Wellington Homepage
Change
Showing
of
Insights Posts
4 equity themes: Budding opportunities in small caps and more
Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy.
3
min
Article
2025-04-30
The Fed’s lessons learned from its COVID response
Fixed Income Portfolio Manager Brij Khurana breaks down the central bank's policy decisions during the pandemic and explains how they continue to affect financial markets.
6
min
Article
2025-04-30
Monthly Market Snapshot — March 2024
A monthly update on equity, fixed income, currency, and commodity markets.
20
min
Whitepaper
2025-04-30
Iran/Israel conflict: What can we expect?
Our expert examines the recent attacks, the threat of escalation, and the dynamics at play in the region.
3
min
Article
2024-10-31
Financial Market Review
A monthly update on equity, fixed income, currency, and commodity markets.
19
min
Whitepaper
2025-04-30
Biden 2.0: National security and investment themes
The geopolitical and investment implications of a potential second Biden term.
5
min
Article
2025-04-30
A turning point for US small caps
Myth busting US small caps: why now could be a compelling entry point for the asset class.
18
min
Article
2025-04-30
Risky business: Is now the time for surplus action?
Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.
17
min
Article
2025-04-30
The immigration surge: Political challenge, economic blessing?
Macro Strategist Juhi Dhawan considers the impact of rising immigration, a top issue in this year's US elections, on growth, interest rates, and the labor market.
4
min
Article
2025-04-30
Trump 2.0: National security and investment themes
Our expert examines the geopolitical and investment implications of a potential second Trump presidency.
14
min
Article
2025-04-30
Battle for the supply side of the economy: US election implications
Starkly different policy agendas from Biden and Trump are examined in terms of how they may affect the supply side of the US economy.
5
min
Article
2025-04-30
Four questions for investors after Japan’s historic hike
With the Bank of Japan having finally moved out of negative rates, Macro Strategist John Butler identifies the four key questions he believes investors should focus on.
5
min
Article
2025-04-30
Do fundamentals support a risk-on tilt?
Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.
Article
2025-03-31
FOMC: Stable policy amid market volatility
The Fed is holding steady amid market turmoil. See our quick notes on the FOMC's March policy statement, forecasts, and the Fed chair's press conference.
Quick Take
2025-03-31
Monthly Market Snapshot — February 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2025-03-31
Agency MBS key questions for 2024
Is there room for mortgage spreads to tighten further? Brian Conroy and Joseph Marvan examine this and seven other questions that will be significant for the agency MBS market in 2024.
Quick Take
2025-03-31
Key factors to monitor in European equities
Macro Strategist Nicolas Wylenzek assesses the longer-term prospects of European equity markets through the prism of five key factors.
Article
2025-03-31
Is there opportunity for high yield in today’s new economic era?
Is there opportunity for high yield in today’s new economic era? Portfolio Manager Konstantin Leidman explores.
Article
2025-03-31
No bulls in the China shop?
John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.
Article
2025-03-31
The Trump/Biden rematch: Market implications of unprecedented policy divergence
Macro Strategist Juhi Dhawan discusses six key areas of policy debate in this year's US election that she expects will matter most to markets, from the tax and spending plans to trade and geopolitics.
Article
2025-03-31
Is the US economy really that different since COVID?
US economists have been touting the resilience of the post-COVID economic rebound. Brij Khurana dissects several key economic indicators to see what's really changed since 2019.
Article
2025-03-31
Adopt a new vantage point for diversifying your portfolio
Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.
7
min
Article
2025-01-31
Income: the hard worker in your portfolio deserves more credit
Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities?
5
min
Article
2025-03-31
How to nurture a growth mindset in a higher-yielding landscape
In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.
12
min
Article
2025-03-31
Back to the future: a new economic era
Macro Strategist John Butler explores why he believes the old macroeconomic model is broken and how best to navigate a new era of investing.
5
min
Article
2025-01-31
How to reposition for a new economic era?
In this short video, Macro Strategist John Butler outlines the key features of the new economic era we are now entering.
4
min
Video
2025-03-31
5 reasons to be active in fixed income
Actively managed fixed income portfolios have several distinct advantages over passive approaches.
Whitepaper
2025-02-28
Why high-yield investors should keep a close eye on the default cycle
A peak in defaults may not be far off. What does this mean for investors considering a move to high yield?
Article
2025-03-31
Facing the inflation dilemma head on
Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?
Article
2025-02-23
Monthly Market Snapshot — January 2024
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2025-02-28
Too much focus on Fed, not enough on fiscal
Current US fiscal and monetary policy stances argue for risk taking in fixed income.
Article
2025-02-07
Top 5 fixed income ideas for 2024
With central banks set to pivot to accommodative policy, and elevated yields still prevailing, we think fixed income offers compelling opportunities. Here we share our top five ideas.
Quick Take
2025-02-28
CLOs: 4 hot topics
Bank demand, net supply, the cycle for broadly syndicated loans, and loan fundamentals will be front and center for CLO investors in 2024.
Quick Take
2025-02-28
Thematic investing focus: security in a world of great-power competition
In an environment of accelerating great-power competition and geopolitical instability, policymakers may place a higher emphasis on security – even at the expense of economic efficiency. What could this mean for thematic investors?
Article
2025-02-28
Trends and transformation distilled: Our 2024 outlook in brief
Our experts explore investment opportunities and risks for the year ahead.
Article
2025-02-28
Venture capital outlook: Signals point to a brighter 2024
Our private investing team sees positive signals indicating that the recent downturn in venture capital may have hit bottom. Just as privates trailed the public market correction in 2022, we believe they will follow its recovery.
Article
2025-01-31
Top of Mind: The allocator’s checklist for 2024 and beyond
Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.
Article
2025-01-31
Emerging markets debt: resilience in the face of adversity
Our expert discusses why she is positive on the outlook for emerging markets debt, even though growth will likely slow.
Quick Take
2025-01-31
No more free lunch: Impact of higher interest rates on private equity strategies
We explain what the direct and indirect rate exposure of buyouts, venture capital, growth equity, secondaries, and fund-of-funds mean for investors.
Article
2025-01-31
Trends and transformation: Ideas for 2024
Explore our latest views on risks and opportunities across the global capital markets as we look ahead to 2024.
Article
2024-06-30
Financial Market Review
A quarterly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2025-01-31
Private market perspectives
Hear from private market experts across our early-stage venture, climate growth, late-stage biomedical, late-stage growth, private credit, and ESG teams.
Video
2025-01-31
Monthly Market Snapshot – December 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2025-01-31
The shifting liquidity landscape: What’s at stake?
The beginning of the end could be in sight for the Federal Reserve’s quantitative tightening (QT) program. US Macro Strategist Juhi Dhawan considers the Fed's next steps and what they could mean for banks, liquidity, and markets broadly.
Quick Take
2025-01-31
Annual message from our CEO: At a crossroads
CEO Jean Hynes offers perspectives on the current macro and market environment, including the need to challenge long-held assumptions, prepare for persistent disruption, and consider the resulting investment opportunities and risks.
Whitepaper
2025-01-31
Multi-Asset Market Outlook
To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group
Article
2024-12-31
Bizarro World: Could 2024 be the opposite of 2023?
Fixed Income Portfolio Manager Brij Khurana details the dynamics that may upend investor expectations of a repeat of 2023 this year.
Quick Take
2025-01-17
Navigating a volatile reality: three ideas for 2024 and beyond
2023 saw investors grapple with a new, more volatile reality. How should portfolios be positioned for opportunities and challenges in 2024?
Article
2025-01-31
Why structural change in Germany may impact investors globally
Macro Strategists John Butler and Eoin O’Callaghan discuss why they believe the structural changes currently underway in Germany will impact investors globally.
Article
2025-01-31
Fork in the road: Slowdown or reacceleration ahead?
Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities.
Article
2026-01-31
Why income-seeking investors need to look across asset classes
Income plays an even more crucial role in portfolios than many of us realise, contributing a significant portion of returns for multi-asset portfolios. But with cash rates at around 5%, the world of income has changed. This should prompt investors to take a fresh look across asset classes to see where opportunities lie.
Article
2024-12-31
Global high-yield outlook: Near term, defensive but longer term, solid
High-yield portfolio managers Mike Barry and Konstantin Leidman discuss their 2024 outlook and the merits of a near-term defensive stance with an eye on longer-term opportunities.
Quick Take
2024-12-31
Monthly Market Snapshot – November 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-12-31
Will a “Goldilocks” economy be just right for equity markets?
We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year.
Article
2024-12-31
Equity Market Outlook
In our 2023 Equity Outlook, we offer a range of fundamental, factor, and sector insights as we look to 2023.
Article
2024-12-31
Credit: Better opportunities to add risk on the horizon
Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.
Article
2024-12-31
Rates: Tracking the trade-off between inflation and growth
In their 2024 rates outlook, Investment Directors Amar Reganti and Marco Giordano investigate the treacherous trade-off faced by central banks and what it means for bond investors.
Article
2024-12-31
Fed’s projections yielded mixed results this year — what’s in store for 2024?
Our Fed watcher opines on 2023 policy and looks ahead to 2024.
Quick Take
2024-03-31
Bond Market Outlook
In this collection fixed income experts across our platform highlight risks and opportunities for discerning fixed income allocators looking ahead to the second half of 2023.
2024-12-31
Learning to love (or live with) a late-cycle environment
Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.
Article
2024-12-31
Look past the cycle: The surprising total return potential of natural resources and commodities
Portfolio manager Nick Petrucelli explains the cyclical, structural, and macro tailwinds behind this opportunity.
Article
2024-12-31
2024 Insurance Outlook: Position portfolios for the unexpected
Tim Antonelli offers two critical ideas for insurers' 2024 investment planning: doubling down on diversification and rethinking risk, including geopolitical and default risk.
Article
2024-12-31
China’s growing self-reliance could bolster its equity market
Our expert, Philip Brooks, finds reasons for optimism in China's equity market.
Quick Take
2024-12-31
The growing importance of supply chain transparency
Head of Sustainable Investment Wendy Cromwell explains why supply chains remain a key investment risk and details related research areas for our SI team in 2024.
2024-12-31
Alternative Investment Outlook
This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.
Article
2024-11-30
Private credit: Key market themes for the year ahead
In our annual private credit outlook, learn about three themes that have dominated headlines recently and may create opportunities for parts of the private credit market going forward.
Article
2024-12-31
Sustainable Investment Outlook
Our head of Sustainable Investment shares key areas of focus for 2023, including climate change and biodiversity, modern slavery, data privacy, shareholder rights, and impact investing,
Article
2024-12-31
Embracing uncertainty: Three alternatives ideas for a macro-driven world
Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.
Article
2024-12-31
Should investors prepare for a rate hike in Japan?
Investment Directors Marco Giordano and Masahiko Loo discuss why a rate rise in Japan may occur sooner than markets expect.
Quick Take
2024-12-31
Full speed ahead: China’s race to implement AI
Our experts examine market implications of China's AI expedition.
Quick Take
2024-11-30
Look below the surface: A contrarian view on China equities
Equity expert, Ben Chen, dives into China's murky investment landscape.
Quick Take
2024-05-31
Global Economic Outlook
Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.
Article
2024-11-30
Macro implications of the AI revolution: is the market right?
Macro Strategist John Butler sets out an initial framework to help answer key questions about the potential macro impact of artificial intelligence.
Article
2024-11-30
2024: A year of intensifying macro regime change?
John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.
Article
2024-11-30
How geopolitics and the energy transition may reshape global trade
We explore the potential near- and longer-term market effects of deteriorating US/China relations, coupled with the shift toward a low-carbon economy.
Article
2024-11-30
The US economy in 2024: A tale of transition
Our US macro expert sees changes in consumer and investment spending in the coming year, and highlights what she'll be watching for in terms of policy, politics, and profit margins.
Article
2024-06-30
The intersection of geopolitics and deglobalization
The geopolitical landscape is likely to remain complex and unpredictable throughout 2024. What are the key risks to watch out for and what are the implications for investors?
Article
2024-11-30
Commodities: Top ideas and evolving opportunities
To help clients plan for the coming year, our commodities experts share their top near-term, medium-term, and long-term investment ideas.
Article
2024-11-30
China fixed income: Dislocations create opportunities in this large and diverse market
Hear from our experts as they uncover new fixed income opportunities in China.
Article
2024-11-30
Getting Real: China looks beyond real estate for economic success
Our experts explore signs of an improving macro picture in China.
Article
2024-11-30
Monthly Market Snapshot – October 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-11-30
Have the Fed’s recent comments just provided a tailwind for agency MBS?
Fixed Income Portfolio Manager Brij Khurana explains why the market may be missing an important nuance in the Fed's focus on financial conditions.
Article
2024-11-30
The future of investment research
Head of Investment Research Mary Pryshlak joins host Thomas Mucha to discuss the evolution of research in the asset management industry amid shifting market, technological, and geopolitical environments.
Podcast
2024-09-30
Securitized debt: Strategies for navigating emerging cracks in consumers’ financial health
Our expert highlights reasons for deteriorating consumer financial health and explores strategies for mitigating risk in securitized asset-backed securities.
Quick Take
2024-11-15
You snooze, you may lose: The case for bonds
There are signs the Federal Reserve's rate-hiking cycle may be nearing an end, but some uncertainty remains. With that in mind, Multi-Asset Strategist Nanette Abuhoff Jacobson considers the timing of a move from cash to bonds.
Quick Take
2024-11-30
Deglobalisation and divergence: opportunity or threat?
John Butler and Supriya Menon discuss the drivers underpinning growing macroeconomic divergence and deglobalisation and what it may mean for asset allocators.
Article
2024-10-31
Monthly Market Snapshot – September 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-09-30
Early 2024 resolutions: Enjoy the yield but be smart with your surplus
What should insurers expect from markets as we approach the end of the year? Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, offers his views and identifies areas that may be worth a closer look.
Article
2024-10-31
Insurance Quick Takes: A look at the future landscape of US insurance climate risk oversight
Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, discusses the main points of a recent report published by the Federal Insurance Office (FIO), and the importance and impact to US insurers and insurance climate risk oversight.
Video
2024-10-31
Is bad news for the economy actually good news for markets?
While it has taken longer than expected, higher interest rates are starting to take their toll on the global economy and the "bad news is good news" market narrative could be changing. Members of our Investment Strategy team offer their macro and market outlook, including their latest views on equities, bonds, and commodities.
Article
2024-03-31
What if US wealth inequality reverses?
Our experts examine the role of wealth inequality in the US economy and the potential investment implications of a reversal in that dynamic.
Article
2024-09-30
The “cleanest dirty shirt” now has too many stains
Fixed Income Portfolio Manager posits that US fiscal profligacy will change the game for asset allocators.
Quick Take
2024-09-30
Long/short investing in European equities' growing dispersion
We explore how growing dispersion in European equity markets is driving opportunities for long/short investors, fueled by structurally higher inflation, changing market leadership, and a renewed focus on valuation.
Article
2024-09-30
Monthly Market Snapshot — August 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-09-30
Fed not yet willing to declare victory on inflation
We think the Fed is done raising rates for this cycle, despite the likelihood that they are being overly optimistic about inflation. Read to find out why.
Quick Take
2024-03-31
Three themes (and what they mean) for income investors
With several macro crosscurrents at play, Portfolio Manager Peter Wilke suggests that income-oriented investors not lose sight of the “big picture” in their quest for yield.
Article
2024-08-31
Why the change of direction in Germany warrants close attention
Macro Strategist Nicolas Wylenzek assesses the shifts underway in Germany and Europe more broadly, including the recent surge in the far right's popularity and the challenges associated with the energy transition.
Article
2024-09-30
Public CRE debt — Risk, opportunity, or both?
Our experts explore the implications of the ongoing stress in the public CRE debt, or commercial mortgage-backed securities (CMBS), space for investors and analyze risks and opportunities for ratings-constrained insurers.
Quick Take
2024-09-30
US regional banking sector update
We explore how banking regulation and legislation could impact US regional banks, including highlighting the potential for M&A activity and for dispersion to drive long/short opportunities.
Article
2024-08-31
Financials amid rising dispersion
We explore why we believe dispersion across stocks, sectors, and geographies is supporting numerous secular themes in long/short investing in financials.
Article
2024-09-30
Monthly Market Snapshot — July 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-07-31
Reasons for optimism about Indian equities
Our experts explain why, despite criticisms that Indian equities trade at higher valuations today than they have historically, they may have the potential to help drive total returns over time.
Quick Take
2024-08-31
Building resilience: Key questions equity investors need to ask today
Yolanda Courtines explores how equity investors can re-assess the resilience of their core portfolio against higher interest rates and more adverse macro conditions.
Article
2024-08-31
After the US downgrade: Thoughts on public debt, bond yields, and Fed policy
In the wake of the US debt downgrade by Fitch, Macro Strategist Juhi Dhawan explains what worries her most about the nation's debt situation and considers the impact on the term premium and the Fed’s plans.
Quick Take
2024-08-31
Generative AI: Separating hype from opportunity
Two of Wellington's tech experts join host Thomas Mucha to discuss the rapidly evolving AI landscape and separate hype from reality, highlighting everything from the industries most likely to be impacted to AI's geopolitical implications.
Article
2024-08-31
Economic and market forecast in six charts
This visual summary of Wellington Management’s 2023 Outlook captures insights on economic and market forces shaping investment results from specialists from across our investment platform.
2024-08-31
Why cash won’t cut it for long: The case for bonds
Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson and Investment Strategy Analyst Patrick Wattiau explore the relative potential benefits of bonds versus cash.
Quick Take
2024-08-31
Commercial property values shrinking? No problem for big cities
We analyze the impact of declining office property values and outline the reasons why they believe large cities should be able to weather the storm of shrinking commercial property value.
Quick Take
2024-08-31
What AI could mean for fixed income
Fixed Income Portfolio Manager Brij Khurana details the potential effects of artificial intelligence on the fixed income market.
Quick Take
2024-08-31
Seven observations on the latest US/China executive order
Geopolitical Strategist Thomas Mucha shares his analysis of the recent Biden administration executive order, which aims to restrict investment into certain sectors in China, and details the potential investment implications.
Quick Take
2024-08-31
How would emerging markets weather a “standard” recession?
Macro Strategist Gillian Edgeworth explores the potential impact of a developed market recession on emerging markets.
Quick Take
2024-08-31
How to interpret the Bank of Japan’s latest policy shift
We analyse the wide-ranging investment implications of the Bank of Japan's latest policy shift.
Quick Take
2024-08-31
US loses its AAA rating (again)
US Macro Strategist Michael Medeiros analyzes Fitch's recent downgrade of US credit quality and explores the bigger issues at play.
Quick Take
2024-08-31
Core fixed income: Stop me if you’ve heard this one before
Head of Multi-Asset Strategy – Insurance and Portfolio Manager Tim Antonelli updates insurers on the status of the market today, shares what he believes they can expect for the rest of the year, and identifies areas that may be worth a closer look.
Article
2024-07-31
Chair Powell maintains optionality
Fixed Income Analyst Caroline Casavant shares what she thinks matters most for investors in light of the latest interest-rate hike from the Fed.
Quick Take
2024-07-31
Monthly Market Snapshot — June 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-07-31
The great American labor shortage: Causes, consequences, and solutions
Shifting demographics suggest that US labor markets will remain tight in years to come, with major implications for income inequality, investment spending, and government policy.
Article
2024-07-31
Bank loans remain attractive despite macroeconomic uncertainty
Our experts believe that bank loans currently offer attractive levels of income and have already priced in an overly bearish macroeconomic view.
Quick Take
2024-07-31
A test for the global economy
What are the similarities and differences between the US regional banking crisis and 2008's global financial crisis? How likely is a recession? Should investors be focusing on value or growth? In this podcast, Macro Strategist Nanette Abuhoff Jacobson shares her interpretation of where the economy is headed, outlining where the risks and opportunities may lie for investors in the next 12 months.
Video
2024-07-31
Financial Market Review
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-07-31
How a thematic approach can help harness change within portfolios
Multi-Asset Strategist Supriya Menon and Investment Director Andrew Sharp-Paul discuss why a thematic approach can help harness change within portfolios against a structurally different macroeconomic backdrop.
Article
2024-07-31
How to weather the storm: A roadmap for more resilient portfolios
As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.
Article
2024-07-31
Multi-Asset Outlook: A recession is looming…or is it?
The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.
Article
2024-07-31
State of the credit markets: Does cash rule everything around us?
Fixed Income Portfolio Manager Brij Khurana outlines the state of the credit market today, compares historical periods of quantitative easing, and warns credit investors of cash scarcity in the near future.
Quick Take
2024-06-30
Investing in the age of great-power competition
As competition between great powers intensifies, a new global order is taking shape. Geopolitical Strategist Thomas Mucha explores the investment implications of a more fragmented and fractious world.
Quick Take
2024-06-30
Monthly Market Snapshot — May 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-06-30
New market regime, a new environment for global equities?
Global Equity Strategist Andrew Heiskell characterizes the new market regime, makes a case for shelving the old investment playbook, and shares potential investment implications for equity markets.
Article
2024-06-30
Chinese equities: Pockets of strength for patient stock pickers
Portfolio manager Bo Meunier explores how China’s recovery may be more modest than headline numbers suggest and why, as a stock picker, she remains constructive.
2024-06-30
European equities: cyclically challenged but structurally supported
Macro Strategist Nicolas Wylenzek discusses why, despite cyclical challenges, European equities may be in the best structural position that they have been in for years.
Article
2024-06-30
FX outlook: Is USD exceptionalism withering away with the Fed hiking cycle nearing an end?
Discover the status of the USD today, learn where the greenback may be headed going forward, and understand why.
Quick Take
2024-01-31
Is your asset allocation ready for the realities of climate change?
Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.
Quick Take
2025-06-30
Fed skips along the path to a pause
Jeremy Forster analyzes the Federal Reserve's decision to pause its interest-rate hiking cycle, explains why he believes it could be an extended pause, and shares the potential implications for fixed income markets.
Quick Take
2024-06-30
The state of venture capital markets
Co-head of private investments Michael Carmen shares his outlook for venture capital markets, including the state of deal flow, valuations, and the IPO market.
Article
2024-06-30
Private credit in a new regime
We explore how a shifting macro backdrop, ongoing banking crisis, and evolving competitive dynamics may create opportunities across private credit markets.
Article
2024-06-30
Focus on what you can control: Five alternative investment ideas for an uncertain world
Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how a variety of alternative investments, including select hedge funds and private credit, could help allocators reduce the importance of the economic cycle to their portfolio results.
Article
2024-06-30
Credit market outlook: Expect greater opportunities in back half of 2023
Against a backdrop of elevated recession risks and banking-sector stress, Fixed Income Portfolio Manager Rob Burn identifies relative-value sector opportunities in the credit market.
Article
2024-06-30
When the US sneezes, does the world still catch a cold?
Macro Strategist John Butler discusses the growing potential for cyclical and monetary policy divergence, despite markets pricing for the contrary, and assesses what it means for investors.
Article
2024-05-31
A quiet bull market in EM local debt?
Brian Garvey illustrates the recent strength of emerging markets local debt following an extended period of underperformance.
Quick Take
2024-06-30
Fixed income 2023: Will opportunity keep knocking in the second half?
Learn where Fixed Income Strategist Amar Reganti sees opportunities in the fixed income market today and dive deeper into the three key themes he thinks investors should consider going forward.
Article
2024-06-30
Europe/US divergence: the ECB has further to go
How far will Europe diverge from the US? Macro Strategist Eoin O’Callaghan sees several reasons sustaining this growing divergence.
Article
2024-06-30
Global high yield: Attractive entry points could soon emerge
Fixed Income Portfolio Manager Konstantin Leidman shares his outlook for high-yield fixed income for the rest of this year and beyond.
Article
2024-06-30
Inflation loosens its grip, but bank turmoil could put the squeeze on US growth
US Macro Strategist Juhi Dhawan weighs the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.
Article
2024-05-31
Asia: A growth story with longer-term momentum
Is China’s recovery already running out of steam? Macro Strategist Santiago Millán assesses the outlook for China and Asia and sees longer-term momentum for growth.
Article
2024-06-30
The “money illusion” economy: Misplaced faith in markets?
Fixed Income Portfolio Manager Brij Khurana shares a skeptical view of US Federal Reserve policy, his assessment of the current market backdrop, and his view of what the future could hold.
Article
2024-06-30
Time for a new playbook on bonds
Is it time to add to fixed income allocations? Multi-Asset Strategist Adam Berger and Fixed Income Strategist Amar Reganti offer their views, as well as thoughts on specific areas of opportunity.
Article
2024-05-31
Is the structural case for inflation still intact?
Even if inflation cools in the coming months, members of our Investment Strategy team expect it to be "stickier" over the long term. Find out how that might impact asset allocation decisions.
Quick Take
2024-05-31
Monthly Market Snapshot — April 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2024-05-31
EM equities: Can they prove the doubters wrong?
Multi-Asset Strategist Adam Berger offers six reasons that EM equity performance could be much more compelling in the decade ahead, from attractive valuations to economic tailwinds to mean reversion in the US dollar.
Article
2024-05-31
How do bond investors approach the new volatile regime?
Wellington fixed income experts provide an analysis on how to navigate short-term volatility and reposition portfolios for the structural changes occurring in fixed income markets. Watch the replay here.
Event replay
2024-05-31
Have you looked at Brazilian equities lately?
Equity Research Analyst David Reid believes now is an opportune time for EM equity investors to consider implementing or augmenting portfolio allocations to Brazilian stocks.
Quick Take
2024-05-31
Value investing: Alive and well in today’s market
Global Investment Strategist Nanette Abuhoff Jacobson expects the drivers of the next economic cycle to favor value stocks over their growth counterparts.
Quick Take
2024-05-31
US debt ceiling back in focus: The context matters
US Macro Strategist Mike Medeiros shares his latest thoughts on the US debt-ceiling standoff, including its potential outcomes and implications.
Quick Take
2024-05-31
Did the Fed just make a policy error?
Did the Fed just make a policy error? All things considered, Fixed Income Portfolio Manager Jeremy Forster thinks the answer is yes. Learn why and what the implications could be.
Quick Take
2024-05-31
India equity's improving risk/return tradeoff
This is not your grandfather's India equity market. Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks explain why and back their argument with risk/return data.
Quick Take
2024-04-30
Monthly Market Snapshot — March 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-06-15
Financial Market Review: First quarter 2023
A quarterly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-10-15
Is the long-awaited change in Japan’s fortunes finally materialising?
Portfolio Manager Dan Maguire explores why Japan may finally be exiting deflation and assesses the opportunities this structural change could create for small- and mid-cap equities.
Article
2024-04-30
How do bank failures impact fintech?
Global Industry Analyst Matt Ross analyzes the ways in which recent US bank failures could impact the fintech sector in public and private markets.
Quick Take
2024-04-30
Three macro assumptions that could be just plain wrong
Fixed Income Portfolio Manager Brij Khurana offers his non-consensus take on three entrenched, but potentially flawed, beliefs in today's market environment.
Quick Take
2024-04-30
Win by losing? The surprising truth about long-term active management
Research shows that even the best managers have had to bounce back from periods of underperformance. For asset owners who've invested time and effort to find these managers, the data argues for cultivating a long-term mindset.
Quick Take
2024-04-30
Uncovering opportunities in health care
Our experts analyze the ways in which innovation, digitization, and pandemic recovery come together to brighten the outlook for the health care sector.
Article
2024-04-30
European stocks: Regime change and the valuation gap
Portfolio Manager Dirk Enderlein explains why we may see more dispersion in European stocks in coming years and why there may be greater clarity about which stocks will be the new market leaders.
Quick Take
2024-04-30
Lessons from 2008: Stress testing portfolios in today’s market
While very different from 2008, the current market environment makes a strong case for portfolio stress testing. Gregg Thomas, Co-Head of Investment Strategy, offers suggestions for improving the process, including assessing factor positioning and reducing recency bias.
Quick Take
2024-04-30
Commercial real estate: Seeking shelter from the storm
Finding potential opportunities in commercial mortgage-backed securities these days is all about knowing where to look, says Fixed Income Credit Analyst Carolyn Natale.
Quick Take
2024-04-30
Putting the global economy to the test
With economic and market fault lines emerging as a result of higher interest rates, members of our Investment Strategy team reassess the investment landscape and offer their views on equities, fixed income, and commodities.
Article
2023-10-31
US banking system: Three pressing questions
Equity Strategist Andrew Heiskell asks three questions investors ought to ask when it comes to the recent US banking system volatility.
Quick Take
2024-04-30
High-yield bonds: Too early to get aggressive?
Our high-yield team suggests a somewhat defensive risk posture for now but expects opportunities to take on greater risk to arise later this year.
Quick Take
2024-04-30
Integrating climate change into capital market assumptions: our approach and findings
Members of our Investment Strategy team explain how they are incorporating climate-related inputs, including physical and transition risks, into their capital market assumptions and outline the impact of these changes at the asset-class level.
Continue reading
Article
2024-04-30
Emerging markets health care: Ready for takeoff?
Global Industry Analyst Sue Su shares her sanguine outlook on the health care sector in emerging markets, especially in China, which represents the largest opportunity in this space.
Quick Take
2024-03-31
Private placement amid today’s financial distress
We explore how today's challenging environment impacts private credit markets, including its effects on spreads, issuance, and terms.
Quick Take
2024-03-31
Will higher rates sap US consumer spending?
Higher interest rates have increased borrowing costs. Could a consumer-led US recession be looming? Fixed Income Portfolio Manager Kyra Fecteau sees three factors that may help mitigate the impact.
Quick Take
2024-03-31
Macro risks to watch in this rapidly oscillating global cycle
Macro Strategist John Butler explores the two key questions he believes macro investors should focus on in the current volatile environment.
Quick Take
2024-03-31
2023 Asia Pacific Investment Forum: Restrategise for an altered macro regime
At our 2023 Asia Pacific Investment Forum, a multidisciplinary group of Wellington’s specialists shared their unique perspectives on how to re-strategise for 2023 and beyond.
Event replay
2024-03-31
Financial stability versus inflation: The Fed’s balancing act has gotten much trickier
The Fed’s policy calculus has clearly changed somewhat over the past few weeks but the central bank may not be done hiking rates just yet, says Fixed Income Portfolio Manager Jeremy Forster.
Quick Take
2024-03-31
Securitized assets: Caught in the storm but with scattered bright spots
Securitized assets have been on the front lines of the ongoing turmoil in the banking sector, but not all securitized subsectors appear equally vulnerable.
Quick Take
2024-03-31
Monthly Market Snapshot — February 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-05-15
Wellington investor survey: The bears ponder whether inflation will be too hot, too cold or just right
Conducted prior to the collapse of Silicon Valley Bank, our latest quarterly survey of Wellington investors shows a majority of respondents being more bearish than the consensus view.
Quick Take
2024-03-31
Using market-implied regimes to help build more resilient portfolios
Markets may fluctuate between different regimes, but how exactly should those regimes be defined? Our iStrat Team offers research on their market behavior-based approach and explains how it may aid in constructing portfolios that are better able to withstand the ups and downs of different environments.
Article
2024-03-31
SVB collapse: What are the implications?
Multi-Asset Strategist Supriya Menon shares her latest perspectives on the collapse of Silicon Valley Bank Financial Group (SVB) and the unfolding implications for investors. (Published 14 March 2023)
Quick Take
2024-03-31
On to the next crisis: Glimpsing a post-SVB world
Amid the turmoil in the US banking sector, Global Investment Strategist Nanette Abuhoff Jacobson suggests investors consider pivoting to a “risk-management mode” that favors higher-quality assets. (Published 14 March 2023)
Quick Take
2024-03-31
Deep and diverse: Welcome to today’s Asia credit market
Two of our Singapore-based experts on Asia credit discuss the market's key features, along with how it's evolved and is likely to continue doing so.
Whitepaper
2024-03-31
Understanding the US banking sector shake-up
Investment Communications Managers Jitu Naidu and Adam Norman detail recent US bank failures and analyze the implications. (Published 14 March 2023)
Quick Take
2024-03-31
Tight money: Banks feeling the squeeze of higher rates
In this curated collection, some of our experts share their latest perspectives on the ongoing turmoil in the US banking sector and its potential implications.
Collection
2024-03-31
Decoding the effects of deglobalization
Nicholas Petrucelli outlines the economic, political, and geopolitical underpinnings of deglobalization. He also demonstrates the impact this trend has today and analyzes the investment implications.
Quick Take
2024-03-31
India: Structural tailwinds for 2023 and beyond
Following his recent trip to India, Macro Strategist Tushar Poddar shares why he's very positive on the country's medium- to longer-term structural outlook.
Quick Take
2024-03-31
What does the new macro regime mean for investors?
In this Q&A with two senior market practitioners we explore what the new macro regime means for investors and what to expect next.
Article
2024-03-31
New BOJ governor: Dove, hawk… or owl?
Investment Director Masahiko Loo and Client Portfolio Manager Jitu Naidu discuss potential implications of the upcoming “changing of the guard” at the BOJ.
Quick Take
2024-03-31
Fixed income 2023: Ripe for a reversal
Three of our fixed income investment professionals discuss the potentially compelling opportunity set to be found in today's global bond markets.
Whitepaper
2024-03-31
US debt-ceiling risk: Justifiable jitters?
With markets on high alert around the US debt-ceiling standoff, Macro Strategist Juhi Dhawan lays out some possible paths forward and weighs the economic risks.
Quick Take
2024-02-29
More currency volatility ahead: Which hedges could help?
To help investors begin to think about elevated currency risk, as well as opportunities to generate alpha through active currency management, members of our iStrat Team offer an overview of hedging approaches and their potential tradeoffs.
Quick Take
2024-02-29
Sector rotation opportunities for nimble credit investors
Following a credit market rally, Fixed Income Portfolio Manager Rob Burn still sees value in higher-yielding sectors but believes investors should stay nimble.
Quick Take
2024-02-29
Russia/Ukraine: One year in with no end in sight
Geopolitical Strategist Thomas Mucha analyzes the impacts of the Russia/Ukraine conflict one year in and identifies potential longer-term effects.
Quick Take
2024-02-29
Monthly Market Snapshot — January 2023
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-05-15
European equities: a complex story
Macro Strategist Nicolas Wylenzek examines the complex prospects of European equities from both a near-term and structural perspective.
Quick Take
2024-02-29
Fintech regulation: Geopolitics, ESG, and crypto
Discover how fintech’s growing role as a national strategic imperative impacts regulations, the effect of ESG on regulation, and the specific need for regulation in crypto markets.
Article
2024-02-29
What’s driving convertibles in 2023?
Following a challenging 2022, Fixed Income Portfolio Manager Mike Barry and Investment Director Raina Dunkelberger highlight three tailwinds that may help turn the tide for convertibles.
Quick Take
2024-01-31
Debt and dysfunction in Washington: The US hits the ceiling (again)
Global Investment Strategist Nanette Abuhoff Jacobson talks to Macro Strategist Mike Medeiros about the US debt-ceiling showdown and considers its potential investment implications.
Quick Take
2024-02-29
European credit: seeking to make the most of the new market regime
Fixed Income Portfolio Manager Derek Hynes and Investment Specialist Jillian Rooney assess why the new market regime is creating potentially compelling opportunities in the European credit market.
Article
2024-02-29
The denominator effect: Thoughts on the rise in private equity allocations
The sharp drop in public markets has left many asset owners with above-target exposure to private assets, raising a number of governance questions. Multi-Asset Strategist Adam Berger considers the likely responses and their potential pros and cons.
Article
2024-02-29
Private equity market in 2023
In the first episode of WellSaid Season 2, Co-Head of Private Investing Michael Carmen joins host Thomas Mucha to share his constructive outlook for today's rapidly evolving private market landscape. In addition, they discuss the role of ESG in privates, how Wellington collaborates with entrepreneurs, and much more.
Article
2024-02-29
Peak inflation, back to goldilocks? Not so fast
Portfolio Manager Nicholas Petrucelli explains why the market could be underestimating just how complex and volatile the global economic cycle is and details the implications for inflation.
Quick Take
2024-02-29
Why investing in themes for EM equities may reap rewards
Portfolio Manager Dáire Dunne outlines why he is increasingly optimistic about the potential opportunities within select EM equity themes this year.
Article
2024-02-29
February Fed meeting: Chair Powell strikes a more optimistic tone
The Fed just might still be able to engineer the hoped-for "soft landing" but it's not going to be easy, says Fixed Income Analyst Caroline Casavant.
Quick Take
2023-09-30
How to invest amidst a still unfolding energy crisis?
In this ActiveViews webcast, senior climate – and energy – focused professionals explore the still unfolding energy crisis in Europe and the associated challenges and opportunities for investors.
Event replay
2024-02-29
Why global investors should watch the Bank of Japan
Macro Strategist John Butler explores why global investors should watch the Bank of Japan and what is likely to happen next.
Quick Take
2024-01-31
An allocator’s playbook for 2023
Natasha Brook-Walters, co-head of iStrat, examines the three objectives allocators may wish to focus on in 2023.
Video
2023-12-31
Monthly Market Snapshot — December 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-03-15
Financial Market Review — Fourth quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2023-07-15
China internet: Identifying opportunities amid economic reopening
China’s re-opening and economic recovery from its zero-COVID policy has bolstered our optimism in Chinese internet companies.
Article
2023-12-31
Spread the risk: Our top three fixed income diversifiers for 2023
Fixed Income Strategist Amar Reganti highlights three types of strategies that may be well positioned to provide fixed income portfolio diversification going forward.
Quick Take
2024-01-31
CLOs: Poised to outperform in 2023?
Collateralized loan obligations (CLOs) have been sparking investor interest lately — and with good reason, say Investment Director Andrew Bayerl and Investment Specialist Celene Klimas.
Quick Take
2024-01-31
Can US bank loans “carry” investors through 2023?
Fixed Income Portfolios managers Jeffrey Heuer, CFA and David Marshak and Investment Director Nick Leichtman describe what they see as the most prudent approach to the bank loans asset class in 2023 and why.
Quick Take
2024-01-31
Multi-Asset Outlook — A rocky road to recovery in 2023
Markets may be jumping the gun when it comes to expectations for a policy pivot and the likely risk-asset rewards. Members of our Investment Strategy team still see bumps in the economic road, though their outlook has brightened a bit when it comes to China and other emerging markets.
Article
2024-07-31
Could Japan face a UK-style pension crisis?
Investment Director Masahiko Loo explores the risks of Japan facing a UK-style pension crisis and identifies fundamental reasons that make Japanese pension funds inherently less vulnerable.
Quick Take
2024-01-31
Small-cap value: Strong past, bright future?
While equity markets have had a challenging recent past, history teaches us that there may be several reasons to be optimistic about small-cap value.
Article
2024-01-31
Annual message from our CEO: Forward thinking
After a year of profound economic and market change, CEO Jean Hynes discusses the path forward, including the role of alternatives and sustainability, the firm's investments in talent, and the importance of stability and innovation.
Whitepaper
2024-01-31
Take credit: Our five best credit market ideas for 2023
Fixed Income Strategist Amar Reganti highlights credit market opportunities that he expects to arise over the course of 2023, against a backdrop of slowing growth.
Quick Take
2024-01-31
US recession risk: No longer if, but when and how bad
Portfolio Managers Brij Khurana, Brian Garvey, and Nick Petrucelli believe many observers are underestimating the severity of a potential US recession this year.
Quick Take
2024-01-31
Picture this: Our 2023 economic forecast in five charts
We explain the shifts the market is undergoing, analyze the implications for different asset classes, and identify potential risks and opportunities in a series of visuals.
2023-12-31
Navigating the new global economy in 2023
This executive summary distills the points of view of several of our 2023 Outlook authors. Discover the risks and opportunities they see as we enter a new economic and market regime.
Article
2023-12-31
High yield: Opportunity to pivot in 2023?
Our high-yield bond portfolio managers have a guardedly optimistic outlook on the market and believe security selection will be key to benchmark-relative outperformance in 2023.
Quick Take
2024-01-31
2023 Insurance Outlook: Resolve to solve with a restocked toolkit
Multi-Asset Strategist Tim Antonelli and Insurance Strategist Max Davies share four actionable ideas designed to help insurers successfully navigate 2023.
Whitepaper
2023-12-31
China equity in 2023: Year of the stock picker
Despite the potential risks of investing in China equity, Equity Portfolio Manager Bo Meunier believes there are attractive opportunities for patient, discerning stock pickers.
Article
2023-12-31
Health care outlook for 2023
Looking ahead to 2023, members of our health care team see meaningful innovation, supportive valuations, and a benign political and regulatory backdrop across biopharma, medical tech, and health care services sectors.
Article
2023-12-31
Monthly Market Snapshot: November 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Whitepaper
2023-02-15
Currency outlook: Nearing the end of USD exceptionalism?
Fixed Income Portfolio Manager Martin Harvey and Investment Communications Manager Jitu Naidu consider the present state of and outlook for the US dollar.
Quick Take
2023-12-31
Pivoting from innovation and growth to stability and value
In a more volatile world, stability may take priority over innovation, and that, explains Multi-Asset Strategist Adam Berger, would tend to favor value stocks over growth stocks.
Quick Take
2023-12-31
The Fed’s unenviable task for 2023
Fixed Income Portfolio Manager Jeremy Forster offers his forward-looking take on the Fed's comments and latest rate hike coming out of its December meeting.
Quick Take
2023-12-31
Semiconductor industry faces near-term headwinds, long-term growth
Global Industry Analyst Eunhak Bae analyzes short-term headwinds and long-term opportunities in the semiconductor industry.
Article
2023-12-31
In a new era for interest rates, can hedge funds fill the role of fixed income?
Hedge funds could be valuable building blocks for a fixed income substitute portfolio, but how should the portfolio be constructed? Members of our Fundamental Factor Team share their views.
Article
2023-11-30
Why Europe could surprise in 2023
Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.
Article
2023-12-31
Perspectives on today’s alternative investment environment
Take a quick tour of the alternative investment environment with investors from across our macro research and hedge fund teams, as they explore the geopolitical landscape, macro volatility, and key trends like climate-change adaptation and digital tokenization.
Video
2023-11-30
China’s economy: Poised to exceed expectations in 2023
With the bar set so low for China's economy, Macro Strategist Santiago Millan thinks it won't take much for an upside surprise in 2023.
Article
2023-12-31
Hidden in plain sight: Overlooked opportunities in investment-grade credit
Fixed Income Strategist Amar Reganti and Investment Specialist Geoff Austein-Miller highlight some relatively simple, straightforward ways to implement a positive view on high-quality corporate credit.
Quick Take
2023-12-31
A new blueprint for US trade: Building a more resilient, sustainable, and competitive economy
Macro Strategist Juhi Dhawan explains how the Biden administration is reshaping US trade policy to reflect today's global realities, including supply-chain challenges, decarbonization, and geopolitical turmoil.
Quick Take
2023-12-31
Private equity outlook: Why we see a buyers’ market ahead
Co-Head of Private Investments Michael Carmen shares his outlook for the private equity market, highlighting today's normalizing multiples, continued innovation, and, in a number of cases, fewer competitors for the most attractive deals.
Article
2023-12-31
Private credit in 2023: The benefits of a bear market?
We explore conditions in investment-grade private credit and go deeper on how today’s challenging overall market landscape could fuel opportunities for investors.
Article
2023-12-31
Five key ESG topics for private companies in 2023
Our ESG for Private Investments Team explores five critical ESG topics for private companies in the year ahead.
Article
2023-12-31
Opportunity in disguise: Why bad news may be good for alternatives in 2023
Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how alternative investments may help allocators make tailwinds out of macro and market headwinds in the year ahead.
Article
2023-12-31
Focusing on value amid rising global challenges and opportunities
Our Sustainable Investing (SI) Research Team offers a high-level view of 2023 research and engagement priorities.
Article
2023-12-31
Have we reached the end of a tech era?
Thematic Strategist Trevor Noren explores how active management and a global lens could provide tech investors with essential edges moving forward.
Article
2023-11-30
Recession risks and markets: Can we avoid a COVID hangover?
Current earnings forecasts and asset prices suggest overly optimistic expectations for the global economy and markets in 2023, according to Equity Portfolio Manager Dan Pozen.
Quick Take
2023-11-30
How to find potential in volatile European high-yield markets?
Fixed Income Portfolio Manager Konstantin Leidman discusses why European high-yield investors need to be ready for both further volatility and the emergence of new opportunities.
Article
2023-12-31
Multi-Asset Outlook — Higher rates for longer: What does it mean for markets?
For central banks, the inflation fight is on, but the policy and market responses will vary in the coming months. Nanette Abuhoff Jacobson and Supriya Menon discuss the implications for equities, bonds, and commodities.
Article
2023-11-30
Monthly Market Snapshot: October 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Whitepaper
2023-01-15
Commodities outlook: Near-term uncertainties; long-term opportunities
Members of our Commodities Team describe the micro and macro, cyclical and structural tensions that we expect to drive the asset class in 2023.
Article
2023-12-31
2023: The year of disinflation for the US economy
In the coming year, US Macro Strategist Juhi Dhawan expects to see inflation begin to decline, the economy adjust to higher interest rates, and labor markets feel the pain of restrictive Fed policy.
Article
2023-12-31
Geopolitical outlook: Shifting policies, structural advantages?
Geopolitical Strategist Thomas Mucha and Macro Strategist Santiago Millán look at five geopolitical themes they believe investors should watch in 2023.
Article
2023-12-31
Pivot points: Five portfolio positioning ideas for the new market regime
Multi-Asset Strategist Adam Berger looks at five ways in which the world may be very different in the coming decade and how they could influence the next wave of investment winners.
Article
2023-12-31
Fintech market overview: The intersection of disruption and dispersion
In the latest episode of WellSaid, Portfolio Manager Matt Lipton and Global Industry Analyst Matt Ross join host Thomas Mucha to discuss their outlook for fintech in today's environment, exploring the recent pullback in the sector, disruptive fintech innovations, potential regulation, and much more.
Podcast
2023-11-30
By design and by default: Industry consolidation gathers steam across India
Equity Portfolio Manager Murali Srikantaiai sees increased industry consolidation in India as a largely positive trend from which some equity investors can (and should) seek to benefit.
Quick Take
2023-11-30
Wellington investor survey: inflationary Europe seen as top “problem child” of 2023
In the latest Wellington investor survey, inflationary Europe was seen as the top "problem child" of 2023.
Quick Take
2023-11-30
Thematic investing: Long-term thinking for a short-term world
With economic conditions expected to remain volatile in the coming year, members of our Investment Strategy team suggest that thematic allocations may help reduce the importance of the cycle to portfolio returns.
Article
2023-12-31
The allocator’s landscape: Three areas of attention for 2023
Natasha Brook-Walters, Co-Head of Investment Strategy, discusses downside mitigation given the shifting equity/bond correlation, the impact of cyclical and macro volatility, and opportunities to position for long-term change.
Article
2023-12-31
Markets take US election results in stride (for now, anyway)
Client Portfolio Manager Jitu Naidu weighs in on the markets' response to, and other potential implications of, the recently held US midterm elections.
Quick Take
2023-01-31
Equity allocation ideas after a year of factor extremes
Members of our Fundamental Factor Team discuss the role of defensive allocations as a complement to growth and value, the improved stock-picking environment, and the need for macro stress tests, among other topics.
Article
2023-12-31
Emerging markets debt outlook: A glass half full or half empty?
Against a still-challenging global backdrop for emerging markets, Macro Strategist Gillian Edgeworth highlights opportunities created by extreme credit spread dispersion across individual countries.
Article
2023-12-31
EM equity in 2023: Will the longest bear market in history continue?
We explore three key considerations for EM investors in today’s challenging environment and highlight potential winners and losers in 2023.
Article
2023-12-31
High-yield bonds in 2023: Fortune favours the patient
Amid ongoing dislocation in the high-yield market, Fixed Income Portfolio Manager Konstantin Leidman sees opportunities for investors to take advantage of potentially attractive valuations.
Article
2023-12-31
Diversifying styles to survive today’s bond market
In a challenging year for fixed income markets, members of our Fundamental Factor team highlight a bright spot: the momentum factor in global government bond and corporate credit markets.
Quick Take
2023-11-30
Fintech outlook for 2023: The trends separating the winners and losers
Our fintech investors delve into high-conviction ideas for the year ahead — including embedded finance, buy-now-pay later, and digital assets — and highlight the power of incumbency amid today's increased volatility and dispersion.
Article
2023-12-31
Inflation, rates, and volatility: The best defense is a good offense
Insurance Strategist Tim Antonelli shares his latest multi-asset views for insurers, including the need to balance defensive portfolio strategies with continued income and return generation.
Whitepaper
2023-04-15
Three tailwinds that could power CLO equity in 2023 and beyond
Three members of our fixed income team argue that the headwinds currently facing CLO equity should give way to improved returns in 2023 and beyond.
Quick Take
2023-11-30
A practical guide to addressing Asian insurers’ interest-rate risk
Insurance Strategist Max Davies and ALM & Regulatory Capital Strategist Francisco Sebastian examine how diversification may help Asia's life insurers to better manage their exposure to interest-rate risk.
Whitepaper
2023-11-30
Solving the duration mismatch to address Asian insurers’ interest-rate risk
Insurance Strategist Max Davies and ALM & Regulatory Capital Strategist Francisco Sebastian explain why diversifying across a varied mix of investment options is becoming increasingly important for Asia’s life insurers.
Quick Take
2023-12-31
Financial Market Review: Third quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
Continue reading
Whitepaper
2023-04-15
November FOMC meeting: How slow can the Fed go?
Investment Specialist Caroline Casavant shares her takeaways from the November FOMC meeting, including thoughts on the likely pace of further Fed interest-rate hikes.
Quick Take
2023-01-31
Bank of Japan policy shift: Waiting for the other shoe to drop?
Client Portfolio Manager Jitu Naidu and Investment Director Masahiko Loo share their take on the consensus view that Japan has reached several key inflection points.
Quick Take
2023-01-31
2023 Macro and rates outlook: Goodbye easy money, hello regime change
Macro Strategist John Butler highlights the impact of macroeconomic "regime change" on global inflation and interest rates, with potential implications for investors.
Article
2023-12-31
A new economic era: Why inflation, volatility, and cycles are back
Macro Strategist John Butler argues that a seismic global shift is underway that will disrupt the macro dynamics of the past two decades, challenging long-held investment assumptions.
Video
2023-12-31
Financial Times Moral Money Summit Asia 2022: Impact investing across public, private and emerging markets
In this replay from the Financial Times 2022 Moral Money Summit Asia, Edwina Matthew discusses key themes in impact investing.
Event replay
2023-10-31
India equity: An unsung long-term performance story
Despite strong long-term performance, Indian equities are often overlooked. That may be a mistake, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks.
Quick Take
2023-10-31
Monthly Market Snapshot: September 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Whitepaper
2022-11-15
Can agency MBS bounce back from dismal performance?
Fixed Income Portfolio Manager Brian Conroy and two colleagues weigh in on the mortgage-backed securities (MBS) market in the wake of a very challenging month.
Quick Take
2023-01-31
Equity investing with a thematic lens: Three game changers for 2023
Head of Investment Research Mary Pryshlak and Equity Portfolio Manager Tim Manning highlight their strongest convictions across global equity markets heading into 2023.
Article
2023-12-31
China equity: Is today's investor pessimism overdone?
The short answer is yes, say Equity Portfolio Manager Niraj Bhagwat and Investment Director Philip Brooks, who believe China may offer a short-term buying opportunity.
Quick Take
2023-10-31
Credit market outlook: Partly sunny with a chance of good value
In his 2023 credit market outlook, Fixed Income Portfolio Manager Rob Burn highlights some potentially attractive opportunities in the wake of this year's market sell-off.
Article
2023-12-31
Macro renaissance: The opportunity ahead for investors
As the global economy and financial markets transition to a new, potentially more volatile era, macro investment strategies may be well positioned to take advantage of market dislocations and greater asset price differentiation.
Whitepaper
2023-10-31
Equity market volatility is perking up: Why now?
The recent uptick in equity volatility may be about looming macro and systemic risks in today's uncertain environment. Director of Global Derivatives Gordy Lawrence explains.
Quick Take
2023-10-31
After the UK sell-off: what’s next for global markets and investors?
Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.
Article
2022-12-30
Bank loans: Can issuers overcome higher interest expenses?
The short answer, according to Fixed Income Portfolio Managers Jeff Heuer and David Marshak, is that many can. And, they believe bank loans can outperform many other fixed-income sectors over the next 12 months.
Continue reading
Quick Take
2023-01-31
UK in the eye of the storm: which countries might be next?
Macro Strategist John Butler provides his latest take on what's happening in the UK and its broader global implications.
Continue reading
Article
2022-12-31
Drug pricing reform: A bitter pill for biopharma?
Global Industry Analyst Wen Shi considers the implications of drug price reform for biotech companies — modest in the near term, but likely negative longer term.
Continue reading
Quick Take
2023-01-31
Monthly Market Snapshot: August 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-11-15
The Fed’s “lean, leave, then clean” strategy
US inflation could prove "stickier" than many observers think. How might that influence Fed policy into 2023? Fixed Income Portfolio Manager Jeremy Forster opines.
Continue reading
Quick Take
2022-12-31
A lesson in climate resilience: Why China’s recent heat wave wasn’t worse
See why Hong Kong-based Macro Strategist Santiago Millán believes China's investments in climate resilience can be a lesson for the rest of the world.
Continue reading
Article
2023-09-30
India: Growth drivers are in place
Following a recent visit to India, Macro Strategist Tushar Poddar shares his take on the country's changing macro environment and its equity market.
Continue reading
Quick Take
2023-09-30
Germany: Reducing Russian energy dependence in a hurry
Macro Strategist Juhi Dhawan sees Germany continuing to embrace the transition to renewables while also working to diversify its sources of fossil fuels.
Continue reading
Quick Take
2022-12-30
2022 Asia Pacific Investment Forum: The energy complex
What do the rapidly accelerating tensions in the energy and commodity complex mean for investors? Discover three expert insights from our 2022 Asia Investment Forum.
Continue reading
Video
2023-09-30
The shifting equity/bond correlation: Implications for portfolio construction
Multi-Asset Strategist Nick Samouilhan looks at what's driving the change in the all-important equity/bond relationship and what can be done about it.
Continue reading
Quick Take
2023-09-30
What does an equity market bottom look like?
Applying a historical analysis to today's market, Multi-Asset Portfolio Manager Nick Petrucelli believes US equities have not yet found a near-term bottom.
Continue reading
Quick Take
2022-11-30
No more Mr. Nice Guy? Fed Chair Powell talks tough on inflation
Continue reading
Fixed Income Portfolio Manager Brij Khurana offers his latest thoughts on Fed policy following the central bank's recent Jackson Hole meeting.
Quick Take
2023-09-30
US/China relations: What next after Pelosi’s visit to Taiwan?
Geopolitical Strategist Thomas Mucha assesses the escalating tension in US/China relations following US Speaker Nancy Pelosi's visit to Taiwan.
Continue reading
Quick Take
2022-11-30
Wellington investor survey: Global recession tops investors’ concerns
The latest Wellington investor survey shows that our investment teams are increasingly concerned about the economic cycle, with 45% seeing a global recession over the next 12 months as the most likely outcome.
Continue reading
Quick Take
2022-11-30
Investment takeaways from the latest inflation data
With 2022's structural inflation story still very much intact, now may be a particularly opportune time for investors to add real-asset and inflation-sensitive exposures to their portfolios.
Continue reading
Quick Take
2022-11-30
Has China’s investment landscape permanently shifted?
Multi-Asset Strategist Adam Berger and Macro Strategist Santiago Millán consider key policy-related questions hanging over the Chinese market and share some near- and long-term investment views.
Continue reading
Article
2023-08-31
The shrinking central bank balance sheet: A credit market opportunity
With the shift in central bank policy, heightened volatility and dispersion may yield a promising environment for exploiting credit market inefficiencies.
Continue reading
Quick Take
2022-11-30
High inflation and slow growth in Europe: How should investors respond?
Multi-Asset Strategist Supriya Menon explores the asset allocation implications of high inflation and slow growth in Europe.
Continue reading
Article
2023-08-31
Positioning for a “pricey” recession scenario
Client Portfolio Manager Jitu Naidu and Fixed Income Strategist Amar Reganti offer portfolio positioning ideas for the potential recession scenario that may lie ahead.
Continue reading
Quick Take
2022-11-30
A shifting macro landscape: QE, China, and Europe
We explore the changing macro environment, highlighting the investment implications of the end of quantitative easing programs, the state of the Chinese cycle, and an evolving outlook on Europe.
Continue reading
Article
2023-08-31
Monthly Market Snapshot: July 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-10-15
Emerging local debt markets: Time to wade in?
Fixed Income Portfolio Manager Michael Henry sees positive trends across ELD fundamentals, valuations, and technicals that could be tailwinds for these markets going forward.
Continue reading
Article
2023-08-31
Why today’s fixed income market is fertile ground for active management
Skilled active management has potential to shine in times of increased dispersion across fixed income sectors and regions. Now may be one of those times.
Continue reading
Quick Take
2022-12-31
Reckoning with recession risk: Why this one may be “pricey”
Client Portfolio Manager Jitu Naidu shares his latest take on the looming risk of a global economic recession and related issues.
Continue reading
Quick Take
2022-11-30
Global convertibles: Unprecedented times call for unconventional solutions
Fixed Income Portfolio Manager Michael Barry and Investment Director Raina Dunkelberger argue that global convertible bonds are well suited to today's uncertain market environment.
Continue reading
Quick Take
2022-11-30
What can history teach us about today's markets? A framework for drawing comparisons
Members of our Investment Strategy Group explain how they identify similarities to past market environments and what their approach is signaling about today's conditions.
Continue reading
Quick Take
2022-11-30
Is the commodities rally built to last?
Commodities were the only major asset class that performed well in the first half of 2022. Multi-Asset Strategist Adam Berger and Commodities Portfolio Manager David Chang consider whether there’s more upside from here.
Continue reading
Article
2023-08-31
Fixed income: Relative value opportunities amid growth slowdown
In the face of this year's fixed income market turmoil, Fixed Income Portfolio Manager Rob Burn sees attractive opportunities for investors with longer-term time horizons.
Continue reading
Quick Take
2022-10-31
Will the Fed send the US economy into a recession?
Multi-Asset Strategist Adam Berger and US Macro Strategist Juhi Dhawan consider the broad impact of Fed rate hikes and how asset allocators should respond.
Continue reading
Article
2023-07-31
Fintech industry outlook in a recession
We explore the current environment for the fintech industry and highlight a few factors that show why the outlook for payments and other related subindustries may be less challenging than many may anticipate.
Continue reading
Quick Take
2023-07-31
Fed rate hikes: A tailwind for bonds?
Global Investment Strategist Nanette Abuhoff Jacobson believes higher-quality, longer-duration bonds may prove resilient even if the Fed keeps raising short-term rates into 2023.
Continue reading
Quick Take
2022-10-31
July Fed meeting: Rising inflation vs falling growth
After another rate hike, the Fed must balance moderating growth with mounting inflation. Caroline Casavant opines on how the central bank might navigate this dilemma.
Continue reading
Quick Take
2022-10-31
What next for the euro area after the ECB’s historic hike?
Eoin O'Callaghan and Marco Giordano explore the ECB’s likely next steps and the potential future path of inflation and growth in the euro area.
Continue reading
Article
2023-07-05
Financial Market Review: Second quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2023-01-15
Monthly Market Snapshot: June 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-09-15
Insurers: Strengthen your core in the second half
Insurance Multi-Asset Strategist Tim Antonelli shares his latest multi-asset insights for global insurers, including his view that core fixed income holdings — US interest rates and investment-grade corporate bonds — should stack up well against most risk assets in the second half of 2022.
Continue reading
Article
2022-12-31
Stock-based compensation and the tech sector
We explore how stock-based compensation may be creating underappreciated risks for investors, companies, and boards as we potentially enter a more challenging environment for tech stocks.
Continue reading
Article
2023-07-31
Mid-2022 Inflation Outlook
We explore the current inflation environment's significant impacts on asset markets, anticipated relief in supply-chain pressures, and opportunities in commodities and enduring assets.
Continue reading
Article
2023-07-31
US inflation: Supply chains to the rescue?
Macro Strategist Juhi Dhawan shares her inflation outlook, including the prospects for supply-chain normalization, and her views on the market implications.
Continue reading
Article
2023-07-31
Don’t be surprised if CLO equity surprises to the upside
Members of our fixed income team, including Portfolio Manager Alyssa Irving, believe CLO equity could be poised to outperform many other risk assets over the next few years.
Continue reading
Quick Take
2022-10-31
Credit investing against a slower-growth, higher-inflation backdrop
The significant flattening of the US Treasury yield curve in recent months has some prognosticators calling for an impending US recession. Not so fast, says Fixed Income Portfolio Manager Rob Burn.
Continue reading
Quick Take
2022-07-31
Mid-2022 Alternative Investments Outlook
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.
Continue reading
Article
2023-08-31
Mid-2022 Asset Allocation & Investment Strategy Outlook
We explore the market implications of central bank policies, rising prices, and slowing growth and offer incremental steps to improving a portfolio’s return potential.
Continue reading
Article
2023-07-31
From autopilot to active pilot: How investors can navigate the future
President Steve Klar explains why a broader set of tools may be required to maneuver through higher volatility, changes in market structure, and the explosion in investment data.
Continue reading
Quick Take
2023-06-30
The growing power of impact investing
Impact Measurement and Management Practice Leader Oyin Oduya appears on the WellSaid podcast series to discuss the future of impact investing, her research approach, and how her team thinks about generating market-rate returns alongside positive social and environmental outcomes.
Podcast
2023-05-31
Mid-2022 Global Economic Outlook
We believe heightened geopolitical uncertainty, and the new macro environment of deglobalization, higher inflation, greater global cyclicality and volatility will disrupt and drive markets.
Continue reading
Article
2023-07-31
Mid-2022 Asset Class Outlook
We offer perspectives on growth and value equities and explore ideas for shoring up your fixed income flank amid the evolving economic and market environment.
Continue reading
Article
2023-07-31
Credit and equity risk back on speaking terms, but will it last?
Following their uncharacteristic rift and recent reconciliation, Director of Wellington’s Global Derivatives Group Gordy Lawrence considers whether equity volatility and credits spreads are likely to remain in harmony.
Continue reading
Quick Take
2022-10-31
Monthly Market Snapshot: May 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-08-15
Sticky inflation, weaker growth: A volatile mix
As central bank policy, rising prices, and slowing growth roil the markets, Nanette Abuhoff Jacobson and Supriya Menon explore the implications for equities, bonds, and commodities.
Continue reading
Article
2022-10-31
A transition year for agency MBS?
Following a challenging period for agency MBS, members of our securitized team now see attractive opportunities in the space and believe actively managed strategies may be the best way for many investors to capitalize.
Continue reading
Quick Take
2022-07-31
Sustainable fixed income investing comes of age
ESG integration and sustainable investing have gained considerable traction in global fixed income markets. Investment Directors Anand Dharan and Meredith Joly and Fixed Income Trader Keenan Choy discuss this ongoing trend and some of its key implications for asset allocators.
Continue reading
Article
2023-06-30
Three overlooked opportunities in today’s markets
Portfolio Manager Brian Garvey highlights three large macro dislocations in today's environment that he believes the capital markets have yet to price in.
Continue reading
Quick Take
2023-06-30
How the Russia/Ukraine conflict has galvanized the West
Geopolitical Strategist Thomas Mucha provides his latest insights on the Russia/Ukraine conflict, particularly with regard to its significant and potentially enduring impact on US/EU relations.
Continue reading
Quick Take
2022-08-30
Monthly Market Snapshot: April 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-07-15
Timely musings on Fed policy and inflation
With rising inflation and interest rates dominating the financial headlines in recent weeks, I have been fielding a flurry of colleague and client questions about the likely future trajectory of US monetary policy. While I don’t claim to have all the answers, especially with so many “known unknowns” as of this writing, here are my latest thoughts.
Continue reading
Quick Take
2022-08-30
How the public market correction is affecting the late-stage private equity market
The times they are a-changin’. The late-stage private equity market is digesting a public growth multiple collapse that took us from boom to bust in four months. But while valuations may be coming down in the private market as a result, the opportunity-creating trends of technology disrupting all parts of the economy and companies staying private longer remain in place.
Continue reading
Quick Take
2022-09-30
US inflation risk, angry bondholders, and silver linings
Here are quick thoughts on some common questions I’ve been asked recently about Fed policy, yields, the US dollar, and financial markets.
Continue reading
Quick Take
2022-08-31
Is it too soon to call a “top” in US interest rates?
Are we nearing the top of the 10-year treasury rate?
Continue reading
Quick Take
2023-05-31
Empirical duration: reason for optimism on risk assets?
While rising rates often produce negative bond returns, combining the concept of empirical duration with a positive outlook on the credit cycle may bode well for some fixed income sectors' return prospects going forward. Investment Analyst Will Prenits and Investment Director Tobias Ripka explain.
Continue reading
Quick Take
2022-07-31
Will Japanese buyers look beyond USD fixed income? They may have to
With the US Federal Reserve’s (Fed’s) interest-rate-hiking cycle now underway, it’s an important time to keep a close eye on non-US buyers of US dollar (USD) fixed income securities.
Continue reading
Quick Take
2022-07-31
Six reasons India may be on the cusp of a major upcycle
Numerous positive structural and cyclical factors are pointing towards a major economic upcycle in India over the next five to six years, in our view, creating a range of potential investment opportunities. We believe India’s market is supported by an evolving investment universe, powerful demographic trends, increasing urbanisation and rising wealth, export growth, geopolitical tailwinds and a supportive policy regime. These factors are coalescing at a time when the corporate deleveraging cycle of the last few years is coming to an end and a new upcycle in profitability could be beginning.
Continue reading
Quick Take
2022-12-30
Financial Market Review: First quarter 2022
A quarterly review of results in the global equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-10-15
Helping European investors navigate inflation fears
The recent shift to a higher inflation regime, with resulting expectations of tighter monetary policy and rising interest rates, presents a material challenge for European fixed income investors. Against this backdrop, Investment Analyst Will Prentis and Investment Director Tobias Ripka believe investment flexibility is key.
Continue reading
Quick Take
2022-07-31
Five reasons to take a closer look at Brazil
I have published my views on Brazil more than once over the past year (most recently in my November 2021 blog post), but the environment there has changed markedly through the first few months of this year, with COVID-related risks seemingly on the wane and the Russia/Ukraine conflict having driven up commodity prices — so I thought now would be an opportune time to share a fresh perspective on South America’s most populous country.
Continue reading
Quick Take
2022-07-31
Five reasons to take a closer look at Brazil
I have published my views on Brazil more than once over the past year (most recently in my November 2021 blog post), but the environment there has changed markedly through the first few months of this year, with COVID-related risks seemingly on the wane and the Russia/Ukraine conflict having driven up commodity prices — so I thought now would be an opportune time to share a fresh perspective on South America’s most populous country.
Continue reading
Quick Take
2022-07-31
Monthly Market Snapshot: March 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-06-15
The full climate-investing opportunity
From devastating floods in Australia — tragically, in many of the same areas hit by fires in recent years — to wildfires in Europe and the US, widespread disasters bring into stark reality the consequences today of a changing climate. The human toll of these events has become an unfortunate yet familiar part of the news cycle, but the second-order impacts of climate change on financial markets are sometimes less well understood. Many traditional approaches to climate investing have rightly focused on these risks, but we believe both their approach and their scope are often incomplete and lacking nuance, thereby creating inefficiencies in the climate-investing landscape.
Continue reading
Quick Take
2023-04-30
Global convertibles: Poised to benefit from five structural tailwinds
Fixed Income Portfolio Manager Michael Barry and Investment Specialist Raina Dunkelberger believe global convertible bonds are likely to outperform other fixed income sectors over an investment time horizon of approximately two to three years. Learn why.
Continue reading
Quick Take
2022-07-31
Higher inflation, rising rates: Front and center for insurers
With macro and market complications piling up through the first few months of 2022, Insurance Multi-Asset Strategist Tim Antonelli provides his investment implications for global insurers.
Continue reading
Whitepaper
2022-10-15
Addressing the shared financial challenge of climate change
In February, the Intergovernmental Panel on Climate Change (IPCC), a body of the United Nations, released its Sixth Assessment Report, “Impacts, Adaptation and Vulnerability.” While the full report is 3,675 page long, the Technical Summary is just 96 pages and well worth the read. In the Summary alone, climate adaptation is referenced 442 times, versus 60 for climate mitigation.
Continue reading
Quick Take
2022-07-30
Bank loans: Resiliency amid volatility
In the face of ongoing geopolitical and macroeconomic uncertainty, including the prospect of steadily rising interest rates, our floating-rate bank loan team maintains a bullish outlook for the sector. Emboldened by a strong US economy and mounting inflationary pressures, the US Federal Reserve (Fed) enacted its first 25 basis-point (bp) increase in interest rates since 2018. Additionally, Fed Chair Jerome Powell’s recent rhetoric has become more hawkish, including suggesting the possibility of a 50 bp rate hike in the coming months. The market is now pricing in the fed funds rate to rise to around 2.5% by the end of 2022 (from its current target of 25-50 bps).
Continue reading
Quick Take
2022-07-31
Global credit: Where do we go from here?
Fixed Income Portfolio Manager Mahmoud El-Shaer explores why 2022 may be a momentous year for global credit and sets out a framework to think through potential investment implications. 2022 promises to be another challenging year for central banks as they attempt to normalise policies in the face of surging inflation, while navigating the growing fallout from Russia’s invasion of Ukraine. Since 2009, there has essentially been one trade in capital markets: riding a huge wave of central bank liquidity in support of the financial system and the economy, with the G4 central banks alone pumping approximately US$20 trillion into the system via quantitative easing (QE).
Continue reading
Quick Take
2022-07-31
Crypto beyond the hype: Insights for institutional investors
We highlight a few practical insights on cryptocurrencies for institutional investors evaluating the asset class, including our views on custody, regulation, and more.
Continue reading
Quick Take
2022-12-31
Four potentially powerful tailwinds for the securitized sector
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
Continue reading
Quick Take
2022-06-30
What does the Ukraine invasion mean for China?
Macro Strategist Santiago Millán argues that the scale and breadth of the sanctions on Russia have increased the uncertainty of investing in China across multiple dimensions. He explores the continued decoupling of China and the West.
Continue reading
Article
2022-06-30
China is not Russia: Reasons to stay invested
Equity Portfolio Manager Greg Mattiko challenges investors to look at actions rather than conjecture when considering reduced exposure to China.
Continue reading
Article
2023-03-31
War in Ukraine: Five observations on recent developments
Macro Strategist Gillian Edgeworth assesses recent developments in the escalating Russia/Ukraine conflict and highlights five key implications.
Continue reading
Article
2023-03-31
War and markets: What's the connection?
Amid the geopolitical turmoil and tragic humanitarian fallout of the Russia/Ukraine crisis, many investors are naturally also concerned about the negative effects the escalating conflict could have on their portfolios. With that in mind, I thought I’d provide a quick snapshot of the impacts that past wars have tended to have on asset prices.
Continue reading
Article
2023-03-31
Ten more “what if” scenarios for 2022
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
Continue reading
Article
2023-02-28
Why I’m getting more bullish on biotech
The biotechnology sector, especially SMID-cap biotech equities, suffered a dramatic drawdown in 2021. Investor sentiment toward the sector remains poor, but my outlook has become increasingly bullish as multiple headwinds facing biotech over the past year or so begin to abate and turn into potential tailwinds for 2022 and beyond. Encouragingly, the level of innovation across the industry has never been higher, in my view. I believe many biotech stocks may be nearing a bottom, even though the exact timing of (and catalyst for) a rebound remains unclear as of this writing.
Continue reading
Quick Take
2022-06-30
How will Russia’s invasion of Ukraine transform the euro area? Four potential paths
As the tragedy in Ukraine unfolds, Macro Strategist John Butler assesses possible implications of the conflict for Europe and the euro area. He outlines four potential paths.
Continue reading
Article
2023-03-31
An inside look at today’s municipal market
After a year in which municipal bonds posted respectable returns (Figure 1), many clients have been seeking forward-looking guidance on the market as a whole and (increasingly) on particular sectors of it. Here are my latest thoughts as of this writing on the outlook for the rest of 2022.
Continue reading
Quick Take
2022-05-31
China in 2022: Embracing the volatility
China’s new antitrust, data privacy and cybersecurity regulations, combined with its education and real estate industry reforms, the continued impact of COVID-19 and rising geopolitical tensions, drove a tumultuous investment environment last year. The country’s numerous headline-grabbing changes spurred global concern given the philosophical shift towards “Common Prosperity” and the sheer scale and speed of policymaking.
Continue reading
Quick Take
2022-08-31
Russia/Ukraine and the commodity challenge
With commodity inventories at multi-decade lows, is rising cross-asset class volatility all but inevitable? Leveraging insights from Wellington colleagues, Thematic Strategist Trevor Noren argues that the Russia/Ukraine crisis demonstrates why the answer is likely yes.
Continue reading
Article
2023-03-31
How might equity sectors fare when Fed tightening begins?
We look back at how US equities have performed in the months following the beginning of a tightening cycle, as well as how bond yields have tended to behave.
Continue reading
Quick Take
2022-05-31
Geopolitical observations on Ukraine
Geopolitical Strategist Thomas Mucha integrates his observations with those of his senior-level military, intelligence and diplomatic contacts to offer insights on the potential consequences of Russia’s invasion of Ukraine.
Continue reading
Article
2023-03-31
DC plans: Three timely themes that probably aren’t going away anytime soon
Our DC plan specialists highlight three big-picture investment themes that are not only top of mind for many plan participants in today’s environment, but are also likely to have staying power in the months ahead.
Continue reading
Article
2023-03-31
EM local debt: Forgotten but not forsaken
The emerging markets (EM) local debt sector (as measured by the JP Morgan Government Bond Index – Emerging Markets Global Diversified) just posted its worst calendar-year performance since 2013, returning -8.75% against the headwind of higher EM local interest rates. The underlying culprit? EM inflation surprised to the upside in 2021, forcing a number of EM central banks to raise their policy interest rates in an effort to curb the impact.
Continue reading
Quick Take
2022-09-30
Navigating a new tomorrow
In this video, Wellington investment professionals and prominent guests articulate the structural risks and opportunities that we believe will shape tomorrow’s investment strategies, ranging from medical innovation spurred by the global pandemic to technological breakthroughs, and ideas aimed at curbing or mitigating climate risk.
Continue reading
Event replay
2023-01-31
Amid heightened regulation and geopolitical tension, is China still investable?
Recent regulatory announcements have sent shivers through a wide swath of China’s economy, including the technology, finance, gaming, and property sectors, and tensions between China and the US continue to simmer. But while I understand the market’s reaction to these risks, I take a long-term perspective on China’s investability.
Continue reading
Quick Take
2022-05-31
Credit and equity performance around Fed hiking cycles
One of the discussion topics du jour is how the credit and equity markets might react to the US Federal Reserve (Fed) interest-rate hikes that are widely anticipated in the coming months. As is often the case with me, I find it helpful here to refer to past hiking regimes and market performances as a sort of guidepost.
The proof’s in the pudding
To wit, I examined the historical returns of both US credit (for this purpose, proxied by corporate high-yield bonds) and US equities (represented by the S&P 500 Index) during the six months before the first rate increase of a Fed hiking cycle through the 12 months after said increase.
Continue reading
Quick Take
2022-05-31
Regime change likely to challenge modern market structures
Recently, I wrote about the rotation from growth to value and why some of my colleagues and I expect volatility, more than a smooth transition of leadership, to define markets. The thesis is rooted in the fact that seismic macro questions loom over markets and are likely to trigger violent fluctuations in investor conviction. Earlier this month, Macro Strategist John Butler dissected one of these questions: Will the negative correlation between stocks and bonds turn positive?
Continue reading
Quick Take
2022-05-31
Can Ukraine’s economy withstand another conflict with Russia?
Macro Strategist Gillian Edgeworth assesses Ukraine’s outlook in the face of renewed conflict with Russia and finds that under most scenarios Ukraine's macro-economic prospects may be less negative than perhaps is assumed.
Continue reading
Quick Take
2023-02-28
The critically important national security implications of biotech
Deepening US policy risks in the biotechnology sector have garnered some well-deserved attention from many of my colleagues lately. Given biotechnology’s potential future importance to US policymakers in the context of the ongoing US-China “great-power” competition, I’d like to share my own thoughts on what’s driving the rising geopolitical risk and national security concerns.
Continue reading
Quick Take
2022-04-30
Ukraine crisis: Understanding the broader picture
The tense Ukraine crisis has brought the US-Russia standoff to a head: Now what? Geopolitical Strategist Thomas Mucha argues this is all part of a global geopolitical pattern — “great-power” competition — that makes the Russian threat particularly dangerous. Read more.
Continue reading
Article
2023-02-28
Ukraine crisis: Understanding the broader picture
I believe the current standoff between Russia and the West over Ukraine is part of a global geopolitical pattern of “great-power” competition. As I explore in my 2022 Outlook, the geopolitical backdrop is becoming increasingly unpredictable and dangerous. This shift is driven primarily by US-China rivalry but also other structural factors such as domestic political polarization, and longer term, the growing impact of climate change on national security. In this new geopolitical reality, I think great powers will be more likely to act out of regional and global self-interest, especially in relation to geostrategic issues they consider core to national security. For Russia, Ukraine is such a critical security consideration and part of its wider strong geostrategic desire for cultivating “buffer states.” Accordingly, the Russian invasion threat to Ukraine is real, structural, and rooted in this emerging world order.
Continue reading
Quick Take
2022-04-30
2021 Responsible Investor USA conference: Climate investor spotlight
In this event replay from the 2021 Responsible Investor USA conference, Portfolio Manager Alan Hsu discusses how you can dynamically build a portfolio of stocks for a pragmatic net zero CO2 strategy.
Continue reading
Event replay
2023-01-31
Euro area: Challenging long-held assumptions
We believe 2022 will be the year when macroeconomic and political developments challenge two deep-rooted misperceptions about the euro area:
Continue reading
2022-04-30
Monthly Market Snapshot: January 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-07-15
The latest market sell-off: Regime change in the making?
What a difference a few weeks can make in the equity market! The sharp, swift sell-off through the first month of this year is raising some difficult questions for investors, chiefly: Are we just witnessing a long-overdue short-term correction in the more speculative areas of the market, or perhaps something more fundamental (and enduring) that could portend a broader unwinding of equity risk?
Continue reading
Quick Take
2022-03-31
Value versus growth: expect volatility more than a smooth transition of leadership
Even if a "growth to value" regime change is underway, investors should expect volatility more than a smooth transition of leadership. Thematic Strategist Trevor Noren shares his perspective and those of several Wellington colleagues.
Continue reading
Quick Take
2022-03-31
Playing inflation defense with fixed income in 2022
For fixed income investors who are worried about the double threat of higher inflation and rising rates, there are strategies that may help insulate a bond portfolio. Fixed Income Investment Director Amar Reganti and Investment Specialist Jonathan Tan offer up some suggestions.
Continue reading
Quick Take
2022-02-28
Monthly Market Snapshot: December 2021
A monthly update on equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-07-15
Financial Market Review: Fourth quarter 2021
A quarterly review of results in the global equity, fixed income, currency, and commodity markets.
Continue reading
Article
2022-07-15
2022 Alternative Investment Outlook
Our 2022 Alternative Investment Outlook looks at 5 areas of focus for the coming year and explores private equity markets and ESG opportunities.
Continue reading
Article
2022-12-31
Ten essential climate questions for private companies
We explore how climate change impacts private companies and share the top questions for companies to be prepared to address as this issue grows.
Continue reading
Quick Take
2022-06-30
Why COP26 was (probably) more constructive than headlines suggest
From better targets to methane to financial commitments, a climate investor shares his views on the lasting positive outcomes likely to emerge from the recent global conference on climate change.
Continue reading
Quick Take
2022-07-31
Fed watch 2022: Year of the hawk?
With inflation on the rise and all eyes seemingly on the Fed these days, Fixed Income Portfolio Manager Jeremy Forster shares his takeaways from the Federal Open Market Committee (FOMC)'s December 2021 meeting.
Continue reading
Quick Take
2022-07-29
Three transition year themes — inflation, capital, ESG
Insurance Multi-Asset Strategist Tim Antonelli believes 2022 could be a year of transition for the global insurance industry, with the three big themes of inflation, capital, and ESG likely to play prominent roles in many insurers’ strategic planning and decisions.
Continue reading
Whitepaper
2022-12-01
2022 Equity Outlook
Our 2022 Equity Outlook explores opportunities in equity income and emerging markets, along with trends in health care and technology for the coming year
Continue reading
2023-01-27
2022 ESG & Sustainability Outlook
Our 2022 ESG & Sustainability Outlook previews our climate research and engagement approach for the coming year and offers investment strategy considerations.
Continue reading
Article
2022-12-31
Quality-growth investing amid inflation and rising rates
We discuss how today's market impacts growth companies, including which areas are well positioned for the year ahead.
Continue reading
Article
2022-12-31
Blast from the past: Are we watching the return of 1970s-style stagflation?
How worried should investors be about the risk of stagflation? Portfolio Manager Nick Petrucelli offers his take, digging into previous occurrences for clues about the causes that may be most relevant today and outlining the potential outcomes and capital market implications.
Continue reading
Article
2022-12-31
2022 Fixed Income Outlook
Our fixed income outlook for 2022, examines our views on inflation and interest rates and the role central banks will play in the coming year.
Continue reading
Article
2022-11-15
Quality-growth investing amid inflation and rising rates
We discuss how today’s market impacts growth companies, including which areas are well positioned for the year ahead.
Continue reading
2022-12-31
Financials and fintech
The fintech revolution is just beginning. Explore the full potential of fintech innovation across public and private markets.
Collection
2024-12-31
URL References
Related Insights
Japan equity: Reason to believe
Our expert argues that corporate governance reform and the Japanese economy's escape from persistent deflation have laid the groundwork for a sustainable equity rally.
By
Toshiki Izumi, CFA, CMA