Portfolio Insights

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

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ASSET CLASS VIEWS FROM OUR SENIOR INVESTORS

Global Asset Allocation Views 3Q 2022

Subtrend global growth and tighter monetary policy create a challenging outlook for asset markets in 2H22. We downgrade equities to underweight and credit to neutral, move to an overweight in cash and close our underweight to duration.

Global Fixed Income Views 3Q 2022

Sub Trend Growth is now our base case scenario, at 45%. We cut our expectation of Above Trend Growth to 20%, increased Recession to 25% and left Crisis at 10%. Our best idea: high quality, short-duration bonds, in particular short-dated investment grade corporate bonds and securitized credit.

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 2Q 2022

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.

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