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This is an executive summary of our 2023 Investment Outlook, in which specialists from across our investment platform share insights on the economic and market forces that we expect to influence portfolios in the year to come.
In this series of charts, we explore the implications of the ongoing transition toward a new global economy that began in 2022. Discover what defines this new market regime, how it may impact credit, equity, and alternatives markets, and the opportunities we see in thematic investing and climate-change mitigation.
Macro and rates outlook: Goodbye easy money, hello regime change
From inflation to interest rates and more, the macroeconomic environment that has underpinned global financial markets for the past three decades is undergoing major transformation.
Learn about the potentially profound implications of this “regime change” for how investors should think about asset prices and market structures.
Credit market outlook: Partly sunny with a chance of good value
Traditional bonds might continue to struggle as interest rates keep rising. But higher-yielding credit sectors may present brighter opportunities within global fixed income, despite the looming dark cloud of a potential economic recession.
Find out which areas of higher-yielding credit may offer the most attractive risk/reward trade-offs in 2023.
Thematic equity investing: Long-term thinking for a short-term world
The verdict is in: Thematic allocations may help reduce reliance on strong economic growth to drive strong portfolio returns.
Our iStrat team found that global equity themes were, on average, only about half as sensitive to the economic cycle as global equity sectors.
Discover why and learn how a thematic approach could help long-term investors weather shorter-term challenges.
Alternatives outlook: Why we see buyers' market ahead in private equity
High inflation, interest rates, and volatility are conditions many of today’s investors have never experienced.
As a result, private-equity market deal activity is down. But our private-equity team sees this as a positive.
Learn why they believe attractive valuations, continued company innovation, and the end of the investment “frenzy” could add up to a private-equity buyers’ market.
Sustainability outlook: The climate-change mitigation megatrend
While electric vehicles (EVs) are becoming more popular worldwide, penetration rates are still relatively low in the world’s two largest economies, the US and China. That looks poised to change as EV production costs come down.
Bottom line: Using EVs as a proxy for the broader global climate transition, the future upside potential is huge.
Learn more about investment opportunities related to climate change.
To learn more about our outlooks for this year, read Navigating the new global economy in 2023, which distills the points of view of several of our 2023 Outlook authors, to discover the risks and opportunities they see as we enter a new economic and market regime.
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Beyond US large cap: Where now for equity investors?
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Private Investment Outlook
In our private market outlook collection, we explore the themes driving the rapid evolution of private credit and private equity markets.
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