Top Papers: Thought-provoking insights from July

Investors need new macro anchors for their allocations

Recently, BlackRock wrote in its mid-year outlook that the old macroeconomic environment is passing away. As a consequence of this, investors are looking for new data points and insights to help with allocation decisions. The thought leadership provided below offer guidance as to what these might be. And make sure to read the Q3 Guides to Markets from JP Morgan AM.

Global Sovereign Asset Management Study 2025 (Invesco)

The 2025 investment environment presents sovereign investors with a fundamentally altered landscape. How are investors to navigate this new world?

Mid-Year Investment Outlook 2025 (Amundi)

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

Upcoming reforms and investment plans aimed at achieving strategic autonomy are transforming Europe into an increasingly attractive destination for investors.

How To Assess Geopolitical Conflict (Fisher Investments)

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

A full-scale conflict involving the world’s superpowers has the capacity to derail commerce and trigger a global recession.

Global Real Estate Outlook Mid-Year 2025 (M&G Investments)

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

A key question for real estate investors is how to distinguish between cyclical signals, structural trends, and short-term noise.

Global Risks 2025 Midyear Update (Metlife IM)

The first five months of the second Trump administration have been a historic turning point in global trade. How will the second half of the year look like?

Where Do Insurance Firms and Pension Funds Invest? (Bruegel)

Europe needs long-term, patient capital to meet its investment needs. Where is the money going and how can policymakers help?

European Credit—an Income Investor’s Best-Kept Secret? (Manulife IM)

While the U.S. still has the much larger credit market, Europe has grown significantly over the past decade, offering investors more opportunities.

UK Policy Warms on Private Capital (UBS AM)

The government has lately become warmer on the use of private finance in UK infrastructure. This is good news - for several reasons.

The Great Repricing: Are U.S. Treasuries Still a Safe Haven? (State Street)

The historical positive link between Treasury yields and the U.S. dollar has fractured, signaling a reassessment of U.S. credibility.

Assessing and Developing Investment Talent (Orbis Investments)

The best investment teams are those that have developed continuity over generations with systems to identify and develop promising new talent.

U.S. Persistence Scorecard Year-End 2024 (S&P Dow Jones Indices)

The Persistence Scorecard demonstrates that consistent outperformance, both relative to peers and versus the benchmark, is typically hard to find.

2025 Mid-Year Investment Outlook (BlackRock)

Sharp U.S. policy shifts and elevated uncertainty make it seem the world is upended. What matters now for investors is getting a grip on this environment’s defining features. 

The latest Guides to Markets from JP Morgan AM

Global Guides to the Markets Q3 2025 (JP Morgan AM)

Each quarter, JP Morgan AM updates its famous Guides to Markets, covering multiple geographies and markets from across the world.