After 2022’s rout, what does 2023 have in store for bond markets? Last year marked a yield reset as central banks hiked aggressively to fight a surge in inflation. Has this presented an opportunity going forward?
This Special Report reviews the case for fixed income in 2023. Six key supporting factors are outlined…
Commencing as a source of financing for mid-market companies unable to raise funds elsewhere, private credit has grown into a serious and credible competitor to both traditional, liquid markets (i.e., broadly syndicated loans and high yield corporate bonds), something seemingly fanciful only a few years ago.
In this outlook, we assess why private credit has generally been resilient for the first half of 2023. But as we head into the second half of the year what’s behind the growing divergence between defensive and cyclical issuers? And given our view that recession in the US and Europe remains a distinct possibility, how should…
For this special anniversary edition of our sovereign study, we have brought together key data from the past ten years and combined it with a series of in-depth interviews with prominent sovereign investors to understand how the segment has evolved over this period and what the next decade might look like.
In 2022 sovereign investors are grappling with an inflation shock, rising interest rates and a war in Eastern Europe. Invesco discusses how these factors are influencing asset allocations, including a continued rise in private market allocations. However, with no consensus on how these factors will unfold, they also uncover…
In 2022 sovereign investors are grappling with an inflation shock, rising interest rates and a war in Eastern Europe. Invesco discusses how these factors are influencing asset allocations, including a continued rise in private market allocations. However, with no consensus on how these factors will unfold, they also uncover…
This report will help investors, firms, and investment professionals in assessing the outlook for responsible investment funds. It demonstrates the key factors and trends shaping the responsible investment fund market in the United States and Europe.
Despite the resilience that characterised 2023, we believe the lagged effects of monetary tightening in US and Europe will result in a recession in 2024. This could lead to rate cuts (most likely from middle of 2024 onwards), but given high inflation and a strong labour market, the path ahead is uncertain.
In 2024, the fuel that drove economic activity in 2023 will start running low. In the US, excess savings will soon be spent, and business investment will wane. Europe is more vulnerable to recession risk and faces stagflation, while China struggles to resolve its property crisis.
Asia has a dual challenge: it is made up of emerging markets in dire need of economic development and needs to transition to a low-carbon economy to meet the global objective of the Paris Agreement to limit global warming to 1.5°C. Responsible investment in Asia has long been thought to trail behind that of Europe and North…
Digital infrastructure is an exciting sector, not just because of its growth potential, but also because of the foundational implications it has for our societies, and their future structure and dynamics. How we interact with one another, how business is conducted, and how we consume content and information will all be…
The five themes in the report look to both build on the work of previous years, and highlight new trends and themes that have emerged over the past year. Fieldwork was carried out in the first quarter of 2020 as the implications of the Covid-19 pandemic were unfolding.Consequently, the response to the immediate shock and…
Wilshire's Alternatives 2024 Outlook updates readers on the future prospects for private equity, private real assets, venture capital, infrastructure, private credit, and hedge funds across the U.S., Europe, and Asia Pacific.
The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported…
During the past 20 years, European listed real estate experienced three bear markets. Listed real estate prices in Europe decreased by 78% from their maximum to their minimum during the global financial crisis. These large price fluctuations are a major concern for investors, as they have a disproportionate impact on…
For a pensions market that is all but closed to new members, defined benefit (DB) pension schemes and perhaps primarily the Government, are not resting on their laurels. Mansion House reforms and a gently encouraged move into productive assets, increasing numbers of bulk annuity deals, and consolidation, all set against the…
In Europe, much less fiscal policy support will likely constrain domestic demand and higher-for-longer interest rates will make monetary policy even more restrictive. Meanwhile the US has displayed economic resilience on the back of fiscal incentives and business investment, but sentiment has been affected by slowing…