All Commentary articles – Page 12
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White papersTaxable municipal bonds: room to run
Taxable municipal bonds returned 6.43% year-to-date through Q3 2025, marking the best start since 2020, with spread advantages over similarly rated corporates providing runway for additional gains despite slight underperformance. Strong fundamentals—tax revenues and reserves at all-time highs—combine with compelling entry points from year-to-date underperformance, seasonal upticks in new issuance creating buying opportunities, and widening performance gaps between credits that make disciplined security selection increasingly critical for active managers seeking optimal returns.
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White papersGlobal Investment Outlook Q4 2025: A world in flux
Global markets are navigating a complex landscape shaped by policy divergence, trade tensions, and the unwinding of US exceptionalism. While the US remains a leader in technology and innovation, its dominance in global capital flows is being tested by slowing growth, fiscal pressures, and overconcentration in mega-cap technology stocks. A softer US dollar and heightened policy uncertainty are prompting investors to rethink their approach to safety, diversification, and drivers of returns.
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White papersInvestment in action: European real estate debt
It’s our view that the current European real estate debt market presents a compelling opportunity for institutional investors.
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White papers2024-2025 Private equity impact report: Accelerating solutions for a world in transition
The world faces intertwined crises of escalating emissions, resource strain and growing inequality that amplifies vulnerability to climate change. Despite recent global market and regulatory shifts, a focus remains on backing growth-oriented, lower-middle market companies driving an inclusive transition to a low-carbon economy, with confidence in long-term fundamentals where impact initiatives align directly with performance rather than creating trade-offs. Our latest impact report highlights new investments across energy efficiency, resource optimization and circular economy solutions, enhanced ESG measurement and emissions tracking, industry partnerships, and portfolio case studies demonstrating growth and impact in action.
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White papersWeak UK economic outlook bolsters money market flows
Despite falling rates, flows into sterling-denominated money market assets have remained steady and hit record highs this year.
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White papersUnderstanding the modern electrical grid
The electricity grid is at the heart of the clean energy transition and is undergoing one of the most significant transformations in its history. Understanding the modern electrical grid is no easy task, but it is a necessary one, as the grid plays a critical role in economic growth, energy security and decarbonisation. Read our white paper which examines how the grid works, the impact of renewables, the evolution of grid technology and how investors can participate in its modernisation.
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White papersTariff fallout milder than feared, for now
In its latest World Economic Outlook, the IMF upgraded its 2025 global growth forecast to 3.2%. Global trade and financial conditions have proven resilient, helped by trade deals between the US and some of its trading partners. We believe the global trading system is bruised but not broken: roughly 70% of trade is flowing as before. An artificial intelligence–driven (AI) productivity upswing has also supported prospects for global growth.
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White papersInvesting in unstoppable trends
Early in my career as an equity analyst covering newspapers and the Internet, I learned a valuable lesson.
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White papersEquity Market Outlook 4Q 2025
In spite of concerns about AI-related valuations, we believe a strong economy—with monetary stimulus in the pipeline and still more to come—has set the stage for stronger equity performance in 2026.
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White papersAmerica First policies: What are the global implications?
Through its tariff policy, the US administration is attempting to correct fundamental trade imbalances with the rest of the world. The US has the largest current account deficit globally, while countries such as China, Germany, and Japan boast meaningful surpluses.
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White papersHow much could AI drive future productivity?
It goes without saying that the US has been a dominant force in the global economy. The structural foundations of its long-term economic growth included a winning combination of superior productivity, a culture of innovation and risk-taking, and a stable, predictable regulatory framework.
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White papersAn introduction to back leverage in real estate debt funds
Back leverage has become an increasingly common feature of real estate debt (or “RED”) fund strategies, enabling funds to expand their lending capacity, participate in a wider range of investment opportunities and drive enhanced returns for investors.
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White papersUnlocking the ‘missing middle’: Investing for growth and powering the energy transition
We share real-life examples of mid-market platforms in which we have invested – and that represent a key opportunity to capture the resilience and high-return potential of energy transition infrastructure.
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White papersIn conversation with Daniel Sachs
Daniel Sachs is an established figure within the Swedish investment community. For the last 20 years, Daniel has led P Capital Partners (PCP), a provider of private credit solutions to entrepreneurs and family-owned businesses. With M&G Investments recently acquiring a majority stake in this business, Daniel spoke with Simon Sharp about his business career and why he thinks the opportunities within non-sponsored private credit are only set to accelerate.
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White papersFrom electrons to photons: The next great compute transition
Computing has evolved through significant shifts in the medium and mechanisms of processing information, leading to transformative impacts on industries and economies. Carl Vine, Co-Head of Asia Pacific Equities, argues that another such change is happening now, with the use of photons. He explores what the transition from electrons to photons might mean for today’s dominant technology firms and who could win in the new photonics age.
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White papersHome away from home? Europe and APAC living sectors’ appeal amid US uncertainty
Amid economic fluctuations and fraying geopolitical ties, investors are reassessing their reliance on US assets. The unfolding ‘great rotation’ shifts attention toward Europe and Asia-Pacific, where the resilient residential or ‘living’ sectors within the real estate market present appealing returns in uncertain times. With secular tailwinds in housing supply and student mobility, Noura Tan asks, can these markets lead the way toward future growth?
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White papersEXPO REAL 2025
Dave White recently spoke with Commercial Real Estate Media Europe when attending EXPO REAL 2025 about several key factors shaping real estate debt markets right now.
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White papersU.S.-China trade tensions: From complacency to concern
From complacency to concern: Recent escalations in tariffs and export controls between the U.S. and China have jolted market complacency, bringing trade risk back into focus as a potential headwind for growth and tech-heavy portfolios.
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White papersCross Asset Investment Strategy - October 2025
Topic of the month - Gold beyond records
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White papersBuilding the future: Advances in AI infrastructure for autonomous agents
The evolution of AI infrastructure for autonomous agents is reminiscent of the transformative impact that Transmission Control Protocols (TCPs) and other foundational protocols had on the early internet. Just as TCP/IP provided the essential framework for reliable data transmission and communication across diverse networks, modern AI infrastructure is laying the groundwork for autonomous agents to operate seamlessly and efficiently in complex environments.
