Macroeconomics and Geopolitics

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Deep dive on CLO equity investing

Alyssa Irving, Fixed Income Portfolio Manager, discusses the CLO equity asset class, highlighting its diversification potential, risk-return dynamics, and the crucial role of managers.

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2026-06-30
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Return-seeking fixed income for an uncertain age?

Raina Dunkelberger discusses the role of flexible, return-seeking fixed income strategies against a backdrop of concentrated equity markets and global policy divergence.

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2026-06-30
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Where’s my safe haven? A global investor perspective on the tariff tantrum

Portfolio Manager Martin Harvey shares his insights on how global investors may need to reassess long-held assumptions in light of shifting global dynamics.

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Rapid Fire Questions with Campe Goodman

In this edition of “Rapid Fire Questions”, fixed income portfolio manager Campe Goodman shares his views on 4 key questions in this Q&A session.

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2026-05-31
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Why the US dollar’s “crooked smile” could upend asset allocation

Brij Khurana explores the dollar smile theory's impact on asset allocation and foreign investors' strategies amid currency fluctuations.

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2026-05-31
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Monthly Market Review — April 2025

A monthly update on equity, fixed income, currency, and commodity markets.

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2026-05-31
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The yen smile: New economic era upends traditional safe-haven currency relationships

Portfolio Manager Sam Hogg discusses the US Dollar Smile Theory and the Japanese yen's safe-haven status in the context of global trade and monetary policy changes. 

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2026-05-31
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Asset Allocation Outlook

How to evolve your portfolio for the latest market conditions? Explore the latest monthly snapshot of our Multi-Asset Team’s asset class views. For professional, institutional or accredited investors only. Capital at risk.

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2026-05-31
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International equities: Five reasons they may not be a one-hit wonder

Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson explains why those who doubt the staying power of the recent outperformance of international equities may want to reconsider.

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2026-05-31
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Tariff wars: The yield awakens

Members of our Insurance team discuss the turbulent economic and market environment and the implications for reserve-backing and surplus fixed income, as well as other major asset classes.

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2026-04-30
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Making the most of the new economic era’s bright spots

Despite uncertainty, there are important factors supporting a more optimistic approach. By focusing on structural trends and considering a wide range of views, investors can position portfolios for positive long-term returns.

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2026-05-31
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Chart in Focus: Patience is power — stay invested through volatility

What does a higher VIX mean? In this edition of Chart in Focus, we explore the historic performance of the global equity market after large bouts of volatility, and the investment implications for equity and fixed income investors amid the US tariff turmoil.

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2026-04-30
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Four investment perspectives on Trump’s first 100 days

Four of our experts across fixed income and equity share their asset-class level insights on the first 100 days of the current Trump administration and analyze the implications for investors.

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2026-04-30
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Quarterly Market Review — 1Q25

An update on equity, fixed income, currency, and commodity markets.

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2026-04-30
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Fiscal versus tariffs: what wins out for Europe?

Just as investors were starting to explore the potential for growth in Europe, Trump’s tariffs landed. To what extent is the case for Europe still intact?

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2026-04-30
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How China can offset the tariff shock

Macro Strategist Johnny Yu details the approaches Beijing could take to offset the tariff shock, from fiscal strategies to potential retaliatory measures to concessions that Washington may welcome.

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2026-04-15
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Flexibility with focus: how to position fixed income for volatility

Portfolio Manager Martin Harvey and Investment Director Marco Giordano explore how a focused use of flexibility can help position fixed income portfolios for volatility.

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2026-04-30
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Sacrificing stocks on the altar of trade

Brij Khurana discusses the Trump administration's new stance on trade and its impact on the US economy, global markets and asset prices.

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2026-04-30
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Early thoughts on historic hike in US tariffs

Macro Strategist Michael Medeiros explores the significant economic and market implications of the latest US tariffs, highlighting potential recession and inflation spikes, and the impact on global trade relations.

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2026-05-31
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What do tariffs mean for portfolios?

Tariffs exceeded market expectations. Now what? Expect short-term volatility, identify concentrations and consider using sell-offs as an entry point to diversify across regions and styles, says Nanette Abuhoff Jacobson, Global Investment and Multi-Asset Strategist.

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2026-05-31
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Private market update

Check out our collection of videos on the state of the venture capital and private credit markets, featuring leaders from across our private investing platform.

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2026-04-30
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Could “Liberation Day” trigger a shift in capital flows?

John Butler discusses groundbreaking US tariffs, their impact on capital flows, and the changing investor perception of the US and Europe.

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2026-05-31
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When will capital come back to private equity?

Head of Multi-Asset Strategy Adam Berger and Head of Late-Stage Growth Matt Witheiler consider the state of the private equity market, including liquidity challenges, the effects of higher interest rates, late-stage opportunities, and the impact of AI.

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2026-03-31
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Oh baby, baby, it’s a wild world

Just one quarter into the year, many policy and economic assumptions have been turned on their head. What does it all mean for equity, bond, and commodity markets around the world? Members of our Investment Strategy & Solutions Group offer their outlook.

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2026-03-31
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Finding fixed income opportunity in unprecedented times

Brian Garvey and Brij Khurana highlight the importance of diversified fixed income portfolios in managing volatility and seizing opportunities amid economic uncertainty.

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2026-04-30
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Time to diversify your diversifiers with hedge funds?

Christopher Perret highlights potential benefits of adding uncorrelated strategies, such as hedge funds, to portfolios to navigate turbulent markets.

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2026-04-30
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The changing face of Europe: regime change gathers pace

Macro Strategist Nicolas Wylenzek explores the drivers of Europe’s accelerating regime change and its impact on European equity markets and potential areas of opportunity.

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2026-03-31
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Allocating to fixed income in an age of austerity

Amar Reganti and Adam Norman explore how flexible fixed income strategies may offer stability and yield in a volatile market environment.

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2026-04-30
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Private credit: Public/private convergence

Our private credit experts explore the convergence of public and private markets, highlighting key areas of opportunity in private credit 2.0.

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2026-03-31
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Late-stage growth investing: Deployment, valuations, and exits

Matt Witheiler, head of late-stage growth, outlines the state of the late-stage private market, discussing deployments, valuations, and exits.

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2026-03-31
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Shrinking the government footprint: Medicaid cuts and America’s economic health

Macro Strategist Juhi Dhawan looks at what changes to the mammoth US Medicaid program could mean for economic growth, employment, inflation, and financial markets.

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2026-03-31
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FOMC meeting: Misery loves company

Fixed Income Portfolio Manager Jeremy Forster explores the Fed's decision to hold rates, downgraded economic forecasts, and the implications of balance-sheet policy changes on inflation and market conditions.

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2026-03-31
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Shrinking the government footprint: Deregulation and the US economy

Macro Strategist Juhi Dhawan shares her view on the economic effects of the Trump administration’s efforts to slash red tape, including the impact on growth and inflation, as well as some of the potential drawbacks of this approach.

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2026-03-31
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CLO equity returns in a tight spread environment

Our CLO experts discuss CLO equity investing in today's tight spread environment, focusing on arbitrage, optionality, and income potential.

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2026-02-28
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The US equity rotation: Where have all the good vibes gone?

After riding into 2025 on a wave of post-election euphoria, the US stock market has struggled to find its footing so far this year. Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson looks at what’s changed in the markets and what it might mean for investors.

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2026-03-31
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Private climate investing in 2025

Greg Wasserman, head of private climate investing, explores the nuanced impact of the Trump administration on climate venture capital, discussing the Inflation Reduction Act, automation, and climate adaptation opportunities.

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2026-02-28
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Private biotech investing in 2025

Nilesh Kumar, head of biotech private investing, shares his outlook for 2025, weighing headline risk against biotech venture capital's potential tailwinds.

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2026-02-28
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Late-stage growth investing in 2025

How could Trump 2.0 impact late-stage private companies? Matt Witheiler, head of late-stage growth, explores the potential impact of inflation and tariffs on the late-stage market in 2025.

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2026-02-28
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Venture capital in 2025: Deployment and valuations

How are valuation and deployment trends shaping today’s opportunities in venture capital? Our VC experts explore the current state of the market and their expectations for 2025.

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2026-02-28
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Early-stage venture in 2025

Jackson Cummings, head of Wellington Access Ventures, explores the potential impacts of Trump 2.0 on early-stage venture, highlighting deregulation, fintech opportunities, AI-driven manufacturing innovations, and more.

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2026-02-28
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No more free lunch: Impact of higher interest rates on private equity

We explain what the direct and indirect rate exposure of buyouts, venture capital, growth equity, secondaries, and fund-of-funds mean for investors.

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2026-02-28
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A pivotal election result for Germany and Europe

Macro Strategists Eoin O’Callaghan and Nicolas Wylenzek share their initial observations on what the pivotal Federal election results in Germany could mean for investors.

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2026-02-28
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Monthly Market Review — January 2025

A monthly update on equity, fixed income, currency, and commodity markets.

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2026-02-28
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Chart in Focus: Can quality hedge against inflation?

Can Quality hedge against inflation? In this latest edition of Chart in Focus, we explore the historic outperformance of high-quality stocks and bonds during periods of high inflation, perhaps offering lessons should inflation surprise to the upside in 2025.

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2026-02-28
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US debt dynamics: Is there a path to sustainability?

How worried should investors be about US debt sustainability? Macro Strategist Michael Medeiros discusses the implications of soaring US federal budget deficits and the likely bond market response.

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2026-02-28
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Time for credit selection to shine

Fixed income investors continue to seek answers to an era of volatile rates. Large, static exposures to credit markets no longer cut it. Instead, a nimble and dynamic approach is more likely to create resilient and consistent total return outcomes.

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2026-02-28
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Convertible bonds: Attractive total return potential in a compressed fixed income landscape

Fixed Income Portfolio Manager Michael Barry details his optimism for convertible bonds in 2025, focusing on their attractive yields, equity upside potential, and exposure to growth-oriented sectors like technology and healthcare.

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2026-02-28
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Private credit roundtable: Outlook in 2025

Our private credit experts explore the potential effects of Trump 2.0 policies — like tariffs and deregulation — on the asset class in 2025. In addition, they dive into the impact of higher-for-longer interest rates, the broadening of private credit markets, and much more.

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2026-02-28
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Sitting in the slack tide of US fiscal stimulus

Portfolio Manager Connor Fitzgerald profiles the risks of the Trump administration's policies around spending cut, tariffs, and immigration, and analyzes potential effects on US growth.

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2026-02-28
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The US immigration crackdown: Weighing the economic implications

As the details of new US immigration policies come into focus, Macro Strategist Juhi Dhawan considers the risks they may pose for the labor market and the broader economy.

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2026-02-28
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Geopolitics in 2025: Risks, opportunities, and deepening uncertainties

Geopolitical Strategist Thomas Mucha outlines his structural, policy, and geopolitical outlook for the year.

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2026-02-28
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Fed in holding pattern

Fixed Income Portfolio Manager Jeremy Forster unpacks the US Federal Reserve's decision to pause its interest-rate-cutting cycle.

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2026-02-28
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Emerging markets under Trump 2.0: expect the unexpected

Portfolio Manager Dáire Dunne and Investment Director Irmak Surenkok discuss what Trump 2.0 entails for emerging markets investors and what useful lessons they can learn from his first term.

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2026-01-31
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Venture capital roundtable: 2025 outlook

In this roundtable, we explore the short- and longer-term implications of Trump 2.0, share our views on the IPO and M&A environments, and dive into the potential impact of tariffs, labor scarcity, and a higher-for-longer interest-rate environment.

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Private market perspectives

Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG  teams.  

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2026-01-28
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Europe amid regime change: where next for European equities?

Is pessimism on Europe overdone? Macro Strategist Nicolas Wylenzek discusses why he believes Europe is in the middle of a regime change with significant opportunities for active equity investors.

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2026-02-28
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What an “America first” foreign policy may mean for markets

Fixed Income Portfolio Manager Brij Khurana explores the potential market impacts of President Trump's "America first" foreign policy. From regional hegemony to global economic dominance to tariffs applied for strategic geopolitical gain, discover how these shifts could affect investors.

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2026-01-31
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Quarterly Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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2026-01-31
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Monthly Market Review — November 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-12-31
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Monthly Market Review — December 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2026-01-31
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Picture this: Economic forecast in 6 charts

We offer our 2025 economic and market forecasts across the capital markets in 6 charts.

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2025-07-15
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Balancing bumps in the road and big-picture thinking in 2025

How can investors position portfolios for bumps in the road without losing sight of longer-term opportunities?

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2025-12-31
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Top 5 fixed income ideas for 2025

Fixed Income Strategist Amar Reganti and Investment Communications Manager Adam Norman outline which five areas of fixed income may be best positioned in 2025.

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2026-02-28
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The allocator’s checklist for 2025 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.

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2026-01-30
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Executive Summary 2025: Finding opportunity amid uncertainty

In this article, we summarize some of the key findings from our 2025 outlooks, from divergence-driven opportunities to the impacts of AI and beyond.

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2026-06-06
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Three performance drivers could help hedge funds rev up returns

Alex King and Adam Berger, members of our Investment Strategy & Solutions Group, explain why we're at a turning point for economic and market conditions that could benefit hedge funds and make them a potentially valuable addition to a multi-asset portfolio.

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2025-12-31
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Scaling opportunities in a new economic era

Explore our latest views on risks and opportunities across the global capital markets.

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2026-01-31
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Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

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2025-12-31
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Fed delivers rate cut, but hawkish 2025 guidance sends yields up

Fixed Income Analyst Caroline Casavant examines the outcome of the December 18 Federal Open Market Committee meeting and the implications for rates, inflation, and real growth.

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2025-06-30
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Concentrated markets: Implications for active management, manager research, and multi-manager capital allocation

Members of our Fundamental Factor Team share research insights on the portfolio impact of benchmark concentration and highlight tools that may help, including extension strategies, passive-share analysis, and index-completion approaches.

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2025-12-31
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A guide to investing in the age of anxiety

There's a long list of issues worrying asset owners, from geopolitical risk to high valuations. To help, Head of Multi-Asset Strategy Adam Berger offers coping tips for an uncomfortable investment backdrop and a world where investing rules of thumb may be broken.

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2025-12-01
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Going their separate ways: Capitalizing on bond divergence

Our fixed income experts discuss how to position portfolios for a world of uncertainty and divergence, exploring key themes and evolving bond opportunities for 2025.

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2025-12-31
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Equity Market Outlook

In our Equity Market Outlook, we offer a range of fundamental, factor, and sector insights.

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2025-12-31
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Trump 2.0: Time to curb your enthusiasm? 

How does an allocator navigate markets when so much about the policy landscape is unknown? Our Investment Strategy & Solutions Group offers their views on the new political realities in the US and their global implications, including for equities, bonds, and commodities.

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Bond Market Outlook

Our fixed income experts assess how to capitalize on market volatility with a flexible and dynamic approach that leverages diverse high-yielding opportunities and manages risks carefully.

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2025-12-31
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Time to get active? 5 equity investment ideas for 2025

As we head into 2025, growth seems poised to accelerate, especially in the US. Equity Strategist Andrew Heiskell and Macro Strategist Nicolas Wylenzek see five themes that may create opportunity across global equity markets.

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The credit cycle has been extended — but what’s next?

Credit experts Derek Hynes, Joe Ramos and Will Prentis discuss why they believe the current credit cycle still has legs and explore likely implications for credit portfolios in 2025.

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Venture capital outlook for 2025: 5 key trends

Our venture capital experts are encouraged by the healthier environment for venture capital in 2025. In this year's outlook, they explore key themes for the year ahead, including: higher deployment, AI, rebounding IPOs, and impacts of the 2024 election.

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Private credit outlook for 2025: 5 key trends

Our private credit experts, Emily Bannister and Sonali Wilson, highlight five critical trends for 2025: the convergence of public and private markets, AI's impact on private credit, the evolving role of banks in lending markets, the impact of higher interest rates, and the importance of financial covenants.

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What's current in credit: November 2024

Connor Fitzgerald explores the impact of President Trump’s US election victory on credit markets. Where are the opportunities and risks for credit investors now?

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Is your portfolio keeping pace with the changed outlook?

It's been an uncertain few years for investors, but looking ahead, we believe investors can expect a resilient economy, a solid outlook for growth and a positive environment for risk assets. What does a changed outlook mean for investors?

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Don’t let recency bias get in the way of good investment ideas

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, offers ideas to help insurers avoid being anchored to recent events and build portfolio resilience, from locking in higher yields to taking a more dynamic approach with surplus assets.

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Global Economic Outlook

Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.

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2025-11-30
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Monthly Market Review — October 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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Listening to voters’ economic concerns should mean less fiscal spending

Fixed Income Portfolio Manager Brij Khurana explains the likely economic and market impacts of Trump administration policies, including potential winners and losers from drastic fiscal spending cuts.

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2025-11-30
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Navigating uncertain policy shifts

Macro Strategist Juhi Dhawan explains why investors should prepare for heightened volatility in 2025, due to significant policy changes under President-elect Trump that will impact inflation, trade, and economic growth.

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The year of uncertainty: 5 macro themes to watch in 2025

Macro Strategists John Butler and Eoin O’Callaghan outline five macro themes for investors to watch in 2025 in a year they see defined by exceptional uncertainty and an extraordinary macroeconomic backdrop.

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Chart in Focus: Is the “Trump trade” real?

Is this "Trump trade" real?In this latest edition of Chart in Focus, we compare market's reactions to Trump's re-election and his 2016 election, and share our observations.

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Markets in 2025: asleep at the wheel or in the driving seat?

Watch the conversation with Head of Macro Strategy John Butler as he discusses recent macro events and potential 2025 market outcomes for investors.

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“Goldilocks” and the three drivers of hedge fund outperformance

Members of our Investment Strategy & Solutions Group explain why shifting economic conditions may bode well for hedge funds broadly but also see reasons that manager selection may be more important than ever.

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Time for bond investors to take the wheel?

Volatility makes bond investing less straightforward, but it can also create opportunities, provided investors are in a position to "take the wheel" in order to capitalise on them.

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Fed stays its course while acknowledging brewing winds of change

Our expert examines the underlying data which drove the Fed to stay its rate-cutting course.

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2025-11-30
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Chart in Focus: Can this equity bull market last?

Can this current equity bull market last? In this latest edition of Chart in Focus, we focus on the indicators of whether it may come to an end or keep running.

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What do declining European earnings mean for ECB policy?

European companies have been unexpectedly resilient over the last couple of years. However, the outlook for European earnings could be more challenging than headline numbers suggest. What could this mean for investors?

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Trump 2.0: US election market impacts

In the wake of the US election, macro strategists Juhi Dhawan and Michael Medeiros join host Thomas Mucha to discuss the market, policy, and geopolitical implications of Trump 2.0.

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It’s different this time: Trump faces challenging geopolitical dynamics

Our expert explores how Trump may approach the heightened geopolitical challenges his second administration faces.

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Trump win likely to accelerate macro trends already in motion

The US election results could have significant implications for the global economy and markets. To help you understand these changes, US Macro Strategist Mike Medeiros provides a thorough analysis and discusses the potential market impacts.

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2025-11-30
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What do the US election results mean for investors?

The US election results could have significant implications for the global economy and capital markets. Our panel of experts provides a thorough analysis of what happened and explores potential market impacts.

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Pre-election ideas for investors: Lean into what you know (not what you don’t)

Our expert offers investable ideas based on known macro and market conditions, rather than speculation.

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2025-10-31
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Quarterly Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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2026-10-31
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Monthly Market Review — September 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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What is “the economic cycle,” anyway?

See why the relationship between asset prices and the economic cycle is more complex than you might think, why a US recession is unlikely, and what a more dovish Fed could mean for the US and global markets.

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2025-10-31
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Take it “ease”-y

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he thinks insurers should consider locking in current yields and sticking with global equity exposure.

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2025-10-31
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US election special: which investment themes win at the polls?

The upcoming US election could be one of the most momentous in recent history. How could the result affect different investment themes? Our thematic team investigate the potential implications for investors.

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Unearthing the unseen in geopolitics

Unearthing the unseen in geopolitics. Watch Geopolitical Strategist Thomas Mucha delve into the investment impact of structural geopolitical shifts and share his latest take on the upcoming US election.

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Can central bank independence survive?

Can central bank independence survive? Macro Strategist John Butler discusses the challenges faced by central banks in an increasingly fraught political environment and how investors should adjust.

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2025-09-30
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Sahm rules are meant to be broken

Fed easing is finally here and fundamentals remain favorable. But what about that election? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.

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What’s next after Iran’s missile attack on Israel?

Geopolitical Strategist Thomas Mucha shares his analysis of the latest escalation in the Middle East conflict, including his thoughts on a wider regional war and the market implications.

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2025-10-02
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Chart in Focus: What does the rate cut mean for equities and bonds?

Are rate cuts positive? On the heels of the much-anticipated initial Fed cut, in this article we look to historic precedent for where the markets could go in the coming months.

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An active investor’s guide to growth equities

Our experts offer their view on the current economic environment, explore best practices for investing in high-quality growth equities, and highlight where they see opportunity now.

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Chart in Focus: The need to differentiate market growth from macro growth

Macro growth and earnings growth have been misaligned for the last 15 years, particularly in the US and China, but in opposite directions. For equity investors, what would be the key to identify real growth?

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Monthly Market Review — August 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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Rate relief: Fed cuts half point, but says “economy is strong” 

Our expert explains the Fed's bold rate cut and some key takeaways for investors.

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The real issue on rate cuts? Keep your eyes on the dot (plot)

Keep your eyes on the Fed's 2025 dot plot. The real story is where policy rates are headed, not just the next rate cut.

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The US elections through the eyes of a European investor

Supriya Menon, Head of Multi-Asset Strategy – EMEA, explores what potentially material implications upcoming US elections could have for European investors and identifies key areas to monitor closely.

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When public and private markets converge

Wellington President Steve Klar discusses the evolution of the public and private markets and what it means for asset owners as they seek to tap into the growth potential of private companies and be more nimble in their investment approach.

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What the yen carry trade unwind could mean for markets and the Fed

Brij Khurana explains why market participants are likely underestimating how foreign ownership of US assets could constrain the pace and magnitude of the Fed’s cutting cycle.

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Picture this: Our forecast in 7 charts

What should investors expect for the remainder of 2024? View a visual summary of our Investment Outlook in seven compelling charts.

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Four investment perspectives amid a pivotal US election

How can investors reposition portfolios for a pivotal but highly unpredictable US elections? Nick Samouilhan explores potential avenues in conversation with three leading portfolio managers.

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The investment implications of Europe’s ageing workforce

What are the investment implications of Europe’s ageing workforce? Macro Strategist Nicolas Wylenzek explores the drivers of this accelerating demographic shift, Europe’s likely response and the opportunities it creates for investors.

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Time to capitalise on the evolving role of bonds?

We outline why we think the new economic era is elevating the role of bonds as a source of attractive and stable income, downside protection and portfolio diversification.

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CLO equity insights: Private credit

Explore how the convergence of public and private markets is impacting CLO equity, including the unexpected benefit it has driven in recent years.

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2025-08-31
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Monthly Market Review — July 2024

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Harris vs Trump: The foreign policy and investment implications

Our expert examines expected Harris and Trump foreign policies and their potential impact on the investment landscape.

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2025-02-28
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Walking a mile in Fed Chair Powell’s shoes

A slow roll on rate cuts by the Fed could frustrate markets and lead to more volatility ahead of the September FOMC meeting. See our take on what to expect for the next few weeks.

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Massive market sell-off: Justified or an overreaction?

What's behind the global market meltdown, and what should investors consider doing?  Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson shares her views.

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Still waiting…Fed wants more data before cutting policy rates

Our expert dives into Fed policy following the July FMOC meeting.

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Office to multifamily conversions: Implications for CMBS investors

Our experts explore the emerging trend in some US cities of converting office space into multi-family units and its implications for bond investors.

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Global macro strategies: Multi-dimensional tools for an era of economic change

With the global economic environment creating potential opportunities for macro investors, we consider the heterogeneity of the global macro strategy universe, the case for combining different styles, and the choice between a single- and a multi-portfolio manager approach.

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Does the US election even matter? Thoughts on politics, Fed policy, and portfolios

What's next for interest rates and what impact will the US election have? Head of Multi-Asset Strategy Adam Berger and Macro Strategist Mike Medeiros share their outlook and discuss the asset allocation implications.

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Chart in Focus: Four key areas of opportunities in bonds amid Fed uncertainty

We discuss four key areas of opportunities in fixed income amid Fed uncertainty in the second half of the year.

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Are US election probabilities now a critical driver of bond yields?

Our expert argues that the US election remains a critical catalyst for the bond market given the contrast between both parties as it relates to supply side policies such as trade and immigration, and to policy differences around taxation and regulation.

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The AI effect: Time to rethink your technology exposure?

Will AI fulfill the market's high expectations? Will it continue to drive market concentration? Head of Multi-Asset Strategy Adam Berger and Global Industry Analyst Brian Barbetta, co-head of our Technology team, discuss the outlook and the asset allocation implications.

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Financial Market Review

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European elections: all change for equity investors?

Macro Strategist Nicolas Wylenzek discusses how the elections for the European Parliament could herald significant change, with major implications for European equity investors.

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Monthly Market Snapshot — June 2024

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Come on in, the water’s fine! Ready for a surplus summer

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he continues to see reserve fixed income as the sweet spot for insurers and why there may be upside for equities.

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Chart in Focus: Broadening earnings growth signals healthy US equity market

Over the past year, the markets have seen the companies best poised to harness and benefit from new innovations within artificial intelligence rewarded accordingly.  Can this signal more upside for the entire US equity market?

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Breaking concentration: big picture thinking with small-cap equities

How to overcome the risks associated with today's concentrated market? Investment Director John Mullins explores why small-cap equities could be part of the answer.

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Surprise French election result: what does it mean for investors?

Macro Strategist Nick Wylenzek and Investment Director Thomas Kramer discuss the surprise French election and its implications for European equities.

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Ok, Boomer: How US generational wealth distribution could upend the economy and markets

Fixed Income Portfolio Manager Brij Khurana discusses the implications of US Baby Boomers' wealth concentration in the event of a market decline.

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Disappearing unicorns: The importance of capital efficiency in a higher-for-longer rate environment

Members of our late-state growth equity team share their views on the impact of interest rates on venture capital activity — including the ability of companies to reach “unicorns” status.

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All-time highs and CPIs: What comes next?

Global fundamentals have kept markets content so far this year, but will politics sour the mood? Members of our Investment Strategy & Solutions Group offer their views on the second half of 2024, including on equities, bonds, and commodities.

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Divergence isn’t just about central bank policy

Divergence has implications for investors —and central bank divergence is only one of five ways to think about it.

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Capitalizing on rate shifts: Parsing opportunities in the second half

Fixed Income Portfolio Manager Campe Goodman and Fixed Income Strategist Amar Reganti discuss how to capitalize on potential rate shifts in the second half of the year

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Investing in “3D”: Forces shaping alternatives opportunities in 2024

Multi-Asset Strategists Adam Berger and Nick Samouilhan offer six ideas from the hedge fund and liquid alternatives investment space, from global macro to multi-strategy approaches.

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When the Fed sneezes, the ECB… cuts rates regardless?

Since the late 1990s, when the US cycle turned, the rest of the world generally followed, with a lag. However, the new economic era is likely to result in greater cyclical divergence between countries and the need for different central bank responses. How should investors think about the age of economic divergence?

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Currency interventions — here to stay?

Marco Giordano and Danielle Wei discuss the growing risk of large-scale currency interventions and what investors can do to prepare for the associated risks and opportunities.

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June FOMC meeting: May disinflation is welcome, but is not enough for a rate cut

Fixed Income Analyst Caroline Casavant discusses what June's FOMC meeting tells us about the US Federal Reserve’s latest thinking on interest-rate cuts.

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Has the European credit cycle been extended?

2024 has kept fixed income investors busy. Yet, despite lingering inflation and rate volatility, European credit markets have remained strong. Are we looking at an extended credit cycle? And if so, what does this mean for investors?

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Governments have been slow to reduce their fiscal deficits — it could cost them

Our expert explores the investment implications of continued excessive deficit spending by G7 countries.

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Battle for the supply side of the economy: US election implications

Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy. 

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Thriving or surviving? The state of the US consumer and the economic implications

Macro Strategist Juhi Dhawan examines the condition of the all-important consumer, including the outlook for spending, the effects of inflation and prevailing interest rates, and the consequences for the overall economy.

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The revenge of the monetarists

Fixed Income Portfolio Manager Brij Khurana makes the case for a monetarist explanation for moderating inflation.

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Monthly Market Snapshot — April 2024

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As India goes to the polls, is the case for Indian equities still compelling?

While current Prime Minister Narendra Modi is expected to secure a third term, a full-scale win is not a foregone conclusion. Against this backdrop and continued investor enthusiasm for Indian equities, Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks assess the macro case for India. Are higher valuations justified?

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Value stocks: Rules of thumb are meant to be broken

What will it take for value stocks to bounce back from a long period of underperformance? Members of our iStrat Team say that, conventional wisdom aside, it's not all about the economic cycle and offer their outlook for the next three to five years.

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Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

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New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

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With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

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What could change the trajectory of value stocks?

Head of Multi-Asset Strategy Adam Berger and Equity Portfolio Manager Nataliya Kofman discuss “resilient” value stocks, disruptive themes, and attractive sector- and country-level opportunities.

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Small-cap stocks: Watching for mean reversion, technology diffusion, and the next inflection point

Our experts discuss factors that could help small-cap stocks rebound and the search for winners in this inefficient segment of the market.

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Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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Powell back to waiting on inflation data

Our expert's key takeaways from the May FOMC meeting.

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Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

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The Fed’s lessons learned from its COVID response

Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.

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4 equity themes: Budding opportunities in small caps and more

Our expert highlights 4 areas where he sees opportunity in global equity markets.

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Japan equity: Reason to believe

Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.

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Iran/Israel conflict: What can we expect?

Our expert examines the recent attacks, the threat of escalation, and the dynamics at play in the region.

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Financial Market Review

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Monthly Market Snapshot — March 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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Biden 2.0: National security and investment themes

The geopolitical and investment implications of a potential second Biden term.

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A turning point for US small caps

Myth busting US small caps: why now could be a compelling entry point for the asset class.

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Risky business: Is now the time for surplus action?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.

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The immigration surge: Political challenge, economic blessing?

Macro Strategist Juhi Dhawan considers the impact of rising immigration, a top issue in this year's US elections, on growth, interest rates, and the labor market.

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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Nick Samouilhan thinks the case for income only gets stronger. How can investors make the most of the opportunities?

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Four questions for investors after Japan’s historic hike

With the Bank of Japan having finally moved out of negative rates, Macro Strategist John Butler identifies the four key questions he believes investors should focus on.

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Do fundamentals support a risk-on tilt?

Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities. 

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FOMC: Stable policy amid market volatility

The Fed is holding steady amid market turmoil. See our quick notes on the FOMC's March policy statement, forecasts, and the Fed chair's press conference. 

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Agency MBS key questions for 2024

Is there room for mortgage spreads to tighten further? Brian Conroy and Joseph Marvan examine this and seven other questions that will be significant for the agency MBS market in 2024.

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Key factors to monitor in European equities

Macro Strategist Nicolas Wylenzek assesses the longer-term prospects of European equity markets through the prism of five key factors.

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Is there opportunity for high yield in today’s new economic era?

Is there opportunity for high yield in today’s new economic era? Portfolio Manager Konstantin Leidman explores.

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No bulls in the China shop?

John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.

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The Trump/Biden rematch: Market implications of unprecedented policy divergence 

Macro Strategist Juhi Dhawan discusses six key areas of policy debate in this year's US election that she expects will matter most to markets, from the tax and spending plans to trade and geopolitics.

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Is the US economy really that different since COVID?

US economists have been touting the resilience of the post-COVID economic rebound. Brij Khurana dissects several key economic indicators to see what's really changed since 2019. 

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2025-03-31
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Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities? 

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2025-03-31
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Adopt a new vantage point for diversifying your portfolio

Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.

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2025-01-31
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How to nurture a growth mindset in a higher-yielding landscape

In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.

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2025-03-31
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5 reasons to be active in fixed income

Actively managed fixed income portfolios have several distinct advantages over passive approaches.

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2025-02-28
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Facing the inflation dilemma head on

Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?

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2025-02-23
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Managing currency exposure in multi-asset portfolios: how to weigh the trade-offs and impact

Nick Samouilhan, Head of Multi-Asset Strategy – APAC, evaluates the trade-offs of different currency hedging approaches and offers a novel framework for gauging their potential portfolio impact. 

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2026-02-28
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Monthly Market Snapshot — January 2024

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-02-28
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Too much focus on Fed, not enough on fiscal

Current US fiscal and monetary policy stances argue for risk taking in fixed income.

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2025-02-07
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Top 5 fixed income ideas for 2024

With central banks set to pivot to accommodative policy, and elevated yields still prevailing, we think fixed income offers compelling opportunities. Here we share our top five ideas.

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2025-02-28
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CLOs: 4 hot topics

Bank demand, net supply, the cycle for broadly syndicated loans, and loan fundamentals will be front and center for CLO investors in 2024.

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2025-02-28
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Thematic investing focus: security in a world of great-power competition

In an environment of accelerating great-power competition and geopolitical instability, policymakers may place a higher emphasis on security – even at the expense of economic efficiency. What could this mean for thematic investors?

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2025-02-28
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Trends and transformation distilled: Our 2024 outlook in brief

Our experts explore investment opportunities and risks for the year ahead.

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2025-02-28
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Top of Mind: The allocator’s checklist for 2024 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.

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2025-01-31
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Emerging markets debt: resilience in the face of adversity

Our expert discusses why she is positive on the outlook for emerging markets debt, even though growth will likely slow.

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2025-01-31
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Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

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2025-01-31
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Monthly Market Snapshot – December 2023

A monthly update on equity, fixed income, currency, and commodity markets.

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2025-01-31
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The shifting liquidity landscape: What’s at stake?

The beginning of the end could be in sight for the Federal Reserve’s quantitative tightening (QT) program. US Macro Strategist Juhi Dhawan considers the Fed's next steps and what they could mean for banks, liquidity, and markets broadly.

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2025-01-31
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Annual message from our CEO: At a crossroads

CEO Jean Hynes offers perspectives on the current macro and market environment, including the need to challenge long-held assumptions, prepare for persistent disruption, and consider the resulting investment opportunities and risks.

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2025-01-31
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Bizarro World: Could 2024 be the opposite of 2023?

Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.

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2025-01-17
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Why structural change in Germany may impact investors globally

Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.

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2025-01-31
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Fork in the road: Slowdown or reacceleration ahead?

Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities. 

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2026-01-31
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Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year. 

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2024-12-31
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Credit: Better opportunities to add risk on the horizon

Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.

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2024-12-31
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Rates: Tracking the trade-off between inflation and growth

In their 2024 rates outlook, Investment Directors Amar Reganti and Marco Giordano investigate the treacherous trade-off faced by central banks and what it means for bond investors.

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2024-12-31
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Learning to love (or live with) a late-cycle environment

Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.

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2024-12-31
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Look past the cycle: The surprising total return potential of natural resources and commodities

Portfolio manager Nick Petrucelli explains the cyclical, structural, and macro tailwinds behind this opportunity.

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2024-12-11
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2024 Insurance Outlook: Position portfolios for the unexpected

Tim Antonelli offers two critical ideas for insurers' 2024 investment planning: doubling down on diversification and rethinking risk, including geopolitical and default risk.

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2024-12-31
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The growing importance of supply chain transparency

Head of Sustainable Investment Wendy Cromwell explains why supply chains remain a key investment risk and details related research areas for our SI team in 2024.

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2024-12-31
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Sustainable Investment Outlook

Our head of Sustainable Investment shares key areas of focus for 2023, including climate change and biodiversity, modern slavery, data privacy, shareholder rights, and impact investing, 

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2024-12-31
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Private credit: Key market themes for the year ahead

In our annual private credit outlook, learn about three themes that have dominated headlines recently and may create opportunities for parts of the private credit market going forward.

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2024-12-31
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Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

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2024-12-31
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Should investors prepare for a rate hike in Japan?

Investment Directors Marco Giordano and Masahiko Loo discuss why a rate rise in Japan may occur sooner than markets expect.

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2024-12-04
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2024: A year of intensifying macro regime change?

John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.

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2024-11-30
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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.

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2024-09-07
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Is your asset allocation ready for the realities of climate change?

Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.

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2025-06-30
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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.

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2024-06-30
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