All Multi-Asset articles
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White papers
Pension funds themes for an era of geopolitical and policy shifts
Our short-term outlook for the second half of 2025 highlights significant shifts in the global rewiring of trade and financial markets, alongside historic changes in tariffs and fiscal policy. These developments carry important implications for long-term investors, particularly pension funds, for which we see three key investment themes.
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White papers
Global Investment Views - July-August 2025
Global equities reached new record levels in July on expectations of trade deals, easing of US tariff threats and hopes of a short-term boost to US growth from the One Big Beautiful Bill Act (OBBBA). This has happened despite US tariffs moving higher (when compared with before Trump came to power), indicating some complacency in risk assets. On the other hand, bond yields in the US, the UK, Europe, and Japan are reflecting concerns over debt sustainability.
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White papers
China’s growth set to hit target in 2025
“Resilient China’s growth highlights the economy’s ongoing efforts to adjust trade partnerships and manage tariff-related challenges, keeping it on track to reach its growth target for 2025.”
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White papers
US tariffs delayed to August
“The ongoing tariff-related uncertainty points to the transactional and unilateral approach of the United States that can complicate matters for policymakers around the world.”
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White papers
The “One Big Beautiful Bill Act” and implications for commercial real estate
The “One Big Beautiful Bill Act” (OBBA), which was signed into law on July 4, 2025, preserves and, in many cases, strengthens the tax advantages of owning U.S. commercial real estate (CRE), both equity and debt. These provisions have the combined impact of lowering taxable income while increasing cash on cash returns and net operating cash flow. Additionally, section 899 (which was expected to have negative implications for foreign investment in the U.S., given its retaliatory tax measures) was removed from the final bill. Bottom line, the final bill is widely viewed to have net positive implications for the U.S. commercial real estate market.
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White papers
Quarterly Equities and Multi Asset Outlook – Q3 2025
In a market environment dominated by macro headlines, this outlook challenges conventional thinking by focusing on the power of company fundamentals. It explores how equities can thrive even amid weak economic data and highlights the risks of overreacting to broad macro signals. With insights into geopolitical shifts, sector-specific dynamics, and valuation opportunities, the report equips institutional investors with a nuanced view of where to find value—and how to position portfolios for resilience and long-term growth.
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White papers
Unified Global Alternatives – Hedge Fund Bulletin: Monthly Hedge Fund Update – May 2025
Risk assets generally performed positively in May due to a pause in tariff implementation that went into effect for most countries. Corpo-rate earnings season was also supportive along with generally favorable economic data. While some believed an economic slowdown was still the base case, the probability of recession was somewhat diminished.
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White papers
How to adapt and respond to choppy waters
The global outlook is overshadowed by uncertainty, which can make asset allocation tricky. However, a multi-asset approach to credit investment can provide a vital degree of stability amid the turmoil.
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White papers
Europe: A strategic overweight?
After a long period of US equity outperformance relative to Europe, the short-term picture has changed. Evan Brown, Nicole Goldberger and Marco Bischoff look at whether this is a temporary anomaly or indicative of a longer-term trend.
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White papers
Private diversification still attractive
“Private markets: infrastructure and private debt will likely continue to attract flows and may deliver performance. A bottoming process should gain traction for real estate and private equity over H2.”
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White papers
O’Connor Global Multi-Strategy Alpha Monthly Letter: Embracing change as the only constant
Financial markets can sympathize with the sentiment of the statement above, given the recent headlines and noise around tariffs and fiscal policy. Our teams have been embracing this rapidly changing environment, adjusting positioning to take advantage of volatility, and exploring differentiated business performance between regions, industries and peers.
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Podcast
Global Investment Views - Tracking the U-turns amid rising yields
Join our host, Swaha Pattanaik, as she sits down for her regular catch-up with Monica Defend, Head of the Amundi Investment Institute, to give our perspective on the markets, analyse the trends and share our investment views for the weeks ahead.
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Video
Riding the storm
In our latest video insight, Steve Chiavarone, Head of Multi-Asset Group, breaks down how we’ve steered through the recent market turbulence, shares his insights on what markets may do next, and reveals the opportunities we’re eyeing in a shifting landscape.
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White papers
Global Investment Views - June 2025
The art of policymaking is a lot about setting expectations against which all future decisions are assessed. When President Trump famously introduced his extreme tariffs on ‘Liberation Day,’ markets were obviously concerned. Since then, resilience in US labour markets, better-than-expected earnings, and trade war de-escalation have boosted sentiment. Risk assets have rebounded, and bond yields risen.
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White papers
Confidence up for May but what comes next?
US consumer confidence index rose sharply, and above expectations, in May to 98.0, mainly due to a temporary trade truce between the US and China on tariffs. Expectations about the near future also improved.
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White papers
BRICS+ and contested global leadership: implications for investment management
The second study of the Pictet Research Institute explores the rise of the BRICS+ coalition as a counterweight to the G7 amid shifting economic dynamics. It examines how BRICS+ challenges the Western-led international system and the implications for investment strategies in a polarised world.
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White papers
The critical role of US debt sustainability in the world financial architecture
This first paper delves into the complexities of the US debt-to-GDP ratio, exploring its sustainability in the context of the United States’ unique position in the global financial architecture and geopolitical order. This research provides critical insights into how the US can maintain its economic stability and what the potential risks are if current trends continue. This publication is issued by the Pictet Research Institute.
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White papers
O’Connor Global Multi-Strategy Alpha Monthly Letter: Historic shift in US trade policy
We are witnessing what we believe to be one of the most historic shifts in US trade policy, fundamentally altering market volatility and asset allocation. Investors are questioning American exceptionalism and the sustainability of US financial asset outperformance, following years of increasing allocations and notable outperformance in the US. The shift in sentiment and related flows are leading to pronounced market movements and redirecting investor focus.
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White papers
Materiality Matters: The ESG Factors That Count
The materiality of ESG factors differs across sectors and markets. Investors need to understand how.
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White papers
Emerging Markets: Finding Opportunities amid the Global Economic Reset
US policy changes look daunting—but emerging markets still have upside.