Portfolio Insights

Insights to build stronger portfolios

Timely commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.

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Long-Term Capital Market Assumptions

Time-tested projections to help build stronger portfolios

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Monthly Strategy Report

Highlights key developments in markets and economies, and examines the potential investment implications for multi-asset portfolios.

Global Alternatives Outlook

Explore the most promising investment ideas across our global alternatives platform and learn why alternatives are no longer optional—but essential.

Getting real about rates

The post-war era of substantially positive real interest rates may be gone for good.

Global Asset Allocation Views 4Q 2022

Anticipating subtrend growth well into 2023, we remain neutral duration and overweight cash. We underweight equities, expecting meaningful earnings downgrades. We take a neutral stance on credit, with a clear preference for investment grade over high yield.

Global Fixed Income Views 4Q 2022

Recession is our base case scenario, at 50%. We raised the likelihood of Crisis to 15% while lowering Sub Trend Growth to 30% and Above Trend Growth to 5%. We’re using market rallies to reduce our interest rate exposure and credit risk. Our best idea: high quality, short-dated cash flows.

Global Equity Views 2Q 2022

Despite recent weakness in global markets, many of our portfolio managers remain rather cautious about the outlook. Quality and predictability, as well as modest valuations, matter most in this environment.

Factor Views 3Q 2022

Despite a volatile Q2, most factors maintained their strong performance from the previous quarter. Equity value remained the best-performing factor while macro factors were mixed. We maintain a positive outlook on equity factors, supported by wide spreads.

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