All Global articles – Page 4
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White papersGlobal Fixed Income: Themes to Watch in 2026
Tight spreads meet elevated all‑in yields as policy uncertainty, AI capex, and uneven growth set the stage. We see selective opportunities across High Yield, CLOs, IG Credit, and EM Debt—with 2026 shaping up as a year for rigorous credit picking.
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White papersDirect Lending: Views on the Year Ahead
Direct lending isn’t fading—it’s evolving. In this Q&A, Orla Walsh shares her insights on growth, competition, and what disciplined managers need to know as the market matures.
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White papersAssessing COP30: Progress and Retreat
With the events in Belém, Brazil now concluded—defined by on the ground tensions, strong indigenous voices, and the notable absence of a formal climate delegation from the world’s second largest carbon emitter—we step back and take stock of COP30.
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White papersHigh Yield and Leveraged Loans: Assessing AI’s Impact on a Risk-Return Continuum
The rapid adoption of artificial intelligence by businesses makes its impact a critical consideration in assessing the risk and return potential of lower-rated credits.
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White papersSub-IG Infra Debt: Exploring Risk Spectrum for Insurers
Infrastructure debt has moved beyond toll roads to sectors like data centers and battery storage. For insurers, sub-IG infra debt can offer stability, yield and capital efficiency and can help achieve both financial and strategic objectives in today’s market.
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White papersDemands of Real Economy Underpin Asset-Based Lending
In this piece, Jim Moore, Head of Private Placements and Asset-Based Finance, describe what’s driving current market dynamics and shed light on what the future holds for the asset class.
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White papersAbove and below the radar: Five themes for 2026
The outlook for growth, inflation and rates remains unsettled, but compelling opportunities exist. From U.S. large caps and private credit continuing their momentum, to potential turnarounds in municipals, real estate and private equity. Discover five investment themes to watch in 2026, including less-discovered areas like alternative credit markets and second-derivative AI plays.
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White papersNTR Achieves Top Scores in the 2025 UN PRI Assessment
NTR is pleased to announce that the 2025 UN Principles for Responsible Investment (PRI) assessment results have been released, with the company achieving a score of 100% across all evaluated categories.
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White papersCould Growth and Markets Fly?
Irrespective of whether the Federal Reserve cuts rates this week, we expect rates to fall, stimulating a reacceleration in the economy and supporting the prospects for risk assets.
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White papersEconomic outlook: Less uncertainty, healthy growth
If 2025 was the year that tariff-induced uncertainty upended the outlook for the global economy, 2026 could be the year that things come back into focus.
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White papersHedge funds: The Red Thread – Alternatives, Edition 2025/26
Despite recent data pointing to stagnating US labor demand and political impasses about elevated fiscal spending on both sides of the Atlantic, equity markets continue to march higher, while credit spreads remain firmly at historical lows. With most central banks appearing more dovish and with fiscal support well into 2026, recession odds seem muted.
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White papersPrivate credit: The Red Thread – Alternatives, Edition 2025/26
Despite the sensational headlines, the fundamental outlook for the corporate direct lending strategy remains stable. Company earnings have generally been positive, as the borrower universe has shown high single-digit EBITDA growth alongside stable, healthy margins. Furthermore, as we peel back the onion, the credit profile of the underlying borrowers has also remained strong.
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White papersPrivate equity: The Red Thread – Alternatives, Edition 2025/26
Heading into year-end, private equity investors have significantly more policy clarity than in H1 and it is mostly good news. A rocky tariff rollout in the US has created some winners (companies with limited exports, primarily home-country exposure and services) and losers, but increased clarity has undeniably helped markets.
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White papersPension Funds Letter 25 - Dynamic thinking - A playbook for pension resilience
Endurance has been a watchword for markets in 2025. As we shift to a multipolar world, this new regime is being driven by innovation and defined by, what we are naming, “controlled disorder”. Despite repeated shocks, the tech-led transformation, fiscal stimulus and industrial policy are sustaining economic activity. New winners are emerging. As we advance across this unfamiliar territory, diversification and selectivity remain the most effective defense.
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White papersDynamic asset allocation on the rise as pension plans face an era of controlled disorder
The new regime might well witness fiscal dominance, rising inflation, trade tensions and pronounced volatility.
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White papersWhy tokenise money market funds?
This document outlines what tokenisation is and how it can unlock new efficiencies for money market fund (MMF) investors.
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White papersGlobal real estate outlook – Edition 2025/26
The impact of tariffs is starting to feed through to US consumer prices, with the latest inflation print at 3.0% for September, up from 2.7% in July, but still below the 4.0% initially feared following the ‘liberation day’ announcements in April. We have yet to see the full impact of tariffs come through, with an expected one-off uptick in inflation, and there remains a constant threat of further changes to tariff levels.
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White papersStewardship 2026 Outlook:A systemic shift in a changing world?
The coming year will bring both challenges and opportunities. Artificial intelligence, the climate transition and the shifting sands of geopolitics will all play an outsize role but in 2026, investor stewardship will increasingly focus on systemic economic risks and opportunities alongside the financial performance of individual investments. For universal owners – those widely invested in the economy with long-term horizons – absolute returns will matter and not just relative performance. This means stewardship needs to extend beyond corporate engagement to include active participation in shaping policy and market best practices that create environments for companies to grasp opportunities sustainably and grow profitably.
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White papersGlobal Investment Views - December 2025
The year is drawing to a close with most risk assets in positive territory, and global stocks and metal prices seeing multiple highs. Even the longest US government shutdown in history didn’t curb market enthusiasm. We think markets have been looking through the weakness in the belief that monetary and fiscal policy levers will be available for support, that profitability of AI investments is almost a given, and that corporate earnings will continue to exceed expectations, following a strong results season in the US, somewhat less so in Europe. The tariffs’ impact on consumption is also largely being ignored.
