All North America articles
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White papersHow a core-plus strategy may enhance your portfolio
Principal Real Estate has been investing in commercial real estate (CRE) for more than 60 years and in core-plus real estate for over 20 years. Having experienced numerous market cycles in that time, we believe CRE values have largely adjusted for the current cycle, setting the stage for an attractive entry point for private equity investors.
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White papersFour-quadrant report - March 2025
This report offers a clear view of U.S. commercial real estate through the four-quadrant framework. It highlights how economic, political, and market trends are impacting public and private equity and debt, with a summary of current conditions and key investment themes.
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White papersFour ways to potentially enhance returns through leverage
Successfully utilizing leverage to enhance returns requires deep expertise. As a top-ten global real estate manager with $22 billion in real estate debt AUM and 60+ years of experience, Principal Real Estate knows how to make leverage work. With $124 billion in transactions over the past decade, we help optimize returns.
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White papersNorth American energy infrastructure: stocks for uncertain times
Jim Wright, Premier Miton Global Infrastructure Income Fund Manager, considers the advantages of visible growth pipelines and the three huge themes driving them.
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White papersWatch the US dollar and Treasury yields to understand the potential effects of tariffs
Move beyond the headline noise to assess the investment implications
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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 papersTrump’s impact on the labor market: Quick takes on capital markets
The Trump administration’s bold policy initiatives to increase government efficiency and tighten immigration will likely have macroeconomic consequences for the labor market, potentially weighing on labor demand and supply. However, the combined effect will likely also be very nuanced, suggesting the data over the coming months will be difficult to parse and understand, making policymaking even more challenging for the Fed.
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White papersU.S. Housing Chartbook
The U.S. consumer remains strong on the back of a healthy labor market and inflation is moving back to target, albeit slowly.
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White papersAI - What’s changed?
Have Deepseek decided to give away gold for nothing? In this article, Fund Manager Hugh Grieves discusses the latest AI exuberance, and shares why the saying ‘history does not repeat but it often rhymes’ might be correct in this case.
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White papersPresident Trump: First week
Following the US elections, the initial market reaction reflected a sense of US exceptionalism, marked by rising equities and a stronger dollar.
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VideoTalking Markets – US Equities, January 2025
American exceptionalism; the Mag 7, or are wider factors at play? In this edition of Talking Markets, Hugh Greives, Fund Manager of the Premier Miton US Opportunities Fund shares his outlook for 2025, discussing future Fed rate cuts, Trump’s presidency, the hype and reality of AI, and what all of this could mean for US equity investors.
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White papers2025’s Biggest Blockbuster – Utilities vs. Interest Rates
Premier Miton’s Jim Wright, Fund Manager of the Premier Miton Global Infrastructure Income Fund, shares the three reasons behind electricity demand growth in the USA, and why they are long term trends, rather than short term impacts.
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White papersThe hare or the tortoise? A unique approach to investing in the US
Hugh Grieves, Fund Manager of the Premier Miton US Opportunities Fund, looks back over his investment career, discusses his investment approach and highlights why dull boring businesses are the cornerstone of the fund’s investment portfolio.
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White papersThe Road Ahead: 2025 North America Insurance Outlook
Key themes we see emerging for insurance investors in 2025 involve duration positioning, managing credit exposure, exploring relative-value opportunities, tapping the potential of private markets, and portfolio-liquidity and cash-management considerations.
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White papersFed 2025 outlook: A fragile balancing act
The Federal Reserve’s cautious policy stance reflects a challenging economic backdrop heading into 2025. Sticky inflation, resilient growth, and uncertainty around the incoming administration’s policies have constrained the Fed’s ability to ease aggressively. While our forecast anticipates three rate cuts next year, the path forward will depend heavily on inflation progress and labor market conditions.
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White papersAhead of the Curve: What US resilience means for bond investors
Our latest Ahead of the Curve paper examines opportunities for fixed income investors in what is likely to remain a positive environment for the asset class.
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White papersUS Presidential election: Trump wins again – what could it mean for markets?
Donald Trump will be returning to the White House for his second presidential stint. What has been the immediate market reaction to Trump’s electoral victory – and what could this mean for investors?
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White papersTrump Victory: Key implications for investors
Donald Trump is returning to the White House as the 47th President of the United States. The Senate has also swung to the Republicans, gaining 52 seats vs the Democrat’s 42 seats, at the time of writing. The votes for the House of Representatives are still being counted, but if Republicans maintain their current lead, a “red sweep” – control of both chambers – will give them significant leeway for their policy agenda.
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White papersThe Fed’s normalising of rates is not easing
Given that the US economy is healthy, we believe the market is overestimating what the Fed will do.
