All Multi-Asset articles
-
White papers
Capital Market Assumptions 2025
A more favourable growth outlook for the next decade compared to last year’s assumptions, albeit with greater uncertainty regarding inflation which is set to remain slightly above central bank targets, results in higher expected returns across the spectrum of asset classes covered. Expectations have been revised upwards for regional equity markets and private assets in particular, with Private Equity, Infrastructure, and European equities showing the strongest improvements.
-
White papers
Managing health and care for sustainable performance
The European healthcare sector remains increasingly popular: being more defensive thanks to its long-term demographic drivers, the healthcare sector has always been a meaningful and defensive diversifier in a multi-asset portfolio. Despite a combination of headwinds related to rising interest rates and some operator’s issues, capital value dynamics have diverged across countries and subsectors of health and care.
-
Podcast
Speaking of Alternatives: … Let’s Talk Portfolio Construction: The Role of Alternatives
Alfred Lerman is the Chief Investment Officer at PGIM Multi-Asset Solutions and Mao Dong is the Co-Head of Portfolio Management at PGIM Multi-Asset Solutions. Alfred is passionate about optimizing portfolios through a thoughtful balance of risk and return objectives. Mao’s strength is in customizing portfolios based on unique client objectives.
-
Video
2025 Capital Market Assumptions
Neuberger Berman’s 2025 Capital Market Assumptions offers investors intermediate-term (5-10 year) forward-looking return and risk estimates for fixed income, equity, and alternative asset classes across multiple geographies.
-
White papers
Germany’s historic step to raise spending
“A realisation in Europe on the need to spend more on defence and infrastructure has created a positive sentiment, leading to the recent upside in the markets.”
-
White papers
A Higher Inflation Future and the Need for Real Assets
The risk of higher equilibrium inflation is a key marker of the notion that investors face a new regime. Recent policy announcements have lent more weight to the idea that the path of inflation might be upward. In this note we focus on the disparate forces that imply a higher long-term level of inflation.
-
White papers
Global Investment Views - March 2025
In February, the markets have shown that love is in the air: despite new tariff announcements, inflation risks, and the DeepSeek shakeup, positive market sentiment continues to prevail.
-
White papers
Multi-Asset Positioning in a Trump 2.0 Policy Regime
With major US policy change unfolding, flexibility across and within asset classes will be critical.
-
White papers
O’Connor Global Multi-Strategy Alpha Monthly Letter: Exploring the impacts of demographic changes
With the prospect of continued higher rates, encompassing a key debate within the market, we see the topic of demographics worth exploring for this month’s letter. For years, a common narrative around demographics has been driven by the experience in Japan – that an aging population is deflationary and longer life expectancies lead to greater savings for retirement and push down the equilibrium interest rate.
-
White papers
A Growth Mindset
For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.
-
White papers
Evolving diversification: New asset allocation approaches for insurers
An overview of opportunities and challenges that exist for insurers
-
White papers
Tariffs take centre stage
“Diversification* and a balanced approach are now more important than ever, as the news on tariffs, negotiations, and retaliations will keep markets volatile”
-
White papers
Tokens, Power, Non-Jobs and Debasement: The case for strategic allocation to tokens
This essay considers the role of tokens and crypto assets as investments. However, rather than just address this question within the narrow confines of investment theory, we approach it via the broader social and political role of tokens. Their growing acceptance raises questions on how the nature of money is changing.
-
White papers
Navigating tariffs: February macro and asset class views
We reiterate our positive view on stocks and bonds. Earnings are coming in healthily, growth is solid, inflation is still trending lower, and global central banks continue to ease policy. We like to keep it simple.
-
White papers
Global Investment Views - February 2025
Markets: a tug of war between inflation fears and optimism
-
White papers
A Choppy Start to a Year of Uncertainties
The first two weeks of 2025 perfectly illustrate why we see a wide dispersion of potential outcomes for the year, and advocate staying nimble and diversified.
-
White papers
In the Balance
We think easing inflation and a pro-business policy environment will support above-trend growth in 2025, but the balance is delicate with risks piled up on both sides.
-
White papers
DC and Bonds: The End of the Affair…and a New Beginning
Bonds’ traditional role in pension allocations is over. But they have a new purpose in a lifetime income strategy.
-
White papers
After two strong years, what will 2025 bring?
“2025 will continue to offer opportunities and investors will need to assess the impact of Trump’s policies.”
-
White papers
Global Investment Views - January 2025
A semblance of a goldilocks ahead of Trump’s inauguration