All Multi-Asset articles
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PodcastSolving for 2025
Looking for insights on the key themes poised to shape the financial markets in the coming year? Hear from Anu Rajakumar, Erik Knutzen, Co-Chief Investment Officer of Multi-Asset, and Shannon Saccocia, Chief Investment Officer of Private Wealth, as they discuss pivotal macroeconomic and capital markets observations from our annual outlook, “Solving for 2025”, where they evaluate the forces that may shape portfolios in the coming year.
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White papersAll eyes on China
“While the change in China’s policy stance is a significant development, we believe the market’s focus will shift increasingly towards the execution of these policies.”
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White papersClosing Bell 2024 : ‘Immaculate disinflation’ and the ‘Magnificent Seven’
2024 was another good year for tech stocks and equities overall
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White papersConsolidate with caution – Too much focus on scale could come at the expense of innovation
Last month, in an attempt to boost the UK’s growth trajectory, Rachel Reeves unveiled what she claimed was the “biggest pension reform in decades”. She reckons the UK has been regulating for risk, but not regulating for growth – a view many in the industry would agree with.
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White papersGlobal Investment Views - December 2024
A resilient US economy, the anticipation and eventual victory of Donald Trump and his recent appointments along with risks around inflation have been driving nominal and real yields over the past months. But US equities and the dollar rose amid a belief that the US economy would benefit from Trump’s policies at the expense of the rest of the world, i.e., Europe and some Asian countries.
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White papersConsumer confidence sparks Black Friday
In November, US consumer confidence hit its highest point in over a year. Notably, expectations for the next six months (as shown in the chart) are at their highest level in nearly three years, which is promising for the upcoming holiday season. The increase in political discussions among survey participants indicates that the political climate following Donald Trump’s election may have influenced consumer attitudes.
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White papersGold and geopolitics
“Gold prices may fluctuate in the short term, but metal is expected to potentially provide stability, over the medium term, as a result of geopolitical tensions and deteriorating government finances.”
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White papersLifestyling: the Achilles heel in DC pensions
Why too much derisking – the accepted orthodoxy in UK defined contribution pensions – is a bad thing
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White papersSpotting opportunities in a reconfigured world
Halfway through the decade, new forces are reconfiguring the post-pandemic global economy. The big shocks that hit labour markets, supply chains, and energy prices in the past five years have largely worked their way through the system. But geopolitics and national policy choices are creating a more fragmented world that may bring new surprises.
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White papersReturn Predictability, Expectations, and Investments: Experimental Evidence
The empirical finance literature documents a puzzling phenomenon: investors tend to adjust their portfolios insufficiently in response to changes in their own forecasts of asset returns. This paper proposes an investment experiment with information treatments to better understand the mechanisms behind this puzzle.
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White papers2025 Investment Outlook: Bright spots in a world of anomalies
New forces are reconfiguring the global economy. While the big shocks of the past five years have largely worked their way through the system, geopolitics and national policy choices are creating a more fragmented world.
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White papersGlobal Investment Views - November 2024
“We are slightly constructive on risks towards segments where fundamentals are strong, and ignore areas where upside potential looks limited.”
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White papersUS elections risks and opportunities: Pricing in known unknowns
Over the past five years, global equity markets have risen despite some very obvious risks. Could it be that risks often turn out to be a source of opportunities? Stuart Canning, Fund Manager in the Global Macro Team, believes investors should look at what is priced-in, not what they think is going to happen. He examines the market’s expectations for the US election and asks whether rising market volatility is here to stay.
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White papersAsset Allocation Committee Outlook 4Q 2024
“We do think the Fed will get the first 100 basis points done quickly, but we see the central bank aiming for a return to a neutral rate, rather than an accommodative one—and in a soft-landing environment that would justify a rate cut pause around mid-year 2025, in our view.”
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White papersQ4 2024 Outlooks: Implications of Rate Cuts, Geopolitics, and Economic Uncertainty
In delivering on expectations for a policy pivot as the summer came to a close, the Federal Reserve joined its global peers in kicking off a new rate-cut cycle at a time when global economies are experiencing uneven growth and an uncertain path ahead. Meanwhile, anxieties have seemingly intensified with US elections in the fall, war in the Middle East, and persistent tensions between global powers, all of which place geopolitics right in the middle of the investment outlook.
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White papersThe timeless nature of income investing
Capital gains took a precedence during the post-Global Financial Crisis era of ultra-low interest rates and quantitative easing measures implemented by central banks. Now we find ourselves in a very different environment, we believe income investing could be making a comeback. Alex Rolandi speaks with the investment teams to find out why this is important, and how investors can address the income challenge without sacrificing growth.
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White papersAmplified Volatility Leads to Muted Bets
To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
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White papersRisk Factor, Risk Premium and Black-Litterman Model
Risk factor models are now widely used by fund managers to construct portfolios and assess both return and risk based on the behaviour of common risk factors to which the portfolios are exposed. However, fund managers often have subjective views on these risk factors that they may wish to incorporate into their asset allocation strategies.
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Asset Manager NewsOntario Teachers’ Pension Plan and Hines acquire Build-to-Rent portfolio in Australia
Transaction provides geographic diversification and exposure to a key and growing market for multi-family assets
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White papersHow emotional bias could drive exploitable market inefficiencies
The propensity for emotion and bias to influence decision making is a common individual experience. But do behavioural traits really drive markets too? Here, we analyse recent real world examples that suggests emotional responses are likely to be a factor behind market ‘episodes’.
