Portfolio Insights

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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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Multi-Asset Solutions 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 3Q 2023

The economy faces slightly subtrend growth, with risks in both directions. We maintain a duration overweight, upgrade equity to neutral, remain neutral on credit and keep a slight overweight to cash. As stock-bond correlations follow inflation lower we favor selectively adding more risk-on positions.

Global Fixed Income Views 3Q 2023

Recession is still our base case scenario, but we’ve lowered it to 55% while raising the likelihood of Sub Trend Growth to 40%. Our Crisis (5%) and Above Trend Growth (0%) scenarios are unchanged. Our top pick: agency mortgage-backed securities.

Global Equity Views 3Q 2023

Our portfolio managers are modestly positive on markets. Despite high valuations, we think it is too early to take a stance against the AI winners. We prefer quality stocks across sectors, but the most obviously defensive stocks look overpriced.

Factor Views 3Q 2023

Factor performance remained broadly positive despite a quarter of twists and turns. Macro carry factors enjoyed their second best quarter since the global financial crisis. Equity factors, especially value, look well supported by current valuations.

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