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Capital Markets Investment Outlook - May 2020

How Are Asset Managers Repositioning?

With most of the world on lockdown, the pace of economic activity has slowed down considerably. But now that market volatility has fallen from the heights it reached in March, it could be a good time to re-assess your outlook for the global capital markets.

For this reason, we've gathered together an interim list of asset-class specific, multi-asset, and global macroeconomic outlook documents, including BNP Paribas Asset Management's take on oil demand, Baillie Gifford's foray into healthcare technology companies, and MFS's Long-Term Capital Market Expectations.

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Keep Calm and Carry On (KKR, Apr 2020)

KKR addresses some of the key questions created by the COVID-19 crisis; what is the growth outlook, what are markets pricing in, what lessons can be applied from past experience, and how should investors adjust their asset allocation?

Fighting a Pandemic With Technology (Baillie Gifford, 2020)

Will the innovation required to combat COVID-19 spawn a new era in global healthcare? Baillie Gifford examines three healthcare technology companies that are fighting against the current pandemic.

Long-Term Value Opening Up in Leveraged Credit Markets (Eaton Vance, Apr 2020)

For compliance reasons, this paper is NOT accessible in the United States and Canada

What will the future hold for credit investors? Eaton Vance looks at recent fluctuations in credit markets and their implications for forward-looking returns.

Webinar: Oil Demand – Over the Hill and Far Away (BNP AM, Apr 2020)

Will oil prices remain low due to the collapse (and potentially the continued plateau) of global consumption? Experts from BNP Paribas AM discuss these issues and others related to global oil demand.

Long-Term Capital Market Expectations (MFS IM blog, Apr 2020)

MFS IM presents their long-term (10-year) expectations for returns and risk across global capital markets.


Podcast: Emerging market equities show resilience to corona crisis (NN IP)

In this podcast, strategists at NN Investment Partners discuss why emerging market equities could be more resilient to the effects of the coronavirus crisis.

V For Volatility (KKR, Apr 2020)

KKR believes that market volatility should not be feared. Instead, investors should lean in to opportunities that are available due to market fluctuations.

Global Investment Views (Amundi, May 2020)

For compliance reasons, this paper is NOT accessible in the United States

Amundi's Global Investment Views strategy document for May covers their multi-asset viewpoints. As we enter the second month of the second quarter of 2020, global markets are still reeling from aftershocks caused by the COVID-19 earthquake.

Is That It? Have equity markets already bottomed? (Invesco, Apr 2020)

For compliance reasons, this paper is only accessible in certain geographies

Could it be the case that equity markets have already reached their coronavirus crisis lows? Invesco posits that the current market sentiment may be partially due to central bank asset purchases.

Asian Fixed Income: Forget fear, focus on fundamentals (Manulife IM blog)

For compliance reasons, this paper is only accessible in certain geographies

Recent market volatility has created dislocations in Asian bond markets which could potentially spell opportunity for discerning global bond investors.

Lockdown, Partial Lockdown or No Lockdown - Impact on equities (Qontigo blog)

Qontigo examines whether the type of lockdown regime has affected the performance of local equity markets in 9 different countries.

Coronavirus Wreaking Havoc on Global Markets (Candriam, Apr 2020)

In this Monthly Fixed Income paper, Candriam discusses the market-related carnage in the wake of the coronavirus epidemic.

Five Portfolio Construction Themes For and After the Global Pandemic (Nuveen)

Nuveen offers five portfolio management-specific themes that are relevant at the present time, including portfolio rebalancing and the selective addition of risk.


The Enemy of a Major Economic Slump is Debt (BMO GAM blog, Apr 2020)

Pyrford International looks at the perils of both sovereign and corporate debt, and debt's effects on global asset prices.

Byron Wien: Speculating on the Secular (Blackstone blog, Apr 2020)

Byron Wien of Blackstone looks at the secular effects of the virus in this brief commentary, touching upon everything from the rising importance of the healthcare industry and real corporate profits to budget deficits.

US Macro Outlook: Let's bend the economic growth curve (Franklin Templeton)

For compliance reasons, this paper is only accessible in certain geographies

Three recovery scenarios? Franklin Templeton Fixed Income discusses the implications for growth, employment, and investment.

Podcast: Roads to recovery from the coronavirus crisis (Federated Hermes, Apr 2020)

In this roundtable podcast from Federated Hermes, asset management professionals and economists ponder the potential shapes of the global economic recovery.

COVID-19: What will policy response mean for economies & markets? (Aviva Investors)

For compliance reasons, this paper is only accessible in certain geographies

Aviva dispels the rumors that all will soon be well, concluding that actions taken by policymakers to counteract the effects of COVID-19 will not prevent a soon-to-be deep global recession from occurring.

COVID-19: A deep dive into Kenya and the African impact (McKinsey & Company)

This McKinsey & Company document delves into the effects of the COVID-19 epidemic in Africa, through a deeper dive into what is occurring within Kenya.

Africa's Pulse: Covid-19 and responses in Sub-Saharan Africa (World Bank Group, Apr 2020)

This World Bank report looks specifically at sub-Saharan Africa and the impact of the coronavirus epidemic on the region's economy.