All Developed Market articles
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White papersHave Rate Hikes Tipped the Scales Toward Value Equities?
In the AI-led markets of recent years, companies with distant profit potential have been favored. But higher interest rates could change the equation and create a new advantage for value stocks, whose businesses tend to have more visible cash flows in the shorter term.
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White papersEquity Outlook: AI, Higher Rates Raise the Bar for Diversification
Global equities advanced in the third quarter as market returns broadened away from technology. But AI’s disruptive impact is spreading across sectors and industries—transforming the very nature of investment diversification.
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White papersCruising Altitude: Growth-Focused Governance Reform May Propel Japanese Equities to New Heights
Japan’s equity market appears to be entering the next phase of a two-decade structural transformation: Like a jumbo jet heading toward cruising altitude, we believe that ongoing growth-oriented governance and capital-management reforms may encourage…
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White papersChips and Frack: How the AI Boom Rhymes with the US Shale Cycle
Few investors would naturally put artificial intelligence data centers and US shale oil in the same frame. One is built on advanced semiconductors and software; the other on rock, steel and drilling rigs. But the economic pattern is familiar. A breakthrough changes what is possible, demand outruns supply, attractive profit pools emerge and capital floods in. Then capacity expands, costs fall and competition tests which businesses have durable advantages.
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White papersEurope: Forging its own way
The number of challenges facing Europe only seems to grow. The Middle East conflict highlights Europe’s continued dependency on fossil fuel imports from the region, while the pace of its drive to expand renewable energy use has slackened.
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White papersOld ideas, new applications: the evolution of index and rules-based investing
In this article we explain how ideas with roots in the 1970s – from factor investing to the foundations of UBS HOLT – are being applied to modern index and rules-based strategies through new data, research and portfolio construction techniques.
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White papersBeyond Developed and Emerging
Country classifications are often presented as labels attached to markets. In practice, they are de facto allocation decisions. They determine which countries enter a mandate, where risk is reported and how capital is allocated amongst developed and emerging markets.
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White papersTechnology outlook: Balancing rapid growth with long-term valuations
Technological innovations are disrupting virtually every part of the global economy – from consumption, financial transactions, manufacturing, energy and more.
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White papersFrom AI ecosystems to industrial strength: The case for US small caps
The period spanning the second half of 2025 and the first half of 2026 marked a watershed moment for smaller US companies, as they outperformed their larger counterparts by some margin – putting the asset class firmly back on the map for investors.
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White papersIs your core US equity allocation ready for what’s next?
US equities often sit at the heart of most investment portfolios, but the US market today looks very different from the one that rewarded passive investors for much of the past decade. Concentration has reached historic levels, and early signs suggest leadership is beginning to broaden. That shift could have real consequences for how investors implement their core US equity exposure.
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PodcastA New Growth Plane for Japanese Equities
Japanese equities have undergone one of the most significant re-ratings in the developed world — but the story is evolving. The early phase was about leaner balance sheets and better capital management.
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White papersGerman reforms: what do they mean for European equities?
The reform plus fiscal package is genuinely large and potentially a regime change, but not yet an unqualified “buy Germany/Europe” signal. The principal upside risk is a confidence-led private capex cycle. The key downside risk is implementation failures and higher bond yields, which could turn a productive investment programme into a less equity-friendly fiscal expansion.
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White papersGrowing hopes for an industrial renaissance in Germany
Although the German economy is still characterised by a weak recovery, sluggish productivity and persistent supply constraints, the combination of an extensive infrastructure and defence spending programme and a package of 34 structural reforms is improving the medium-term outlook. While the direct impact on growth in 2027 is likely to be limited, more significant gains are expected over time, provided the reforms are implemented effectively.
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White papersGrowing hopes for an industrial renaissance in Germany
Although the German economy is still characterised by a weak recovery, sluggish productivity and persistent supply constraints, the combination of an extensive infrastructure and defence spending programme and a package of 34 structural reforms is improving the medium-term outlook. While the direct impact on growth in 2027 is likely to be limited, more significant gains are expected over time, provided the reforms are implemented effectively.
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White papersMulti-Asset Investments Views: You spin me round
The re-escalation of Middle East hostilities has effectively buried the Memorandum of Understanding between the US and Iran.
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White papersFour charts that expose market concentration risk
Since ChatGPT launched in 2022, some AI-related stocks have soared to record highs despite elevated inflation, sweeping tariffs and war in the Middle East. A small group of companies now make up an outsized share of the US market, pushing concentration to levels not seen in decades.
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White papersAt AI’s Edge: Precision Hardware Is Moving From Data Centers To Devices
As the AI rollout shifts from training large language models in the cloud to orchestrating armies of agents on local devices, hardware makers are racing to upgrade their components to meet rising computational demand.
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White papersRotations are playing out
In US equities, recent weeks have shown that despite low market volatility, single stock volatility is rising, as investors increase scrutiny. Market expectations for the upcoming earnings season are high, leaving the market vulnerable to some fragility in case of disappointment.
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White papersEquity Outlook 3Q 2026: Broadening Earnings Growth Meets Elevated Volatility
We believe the market will continue to rally—driven by broadening earnings, not multiple expansion—though the grind higher may be bumpier as risk mounts.
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White papersA unique market moment and the case for active judgement
We are living through an extraordinary market environment. The level of concentration in many equity benchmarks has increased significantly.
