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Weekly Bond Bulletin: EM under pressure

By GFICC Investors
Emerging market assets—particularly currencies—have come under pressure in recent weeks. Is this a trend reversal, or has the correction created opportunities?
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Multi-Asset Solutions Weekly Strategy Report

As yield curves flattened globally over the last few years, warnings have increased proportionately that a flat yield curve foretells economic recession.
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Weekly Market Recap

A one-page snapshot of market performance, statistics and trends.

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Connecting market and macroeconomic volatility

By Michael Hood, Grace Koo, Benjamin Mandel
In an environment of higher expected portfolio volatility and reduced cross-asset diversification, how can risk be tactically managed?
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Global Equity Views 2Q 2018

By Paul Quinsee
While investors have become more nervous, concerned about trade tensions and/or a monetary policy mistake, we see enough profit growth ahead to stay fully invested in equities. Regionally we like emerging markets and, on a sector basis, financials.
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Emerging Market Strategy Q2 2018: Internal strength, external risks

By George Iwanicki
Risks to an asset class come in two varieties—internal and external. In past cycles, the main risks to emerging markets came from within (overheating economies, FX peg regimes amid external deficits and hard currency-denominated sovereign debt, among others). But as we assess the prospect for EM equities, the risks today appear to be primarily external, not internal.
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UK Bank of England meeting: Rates on hold amid mixed signals on the economy

By Karen Ward
The Bank of England (BoE) held its base rate of interest unchanged at 0.5% at its meeting today.
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Fundamentals still strong but volatility risks increasing

By Pierre-Yves Bareau
Emerging market (EM) fundamentals remain on a strong trajectory despite developed market (DM) growth losing some steam – both corporate and sovereign indicators show continued strengthening, especially from commodity exporters.
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Factor Views 2Q 2018

By Yazann Romahi
Amid a violent shift in volatility regimes, performance was mixed across factors. Looking ahead we see an improved opportunity set across equity, event-driven and macro factors.
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Global Fixed Income Views 2Q 2018

By Bob Michele
With a central bank backdrop supportive of risk assets, Above Trend Growth is the likeliest scenario. As rates rise, we remain cautious on duration, favoring stronger growth and higher inflation sectors including securitized credit, U.S and European high yield and U.S. leveraged loans.
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Renewable energy and battery storage: Impacts of disruption on the core infrastructure investor

By Serkan Bahceci
Disruption threatens all investors. Every industry and sector faces disruption risks from new technologies, competitors, politics and regulations.
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Global Asset Allocation Views 2Q 2018

By John Bilton

The growth outlook for 2018 is robust, but two-sided inflation risks have emerged. We overweight equity, with marginally less conviction, downgrade investment grade credit and close our cash underweight. Our portfolio tilt is moderately pro-risk.

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Emerging markets strategy Q1 2018: Volatility returns, fundamentals stay strong

By George Iwanicki
The combination of broadening economic growth and contained inflation is driving strong earnings gains.
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The investment outlook for 2018

By Dr. David Kelly, Samantha Azzarello, David Lebovitz
Heading into 2018, it is important to remember some time-tested principles for successful long-term investing: cash isn’t always king, diversification is essential, harness the power of compounding and don’t let volatility derail you.
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Goldilocks and the three risks

By George Iwanicki
Emerging markets are in the early phase of their recovery cycle. When comparing cycle-adjusted P/E multiples, emerging market equity ranks as the cheapest segment of the global equity market.
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3Q 2017 Guide to the Markets and Quarterly Perspectives

Introducing our third quarter 2017 Guide to the Markets and Quarterly Perspectives. A comprehensive array of market and economic trends illustrated with clear and compelling charts.
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Emerging Market Debt: Reflation takes root

By Pierre-Yves Bareau
Given the risks posed by protectionism, we are more cautious on open economies and those more dependent on external funding. Overall, we have shifted our focus from market beta to carry this quarter, coming off of solid first quarter performance, tighter valuations and the little market premium attached to the risks we have identified. We place an emphasis on short-end names and those idiosyncratic stories that we identify as having positive event skew.
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Inflation's next phase

By Benjamin Mandel, Michael Hood
For investors, the recovery of inflation and inflation risk premia, against the backdrop of anchored inflation expectations, imply a supportive environment for risk assets. Our outlook suggests continued upward pressure on the market pricing of inflation, manifesting in higher bond yields and a widening spread between nominal and inflation-protected bonds.
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A better opportunity in Europe

By Dr. David Kelly
While U.S. equities still look less expensive than Treasuries and cash, they are not as attractive as they once were. Investors looking for stronger long-term returns may find a better opportunity in European stocks.
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Entering the reflation era

By Pierre-Yves Bareau
We are entering a new investment paradigm: the era of "lower for longer" and "search for yield" has now been replaced by an era shaped by higher growth, inflation and rates.
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