Fixed income

event March 2025

4 min

Article

2026-03-31

Fixed income Credit What's current in credit Content CoE Program Global Program Credit Total Return Article

High hopes and low credit spreads

Connor Fitzgerald highlights the implications of tight credit spreads and the importance of flexibility for fixed income managers navigating today's market.

By

event March 2025

2 min

Article

2026-03-31

Fixed income Inflation Interest rates Content CoE Program Global Program Article

FOMC meeting: Misery loves company

Fixed Income Portfolio Manager Jeremy Forster explores the Fed's decision to hold rates, downgraded economic forecasts, and the implications of balance-sheet policy changes on inflation and market conditions.

By

event March 2025

3 min

Article

2026-03-31

EMEA Video Fixed income

Weekly Market Update

What do you need to know about the markets this week? Tune in to Paul Skinner's weekly market update for the lowdown on where the markets are and what investors should keep their eye on this week.

By

Paul Skinner

event March 2025

4 min

Video

2026-03-31

Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article

The high cost of unfunded duration — and some hope on the horizon

With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.

Multiple authors

event March 2025

6 min

Article

2026-03-31

USA Fixed income Fiscal policy Content CoE Program Global Program Wellington on Washington and the World Government bonds Article

US debt dynamics: Is there a path to sustainability?

How worried should investors be about US debt sustainability? Macro Strategist Michael Medeiros discusses the implications of soaring US federal budget deficits and the likely bond market response.

By

event February 2025

5 min

Article

2026-02-28

USA Total return Credit Wealth Program Fixed income Wealth Volatility Article

Time for credit selection to shine

Fixed income investors continue to seek answers to an era of volatile rates. Large, static exposures to credit markets no longer cut it. Instead, a nimble and dynamic approach is more likely to create resilient and consistent total return outcomes.

By

event February 2025

5 min

Article

2026-02-28

Fixed income Macro and market Asset allocation Content CoE Program Global Program Article

Convertible bonds: Attractive total return potential in a compressed fixed income landscape

Fixed Income Portfolio Manager Michael Barry details his optimism for convertible bonds in 2025, focusing on their attractive yields, equity upside potential, and exposure to growth-oriented sectors like technology and healthcare.

By

event February 2025

5 min

Article

2026-02-28

Fixed income Insurance Regulatory FRM Program Balance sheet Multi-Asset solutions Americas Insurance Quick Takes Asset allocation Video

Insurance Quick Takes: The latest from the NAIC on CLO and bond fund capital charges

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, offers a timely update on two important investment-related projects discussed in a special NAIC meeting.

By

event February 2025

6 min

Video

2026-02-27

Government bonds Artificial intelligence (AI) Disruption Content CoE Program Global Program Information technology Multi-asset USA China EM equity Large-cap Opportunistic Fixed Income Article Yielding insights

Deeply seeking the impact of AI spending on bond yields

Brij Khurana explores the surprising way in which AI spending may impact Treasury yields and complicate the Fed's rate-policy decisions.

By

event February 2025

6 min

Article

2026-02-28

USA Fixed income What's current in credit Content CoE Program Global Program Elections Article

Sitting in the slack tide of US fiscal stimulus

Portfolio Manager Connor Fitzgerald profiles the risks of the Trump administration's policies around spending cut, tariffs, and immigration, and analyzes potential effects on US growth.

By

event February 2025

5 min

Article

2026-02-28

What's current in credit Government bonds Asset allocation Content CoE Program Global Program Total return Fixed income Article

Turning tides for US Treasuries

Uncover the case for US Treasuries in fixed income portfolios against the current market backdrop.

By

Schuyler Reece, CFA

event February 2025

3 min

Article

2026-02-28

Fixed income Inflation Interest rates Content CoE Program Global Program USA Macro and market Article

Fed in holding pattern

Fixed Income Portfolio Manager Jeremy Forster unpacks the US Federal Reserve's decision to pause its interest-rate-cutting cycle.

By

event January 2025

3 min

Article

2026-02-28

Active management Fixed income Macro and market Advised Retail Program Credit Government bonds Investment grade Article

Flexibility with focus: how to position fixed income for volatility

Portfolio Manager Martin Harvey and Investment Director Marco Giordano explore how a focused use of flexibility can help position fixed income portfolios for volatility.

By

Martin Harvey, CFA

event January 2025

7 min

Article

2026-01-31

Active management High yield Outlook Wealth Program Fixed income Global High Yield Euro High Yield Article

High-yield bond investing in 2025: the year of the coupon

High-yield bond Portfolio Managers Konstantin Leidman and Mike Barry, and Investment Director Jennifer Martin discuss why, in 2025, high-yield bond investing is all about the coupon.

Multiple authors

event January 2025

4 min

Article

2025-06-30

Chart in Focus Fixed income Asset allocation Content CoE Program Global Program Article

Charts in Focus: Growth of capital securities markets

Fixed Income Portfolio Manager Noah Atlas makes the case for capital securities and details the advantages they could potentially provide for investors.

By

Noah Atlas, CFA

event January 2025

2 min

Article

2026-02-28

Elections Fiscal policy Geopolitics Content CoE Program Global Program Opportunistic Fixed Income Fixed income Americas China EMEA Macro Yielding insights Article

What an “America first” foreign policy may mean for markets

Fixed Income Portfolio Manager Brij Khurana explores the potential market impacts of President Trump's "America first" foreign policy. From regional hegemony to global economic dominance to tariffs applied for strategic geopolitical gain, discover how these shifts could affect investors.

By

event January 2025

6 min

Article

2026-01-31

Neoclassical columns in a row - camera canon 5D mark II - unsharped RAW - adobe colorspace

Fixed income Volatility Portfolio strategy Content CoE Program Global Program Credit Government bonds Article

Top 5 fixed income ideas for 2025

Fixed Income Strategist Amar Reganti and Investment Communications Manager Adam Norman outline which five areas of fixed income may be best positioned in 2025.

By

event January 2025

5 min

Article

2026-02-28

Outlook Macro and market Portfolio strategy Equity Fixed income Multi-asset USA APAC EMEA Emerging markets Active management Article

Scaling opportunities in a new economic era

Explore our latest views on risks and opportunities across the global capital markets.

event January 2025

Article

2026-01-31

Fixed income Interest rates Monetary policy Content CoE Program Global Program USA Article

Fed delivers rate cut, but hawkish 2025 guidance sends yields up

Fixed Income Analyst Caroline Casavant examines the outcome of the December 18 Federal Open Market Committee meeting and the implications for rates, inflation, and real growth.

By

event December 2024

3 min

Article

2025-06-30

Outlook Fixed income Geopolitics Income Global High Yield Global Impact Bond Euro High Yield Global Credit Plus Multi-Sector Credit Opportunistic Fixed Income Credit EM debt Government bonds High yield Investment grade

Bond Market Outlook

Our fixed income experts assess how to capitalize on market volatility with a flexible and dynamic approach that leverages diverse high-yielding opportunities and manages risks carefully.

Multiple authors

event December 2024

2025-12-31

Active management Fixed income Outlook Content CoE Program Global Program Credit Government bonds Investment grade Economic cycle Interest rates Monetary policy Article

Going their separate ways: Capitalizing on bond divergence

Our fixed income experts discuss how to position portfolios for a world of uncertainty and divergence, exploring key themes and evolving bond opportunities for 2025.

Multiple authors

event December 2024

7 min

Article

2025-12-31

Active management Credit Outlook Content CoE Program Global Program Fixed income Article

Securitized credit: Opportunity amid tight corporate spreads?

Portfolio Managers Rob Burn and Cory Perry discuss why they believe securitized credit has an attractive role to play in today’s tight-spread environment and highlight potential areas of opportunity in 2025.

By

Cory Perry, CFA

event December 2024

5 min

Article

2025-12-31

Active management Credit Macro and market Content CoE Program Global Program Fixed income Article

The credit cycle has been extended — but what’s next?

Credit experts Derek Hynes, Joe Ramos and Will Prentis discuss why they believe the current credit cycle still has legs and explore likely implications for credit portfolios in 2025.

Multiple authors

event December 2024

5 min

Article

2025-12-31

Active management Income High yield Wealth Program Fixed income Euro High Yield Global High Yield Article

High-yield credit investing: it’s a marathon, not a sprint

Fixed Income Portfolio Manager Konstantin Leidman explains his focus on the high-quality companies likely to outperform over the long term and why he is wary of the hype surrounding potentially bubble-inducing developments like generative AI.

By

Jennifer Martin, CFA

event December 2024

5 min

Article

2026-01-01

Fixed income Credit Elections Wealth Program USA Wealth Video

What's current in credit: November 2024

Connor Fitzgerald explores the impact of President Trump’s US election victory on credit markets. Where are the opportunities and risks for credit investors now?

By

event December 2024

4 min

Video

2025-12-31

Inflation Volatility Outlook Content CoE Program Global Program Equity Fixed income USA Article

Navigating uncertain policy shifts

Macro Strategist Juhi Dhawan explains why investors should prepare for heightened volatility in 2025, due to significant policy changes under President-elect Trump that will impact inflation, trade, and economic growth.

By

event November 2024

8 min

Article

2025-11-30

Fiscal policy Inflation Outlook Content CoE Program Global Program Fixed income Americas Article

Listening to voters’ economic concerns should mean less fiscal spending

Fixed Income Portfolio Manager Brij Khurana explains the likely economic and market impacts of Trump administration policies, including potential winners and losers from drastic fiscal spending cuts.

By

Nick Samouilhan, PhD, CFA, FRM

event November 2024

6 min

Article

2025-11-30

Active management Income Volatility Wealth Program Fixed income Credit Article

Time for bond investors to take the wheel?

Volatility makes bond investing less straightforward, but it can also create opportunities, provided investors are in a position to "take the wheel" in order to capitalise on them.

By

Jonathan Tan, CFA

event November 2024

8 min

Article

2025-11-30

Fixed income Elections Monetary policy Content CoE Program Global Program USA Article

Fed stays its course while acknowledging brewing winds of change

Our expert examines the underlying data which drove the Fed to stay its rate-cutting course.

By

event November 2024

4 min

Article

2025-11-30

Total return Fixed income Credit Wealth Program USA Article Industrials

Are bond investors ready for a US industrial revolution?

Portfolio Manager Connor Fitzgerald discusses why bond investors should ready themselves for a potential US industrial revolution and shares his perspective on how to reposition portfolios for such a scenario.

By

event November 2024

6 min

Article

2025-11-30

Impact Sustainability Portfolio strategy Impact investing Equity Fixed income Sustainability policies Impact measurement Sustainable investing Article

Impact measurement and management: addressing key challenges

Our IMM practice leader describes common impact investing challenges and suggests ways to overcome them.

By

Oyin Oduya, CFA

event October 2024

5 min

Article

2025-10-31

Impact investing Private companies Sustainability Private investing Private equity Venture capital Liquid alternatives & hedge funds Equity Fixed income Impact Private company management Private portfolio companies Impact measurement Private investments Sustainable investing Article

Decoding impact expectations: best practices for impact investors and companies

We share three recommendations each for impact investors and companies to help them better understand and manage each other's expectations.

By

Louisa Boltz

Oyin Oduya, CFA

event October 2024

6 min

Article

2025-10-31

USA Income Credit Content CoE Program Global Program Fixed income Article

Securitized credit: Normalizing, decelerating, or falling off a cliff?

Our experts offer their views on the current conditions and outlook for the securitized credit market.

Multiple authors

event October 2024

4 min

Article

2025-10-31

Fixed income Credit Monetary policy Content CoE Program Global Program USA Article

Rate relief: Fed cuts half point, but says “economy is strong”

Our expert explains the Fed's bold rate cut and some key takeaways for investors.

By

event September 2024

3 min

Article

2025-09-30

Monthly Market Review Multi-asset Institutional Program Fixed income Equity Commodities Market commentary Geopolitics Economic cycle Article

Monthly Market Review — August 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event September 2024

12 min

Article

2025-09-30

Fixed income Monetary policy Yielding insights Content CoE Program Global Program Market commentary Americas Opportunistic Fixed Income Interest rates Article

The real issue on rate cuts? Keep your eyes on the dot (plot)

Keep your eyes on the Fed's 2025 dot plot. The real story is where policy rates are headed, not just the next rate cut.

By

event September 2024

3 min

Article

2025-09-30

Liability-driven investing Portfolio construction DB Private Program iStrat Equity Fixed income Whitepaper Tactical allocation

Extra credit for corporate plans: Advanced topics in LDI implementation

To help corporate DB plans refine their liability-hedging strategies, members of our LDI Team take a deep dive on 3 key liability risks and offer ideas to help improve the design of hedging portfolios.

By

Amy Trainor, FSA

Jacqueline Yang, CFA

event September 2024

25 min

Whitepaper

2026-08-31

Macro and market Outlook Asset allocation Content CoE Program Global Program Liquid alternatives & hedge funds Fixed income Multi-asset Private investing Client objective Infographic

Picture this: Our forecast in 7 charts

What should investors expect for the remainder of 2024? View a visual summary of our Investment Outlook in seven compelling charts.

event September 2024

10 min

Infographic

2025-09-30

Japan Market disruptions Volatility Content CoE Program Global Program Large-cap Equity Hedge funds USA EMEA Germany Yielding insights Brand Fixed income Wealth Article

What the yen carry trade unwind could mean for markets and the Fed

Brij Khurana explains why market participants are likely underestimating how foreign ownership of US assets could constrain the pace and magnitude of the Fed’s cutting cycle.

By

event September 2024

7 min

Article

2025-09-30

Diversification Fixed income Impact investing Wealth Program Active management Investment grade Global Impact Bond Article

Destination diversification – is your bond portfolio ready to take flight?

In a new economic era, bonds once again provide the potential for downside protection, but diversification within fixed income is increasingly important. Impact bonds can offer a differentiated and diversified way to drive both positive change and returns.

By

event September 2024

5 min

Article

2025-09-30

Active management Growth Fixed income Wealth Program High yield Article

Opportunities in high yield: ready, steady, pounce?

Fixed income investors face a fundamentally different environment, but opportunities to target growth in high yield are emerging, provided investors can stay on the front foot.

By

event September 2024

5 min

Article

2025-09-30

Active management Income Fixed income Wealth Program Credit Article

Diving into the new world of credit

Now that spreads have tightened, some investors think it's too late to invest in credit. But this assumption could be standing in the way of earning an attractive income.

By

event September 2024

5 min

Article

2025-09-30

Active management Fixed income Macro and market Wealth Program Americas Brazil Canada Mexico USA APAC Asia Australia China India Japan EMEA Africa Europe France Germany Italy Russia United Kingdom Emerging markets Inflation Interest rates Macro Monetary policy Asset allocation Article

Time to capitalise on the evolving role of bonds?

We outline why we think the new economic era is elevating the role of bonds as a source of attractive and stable income, downside protection and portfolio diversification.

By

event September 2024

2 min

Article

2025-09-30

capital-securities-world-finance-technology-blue-banner

Active management Fixed income Asset allocation Content CoE Program Global Program Article

Capital securities: Why these hybrid investments may offer a compelling risk/reward profile

Members of our Fixed Income team explain why capital securities, a hybrid asset class that shares characteristics of bonds and stocks, may offer attractive diversification, income, and return potential.

By

Noah Atlas, CFA

Brian Garvey

event September 2024

6 min

Article

2025-08-31

Private credit Fixed income Volatility Institutional Program Credit Liquid alternatives & hedge funds Private investing Article

CLO equity insights: Private credit

Explore how the convergence of public and private markets is impacting CLO equity, including the unexpected benefit it has driven in recent years.

By

Alyssa Irving

Andrew Bayerl, CFA

event August 2024

5 min

Article

2025-08-31

Economic cycle Geopolitics Market commentary Institutional Program Commodities Equity Fixed income Monthly Market Review Article

Monthly Market Review — July 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event August 2024

12 min

Article

2025-08-31

Insurance Multi-asset Regulatory FRM Program iStrat Credit Macro and market Video Tactical allocation

Insurance Quick Takes: US life insurers’ utilization of private placements

In our latest Insurance Quick Takes video, Tim Antonelli discusses research on US life insurers’ use of private placement investments, and shares observations for insurers globally.

By

event August 2024

3 min

Video

2025-08-08

Fixed income Economic cycle Monetary policy Content CoE Program Global Program Credit USA Inflation Interest rates Yielding insights Article

Still waiting…Fed wants more data before cutting policy rates

Our expert dives into Fed policy following the July FMOC meeting.

By

event August 2024

3 min

Article

2024-10-31

multi-family-housing-neoclassical-masonic

Fixed income Investment grade Real estate Institutional Program Global Credit Plus Opportunistic Fixed Income Credit Article Economic cycle Sustainability

Office to multifamily conversions: Implications for CMBS investors

Our experts explore the emerging trend in some US cities of converting office space into multi-family units and its implications for bond investors.

Multiple authors

event July 2024

5 min

Article

2025-07-31

Elections Interest rates DB Public Program Content CoE Program Global Program Top of Mind USA Fixed income iStrat Article Tactical allocation

Does the US election even matter? Thoughts on politics, Fed policy, and portfolios

What's next for interest rates and what impact will the US election have? Head of Multi-Asset Strategy Adam Berger and Macro Strategist Mike Medeiros share their outlook and discuss the asset allocation implications.

By

event July 2024

9 min

Article

2025-06-30

Income Fixed income Interest rates Wealth Program Asia advised retail Credit Wealth Article Wealth Chart in Focus

Chart in Focus: Four key areas of opportunities in bonds amid Fed uncertainty

We discuss four key areas of opportunities in fixed income amid Fed uncertainty in the second half of the year.

By

event July 2024

3 min

Article

2025-07-31

Elections Inflation Interest rates Institutional Program Credit Government bonds Fixed income Americas Wellington on Washington and the World Article

Are US election probabilities now a critical driver of bond yields?

Our expert argues that the US election remains a critical catalyst for the bond market given the contrast between both parties as it relates to supply side policies such as trade and immigration, and to policy differences around taxation and regulation.

By

event July 2024

3 min

Article

2024-11-30

monthly-market-snapshot-november-2023-173556726-v2

Commodities Equity Fixed income Institutional Program Economic cycle Geopolitics Market commentary Quarterly Market Review Article

Financial Market Review

A monthly update on equity, fixed income, currency, and commodity markets.

By

event July 2024

17 min

Article

2026-07-31

Macro and market Economic cycle Monthly Market Review Institutional Program Commodities Equity Fixed income Geopolitics Market commentary Whitepaper

Monthly Market Snapshot — June 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event July 2024

17 min

Whitepaper

2025-07-31

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

The evolution of derisking: Assessing new and time-tested liability-hedging ideas

As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.

By

Amy Trainor, FSA

Jacqueline Yang, CFA

event July 2024

22 min

Whitepaper

2026-06-30

Fixed income Market disruptions Volatility Content CoE Program Global Program Macro and market Multi-asset USA Article Yielding insights

Ok, Boomer: How US generational wealth distribution could upend the economy and markets

Fixed Income Portfolio Manager Brij Khurana discusses the implications of US Baby Boomers' wealth concentration in the event of a market decline.

By

event July 2024

5 min

Article

2025-06-30

Insurance Fixed income Portfolio strategy FRM Program Whitepaper

Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return

Learn why we believe FHLB loans provide compelling potential for insurers to add alpha or increase yield by borrowing at low rates and benefitting from possible favorable treatment by ratings agencies. In addition, explore examples of customized investment solutions that have the potential to capitalize on these advantages.

By

Abigail Clare

event July 2024

16 min

Whitepaper

2025-12-31

Fixed income Interest rates Outlook Income Credit EM debt Government bonds High yield Investment grade Article

Capitalizing on rate shifts: Parsing opportunities in the second half

Fixed Income Portfolio Manager Campe Goodman and Fixed Income Strategist Amar Reganti discuss how to capitalize on potential rate shifts in the second half of the year

By

event June 2024

7 min

Article

2025-06-30

Income Total return Credit Fixed income Active management Client objective Article

Reframing fixed income portfolios: why bond maths makes the difference

It is easy to understand why fixed income investors tend to focus on yields. But investors who focus too much on yield may run the risk of overpaying for income and underestimating the impact of price volatility.

By

event June 2024

5 min

Article

2025-06-30

Active management Currency Fixed income Macro and market Euro High Yield Global Credit Plus Global High Yield Global Impact Multi-Sector Credit Opportunistic Fixed Income Corporate cash Defined contribution (DC) Distribution Private pension (DB) Public pension (DB) Sovereigns Subadvisory Union (Taft Hartley) Article

Currency interventions — here to stay?

Marco Giordano and Danielle Wei discuss the growing risk of large-scale currency interventions and what investors can do to prepare for the associated risks and opportunities.

By

Danielle Wei

event June 2024

4 min

Article

2025-06-30

Fixed income Macro and market Monetary policy Inflation Interest rates Credit Government bonds Investment grade Article

June FOMC meeting: May disinflation is welcome, but is not enough for a rate cut

Fixed Income Analyst Caroline Casavant discusses what June's FOMC meeting tells us about the US Federal Reserve’s latest thinking on interest-rate cuts.

By

event June 2024

3 min

Article

2025-06-30

Income Europe Economic cycle Credit Fixed income Inflation Article

Has the European credit cycle been extended?

2024 has kept fixed income investors busy. Yet, despite lingering inflation and rate volatility, European credit markets have remained strong. Are we looking at an extended credit cycle? And if so, what does this mean for investors?

By

event June 2024

8 min

Article

2025-06-30

Interest rates Monetary policy Outlook Economic cycle Fiscal policy Macro USA Japan Europe France Germany Italy United Kingdom Fixed income Macro hedge funds Credit Government bonds Investment grade Article

Governments have been slow to reduce their fiscal deficits — it could cost them

Our expert explores the investment implications of continued excessive deficit spending by G7 countries.

By

Eoin O'Callaghan

event June 2024

4 min

Article

2025-06-30

Outlook Inflation Monetary policy USA Fixed income Fiscal policy Article

The revenge of the monetarists

Fixed Income Portfolio Manager Brij Khurana makes the case for a monetarist explanation for moderating inflation.

By

event June 2024

5 min

Article

2025-06-30

Elections Inflation Outlook Interest rates Article Equity Fixed income Multi-asset

Thriving or surviving? The state of the US consumer and the economic implications

Macro Strategist Juhi Dhawan examines the condition of the all-important consumer, including the outlook for spending, the effects of inflation and prevailing interest rates, and the consequences for the overall economy.

By

event June 2024

8 min

Article

2025-06-30

Inflation Elections Outlook Fixed income program Macro Americas Fixed income Article

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.

By

event June 2024

5 min

Article

2025-03-31

Equity Fixed income Commodities Economic cycle Market commentary Geopolitics Whitepaper

Monthly Market Snapshot — April 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event May 2024

20 min

Whitepaper

2025-05-21

Active management Total return Credit Income Fixed income Article

Looking beyond yield: Rethinking the approach of fixed income investing

Investors face a new regime, challenging traditional assumptions about returns and volatility. With central bank interventions impacting credit markets, it’s time to rethink income allocations. Rather than fixating solely on yield, consider a dynamic approach, presented by Connor Fitzgerald.

By

event May 2024

5 min

Article

2025-05-31

Credit Interest rates Asset allocation Fixed income Top of Mind Article Tactical allocation iStrat

Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

By

event May 2024

7 min

Article

2025-05-30

Active management Interest rates Credit Inflation Income Growth Tactical allocation Fixed income Article iStrat

New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

By

event May 2024

5 min

Article

2025-05-31

Multi-asset iStrat Tactical allocation Article Fixed income Interest rates Quarterly Asset Allocation Outlook

With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

By

Alex King, CFA

event May 2024

5 min

Article

2025-05-30

Inflation Economic cycle Monetary policy Americas Interest rates Fixed income Article

Powell back to waiting on inflation data

Our expert's key takeaways from the May FOMC meeting.

By

event May 2024

2 min

Article

2025-05-31

Impact Carbon emissions Emerging markets Sustainable investing Brazil Africa Equity EM debt Impact investing Article

Impact investing in emerging markets: Growing opportunities, shifting challenges

Members of our impact bond team discuss their evolving emerging markets opportunity set and the importance of a bottom-up approach to value creation.

Multiple authors

event April 2024

6 min

Article

2025-04-30

Fixed income Sustainability Impact investing Fixed income program Impact Sustainable investing Global Impact Bond Article

Why an impact lens is an important tool in the fixed income investor's arsenal

Campe Goodman, Will Prentis and Oyin Oduya discuss how an impact lens can be an important tool in the fixed income investor's arsenal.

Multiple authors

event April 2024

4 min

Article

2025-04-30

Economic cycle Interest rates Monetary policy Fixed income program Inflation Fiscal policy USA Credit Article Yielding insights

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.

By

event April 2024

6 min

Article

2025-04-30

Manager selection Climate Sustainable investing iStrat program Strategic allocation Active management Equity Fixed income Multi-asset Liquid alternatives & hedge funds Article iStrat Tactical allocation

Picking the right building blocks for a climate-aware portfolio

For asset owners integrating climate change into their multi-asset portfolios, members of our Investment Strategy & Solutions Group offer five important insights.

Multiple authors

event April 2024

3 min

Article

2025-04-30

Equity Fixed income Commodities Economic cycle Market commentary Geopolitics Whitepaper

Monthly Market Snapshot — March 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event April 2024

20 min

Whitepaper

2025-04-30

Equity Fixed income Commodities Economic cycle Market commentary Geopolitics Whitepaper

Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

By

event April 2024

19 min

Whitepaper

2025-04-30

Credit Defined contribution (DC) Fixed income Americas Whitepaper

The role of multi-asset credit in DC plans

We believe that multi-asset credit can augment a DC plan's core or core plus allocation by potentially providing diversification, real-time allocations to sector opportunities, and a stable income stream.

Multiple authors

event April 2024

18 min

Whitepaper

2025-04-30

Macro and market Japan Fixed income Equity Macro Interest rates Article

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.

By

event April 2024

5 min

Article

2025-04-30

Macro and market Japan Fixed income Macro Interest rates Equity Article

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.

By

event April 2024

5 min

Article

2025-04-30

Fiscal policy Volatility Monetary policy Fixed income program Inflation Interest rates Americas Fixed income Credit Government bonds High yield Investment grade Quick Take

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.

By

event March 2024

Quick Take

2025-03-31

Fixed income Interest rates Investment grade Opportunistic Fixed Income Global Credit Plus Multi-Sector Credit High yield Credit Americas Economic cycle Fixed income program Quick Take

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.

By

Brian Conroy, CFA

Joseph Marvan, CFA

event March 2024

Quick Take

2025-03-31

Equity Fixed income Commodities Economic cycle Market commentary Geopolitics Whitepaper

Monthly Market Snapshot — February 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event March 2024

Whitepaper

2025-03-31

Economic cycle Monthly Market Review Market commentary Macro and market Commodities Equity Fixed income Geopolitics Whitepaper

Monthly Market Snapshot — May 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event March 2024

15 min

Whitepaper

2025-03-31

Fixed income High yield Active management Global High Yield Macro Portfolio strategy Income Growth Article

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.

By

event March 2024

Article

2025-03-31

Elections Fiscal policy Geopolitics USA Equity Fixed income Article

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.

By

event March 2024

Article

2025-03-31

Economic cycle Interest rates Monetary policy Fixed income program Inflation Fiscal policy USA Credit Article Yielding insights

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.

By

event March 2024

Article

2025-03-31

Growth Fixed income High yield Equity Tactical allocation iStrat program Article iStrat Macro and market

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.

Multiple authors

event March 2024

12 min

Article

2025-03-31

Diversification Fixed income Inflation Tactical allocation iStrat program Article iStrat

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.

Multiple authors

event March 2024

7 min

Article

2025-01-31

Income Fixed income Asset allocation iStrat program Inflation Value vs growth Economic cycle Monetary policy Tactical allocation Equity Multi-asset Article iStrat

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?

Multiple authors

event March 2024

5 min

Article

2025-03-31

Fixed income Credit Sustainability Sustainable investing Global trading Distribution Article

Evaluating labelled bonds: a robust framework is key

Fixed Income Portfolio Manager Campe Goodman and Investment Specialist Will Prentis explain why they believe a robust framework for analysing labelled, or sustainable, debt can help to generate real-world impact.

By

event March 2024

Article

2024-07-31

wellington-flower-broken-plate-banner-hero

Macro and market Portfolio strategy Fixed income Macro Article

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.

By

event March 2024

5 min

Article

2025-01-31

wellington-swift-broken-plate-banner-hero

Macro and market Economic cycle Active management Fixed income Multi-asset Macro Video

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.

By

event March 2024

4 min

Video

2025-03-31

Active management Fixed income Portfolio strategy Fixed income program Income Macro and market Credit Investment grade High yield Multi-Sector Credit Opportunistic Fixed Income Whitepaper

5 reasons to be active in fixed income

Actively managed fixed income portfolios have several distinct advantages over passive approaches.

Multiple authors

event March 2024

Whitepaper

2025-02-28

Economic cycle Asset allocation High yield Fixed income Article

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?

By

Alex King, CFA

event March 2024

Article

2025-03-31

Equity Fixed income Commodities Economic cycle Market commentary Geopolitics Whitepaper

Monthly Market Snapshot — January 2024

A monthly update on equity, fixed income, currency, and commodity markets.

By

event February 2024

Whitepaper

2025-02-28

Multi-Sector Credit Fixed income Macro Global Credit Plus Credit Total return Fiscal policy Government bonds Investment grade Fixed income program Americas Article

Too much focus on Fed, not enough on fiscal

Current US fiscal and monetary policy stances argue for risk taking in fixed income.

By

event February 2024

Article

2025-02-07

Fixed income Credit Economic cycle Fixed income program Americas Multi-Sector Credit Global Credit Plus Quick Take

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.

By

event February 2024

Quick Take

2025-02-28

Income Total return Credit Fixed income Macro and market Fixed income program Quick Take

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.

By

Andrew Bayerl, CFA

Alyssa Irving

event February 2024

Quick Take

2025-02-28

EM debt Macro and market Outlook Balance sheet Public pension (DB) Sovereigns Unit linked Union (Taft Hartley) Multi Single Distribution Global Credit Plus Multi-Sector Credit Opportunistic Fixed Income Fixed income Emerging markets Macro Fixed income program Quick Take

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.

By

Gillian Edgeworth

event January 2024

Quick Take

2025-01-31

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot – December 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event January 2024

Whitepaper

2025-01-31

Equity Fixed income Commodities Macro and market Quarterly Market Review Whitepaper

Financial Market Review

A quarterly update on equity, fixed income, currency, and commodity markets.

By

event January 2024

Whitepaper

2025-01-31

Economic cycle Interest rates Monetary policy Credit Americas China Europe Fixed income program Quick Take

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.

By

event January 2024

Quick Take

2025-01-17

Germany Macro and market Fixed income Macro Fiscal policy Article

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.

By

Eoin O'Callaghan

event January 2024

Article

2025-01-31

High yield Total return Income Global High Yield Euro High Yield Fixed income Economic cycle Outlook Fixed income program Quick Take

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.

By

event December 2023

Quick Take

2024-12-22

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot – November 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event December 2023

Whitepaper

2024-12-21

Interest rates Economic cycle Monetary policy Fixed income program Americas Fixed income Government bonds Investment grade Multi-Sector Credit Global Credit Plus Quick Take

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.

By

event December 2023

Quick Take

2024-12-14

Macro and market Multi-asset iStrat Equity Fixed income Risk management Top of Mind iStrat program Article Tactical allocation

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.

By

event December 2023

Article

2024-12-31

China Fixed income EM debt Distribution Macro and market Market commentary China Currents Article

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.

Multiple authors

event November 2023

Article

2024-11-28

monthly-market-snapshot-june-2017-1500x410

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot – October 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event November 2023

Whitepaper

2024-11-22

Volatility Credit Economic cycle Opportunistic Fixed Income Fixed income Americas Fixed income program Article

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.

By

event November 2023

Article

2024-11-21

Economic cycle Investment grade Credit Multi-Sector Credit Fixed income Americas Market commentary Macro Capital preservation Fixed income program Quick Take

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.

By

Kyra Fecteau, CFA

event November 2023

Quick Take

2024-11-20

Interest rates Asset allocation Monetary policy Fixed income program iStrat program Income Tactical allocation Fixed income iStrat Quick Take

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.

By

event November 2023

Quick Take

2024-11-14

Volatility Asset allocation Liability-driven investing Private pension (DB) Credit Fixed income Tactical allocation LDI Alert Article

Bank downgrades: Should LDI investors be worried?

Members of our LDI team discuss the implications of recent US bank credit-rating downgrades and offer potential next steps for corporate plan sponsors.

Multiple authors

event October 2023

Article

2024-10-27

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot – September 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event October 2023

Whitepaper

2024-10-25

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Financial Market Review: Third quarter 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event October 2023

Whitepaper

2024-10-31

Fiscal policy Government bonds Asset allocation Market commentary USA Fixed income Credit EM debt Opportunistic Fixed Income Quick Take

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.

By

event September 2023

Quick Take

2024-09-28

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — August 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event September 2023

Whitepaper

2024-09-22

Interest rates Economic cycle Monetary policy Americas Fixed income Government bonds Investment grade Global Credit Plus Multi-Sector Credit Quick Take

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.

By

event September 2023

Quick Take

2024-09-21

Credit Real estate Insurance Volatility Macro and market Americas USA Fixed income Quick Take

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.

By

Alyssa Irving

Cory Perry, CFA

event September 2023

Quick Take

2024-09-07

Impact Income Diversification Impact investing Fixed income Sustainable investing Quick Take No Optimizely

Green horizons: How the shift toward sustainable finance may reshape fixed income markets

Three sustainability trends have the potential to reshape fixed income markets, leading to a range of new opportunities for investors.

By

Anand Dharan, CFA

event September 2023

Quick Take

2024-09-07

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — July 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event September 2023

Whitepaper

2024-09-01

Outlook Private investing Volatility Equity Fixed income Liquid alternatives & hedge funds Inflation

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.

event August 2023

2024-08-18

Income Credit Interest rates iStrat Investment grade Fixed income Americas Inflation Fiscal policy Monetary policy Fixed income program Quick Take

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.

By

Patrick Wattiau

event August 2023

Quick Take

2024-08-17

Inflation Credit COVID Fixed income Real estate Americas Fixed income program Quick Take

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.

By

Jessica Mayer

Conor McEachern

event August 2023

Quick Take

2024-08-17

Artificial intelligence (AI) Credit Macro and market Fixed income program Inflation Americas Fixed income Quick Take

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.

By

event August 2023

Quick Take

2024-08-14

Economic cycle Interest rates EM debt Opportunistic Fixed Income Multi-Sector Credit Global Credit Plus Fixed income Emerging markets Total return Quick Take

How would emerging markets weather a “standard” recession?

Macro Strategist Gillian Edgeworth explores the potential impact of a developed market recession on emerging markets.

By

Gillian Edgeworth

event August 2023

Quick Take

2024-08-11

Economic cycle Japan Monetary policy Opportunistic Fixed Income Multi-Sector Credit Global Credit Plus Euro High Yield Global High Yield Government bonds EM debt Investment grade High yield Fixed income Equity Multi-asset Interest rates Quick Take

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.

By

event August 2023

Quick Take

2024-08-04

Government bonds Inflation Volatility Fiscal policy USA Fixed income Credit High yield Discover Quick Take Fixed income program

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.

By

event August 2023

Quick Take

2024-08-02

Interest rates Inflation Monetary policy Government bonds Fixed income USA Fiscal policy COVID Quick Take

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.

By

event July 2023

Quick Take

2024-07-27

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — June 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event July 2023

Whitepaper

2024-07-25

Income Credit Interest rates Fixed income Americas Quick Take

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.

By

Jeff Heuer, CFA

David Marshak

event July 2023

Quick Take

2024-07-24

Equity Fixed income Commodities Macro and market Quarterly Market Review Whitepaper

Financial Market Review

A monthly update on equity, fixed income, currency, and commodity markets.

By

event July 2023

Whitepaper

2024-07-20

USA Inflation Credit Quick Take Interest rates Fixed income Bank liquidity COVID

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.

By

event July 2023

Quick Take

2024-07-06

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — May 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event June 2023

Whitepaper

2024-06-28

Liability-driven investing Credit Macro and market Private pension (DB) Fixed income LDI Alert Article Tactical allocation Multi-Asset solutions iStrat

Keep your spread and earn on it too? The case for intermediate credit

Amid heightened volatility and an uncertain macro environment, members of our LDI Team see opportunity for corporate plans in the intermediate credit market.

Multiple authors

event June 2023

Article

2024-06-27

Sustainability Impact Income Sustainable investing Fixed income Investment grade High yield Impact investing Quick Take

More green shoots: Tracking trends in sustainable debt issuance

While growth in the sustainable debt market has been uneven, certain pockets offer substantial opportunities. Two of our fixed income investment professionals weigh in.

By

Thomas Canham

event June 2023

Quick Take

2024-06-26

Interest rates Monetary policy Inflation Fixed income program Americas Fixed income Government bonds Quick Take

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.

By

event June 2023

Quick Take

2024-06-15

Outlook EM debt Interest rates Fixed income program Fiscal policy Monetary policy Inflation Emerging markets Fixed income Quick Take

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.

By

Brian Garvey

event June 2023

Quick Take

2024-06-30

Outlook High yield Bank liquidity Fixed income Volatility Economic cycle Inflation Interest rates Monetary policy Brand Article

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.

By

event June 2023

Article

2024-06-30

Volatility Inflation Credit Article Interest rates Fixed income Income Outlook Bank liquidity

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.

By

event June 2023

Article

2024-06-30

Outlook Credit Volatility Fixed income Interest rates Inflation Geopolitics Article

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.

By

event June 2023

Article

2024-06-30

Outlook Inflation Interest rates Fixed income Americas Monetary policy Fiscal policy Economic cycle Article

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.

By

event June 2023

Article

2024-06-30

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — April 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event May 2023

Whitepaper

2024-05-29

Impact Impact investing Government bonds Fixed income Sustainable investing Article

Blue bonds: long-awaited innovation or yet to make a splash?

Blue bonds – which aim to support projects related to ocean conservation – are on the rise. How effective are they and what do investors need to know before they invest?

By

event May 2023

Article

2024-05-31

Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity

Closing the return gap: A new set of “stepping stone” ideas

Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.

By

event May 2023

Whitepaper

2024-08-02

Insurance Asset Allocation Outlook Insurance Balance sheet iStrat Multi-asset Equity Fixed income Commodities Liquid alternatives & hedge funds Whitepaper Tactical allocation Multi-Asset solutions

Today’s sweet spot for yield, the growing role of alts

Insurance Multi-Asset Strategist Tim Antonelli provides his latest multi-asset views for insurers, with an emphasis on the value of core fixed income in today's environment.

By

event May 2023

Whitepaper

2024-05-02

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — March 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event April 2023

Whitepaper

2024-04-30

Multi-asset Bank liquidity Inflation Fixed income USA Currency Volatility Interest rates Monetary policy Quick Take

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.

By

event April 2023

Quick Take

2024-04-21

Bank liquidity Credit Risk management Fixed income program Real estate Fixed income Quick Take

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.

By

Carolyn Natale, CFA

event April 2023

Quick Take

2024-04-12

Bank liquidity High yield Fixed income program Economic cycle Interest rates Monetary policy Fixed income Credit Quick Take

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.

Multiple authors

event April 2023

Quick Take

2024-04-04

Bank liquidity Interest rates Economic cycle Credit Fixed income Consumer Americas Quick Take

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.

By

Kyra Fecteau, CFA

event March 2023

Quick Take

2024-03-30

Asia Macro and market Volatility Asia tech Inflation Interest rates Thematic exposure Private companies Fixed income Liquid alternatives & hedge funds Equity Event replay Tactical allocation Multi-Asset solutions iStrat

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.

Multiple authors

event March 2023

Event replay

2024-03-24

Bank liquidity Monetary policy Credit Fixed income program Volatility Interest rates Financials Quick Take

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.

Multiple authors

event March 2023

Quick Take

2024-03-22

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — February 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

event March 2023

Whitepaper

2024-03-31

Credit Volatility Asset allocation Fixed income Economic cycle Interest rates Quick Take

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.

By

event February 2023

Quick Take

2024-02-29

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — January 2023

A monthly update on equity, fixed income, currency, and commodity markets.

By

Raina Dunkelberger, CFA, CAIA

event February 2023

Whitepaper

2023-05-15

Credit Interest rates Asset allocation Fixed income Economic cycle Quick Take

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.

By

event February 2023

Quick Take

2024-01-31

corporate-landscape-european-industry-frankfrut-cityscape

Fixed income Active management ESG Investment grade Macro and market Article

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.

By

Jillian Rooney

event February 2023

Article

2024-02-29

Monetary policy Interest rates Inflation Fixed income Economic cycle USA Quick Take

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.

By

event February 2023

Quick Take

2023-09-30

Equity Fixed income Commodities Macro and market Quarterly Market Review Whitepaper

Financial Market Review — Fourth quarter 2022

A quarterly update on equity, fixed income, currency, and commodity markets.

By

event January 2023

Whitepaper

2023-07-15

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot — December 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event January 2023

Whitepaper

2023-03-15

Credit Interest rates Asset allocation Fixed income Economic cycle Monetary policy Quick Take

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.

By

Andrew Bayerl, CFA

Celene Klimas, CFA

event January 2023

Quick Take

2024-01-31

Credit Investment grade Economic cycle Fixed income Interest rates Quick Take

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.

By

Jeffrey Heuer, CFA

David Marshak

event January 2023

Quick Take

2024-01-31

Credit Investment grade Economic cycle Fixed income Interest rates Monetary policy Asset allocation Quick Take Liquid alternatives & hedge funds Long-short

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.

By

event January 2023

Quick Take

2024-01-31

Economic cycle Inflation Fixed income Quick Take

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.

Multiple authors

event January 2023

Quick Take

2024-01-31

Outlook Macro and market Economic cycle Equity Fixed income Liquid alternatives & hedge funds Inflation Monetary policy Geopolitics Innovation Article Sustainability

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.

event January 2023

Article

2023-12-31

Outlook Macro and market Economic cycle Private equity Fixed income Liquid alternatives & hedge funds Inflation Geopolitics Climate

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.

event January 2023

2023-12-31

High yield Credit Economic cycle Fixed income Interest rates Monetary policy Asset allocation Quick Take

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.

Multiple authors

event January 2023

Quick Take

2024-01-31

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot: November 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event December 2022

Whitepaper

2023-02-15

Currency Macro and market Fixed income Monetary policy Asset allocation USA Quick Take

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.

By

Jitu Naidu

Martin Harvey, CFA

event December 2022

Quick Take

2023-12-31

Investment grade Fixed income Portfolio strategy Inflation Interest rates Asset allocation Monetary policy Total return Credit Quick Take

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.

By

Geoff Austein-Miller

event December 2022

Quick Take

2023-12-31

unique-perspectives-konstantin-leidman-0234-720x660

High yield Europe Volatility No Optimizely Fixed income Credit Unique Perspectives Article

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.

By

event December 2022

Article

2023-12-31

Equity Fixed income Commodities Macro and market Monthly Market Review Whitepaper

Monthly Market Snapshot: October 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event November 2022

Whitepaper

2023-01-15

High yield Credit Monetary policy Brand Outlook No Optimizely Income Volatility Fixed income Article

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.

By

event November 2022

Article

2023-12-31

Emerging markets EM debt Monetary policy No Optimizely Inflation Interest rates Volatility Fixed income Outlook Article

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.

By

Gillian Edgeworth

event November 2022

Article

2023-12-31

Credit Inflation Interest rates Volatility Asset allocation Fixed income Quick Take

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.

Multiple authors

event November 2022

Quick Take

2023-11-30

Equity Fixed income Commodities Quarterly Market Review Macro and market Whitepaper

Financial Market Review: Third quarter 2022

A quarterly update on equity, fixed income, currency, and commodity markets.

By

event November 2022

Whitepaper

2023-04-15

Monetary policy Inflation Interest rates Economic cycle Currency Japan Fixed income Quick Take

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.

By

Jitu Naidu

Masahiko Loo

event November 2022

Quick Take

2023-01-31

Inflation Volatility Economic cycle Alternatives investing Outlook No Optimizely Multi-asset Fixed income Equity Liquid alternatives & hedge funds Video

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.

By

event November 2022

Video

2023-12-31

Equity Fixed income Commodities Monthly Market Review Macro and market Whitepaper

Monthly Market Snapshot: September 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event October 2022

Whitepaper

2022-11-15

Credit Interest rates Monetary policy Inflation Economic cycle Volatility Fixed income USA Quick Take

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.

Multiple authors

event October 2022

Quick Take

2023-01-31

Credit High yield EM debt Outlook Income Risk management Active management Portfolio strategy Economic cycle Fixed income Article No Optimizely

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.

By

event October 2022

Article

2023-12-31

Interest rates Inflation Credit Asset allocation Fixed income USA Quick Take

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.

Multiple authors

event October 2022

Quick Take

2023-01-31

Equity Fixed income Commodities Monthly Market Review Macro and market Article

Monthly Market Snapshot: August 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event September 2022

Article

2022-11-15

Asset allocation ESG Fixed income Sustainable investing Impact Quick Take

Sustainable fixed income: Key terms allocators should know

ESG integration versus sustainable investing: What’s the difference? We explain a few key distinctions that are important for allocators to understand.

By

Anand Dharan, CFA

event September 2022

Quick Take

2023-06-30

Monetary policy Credit Volatility Alternatives investing Fixed income Quick Take

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.

By

Ryan Valente

event August 2022

Quick Take

2022-11-30

Equity Fixed income Commodities Monthly Market Review Macro and market Article

Monthly Market Snapshot: July 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event August 2022

Article

2022-10-15

Emerging markets EM debt Credit Interest rates Currency Inflation Monetary policy Article

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.

By

Michael Henry

event August 2022

Article

2023-08-31

Inflation Fixed income Active management Fixed income program Monetary policy Europe Credit Quick Take

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.

By

Tobias Ripka, CFA

Raina Dunkelberger, CFA, CAIA

event August 2022

Quick Take

2022-12-31

Credit Macro and market Portfolio strategy Diversification Quick Take

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.

By

event August 2022

Quick Take

2022-11-30

Economic cycle Inflation Monetary policy USA Geopolitics Fixed income Quick Take

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.

By

Jitu Naidu

event August 2022

Quick Take

2022-11-30

Credit Investment grade Economic cycle High yield Portfolio strategy Quick Take

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.

By

event August 2022

Quick Take

2022-10-31

Government bonds Monetary policy Opportunities and risks Inflation USA Quick Take Fixed income

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.

By

event August 2022

Quick Take

2022-10-31

Monetary policy Interest rates Inflation USA Fixed income Quick Take

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.

By

event July 2022

Quick Take

2022-10-31

Equity Fixed income Commodities Macro and market Article

Financial Market Review: Second quarter 2022

A quarterly update on equity, fixed income, currency, and commodity markets.

By

event July 2022

Article

2023-01-15

Equity Fixed income Commodities Macro and market Article

Monthly Market Snapshot: June 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event July 2022

Article

2022-09-15

Sustainability Digital transformation Impact Climate Equity Fixed income Impact investing Health care Quick Take

Impact investing: Increasing needs, broadening opportunities

Members of our impact investing team, offer a brief update on our impact platform, which continues to evolve amid an expanding opportunity set in developed and emerging market equities and fixed income.

By

Joy Perry

Meredith Joly

event July 2022

Quick Take

2022-12-31

Volatility Inflation Europe Active management Private pension (DB) Credit Article Public pension (DB) Economic cycle Fixed income Balance sheet Fixed income program

Can credit investors turn the resumption of volatility and cycles to their advantage?

Why the new volatile market regime may offer significantly more opportunities for longer-term global credit strategies.

By

Mahmoud El-Shaer, CFA

Annabel Gray

event July 2022

Article

2023-07-31

Credit Interest rates Portfolio strategy Quick Take

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.

Multiple authors

event July 2022

Quick Take

2022-10-31

Credit Economic cycle Interest rates Monetary policy Government bonds USA Quick Take

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.

By

event July 2022

Quick Take

2022-07-31

Outlook Liquid alternatives & hedge funds Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article

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.

Multiple authors

event July 2022

Article

2023-08-31

Outlook Fixed income Equity Factors Multi-manager solutions Large-cap Inflation Value vs growth Monetary policy Volatility Manager selection Article

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.

Multiple authors

event June 2022

Article

2023-07-31

Fixed income Sustainability ESG Portfolio strategy Quick Take

Sustainable fixed income investing entering the mainstream

This short piece explores the continued rise of sustainable fixed income investing and links to a more in-depth white paper on the topic.

Multiple authors

event June 2022

Quick Take

2022-12-31

Equity Credit Volatility Quick Take

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.

By

Gordon Lawrence, CFA

event June 2022

Quick Take

2022-10-31

Impact investing Sustainability Stewardship Sustainable investing Impact Climate Equity Fixed income Quick Take

Evolving impact investing for better potential outcomes

Our impact portfolio managers provide a snapshot of recent highlights and developments in impact investing.

Multiple authors

event June 2022

Quick Take

2022-09-30

ESG Sustainability Fixed income Macro and market Government bonds Credit Sustainable investing Impact investing Article

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.

Multiple authors

event June 2022

Article

2023-06-30

Credit Government bonds Portfolio strategy Inflation Quick Take

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.

Multiple authors

event June 2022

Quick Take

2022-07-31

Volatility Fixed income Equity Geopolitics Commodities Article

Monthly Market Snapshot: April 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event May 2022

Article

2022-07-15

Monetary policy Inflation Interest rates Fixed income Quick Take

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.

By

event May 2022

Quick Take

2022-08-30

Inflation Interest rates Monetary policy Value vs growth Equity Fixed income Quick Take

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.

By

event May 2022

Quick Take

2022-08-31

Monetary policy Fixed income Equity Macro and market USA Quick Take

Is it too soon to call a “top” in US interest rates?

Are we nearing the top of the 10-year treasury rate?

By

event May 2022

Quick Take

2023-05-31

Credit Interest rates Risk management Monetary policy Quick Take

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.

By

Tobias Ripka, CFA

event May 2022

Quick Take

2022-07-31

Government bonds Currency Macro and market Japan Quick Take

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.

By

Pasquale Pontoriero, CFTC

event May 2022

Quick Take

2022-07-31

Equity Fixed income Volatility Geopolitics Commodities Article

Financial Market Review: First quarter 2022

A quarterly review of results in the global equity, fixed income, currency, and commodity markets.

By

event April 2022

Article

2022-10-15

Inflation Europe Portfolio strategy Yield Monetary policy Interest rates Quick Take

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.

By

Tobias Ripka, CFA

event April 2022

Quick Take

2022-07-31

Equity Fixed income Volatility Geopolitics Commodities Article

Monthly Market Snapshot: March 2022

A monthly update on equity, fixed income, currency, and commodity markets.

By

event April 2022

Article

2022-06-15

Fixed income Volatility Inflation Monetary policy Information technology Quick Take

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.

By

Raina Dunkelberger, CFA, CAIA

event April 2022

Quick Take

2022-07-31

Inflation Insurance Quarterly Asset Allocation Outlook Interest rates Volatility Commodities Equity Fixed income Multi-asset Article

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.

By

event April 2022

Article

2022-10-15

Credit Inflation Volatility Monetary policy Quick Take

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).

Multiple authors

event April 2022

Quick Take

2022-07-31

Credit Monetary policy Geopolitics USA Europe Quick Take

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).

By

Mahmoud El-Shaer, CFA

Annabel Gray

event April 2022

Quick Take

2022-07-31

Credit Interest rates Portfolio strategy Inflation Quick Take

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.

Multiple authors

event March 2022

Quick Take

2022-06-30

USA Inflation Article Equity Fixed income Geopolitics COVID Private equity China

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.

By

event March 2022

Article

2023-02-28

Defined contribution (DC) Fixed income Equity Inflation Value vs growth Retirement USA Article

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.

By

Kristin O’Donnell, CFA

Ryan Mullaney

event March 2022

Article

2023-03-31

Government bonds Credit Macro and market Quick Take Portfolio strategy USA

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.

By

Tim Haney, CFA

event March 2022

Quick Take

2022-05-31

Emerging markets Credit EM debt Inflation Quick Take

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.

By

event February 2022

Quick Take

2022-09-30

Macro and market Sustainability Equity Fixed income Liquid alternatives & hedge funds Climate Geopolitics Emerging markets Sustainable investing Tech & Innovation Event replay

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.

By

Multiple speakers

event February 2022

Event replay

2023-01-31

Monetary policy Interest rates Equity Fixed income USA Quick Take

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.

By

event February 2022

Quick Take

2022-05-31

EM debt Macro and market Risk management Credit Quick Take

Fixed income: Turn to nontraditional sectors for greater return potential in 2022

As discussed in our 2022 credit sector outlook piece, Break with tradition in 2022, we see opportunities in a few nontraditional credit sectors that stand out to us as having a higher probability of generating excess returns in the months ahead.

By

event February 2022

Quick Take

2022-04-30

Inflation Quick Take Fixed income

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.

By

event January 2022

Quick Take

2022-02-28

Outlook Yield Commodities Interest rates Inflation Portfolio construction Risk management Article

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.

Multiple authors

event December 2021

Article

2022-11-15

Insurance Multi-asset Inflation COVID Whitepaper Credit ESG

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.

By