All Commentary articles
-
White papersArtificial intelligence and investing: it’s all about the data
Teaching machines how to “think” has been a tantalizing goal since the early days of computing, and recent advances in generative AI have brought us closer to achieving it. However, whether AI-generated “buy/sell/hold” signals can be used for investing is partly a question of whether the value outweighs the risk. One only needs to read a few passages of AI-written content to notice that it is a simulacrum.
-
White papersTopic Modeling with AI Tools
We present a robust topic modeling framework that mitigates overfitting while capturing the evolving nature of discourse. Our approach proposes a dynamic, temporal network-based model that adapts to emerging topics while maintaining semantic stability through alignment with predefined themes.
-
White papersNavigating market volatility amid US tariffs and policy uncertainty
Amid uncertainty in equities and credit markets, we remain focused on long-term investment fundamentals and building portfolios to weather the storm and deliver for clients.
-
White papersNavigating opportunities in a higher-for-longer market
Today’s landscape offers attractive income opportunities, with elevated real rates and resilient fundamentals supporting diversified sources like dividend equities, real assets, and high-quality bonds.
-
White papersThe diverse economic impacts of artificial intelligence
AI uptake by companies and households appears to have increased significantly in recent months. This is one of the factors that will determine whether AI will increase productivity gains significantly. As we will show in this section, a lot of new data and statistics have been published over the past quarters, and related knowledge has improved.
-
White papersCross Asset Investment Strategy - March 2025
Topic of the month: A step forward for Europe
-
White papersA step forward for Europe
From sluggish to strong: Germany poised to support Europe’s growth
-
White papersScenarios, risks and macroeconomic forecasts - March 2025
Main and alternative scenarios as of 20th February 2025
-
White papersSteering through the fog of policy uncertainty
Why a short-term economic soft patch should give way to a strong second half for markets.
-
White papersRethinking the Stock-Bond Correlation
The correlation between stocks and bonds has been a prominent topic of discussion over the past 5 years, particularly due to the resurgence of inflation risks. Many portfolio managers, who had long assumed that the stock-bond correlation was negative, were surprised when this relationship turned strongly positive in the aftermath of the COVID-19 crisis. This article examines the stock-bond correlation from both a theoretical and an empirical perspective.
-
White papersMonthly Market Viewpoint – Not so exceptional after all
Declines in US equities over the last month were primarily a function of disappointing economic data and a partial ‘Magnificent-7 unwind’ rather than tariffs. Lately, it has been self-reinforced panic selling, which we expect will be reversed. We remain optimistic on the medium-term outlook.
-
White papersFebruary CPI report: Not yet in the clear
The February CPI print was lower than expected, with the monthly increase in both headline and core CPI the smallest since late 2024, bringing annual numbers down to 2.8% and 3.1%, respectively. The inflation report will likely deliver a temporary reprieve for markets that have been recently focused on increased stagflation risks.
-
VideoGlobal growth prospects and opportunities in 2025
“One of the key things that we are expecting for 2025 is the announcement of tariffs–not just announcement but, actually, enforcement of those tariffs. The likelihood is that a number of tariffs for certain countries is going to be very, very significant.”
-
White papersWomen and Investment
Men and women differ in their investment decisions. In this article, we review the main differences in risk aversion, portfolio choices, venture capital investment, and socially responsible investing, as well as their causes: genetic and social factors, financial education, advice, etc. Gender differences raise important questions for public policy, particularly regarding women’s financial adequacy in retirement. Recent developments in Artificial Intelligence and the associated new financial services (fintechs and robo-advisors) can now offer promising tools to reduce inequalities.
-
White papersLocked ‘n’ loaded and ready to fire: first take on China’s National People’s Congress (NPC)
Premier Li Qiang kicked off the annual meetings of the National People’s Congress (NPC) with the government’s Work Report, marking the nation’s biggest political event of the year. Besides a busy calendar of political decision-making, the NPC is also closely watched by markets as Beijing sets the course for the economy and macro policies for the remainder of 2025.
-
White papersFebruary jobs report: A sanguine number… for now
The February jobs report showed a 151,000-worker increase in payrolls, broadly in line with consensus expectations, defying fears of significant cracks in the labor market. Yet, while the worst fears were not met, the report did confirm that the labor market is cooling. Furthermore, with no shortage of headwinds confronting the U.S. economy, including federal government layoffs, public spending cuts, and tariff uncertainty-related inertia, the softening trend will likely persist and potentially deepen in the coming months.
-
White papersForget the Magnificent 7: Meet China’s Terrific 10
China’s top tech firms are emerging as global contenders as President Xi Jinping aims to boost innovation and revitalize his country’s economy.
-
PodcastNVIDIA, DeepSeek and the Evolution of AI
As the world navigates the rapid advancements in artificial intelligence, markets are adjusting to the implications of groundbreaking innovations on growth, competition, and investments. But how are market assumptions about AI shaping investor sentiment? What unique challenges and opportunities do these developments present for the semiconductor industry? And where can investors uncover growth opportunities beyond AI amidst this disruption?
-
White papersGo against the tide, or with the flow? Exploring key themes and the market outlook for infrastructure investment
The macroeconomic backdrop for infrastructure is positive on most counts, including stronger than expected economic growth, above average inflation, and declining interest rates (albeit slowly). The denominator effect is behind us, after two years of strong public market performance.
-
White papersGlobal Investment Views - March 2025
In February, the markets have shown that love is in the air: despite new tariff announcements, inflation risks, and the DeepSeek shakeup, positive market sentiment continues to prevail.
