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Global Investment Outlook - May 2020

The Road Ahead

In the past month, risk assets have rallied, volatility has declined, and viral outbreaks have lessened, yet in some countries, unemployment figures have skyrocketed past levels not seen since the GFC. From this mid-May vantage point, institutional investors may find themselves in a similar circumstance to the unseen protagonist in the picture below - the road ahead is unpaved and uncertain, but lately it has been smoother than expected. 

Asset managers provide their analysis of recent market activity, their outlook for global asset classes, and their own prognostications for what may lie on the road ahead.
 

the road ahead


COVID-19: Pointing investors back towards the 1970s (Amundi AM, May 2020)

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

Amundi AM posits that the Covid-19 pandemic could be the catalyst that propels the global economy towards a new regime altogether, similar in nature to the 1970s.

Q2 2020 Long-Term Capital Market Assumptions (Invesco)

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

Invesco presents its latest Long-Term Capital Assumptions papers in which they update assumptions in the light of market movements in Q1 2020.

The Future of the Health Care Sector - The analyst view (Capital Group, May 2020)

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

Capital Group's Laura Nelson Carney provides her analysis of the future of the Health Care sector.

Fear of Rebalancing? Have a disciplined policy (Wellington Management, May 2020)

Wellington Management stresses the need for a well-structured policy on rebalancing portfolios, offering some additional research on both range-based and calendar-based strategies for rebalancing.

The First Quarter is Over, 9 Steps to Take Now (Franklin Templeton, Apr 2020)

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

Franklin Templeton provides nine nuggets of advice for investors about things that can be done to quell nerves and progress forward during Q2, given the calamity that took place in financial markets during Q1.

Market Fracture: A multi-strategy view (Janus Henderson Investors, Apr 2020)

For compliance reasons, this paper is only accessible in the United States and Canada

Steve Cain, Portfolio Manager with Janus Henderson, examines the market fracture in the first quarter of this year, then moves into a discussion of the cyclical nature of markets and what may lie ahead for investors.

Webinar: COVID-19 macro and asset allocation update (Candriam, Apr 2020)

Hear Candriam's market views, with Florence Pisani, Global Head of Economic Research, and Nadège Dufossé, Deputy Global Head of Multi-Asset.

Reopen vs Reactivate: Lessons from China's experience (UBS AM blog, May 2020)

Using China as a guide, UBS AM looks at exactly how economies across the globe are supposed to reopen and what the likely effects will be upon risk assets.

Seizing Opportunities in the Current Market Environment (UBS AM blog, Apr 2020)

UBS AM strategists discuss the current market environment, and the risks and opportunities they see over the next quarters.

Q2 2020 Capital Market Assumptions (QMA)

QMA adjusts their long-term return forecasts following the turmoil seen in markets during Q1.

Multi-Asset Outlook (Robeco, May 2020)

Robeco's Multi-Asset Outlook focuses on the outlook for global bonds, equities, and foreign exchange. This month's featured topic is on the effects of the oil price crash on global carbon footprints.

Global Recession Prompts “Whatever It Takes” (Franklin Templeton, Apr 2020)

Franklin Templeton's Multi-Asset Solutions team reviews central bank activity since the start of the pandemic. But will these measures, plus fiscal stimulus packages, be enough to ease the corona-enduced burden on the global economy? It remains to be seen.

Risky Assets Rebound on Corona News and Policy Support (NN IP blog, May 2020)

US equities rallied in April, rebounding sharply from March's lows. Central banks remain very stimulative, and news about the virus has turned more positive. NN Investment Partners reviews these and other market-related events for the past month.

Podcast: The Coronavirus Crisis - Hitting Reset (Federated Hermes, May 2020)

Upon emerging from this epidemic, investors may find that the political, economic, and financial landscape has changed significantly. This podcast aims to help investors to reset their expectations for what may lie ahead.

Monthly Market Monitor (Eaton Vance, May 2020)

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

Eaton Vance's Monthly Market Monitor contains charts and graphs on economic data, monetary policy, fixed income spreads, dividend yields, equity valuations, and recent asset class performance.

Podcast: Deflation, not inflation, is the main risk now (BNP AM, May 2020)

Experts from BNP Paribas AM's fixed income team speak about April's market activity and what could be on the horizon for developed fixed income markets.

Key Macro Themes and Market Outlook (Manulife IM, Apr 2020)

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

The COVID-19 crisis has reshaped the economic landscape and has thrown financial markets drastically off-course. How have asset class-specific forecasts and expectations changed?

EV Forward: Outlook and strategies for volatile markets (Eaton Vance, May 2020)

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

Eaton Vance puts forth commentary on monetary policy, bullish vs bearish thoughts on the coronavirus crisis, and their multi-asset commentary for the month of May.

Cross Asset Investment Strategy (Amundi, May 2020)

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

In this 32-page paper, Amundi AM details their monthly updates to their Cross Asset Investment Strategy, including COVID-19 aftershocks and some regional overviews.

Recalibrating the Rulebook: 360°, Q2 2020 (Federated Hermes)

For compliance reasons, this paper is only accessible in the United States

In this quarterly fixed income report, Federated Hermes looks at the potential for active credit investors with high convictions to find idiosyncratic opportunities, despite the coronavirus crisis.