Outlook

Jeremy Butterworth

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8 min

Article

2025-12-31

Macro and market Monetary policy Outlook Content CoE Program Global Program Article

The year of uncertainty: 5 macro themes to watch in 2025

Macro Strategists John Butler and Eoin O’Callaghan outline five macro themes for investors to watch in 2025 in a year they see defined by exceptional uncertainty and an extraordinary macroeconomic backdrop.

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6 min

Article

2025-11-30

Outlook Economic cycle Geopolitical Inflation Macro Article No Optimizely

Global Economic Outlook

Our macro strategists continue to expect that the interlinkages between countries, central bank policies, and market pricing will change, creating potentially attractive opportunities for active portfolio management and security selection.

Multiple authors

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Article

2025-11-30

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.

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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.

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Brij Khurana

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6 min

Article

2025-11-30

Macro and market Outlook Asset allocation Content CoE Program Global Program Alternatives 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.

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10 min

Infographic

2025-09-30

Interest rates Outlook Asset allocation Content CoE Program Global Program Inflation Tactical allocation Article

All-time highs and CPIs: What comes next?

Global fundamentals have kept markets content so far this year, but will politics sour the mood? Members of our Investment Strategy & Solutions Group offer their views on the second half of 2024, including on equities, bonds, and commodities.

Multiple authors

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14 min

Article

2025-01-08

Private investing Private debt Outlook Article

Beyond the noise: Four key drivers of private credit opportunities

With recent negative headlines around private credit, we think it's crucial to move beyond the noise and explore the asset class's enduring trends like disintermediation, the convergence of public and private markets, and much more.

Multiple authors

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4 min

Article

2025-06-30

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

Campe Goodman, CFA

Amar Reganti

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7 min

Article

2025-06-30

Equity Small cap Outlook EM equity Large cap Mid-cap Article

Beyond US large cap: Where now for equity investors?

How should investors navigate a narrow market? Looking ahead to the rest of the year, Macro Strategist Nicolas Wylenzek examines the structural backdrop and Equity Strategist Andrew Heiskell shares his view on equity opportunities to watch.

By

Andrew Heiskell

Nicolas Wylenzek

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9 min

Article

2025-06-30

Private investing Private equity Outlook Private companies Late stage Venture capital Article

8 emerging venture capital trends

We share eight of the themes driving venture capital markets in 2024, including capital efficiency, DPI, the IPO market recovery, and much more.

Multiple authors

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7 min

Article

2025-06-30

Hedge funds Outlook Strategic allocation Market disruptions Tactical allocation Multi-asset Long-short Macro hedge funds Multi-strat hedge funds Article

Investing in “3D”: Forces shaping alternatives opportunities in 2024

Multi-Asset Strategists Adam Berger and Nick Samouilhan offer six ideas from the hedge fund and liquid alternatives investment space, from global macro to multi-strategy approaches.

By

Adam Berger, CFA

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4 min

Article

2025-06-30

Outlook Alternatives Hedge funds Private debt Volatility Economic cycle Private equity Article

Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

Multiple authors

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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

Brij Khurana

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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.

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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

Michael Medeiros, CFA

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5 min

Article

2025-03-31

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

Elisabeth Perenick, FSA, CFA

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4 min

Article

2025-06-30

Macro and market Economic cycle Portfolio strategy Multi-asset Macro Market commentary Thematic exposure Outlook Article

Trends and transformation distilled: Our 2024 outlook in brief

Our experts explore investment opportunities and risks for the year ahead.

Multiple authors

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Article

2025-02-28

Outlook Venture capital Private equity Alternatives Growth Private companies Private investments Article

Venture capital outlook: Signals point to a brighter 2024

Our private investing team sees positive signals indicating that the recent downturn in venture capital may have hit bottom. Just as privates trailed the public market correction in 2022, we believe they will follow its recovery.

By

Michael Carmen, CFA

Mark Watson

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Article

2025-01-31

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

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Quick Take

2025-01-31

Outlook Multi-asset iStrat Emerging Market Development Multi-Asset solutions Factor solutions Tactical allocation Strategic allocation Manager selection Thematic exposure Article

Multi-Asset Market Outlook

To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group

Multiple authors

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Article

2024-12-31

Outlook Multi-asset Asset allocation iStrat Multi-Asset solutions Factor solutions Tactical allocation Strategic allocation Manager selection Thematic exposure iStrat program Brand Article

Navigating a volatile reality: three ideas for 2024 and beyond

2023 saw investors grapple with a new, more volatile reality. How should portfolios be positioned for opportunities and challenges in 2024?

By

Natasha Brook-Walters

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Article

2025-01-31

Growth Total return Asset allocation iStrat Equity Fixed income Multi-asset Alternatives Diversification Income Capital preservation Strategic allocation Outlook iStrat program Article

Why income-seeking investors need to look across asset classes

Income plays an even more crucial role in portfolios than many of us realise, contributing a significant portion of returns for multi-asset portfolios. But with cash rates at around 5%, the world of income has changed. This should prompt investors to take a fresh look across asset classes to see where opportunities lie.

Multiple authors

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Article

2024-12-31

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

Michael Barry

Konstantin Leidman, CFA

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Quick Take

2024-12-31

Outlook Income Economic cycle Credit Multi-Sector Credit Opportunistic Fixed Income Global Credit Plus Global High Yield Fixed income Inflation Asset allocation Fixed income program Article

Credit: Better opportunities to add risk on the horizon

Our experts review current macro dynamics impacting the bond market and discuss where they see opportunities and risks across credit sectors.

By

Campe Goodman, CFA

Rob Burn, CFA

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Article

2024-12-31

Outlook Fundamental equity EM equity Large cap Small cap Equity USA APAC China United Kingdom Emerging markets Growth Asset allocation Volatility Interest rates Economic cycle Article

Will a “Goldilocks” economy be just right for equity markets?

We provide an outlook on the ongoing shift to new investment regime, and the market segments that we expect will most heavily influence global equity performance in the coming year.

By

Andrew Heiskell

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Article

2024-12-31

Outlook Interest rates Fixed income Global Credit Plus Global High Yield Opportunistic Fixed Income Multi-Sector Credit Fixed income program Article

Rates: Tracking the trade-off between inflation and growth

In their 2024 rates outlook, Investment Directors Amar Reganti and Marco Giordano investigate the treacherous trade-off faced by central banks and what it means for bond investors.

By

Amar Reganti

Marco Giordano

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Article

2024-12-31

Inflation Total return Economic cycle Commodities Materials Energy Outlook Article

Look past the cycle: The surprising total return potential of natural resources and commodities

Portfolio manager Nick Petrucelli explains the cyclical, structural, and macro tailwinds behind this opportunity.

By

Nick Petrucelli

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Article

2024-12-31

Outlook Private debt Macro and market Alternatives Private investments Article

Private credit: Key market themes for the year ahead

In our annual private credit outlook, learn about three themes that have dominated headlines recently and may create opportunities for parts of the private credit market going forward.

By

Emeka Onukwugha, CFA

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Article

2024-12-31

Outlook Alternatives Asset allocation Asian Opportunities Climate Market Neutral Hedge funds Macro and market Tactical allocation Diversification Alternatives investing Article

Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

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Adam Berger, CFA

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Article

2024-12-31

Outlook Sustainability Volatility Climate Strategy Emerging Market Development Global Impact Global Impact Bond Global Stewards Global Impact Bond Multi-asset Sustainable investing

The growing importance of supply chain transparency

Head of Sustainable Investment Wendy Cromwell explains why supply chains remain a key investment risk and details related research areas for our SI team in 2024.

By

Wendy Cromwell, CFA

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2024-12-31

Outlook Sustainability Volatility Impact investing Innovation Climate Market Neutral Climate Strategy Article

Sustainable Investment Outlook

Our head of Sustainable Investment shares key areas of focus for 2023, including climate change and biodiversity, modern slavery, data privacy, shareholder rights, and impact investing,

Multiple authors

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Article

2024-12-31

Outlook Commodities Market commentary Inflation Article

Commodities: Top ideas and evolving opportunities

To help clients plan for the coming year, our commodities experts share their top near-term, medium-term, and long-term investment ideas.

Multiple authors

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Article

2024-11-30

Economic cycle Fiscal policy Monetary policy USA Outlook Article

The US economy in 2024: A tale of transition

Our US macro expert sees changes in consumer and investment spending in the coming year, and highlights what she'll be watching for in terms of policy, politics, and profit margins.

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Article

2024-06-30

Outlook Geopolitical Information technology Asian Opportunities China Focus Equity Asia Technology Multi-asset USA China Brand Article

How geopolitics and the energy transition may reshape global trade

We explore the potential near- and longer-term market effects of deteriorating US/China relations, coupled with the shift toward a low-carbon economy.

By

Santiago Millán, CFA

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Article

2024-11-30

Outlook Macro and market Interest rates Germany Macro Economic cycle Fixed income program Article

2024: A year of intensifying macro regime change?

John Butler and Eoin O’Callaghan explore why 2024 could be a year of intensifying macro regime change and what it means for investors.

By

Elisabeth Perenick, FSA, CFA

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Article

2024-11-30

Outlook Geopolitical Elections Economic cycle Article

The intersection of geopolitics and deglobalization

The geopolitical landscape is likely to remain complex and unpredictable throughout 2024. What are the key risks to watch out for and what are the implications for investors?

By

Thomas Mucha

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Article

2024-11-30

China Economic cycle Real estate China Focus Equity Multi-asset Macro Market commentary Outlook Article China Currents

Getting Real: China looks beyond real estate for economic success

Our experts explore signs of an improving macro picture in China.

By

Johnny Yu, CFA

Han Sia Yeo

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Article

2024-11-30

Outlook Private investing Volatility Equity Fixed income Alternatives 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.

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2024-08-31

Outlook Portfolio strategy Equity iStrat Emerging Market Development Multi-asset Asset allocation Macro and market Article Thematic exposure Tactical allocation Thematic solutions Multi-Asset solutions

How a thematic approach can help harness change within portfolios

Multi-Asset Strategist Supriya Menon and Investment Director Andrew Sharp-Paul discuss why a thematic approach can help harness change within portfolios against a structurally different macroeconomic backdrop.

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Supriya Menon

Andrew Sharp-Paul

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Article

2024-07-31

Outlook Asset allocation Macro and market iStrat Multi-asset Quarterly Asset Allocation Outlook Article Tactical allocation Multi-Asset solutions

Multi-Asset Outlook: A recession is looming…or is it?

The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.

Multiple authors

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Article

2024-07-31

Outlook Portfolio construction Asset allocation iStrat Multi-asset Americas APAC EMEA Portfolio strategy Article Multi-Asset solutions Tactical allocation

How to weather the storm: A roadmap for more resilient portfolios

As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.

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Natasha Brook-Walters

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Article

2024-07-31

Outlook Equity Europe Fundamental equity Quant equity Macro and market Value vs growth Article

European equities: cyclically challenged but structurally supported

Macro Strategist Nicolas Wylenzek discusses why, despite cyclical challenges, European equities may be in the best structural position that they have been in for years.

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Nicolas Wylenzek

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Article

2024-06-30

Outlook Equity China Total return Macro and market EM equity

Chinese equities: Pockets of strength for patient stock pickers

Portfolio manager Bo Meunier explores how China’s recovery may be more modest than headline numbers suggest and why, as a stock picker, she remains constructive.

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Bo Meunier, CFA

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2024-06-30

Outlook Private equity Bank liquidity Volatility Interest rates Inflation Private investments Article

Private credit in a new regime

We explore how a shifting macro backdrop, ongoing banking crisis, and evolving competitive dynamics may create opportunities across private credit markets.

By

Emeka Onukwugha, CFA

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Article

2024-06-30

Outlook Private equity Private companies Volatility Private investments Article

The state of venture capital markets

Co-head of private investments Michael Carmen shares his outlook for venture capital markets, including the state of deal flow, valuations, and the IPO market.

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Michael Carmen, CFA

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Article

2024-06-30

Outlook Alternatives Hedge funds Private debt Alternatives investing Article Tactical allocation Multi-Asset solutions iStrat

Focus on what you can control: Five alternative investment ideas for an uncertain world

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how a variety of alternative investments, including select hedge funds and private credit, could help allocators reduce the importance of the economic cycle to their portfolio results.

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Adam Berger, CFA

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Article

2024-06-30

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

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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

Konstantin Leidman, CFA

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Article

2024-06-30

Outlook Europe Macro and market Economic cycle Monetary policy Article

Europe/US divergence: the ECB has further to go

How far will Europe diverge from the US? Macro Strategist Eoin O’Callaghan sees several reasons sustaining this growing divergence.

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Article

2024-06-30

Macro and market Risk management iStrat Multi-asset Outlook Video Tactical allocation Multi-Asset solutions Asset allocation

An allocator’s playbook for 2023

Natasha Brook-Walters, co-head of iStrat, examines the three objectives allocators may wish to focus on in 2023.

By

Natasha Brook-Walters

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Video

2023-12-31

Inflation Monetary policy iStrat Multi-asset Volatility Economic cycle Outlook Article Tactical allocation Multi-Asset solutions

Multi-Asset Outlook — A rocky road to recovery in 2023

Markets may be jumping the gun when it comes to expectations for a policy pivot and the likely risk-asset rewards. Members of our Investment Strategy team still see bumps in the economic road, though their outlook has brightened a bit when it comes to China and other emerging markets.

Multiple authors

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Article

2024-07-31

Outlook Macro and market Economic cycle Equity Fixed income Alternatives Inflation Monetary policy Geopolitical 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.

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Article

2023-12-31

Outlook Macro and market Economic cycle Private equity Fixed income Alternatives Inflation Geopolitical 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.

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2023-12-31

china economy poised to exceed expectations in 2023

EM equity Outlook China Geopolitical Asset allocation Equity Article

China equity in 2023: Year of the stock picker

Despite the potential risks of investing in China equity, Equity Portfolio Manager Bo Meunier believes there are attractive opportunities for patient, discerning stock pickers.

By

Bo Meunier, CFA

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Article

2023-12-31

Health care Biotech Innovation Brand Economic cycle Equity Global Industry Research Article Outlook

Health care outlook for 2023

Looking ahead to 2023, members of our health care team see meaningful innovation, supportive valuations, and a benign political and regulatory backdrop across biopharma, medical tech, and health care services sectors.

Multiple authors

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Article

2023-12-31

China Economic cycle Macro and market Brand Outlook No Optimizely COVID Geopolitical Inflation Fiscal policy Real estate Article

China’s economy: Poised to exceed expectations in 2023

With the bar set so low for China's economy, Macro Strategist Santiago Millan thinks it won't take much for an upside surprise in 2023.

By

Santiago Millán, CFA

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Article

2023-12-31

Europe Inflation Economic cycle Outlook No Optimizely Monetary policy Interest rates Fiscal policy Multi-asset Article

Why Europe could surprise in 2023

Eoin O’Callaghan and John Butler discuss the contrasting prospects of the Euro Area and the UK and why 2023 could bring positive surprises in the region.

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Article

2023-12-31

Sustainability ESG Climate Sustainable investing Outlook No Optimizely Impact Stewardship Biodiversity Article

Focusing on value amid rising global challenges and opportunities

Our Sustainable Investing (SI) Research Team offers a high-level view of 2023 research and engagement priorities.

By

Wendy Cromwell, CFA

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Article

2023-12-31

geopolitical-outlook-2023-structural-policies

Geopolitical Inflation Elections Outlook No Optimizely Interest rates Article

Geopolitical outlook: Shifting policies, structural advantages?

Geopolitical Strategist Thomas Mucha and Macro Strategist Santiago Millán look at five geopolitical themes they believe investors should watch in 2023.

By

Thomas Mucha

Santiago Millán, CFA

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Article

2023-12-31

Inflation Economic cycle Macro and market Outlook No Optimizely Fiscal policy Interest rates Monetary policy Geopolitical USA Consumer Article

2023: The year of disinflation for the US economy

In the coming year, US Macro Strategist Juhi Dhawan expects to see inflation begin to decline, the economy adjust to higher interest rates, and labor markets feel the pain of restrictive Fed policy.

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Article

2023-12-31

Emerging markets EM equity Economic cycle Outlook No Optimizely Monetary policy Equity Article

EM equity in 2023: Will the longest bear market in history continue?

We explore three key considerations for EM investors in today’s challenging environment and highlight potential winners and losers in 2023.

By

Jamie Rice, CFA

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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

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Article

2023-12-31

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

Konstantin Leidman, CFA

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Article

2023-12-31

Inflation Volatility Economic cycle Alternatives investing Outlook No Optimizely Multi-asset Fixed income Equity Alternatives 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.

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