Outlooks – Page 4
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White papers2025 Annual Sustainability Report
Now in its second year as a combined publication, IFM’s 2025 Annual Sustainability Report brings together the UK Stewardship Code submission, Climate Change Report, and Sustainable Business Report into one integrated document, offering a clear view of our sustainability approach, actions, and impact.
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White papersThe Great Global Restructuring
How AI, trade, the US debt and dollar outlook are reshaping the investment landscape.
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White papersBoE stays on hold, all eyes on budget now
At its November meeting, the BoE kept its policy rates unchanged at 4%. Policymakers noted that a deceleration in overall inflation is underway, favoured by a restrictive policy stance, softening labour market, and easing services inflation. Risks around achieving the bank’s 2% inflation target are more balanced, and downside risks from weak demand have grown. Looking ahead, we expect one rate cut in December and two more next year, although further actions may depend on incoming data.
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White papersSolving for 2026
Our investment leaders break down the macro environment and its implications for equities, fixed income, and private markets in 2026.
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White papersChina: Strategic Choices in a Changing Century
China and the US have agreed on a one‑year pause in their trade war, signalling a willingness to manage risks. While both remain committed to enhancing their own supply‑chain and technology autonomy, this “ceasefire” should not be interpreted as a strategic reset; rather, it’s a pragmatic step towards coexistence.
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White papersCRE loan demand turns positive for the first time since 2022
The average net share of CRE loan-demand respondents turned positive (+1.7%) in 3Q 2025 — the first positive reading since early 2022 — suggesting a possible shift in credit conditions that could support a broader CRE recovery.
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White papersThe AI Story Isn’t Going in Circles
Skeptics of “circular” dealmaking within the AI industry may be missing the point.
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White papersAre we in an AI bubble?
In the past few weeks, I have been struck by the volume of media coverage focusing on whether investor enthusiasm for artificial intelligence is driving the market toward an “AI bubble.”
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White papersEurope’s AI challenges and opportunities
While Europe registers strength in AI research and patents, its limited funding, regulatory burden and energy-infrastructure constraints hinder the commercial scaling of AI — putting its markets at a disadvantage versus U.S. peers, though selective opportunities remain in sectors positioned for AI-infrastructure growth.
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White papersTaxable municipal bonds: room to run
Taxable municipal bonds returned 6.43% year-to-date through Q3 2025, marking the best start since 2020, with spread advantages over similarly rated corporates providing runway for additional gains despite slight underperformance. Strong fundamentals—tax revenues and reserves at all-time highs—combine with compelling entry points from year-to-date underperformance, seasonal upticks in new issuance creating buying opportunities, and widening performance gaps between credits that make disciplined security selection increasingly critical for active managers seeking optimal returns.
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White papersGlobal Investment Outlook Q4 2025: A world in flux
Global markets are navigating a complex landscape shaped by policy divergence, trade tensions, and the unwinding of US exceptionalism. While the US remains a leader in technology and innovation, its dominance in global capital flows is being tested by slowing growth, fiscal pressures, and overconcentration in mega-cap technology stocks. A softer US dollar and heightened policy uncertainty are prompting investors to rethink their approach to safety, diversification, and drivers of returns.
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White papers2024-2025 Private equity impact report: Accelerating solutions for a world in transition
The world faces intertwined crises of escalating emissions, resource strain and growing inequality that amplifies vulnerability to climate change. Despite recent global market and regulatory shifts, a focus remains on backing growth-oriented, lower-middle market companies driving an inclusive transition to a low-carbon economy, with confidence in long-term fundamentals where impact initiatives align directly with performance rather than creating trade-offs. Our latest impact report highlights new investments across energy efficiency, resource optimization and circular economy solutions, enhanced ESG measurement and emissions tracking, industry partnerships, and portfolio case studies demonstrating growth and impact in action.
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White papersWeak UK economic outlook bolsters money market flows
Despite falling rates, flows into sterling-denominated money market assets have remained steady and hit record highs this year.
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White papersTariff fallout milder than feared, for now
In its latest World Economic Outlook, the IMF upgraded its 2025 global growth forecast to 3.2%. Global trade and financial conditions have proven resilient, helped by trade deals between the US and some of its trading partners. We believe the global trading system is bruised but not broken: roughly 70% of trade is flowing as before. An artificial intelligence–driven (AI) productivity upswing has also supported prospects for global growth.
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White papersInvesting in unstoppable trends
Early in my career as an equity analyst covering newspapers and the Internet, I learned a valuable lesson.
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White papersEquity Market Outlook 4Q 2025
In spite of concerns about AI-related valuations, we believe a strong economy—with monetary stimulus in the pipeline and still more to come—has set the stage for stronger equity performance in 2026.
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White papersAmerica First policies: What are the global implications?
Through its tariff policy, the US administration is attempting to correct fundamental trade imbalances with the rest of the world. The US has the largest current account deficit globally, while countries such as China, Germany, and Japan boast meaningful surpluses.
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White papersHow much could AI drive future productivity?
It goes without saying that the US has been a dominant force in the global economy. The structural foundations of its long-term economic growth included a winning combination of superior productivity, a culture of innovation and risk-taking, and a stable, predictable regulatory framework.
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White papersIn conversation with Daniel Sachs
Daniel Sachs is an established figure within the Swedish investment community. For the last 20 years, Daniel has led P Capital Partners (PCP), a provider of private credit solutions to entrepreneurs and family-owned businesses. With M&G Investments recently acquiring a majority stake in this business, Daniel spoke with Simon Sharp about his business career and why he thinks the opportunities within non-sponsored private credit are only set to accelerate.
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White papersFrom electrons to photons: The next great compute transition
Computing has evolved through significant shifts in the medium and mechanisms of processing information, leading to transformative impacts on industries and economies. Carl Vine, Co-Head of Asia Pacific Equities, argues that another such change is happening now, with the use of photons. He explores what the transition from electrons to photons might mean for today’s dominant technology firms and who could win in the new photonics age.
