Timely commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.
Time-tested projections to help build stronger portfolios
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.
Despite economic optimism, expressing a risk-on view is likely to be more nuanced in 2021. We favor cyclical equity regions and value as a style. Credit, especially high yield, is still our preferred fixed income asset.
Above Trend Growth is our base case (90%) given stimulus, accelerating vaccinations and likely strong growth. Our top picks: high yield bonds and leveraged loans for returns; European bank capital notes, securitized credit and emerging sovereign debt.
While valuations are much higher and speculative activity is on the rise, our investors take comfort from powerful corporate profit growth and favorable comparisons with exceptionally low bond yields. Within markets, we recommend a balanced approach.
As equity markets hit record highs, the equity value and size factors got a boost, but equity momentum and quality factors plunged. Our outlook remains optimistic while we acknowledge that above-average returns may require a shift in market sentiment.