth investing amid inflation and rising rates
We discuss how today's market impacts growth companies, including which areas are well positioned for the year ahead.
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2022-12-31
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Fed watch 2022: Year of the hawk?
With inflation on the rise and all eyes seemingly on the Fed these days, Fixed Income Portfolio Manager Jeremy Forster shares his takeaways from the Federal Open Market Committee (FOMC)'s December 2021 meeting.
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2022-07-29
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2022 Global Economic Outlook
Our 2022 economic outlook describes the forces we believe will shape macro & market events, including significant inflationary and geopolitical risks.
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2022-11-30
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A credit strategy designed for all seasons
We make the case for fixed income allocators to have an “all-weather†credit portfolio composed of carefully chosen building blocks.
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2022-11-15
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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.
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2022-08-31
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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.
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2022-11-30
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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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Time to buy credit or Treasuries? Ideas on calibrating the trade-off
After hitting derisking triggers in 2021, many plans are looking ahead to the next trigger and thinking about how expensive the investment-grade credit market is currently. LDI Team members Connor Fitzgerald and Bill Cole offer metrics to aid the decision-making process and consider potential alternatives.
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2022-11-30
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With growth and policy, which matters more: Level or change?
While macro risks may be elevated somewhat, Nanette Abuhoff Jacobson and Daniel Cook still see opportunities, including in European equities and commodities. They also argue for being selective in credit while maintaining fixed income for diversification.
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2022-03-31
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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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2022-05-31
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Sizing up Biden’s plan to decarbonize America
US Macro Strategist Juhi Dhawan examines the Biden administration’s commitment to a lower-carbon economy, including proposed infrastructure spending, tax incentives, and regulations, as well as the implications for industries and the broad economy.
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2022-10-31
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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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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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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.
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2022-09-30
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Seven reasons to invest actively in EM equities
Investment Director Andrew Sharp-Paul makes his case for actively managed investment strategies, rooted in fundamental research, as the best way for investors to capitalize on the opportunity set in emerging markets equity.
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2021-12-31
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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.
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2021-10-31
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A revival in US investment spending: Implications of the Biden infrastructure plan
US Macro Strategist Juhi Dhawan discusses six key themes in the US infrastructure proposals, from shovel-ready projects to modernization of the power grid, and considers the broad economic impact and potential for unintended consequences.
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2022-08-31
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2021 Alternatives Annual Meeting Highlights
This highlights reel offers a quick look at the topics that are top of mind for our alternatives investors, from credit market dislocations to emerging market themes to cryptocurrencies.
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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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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.
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2022-07-31
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The hopeful continent
Equity Portfolio Manager Bo Meunier and Equity Research Analyst David Reid believe the time has come for equity investors to take a closer look at the opportunity set in Africa.
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2022-07-31
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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...
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2022-07-31
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EM inflation has arrived, but will it stick around?
Emerging markets inflation has been top of mind for many investors lately. Macro Strategist Gillian Edgeworth, Equity Portfolio Manager Jamie Rice, and Fixed Income Portfolio Manager Michael Henry consider the outlook going forward and potential market implications.
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2022-07-29
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Inflation’s big comeback: Should corporate pensions care?
It’s been a long time since anyone worried about inflation getting off the ground. That seems to be changing, and for corporate plans, we think the risk is greater for return-seeking portfolios than liability-hedging portfolios. But we also believe that falling inflation is more worrisome than rising inflation. In this paper, we consider the implications and the potential role of different return-seeking allocations in preparing for various inflation outcomes.
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2022-06-30
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The “EM-ification” of DMs
Global Investment Strategist Nanette Abuhoff Jacobson believes that many developed market countries are beginning to resemble their emerging market counterparts in certain ways. Here are some of her findings, along with possible paths forward and potential investment implications.
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2022-06-30
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EM equity looks more attractive than it’s been in a decade
Equity Portfolio Manager Jamie Rice describes his bullish stance on emerging markets (EM) equities and looks at China’s burgeoning A-share market.
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Article
2021-07-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
The future of payments
We profile the innovations fueling the next stage of disruption in the payments industry.
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Article
2022-04-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Why Europe offers a robust hunting ground for small caps
Portfolio Manager Anna Lundén offers her local perspective on Europe, highlighting the inefficiencies created over time by the outperformance of small-cap companies vs large-cap companies.
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2022-04-01
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Archived info
Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
EM small caps: Hidden gems in plain sight?
Our team makes the case for strategically investing in EM small caps and for employing an actively managed approach to this underutilized asset class.
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2022-03-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
LDI Alert — Adding intermediate credit to the derisking tool kit: What plan sponsors need to know
With a growing number of derisking plans seeking exposure to intermediate credit, members of our LDI team highlight some key investment considerations.
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Article
2022-03-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Insurers: A potent plan of attack for 2021
In this video interview, Tim Antonelli offers key advice for insurers as they plan for 2021, including a robust to-do list. Tim’s role as a multi-asset insurance strategist uniquely qualifies him to offer outside-the-box ideas that can help insurers anticipate and manage risk. Tim is interviewed by Sarah Marshock, a leader on Wellington’s Financial Reserves Management Team, who offers color on the investment themes she is observing in the market.
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2022-01-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
LDI Alert — Time to prepare for a “clear skies” environment?
Funded-ratio improvements and the associated derisking opportunity can be short-lived. LDI Team members Bill Cole and Connor Fitzgerald offer ideas to help plans ensure they’re ready.
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2022-01-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Fighting downgrade drag to reduce pension liability lag
Even robustly constructed liability benchmarks can struggle to keep pace with the liabilities they are meant to represent, and credit-rating downgrades of issuers in the benchmark are a primary culprit. In this paper, members of our LDI Team define the problem and offer ideas to help plan sponsors and LDI managers work together to fight back.
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Article
2021-11-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Assessing opportunities and challenges
Emerging markets are on the front lines of climate change. Aware of the challenges, many EM companies are developing solutions, shifting business models, and realigning corporate policies to help them prepare. Two of our EM portfolio managers share insights on the investing landscape and offer a framework for incorporating climate-related themes into a portfolio.
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Article
2022-03-01
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
On the ground in emerging markets
Portfolio Manager Greg Mattiko profiles the COVID-19 pandemic’s varied outcomes on different emerging markets, explores the potential opportunities from falling correlations, and highlights the benefits of a global approach to emerging market investing.
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2021-09-01
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Emerging markets: Navigating opportunities and risks in today’s crisis
We explore today’s key emerging markets themes including the impact of COVID-19, China’s evolving global relationships and an increased focus on sustainability.
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2021-08-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
A is for allocation: The rationale for increasing exposure to China
Allocations to China equity are widely recommended, but how much is appropriate and why? We consider several reasons why this may make sense for offshore investors.
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2021-06-30
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.