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ASSET CLASS VIEWS FROM OUR SENIOR INVESTORS
Global Asset Allocation Views 1Q21
The main driver of asset returns likely transitions from liquidity to growth in 2021. We maintain a pro-risk tilt, prefer cyclical equities, are neutral on U.S. large caps and in credit favor EM debt. We move duration from underweight to neutral.
Global Fixed Income Views 1Q21
Above Trend Growth remains our base case as vaccinations start and global reopening begins. Inflation is a risk but we think it would be short term. Our preferences include emerging market local bonds, investment grade bank credit, high yield bonds.
Featured Portfolio Insights
Equity research in-depth: How the disruptive power of technology can remake the economy
There's a lot of talk about the disruptive power of technology, but what does that mean, exactly? We think of technology less as a sector and more as a secular force that will affect every corner of the economy, spurring shifts in market share and market capitalization, and generating opportunities for wealth creation (and destruction).
Equity research in-depth: How Consumer Behavior Is Changing
The first in a new series of commentary from the global equity research team, our experts explore the longer-term implications the global pandemic will have on consumer preferences with a focus on the remote workforce, adoption of online alternatives and increased consumer savings.