Investment research on the markets outlook, covering the global economy and all major asset classes. Most articles in this section naturally cover the short-term (e.g. 3-12 month) outlook for economies and markets. However, the most downloaded research tends to be white papers which are educational, theoretical or long-term - more "evergreen" in nature. For instance BofAML's Transforming World Atlas looks at the global allocation of resources, while a Society of Actuaries paper surveys the literature on the impact of...
baby boomer retirements on future equity prices. Also popular are papers which forecast long-term investment returns over a five or ten-year time horizon. Some papers taken an even longer perspective, looking back on hundreds of year of data to draw conclusions, perhaps about commodity supercycles or long-term interest rates. These academic studies on the nature of investment markets are illuminating, and serve to complement the shorter-term perspective addressed in most investment research. In terms of the regular investment reports, the most viewed papers include the JP Morgan Guide to the Markets, the Goldman Sachs Global Equity Outlook and Standard Life's Global Outlook. To filter these papers by market interest (e.g. global economics, strategy, fixed income etc) please make the appropriate selection from the main menu.
PGIM’s IAS team has joined with GIC EIS to integrate liquidity measurement and cash flow management into a multi-asset, multi-period portfolio construction process. In today's climate, investors are increasingly faced with the difficult choice between potentially higher returns and greater liquidity. Given market uncertainty…
PGIM's latest Megatrends paper, “The Future Means Business: Investment Implications of Transformative New Corporate Models,” draws on the insights of more than two dozen PGIM investment professionals across our private and public fixed income, equity, real estate and alternatives managers – as well as a new proprietary…
In this latest Megatrends piece by PGIM, the authors draw on the insights of more than a dozen investment professionals from across the firm to examine the new "COVID-19 reality" and discuss the impact and opportunities for long-term investors.
Throughout KKR’s forty-four year history, our track record has shown that we are at our best when we are engaged – engaged with our clients, engaged with our portfolio companies, and engaged with our employees – in order to drive the best possible outcomes, irrespective of the macroeconomic backdrop. In this note, we look at…
Nuveen’s investment theme for the coming year is 20/20 vision: a clearer path for growth. The “clearer path” part is pretty straightforward: Our investment leaders think the macro fears that dominated most of 2019 have receded. Monetary policy is easier than it was a year ago, and global recession risks seem to have faded…
Download Robeco's Expected Returns 2020-2024 report (117 pages). This publication includes our five-year investment outlook for all major asset classes. In four special features we also look at some of the tough questions professional investors face today.
This report is not available for users from countries where…
Cheap stocks have been underperforming for the last 18 months, while expensive stocks are overperforming. In fact, current value performance parallels the Tech Bubble and Global Financial Crisis (GFC). This comes as a surprise to many. We have been living through an extraordinary return environment that has, largely, fallen…
Following a fairly rapid ‘recovery’ in the capital markets after the advent of the coronavirus, we are now entering the second chapter, which we are calling Phase II, of what we believe will be a multi-quarter de-leveraging cycle driven largely—in contrast to the downturn of 2008—by the corporate sector. As we expect to see…
This uniquely large and in-depth examination of global fixed income investing is based on in-depth interviews with 159 CIOs and asset owners that are together responsible for the fixed income components of portfolios totalling US$20 trillion in AUM.
This report by Z-Ben Advisors examines which global asset managers are making inroads into China. The past year has been defined by long-awaited regulatory developments and increasingly reactive competition. This year’s report highlights which managers truly prioritize business development in the world’s fifth largest fund…
This paper builds on a series of Axioma presentations entitled “Quantifying Macro Risks,” which detailed a framework for capturing macroeconomic risk effects in a fundamental equity risk model. Here we document how State Street researchers expanded this regional framework to a global context and applied it to Axioma’s AXWW4…
Among other things, this 50-page issue of Invesco's Risk & Reward report examines a variety of themes, for example: (i) a factor-based buy-and-hold strategy for bonds (ii) integrating low volatility style exposure into core equity factor investments (iii) equity factor timing, and more.
ESG themes are long-term, but some can emerge with sudden force. This MSCI report examines five trends which the firm believes will unfold in 2020 to catapult ESG investing into the new decade.
In this paper, Qontigo strategists look back at 2019 which was a remarkable year for equity benchmarks around the world. Both emerging and developed markets shared in the overperformance, with all components of risk falling for both markets. However, style factors saw mixed results, with few reporting outsized returns for…
Studies have shown that pension funds have inherent biases to their domestic markets within their equity allocations. In this paper, FTSE Russell seeks to understand the impact of home bias in the equity allocations of five large pension fund markets—the US, UK, Japan, Canada, and Australia—by examining the extent of their…
Among other things, this 32-page issue of Risk & Reward examines how to take a factor-based approach to diversifying oil exposure. Oil investors, fixed income investors and sovereign wealth funds are the main focus of this issue.
The Covid-19 crisis drove the global economy into an unprecedented deep freeze in the first half of 2020. The combination of monetary and fiscal stimulus will help the global economy de-freeze in H2. As was the case with the virus cycle, the recovery will be sequential and involve different regions at different times - on a…
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