White papers - all assets – Page 96
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Why the outlook for bonds is improving
Bonds are poised to deliver better risk-adjusted returns than equities over the next 12 months.
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Prospects for emerging equities are encouraging
Next year is likely to be a relatively lacklustre one for global equities. But that would still be a major improvement on the dismal 2022.
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What 2023 holds for equities and bond investors
2023 will be a year when the investment environment slowly gets back to normality. Inflation will come down – even if not quite as fast as the market seems to expect. Economies will struggle for growth, but manage to stave off a deep downturn.
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Outlook for Equities: Growth Stocks Are “Coiled Springs”
High inflation and interest rates brought significant pain to growth equities in 2022. Today, their de-rated valuations and resilient earnings fundamentals are presenting an attractive opportunity to patient investors.
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Outlook 2023
The leaders of our investment platforms welcome the New Year with their views for 2023.
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Allspring Systematic Edge
Allspring Systematic Edge delivers innovative products and bespoke solutions to meet investor needs.
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Infographic – Investing as the economy enters a new configuration
What should investors expect at a time when central banks are fiercely fighting inflation, economies are slowing and geopolitics and global economic integration are in turmoil? Check out this infographic for our views on monetary policy, equities and bonds, and sustainability in 2023 – in short, on investing in an age of transformation.
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Macroeconomic Picture - January 2023
United States: the US economy is showing signs of deceleration, with restrictive monetary policy starting to weigh on activity and progressively dragging growth below potential.
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Market Scenarios and Risks - January 2023
We see risks on all fronts, but with a little less intensity at the beginning of the year. As such, we lowered the probabilities from 30 to 25%.
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A strained German economy can be good news for Europe
The energy crisis resulting from the war in Ukraine has altered profoundly Europe’s economic performance and prospects. Countries have been affected unevenly, based on how dependent they are on Russian gas and oil.
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China: back to pragmatism
2022 ended in an abrupt fast-track reopening. In one month, China dropped most of its Covid-related restrictions, vowed to support the housing market more, and set pro-growth policies. We expect the Chinese economy to be separated from the global slowdown in 2023, accelerating from a low base. ...
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White papers
Cross Asset Investment Strategy - January 2023
An economic backdrop characterized by high risk of policy mistakes and strong regional divergences calls for a prudent stance in risk assets, especially now that markets are priced for perfection, leaving little room for any negative surprise.
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Fixed-Income Outlook 2023: Finding Equilibrium
2022 was an ugly year for investing. As central banks battled inflation, interest rates soared and recession fears mounted. Equity and fixed-income markets broke with convention and fell in tandem. Nearly every bond-market sector suffered historic losses, leaving almost nowhere for investors to hide.
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Equity Outlook: Rebuilding Conviction in Stocks for a Changing World
For 40 years, steadily declining inflation and interest rates buoyed equity returns. That changed abruptly last year. Investors must now adjust expectations to a new macroeconomic and market landscape that will require a fresh mindset to reach long-term goals.
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Global Macro Outlook - First Quarter 2023
After a year defined by inflation and the policy response to it, we expect 2023 to be a year of transition. The timing of that transition, however, remains unclear and is likely to be defined by the amount of damage done to the economy by this tightening cycle.
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2023 Outlook: Long-term perspective on markets and economies
There’s a new reality taking shape in global markets.
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Evidence of the low volatility anomaly
It is relatively easy to demonstrate the low volatility anomaly – the phenomenon that first came to light half a century ago showing that investing in higher risk equities is not necessarily rewarded with higher returns. Raul Leote de Carvalho explains.
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Farmland and timberland rise up climate agenda
For investors looking to build portfolios that are aligned with net-zero objectives, farmland and timberland have never been so important. Timberland has the potential to be a net negative carbon investment, thanks to the ability of forests to remove carbon from the atmosphere. Farmland’s carbon profile also compares favorably to other types of real assets.
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Escape From Flatland
A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.
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A downturn is ahead, but pinpointing when and where is the real question
Around this time last year we expected high yield markets to rebound after an August reboot. However, as at the end of October we were looking at our global high yield benchmark losing 15% from the start of 2022. Against this, we did correctly predict that the global yield market would outperform gilts and sterling credit, and that emerging market debt would be a key area of weakness, delivering returns well below the US and European regions.