Some investment strategists advocate concentrated, “best ideas” portfolios as the surest path to equity market outperformance. The premise is obvious: When a portfolio consists only of a manager’s best ideas, returns are undiluted by second-best or lesser ideas. But the
People my age and up will remember that for all of us (or since 1930, when Pluto was first discovered), the solar system consisted of nine planets. Then in 2006 a monumental event happened when the International Astronomical Union downgraded
A combination of sustained inflation and mounting recession fears, interlinked with the geopolitical situation, are the main drivers affecting the current and forward-looking macro environments. The bulk of the uncertainty is in the short to medium term. There is a
Obligaties uit opkomende markten bieden enkele van de aantrekkelijkste rendementen ten opzichte van risico sinds vele jaren, vooral in het licht van de sterke fundamentals van bedrijven en de economie. Professionele beleggers zeggen al lachend dat het VK een opkomende
China’s once-in-a-decade census revealed some interesting demographic issues. The country has 264 million people aged 60 and above, which equates to 18.7% of the population, considerably higher than 13% in 2010. The 12 million births …
Key Finding 1: Risk Managers Focus Concerns on Climate, Cyber, and Financial Volatility Risks A set of 23 risks is presented to the participants, shown with definitions in Appendix I, and they can add an additional risk except for the
We believe the US dollar is expensive and starting to run on empty. Looking ahead to when the dollar weakens, we expect it to provide a ceteris paribus boost to commodities, emerging market assets and …
De belangrijkste trends volgens Pictet Asset Management op het gebied van wetenschap, technologie en duurzaamheid voor de komende 12 maanden – en daarna. 1. Focus op voedselzekerheid De recente verstoringen van de toeleveringsketen – en de daaruit voortvloeiende lege schappen
Monthly Investment Outlook: Global activity slowed down in late December and should remain moderate in Q1-22. The Omicron impact was limited to a few services, but disruption remained in place in …
Abstract Our aim is to develop a very offensive (‘aggressive’) tactical asset allocation strategy, by combining some of our previous models like Protected- (PAA), Vigilant- (VAA) and Defensive (DAA) Asset Allocation. We will call this new strategy the ‘Bold Asset
Global retirement security challenges come home to roost in 2022. The warning signals are blaring and the gauges are flashing bright red in 2022 as key risk concerns for retirement security are coming to a head in today’s rapidly changing
Because of the 2015 Paris Agreement, the development of ESG investing and the emergence of net zero emission policies, climate risk is certainly the most important topic and challenge for asset owners and managers now and will remain so over
Given our view that 2023 will be a year of transition from a contraction regime to one of recovery, we reduce the defensiveness of our Model Asset Allocation, while keeping some powder dry for when recovery is confirmed. We are
The Russian invasion of Ukraine is the most serious security situation and humanitarian crisis in Europe since WWII, in our view. It’s also the most dangerous standoff between the U.S. and Russia since the Cuban Missile Crisis. Our BlackRock Geopolitical
Find out about the key themes across science, technology and sustainability which are helping shape our future over the coming year – and beyond. 1. Focus on food security The recent supply chain disruptions – and the resulting empty supermarket
We enter 2022 with a lot to consider. The paths of inflation and interest rates, the profound effects of megatrends such as digitization and decarbonization and numerous sub-themes all demand our immediate attention. As private market investors we view this
Bad news: History tells us that once the inflation genie is out of the bottle, it can take far longer to return to normal levels than most people realize. Indeed, when Federal Reserve Chair Paul Volker took office in 1979,
Including: Long-Term Capital Market Assumptions Short-Term Tactical Outlook This report presents Cliffwater recommendations for asset class return and risk (standard deviation) assumptions, intended for asset allocation studies that set long-term portfolio asset class targets. While these forward-looking or “expected” asset
In mid-September we moved our fundamental outlook for the semiconductor industry to declining, based on the expectation of slowing demand and the fact that inventory levels were well above historical averages across multiple end markets and channel distributors. Only a
We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West.
This chart shows the growth of $10,000 based on S&P 500 Index performance over the last several years. Although past performance is no guarantee of future results, we believe looking at the market’s overall resiliency through several major crises and
The global energy landscape has started to transition away from fossil and CO2 heavy fuels to more renewable sources. This trend has been well underway for several years. As of 2019, fossil fuels, as the predominant source of energy, collectively
Ondernemingen die beveiligingsproblemen aanpakken, bieden aantrekkelijke lange-termijnopportuniteiten voor beleggers. Daarvan is Anjali Bastianpillai, Senior Product Specialist van de Securitystrategie bij Pictet Asset Management, stellig overtuigd: ‘Je veilig voelen is een menselijke basisbehoefte. Of het nu gaat om bescherming tegen cyberaanvallen,
Key takeaways Chinese equities have had a volatile 2022 so far as the country has had to navigate COVID-19 restrictions, property debt concerns and supply chain constraints among many other headwinds China is becoming an increasingly selective market that requires
Capital Group portfolio managers consider the latest interest rate rise from the US Federal Reserve and what we can surmise from the slower pace of hiking. The US Federal Reserve has slowed the pace of its interest rate hikes but
Without doubt, 2022 has been a tumultuous year. Markets have wrestled with increased geopolitical risks and a surge in inflation, leading to almost all central banks hiking at the fastest pace in decades. As we look into 2023, the drivers
• ETFs posted net inflows of $597mn last week. Fixed Income captured $691mn while Equity took in smaller net inflows of …
Following significant monetary tightening in 2022, we expect the cumulative effect of a higher cost of capital to work its way through the economy in 2023, slowing both inflation and growth. Therefore, the overarching theme of 2023 is that restrictive
Entering the fourth quarter of 2022, our outlook acknowledged a hard truth for investors nursing wounds from the steep market downturn: We’re not out of the woods yet. That theme still holds, but the contours of the investment landscape have
In last year’s outlook (Outlook 2022: Pivoting to a new era) we discussed the idea that the world was entering a new macroeconomic regime after three decades in which globalisation and the technology revolution drove rapid growth in the supply
Investment Outlook for 2023: We have become accustomed to uncertain times. Nonetheless, 2022 was an extremely challenging year in financial markets. The investment rationale for the classic 60% stocks / 40% bonds portfolio is that it will deliver solid if
Investment Outlook 2023: If 2022 confronted investors with stiff headwinds, 2023 is likely to be challenging as well. After all, financial conditions are all but certain to remain tight and the fundamental reset of macroeconomics and geopolitics is continuing. Investors
How fast things can change: there was a major shortage of semiconductors at the start of the pandemic, and now the industry is grappling with too much inventory in parts of the supply chain. This has led to a sell-off
Paving the way for 2023 (and beyond): The infrastructure sector remains resilient despite the market turmoil in 2022. Secular trends such as digitalization and decarbonization will continue to drive the need for new investments. However, macro conditions have worsened significantly.
Market drawdowns are often accompanied by feelings of doubt, uncertainty, and ambiguity of forward expectations. While no one has a crystal ball, we can use the information available to us to make our best estimations and probabilistic assumptions of what
Institutionele beleggers* over de hele wereld gaan richting 2023 met een sombere kijk op de economie en gemengde vooruitzichten voor de markten. Ze verwachten volgend jaar nog hogere rente, inflatie en volatiliteit, zo blijkt uit onderzoek van Natixis Investment Managers
In our view, FTX’s insolvency is one of the most damaging events—worse than the 2014 Mt. Gox hack—in crypto history. Caused by one of the revered leaders of the industry, this collapse could delay institutional crypto adoption by years and
European senior secured leveraged loans are a growing and integral part of the leveraged finance universe. They offer a 10% yield, have positive exposure to rising interest rates (unlike most fixed income), offer credit protections to manage downside risk, and
Pensioenakkoord uitgelegd: Veel pensioenfondsen staan aan de vooravond van een wijziging van de pensioenregeling. Momenteel wordt er volop gerekend hoe de nieuwe pensioenregelingen – de solidaire en flexibele premieregeling- in ALMstudies uitpakken. Het is echter ook informatief om te kijken
Monthly Investment Outlook: With the September swoon in risk assets, markets have simply moved to unprice the optimism built up over the summer about the prospects of a pause in Fed tightening …
The past 30 years have seen a bigger improvement in human prosperity than all of the past centuries combined. We have built more roads, buildings and machines than ever before. More people are living longer and healthier lives and access
Hydrogen can be used as a carrier of energy, and as an input into chemical and industrial processes. Clean hydrogen is, therefore, a crucial decarbonisation tool for a range of industrial activities including steel, aluminium, iron and chemical production. We
Central banks have become more balanced in their communication, and the Fed is likely to moderate the pace of its rate hikes as from December. However, we are not close to a pivot as inflation remains too high. Central banks
Both the median and average late-stage VC valuations have taken a significant hit in 2022, a quick fall after the rapid rise seen in 2021. Public market multiples have compressed, causing the extended valuations garnered in 2021 to be exposed
Our sustainable strategies have often been in a minority with their clear stance against investing in the sovereign debt of autocracies. Having rationalised the annexation of Crimea, many academics, politicians, and investors believed that as long as business is flowing,
Green bonds zijn vooral bekend als instrument om te beleggen in oplossingen om klimaatverandering te beperken. Nu de financiële sector naast klimaat ook verlies van biodiversiteit als urgent materieel risico erkent, is het goed om te zien dat green bonds
We have witnessed the evolution and growth of ESG over recent years and now for many investors it is front and center on their agendas and a growing part of the overall picture. The science (as it relates to the
While investment losses are never easy, it is important to realize that losses exist only on paper until you sell your shares. That is why many financial advisors counsel their clients to maintain their share balances rather than sell at
Global markets ended November on a positive note after months of generally poor returns. Equities were bolstered on hopes that central banks are heading closer to their terminal rates amid looming recession risks. In Euro terms, European equities recorded staggering
With nearly six in ten institutional investors surveyed (58%) invested in digital assets globally, understanding how investors are engaging with the ecosystem is increasingly important. These key findings represent just a portion of the insights gleaned from the Fidelity Digital
