All Multi-Asset articles – Page 4
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White papersThe Storm Before the Calm
The first weeks of the new U.S. administration have been disruptive, but we think sentiment can improve as its focus shifts from trade to tax cuts and deregulation.
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White papersCapital 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.
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White papersManaging 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.
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White papersWhat is a Defensive Trade Today? Low Vol vs. Quality vs. Bonds vs. Gold
With more investors looking for defensive trades, what counts as a defensive trade in today’s environment? Differences in valuation—and different interpretations of what counts as defensive—mean that not all such trades are equal.
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White papersSix Impossible Things Before Breakfast?
The unwinding of “Trump trades,” a spike in volatility and the outperformance of European versus US equities have sparked debate about whether this is a tactical shift or the beginnings of a longer bearish trajectory for markets.
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Video2025 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.
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White papersGermany’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.”
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White papersA 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.
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White papersGlobal 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.
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White papersMulti-Asset Positioning in a Trump 2.0 Policy Regime
With major US policy change unfolding, flexibility across and within asset classes will be critical.
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White papersO’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.
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White papersA 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.
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White papersEvolving diversification: New asset allocation approaches for insurers
An overview of opportunities and challenges that exist for insurers
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White papersTariffs 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”
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White papersTokens, 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.
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White papersNavigating 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.
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White papersGlobal Investment Views - February 2025
Markets: a tug of war between inflation fears and optimism
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White papersA 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.
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White papersIn 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.
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White papersDC 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.
