Timely commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.
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Highlights key developments in markets and economies, and examines the potential investment implications for multi-asset portfolios.
Explore the most promising investment ideas across our global alternatives platform and learn why alternatives are no longer optional—but essential.
As asset markets recalibrate, we expect ongoing volatility and reduce risk levels accordingly. We trim equities to neutral, keep our duration underweight and remain overweight credit. Later in 2022 we see potential for better returns as uncertainty clears.
We kept our 4Q scenario expectations intact: Above Trend Growth is still our base case, at 80%; Sub Trend growth stays at 10% and we leave Recession and Crisis at 5% each. Best ideas include high yield debt, bank loans and bank AT1 securities.
Equity markets had a bumpy start to the year even before the outbreak of war in Ukraine. We see profit growth continuing, though at a much slower pace. Our strategies have a strong bias to better-quality companies. Valuations look mostly reasonable.
Amid tumultuous markets, factors generally had a positive quarter. Equity value, merger arbitrage and commodity factors all fared particularly well. We see an attractive outlook for equity factors, which remain historically cheap.