All Commentary articles – Page 13
-
White papersBond markets prove resilient amid systemic shifts
The U.S. economy has undergone major changes in 2025, including stimulative fiscal policy, tariff uncertainty, declining labor force growth and increased AI adoption. These systemic shifts create both opportunities and challenges, accompanied by significant uncertainty. Despite this fluid environment, fixed income markets have delivered strong performance across all major sectors, with many exceeding 6% year-to-date returns. Active management and diversified portfolios with moderate risk posture, emphasizing higher-yielding sectors, may help capitalize on historically attractive yields and emerging opportunities while navigating tremendous change.
-
White papersQuarterly Equities and Multi Asset Outlook – Q4 2025
The recent flurry of AI deals, creating increasing interdependencies among some of the world’s largest AI players, is bringing back memories of the dot.com bubble. The key question in investors’ minds is whether we are now facing an AI bubble. The second derivative of the same question is whether we have reached a peak in equity markets overall, after a remarkable run. In our opinion, as is often the case, the answer’s not straightforward.
-
White papersJapanese politics: Brinkmanship or break-up?
The Komeito Party’s announcement of its withdrawal from its 25-year coalition with the Liberal Democratic Party (LDP) has caused political uncertainty in Japan. Carl Vine, Co-Head of Asia Pacific Equities, explores historical precedents and considers the potential political and market implications of this split.
-
White papersCapital Market Assumptions
Why a new economic regime calls for a reassessment of risk and rewards
-
White papersThe rise of Green Loans in European real estate debt
While European real estate lending volumes have been relatively subdued in recent years due to a slowdown in transaction activity, green lending has emerged as a notable exception to this trend.
-
White papersWhat’s the Fed watching in CRE? (September Minutes Update)
U.S. commercial real estate remains under the Fed’s watch as delinquency rates rise in CMBS loans, but liquidity across CRE credit markets stays broadly stable, supported by disciplined lending and resilient fundamentals.
-
White papersAI In Investment Management: The Advancement Of Learning
At Amundi, we have previously explored NLP approaches but were disappointed by their instability - small changes in input words or word order often led to significant shifts in interpretation.
-
White papersFive forces that could stimulate the US economy
The US economy has demonstrated surprising resilience in the six months since President Trump unveiled a long list of tariffs against virtually every trading partner. In the aftermath of “Liberation Day,” fears of an imminent recession have eased as investors have started to envision a future without a tariff-induced trade war.
-
White papersAI, cloud computing see data markets mature
Principal Asset Management’s Matt Hackman and Sebastian Dooley see data centres emerge as in-demand asset as a matter of function and investment
-
White papersFrance after Lecornu: What’s next?
PM Lecornu’s resignation follows opposition from both left and right parties regarding the composition of his government, which was announced on Sunday evening. As was the case when the Bayrou government fell, President Macron now has two options
-
White papersISA Briefing: Intimidating everybody? Bond markets and the real estate outlook
The bond market is the crucible in which views on growth, inflation and risk combine to determine the interest rates that borrowers must pay, and the discount rates with which cash flows are valued.
-
White papersUnderstanding the capital structure of real estate
Real estate investment encompasses far more than simply purchasing properties. Behind most significant real estate ventures lies a carefully engineered capital structure sometimes referred to as a “capital stack”).
-
White papersThe impasse in the US Congress
The US government shut down on 1 October, following disagreements between Republicans and Democrats over healthcare-related spending. In particular, the Democrats are demanding an extension of the premium subsidies provided under the Affordable Care Act, which are due to expire by year-end.
-
White papersInvestment strategies for the new market cycle
Trends in the institutional real estate markets. The sentiment of institutional investors is improving. While recently mainly opportunistic and risk-taking players were active, the larger group of conservatively oriented and risk-averse institutional real estate investors is slowly returning to the markets.
-
White papersBeyond quartiles: The alpha reckoning in private markets
Can your fund manager really generate alpha, or just ride the market tide? For decades, private market investors have wrestled with a deceptively simple question, is my fund manager truly skilled, or just riding the wave of the market tide?
-
White papersEurope’s real estate renaissance
European real estate markets are finally stepping out from the shadow of their American counterparts, as the global investment landscape undergoes a fundamental transformation. For investors, this presents a compelling opportunity to reconsider European real estate strategies, particularly value-add approaches with the potential for superior returns in an increasingly favourable environment.
-
White papers‘Why Now?’ for Listed Infrastructure
Listed infrastructure has matured into a recognised core allocation for sophisticated investors. Once considered a niche alternative, it is now often viewed as an integral part of multi-asset portfolios, providing a unique blend of return, stability, and structural growth. Here we highlight why moderating macro pressures and enduring structural growth drivers reinforce the strategic role of the asset class now.
-
White papersBeyond the bounce: The lasting index effect
Why inclusion in the FTSE EPRA Nareit Indexes continues to reshape company performance and investor confidence 20 years on
-
White papersMid-market infra – complexity as a new differentiator
Mid-market infrastructure is expanding in scale and ambition, but so too is the complexity of the underlying businesses. Assets are more capital-intensive, interlinked and energy constrained, shaped by rising demand for essential services, evolving policies and technological advancements.
-
White papersOut of office? Not quite.
This summer I visited an office campus in Italy where the business philosophy had been put into daily practice. The gym was packed at lunch, classes spilled into the courtyards, and the canteen served wellness on tap. People looked like they wanted to be there. In the stale debate about the office’s fate, that is the only verdict that matters.
