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CIO Weekly Perspectives
December 2022
Cryptonite
The FTX collapse is a blow to the idea of finance industry disruption and a potential source of volatility, but we think systemic contagion into broader financial markets is unlikely.
White Paper
November 2022
Hardening Borders: Opportunities in Security, Health and Trade
Seeking the potential beneficiaries of a new age of deglobalization and insecurity.
Insights
November 2022
Solving for 2023: Back to the "Old Normal"
Our senior investment leaders discuss their market and investment themes for the coming year.
CIO Weekly Perspectives
October 2022
Is This ‘Nightmare on Wall Street’ Coming to an End?
Do corporate earnings disappointments signal a weaker economy and easing inflation pressures, which could end this scary market—or are there more twists to come?
Asset Allocation Committee Outlook
October 2022
Tighter Conditions Begin to Squeeze the Economy
As the economy slows, an epic climb in short-dated rates and bond yields appears to have shocked investors into accepting the prospect of stickier inflation, but they still seem reluctant to price for substantially lower earnings.
Equity Market Outlook
October 2022
Economic and Market Review: Key Considerations for Equity Investors
We put out a cautious Equity Market Outlook three months ago, and after a quarter of worsening economic data and inflation trends we are now even more focused on low beta and high earnings quality.
CIO Weekly Perspectives
October 2022
Policy Excesses and Market Discipline
We are seeing bond investors standing up for themselves against policymakers, and while equity investors are experiencing pain from this struggle, the end result may be a more sustainable, fundamentals-based market.
CIO Weekly Perspectives
September 2022
The Uncertainty May Be Worse Than the Slowdown
We do think the onset of recession is a time to tread carefully, but it could also be a time of opportunity for equity investors.
Disruptive Forces in Investing Podcast
August 2022
How the Space Economy Is Achieving Liftoff
(17:04) As we take off further into the Space Age, we explore the growth potential and opportunity set within this quickly evolving sector.
Insights
August 2022
Japan’s New Horizon in Small Caps
We believe smaller companies are poised to shine brightly in the “land of the rising sun.”
CIO Weekly Perspectives
August 2022
China: Suspended Animation
The run-up to China’s leadership meetings this fall is delaying substantial policy changes, in our view creating opportunities in advance of potential economic improvement next year.
White Paper
August 2022
Value, Growth and the True Exposures in Your Portfolio
If your portfolio has fallen more heavily than you anticipated this year, it may be because it has become biased to growth stocks: a full analysis could help restore the balance—and the exposure to a more disciplined style of value investing—you intended.
CIO Weekly Perspectives
August 2022
Recession Semantics
Whether the U.S. is actually in a recession is debatable, but high inflation will affect companies both positively and negatively.
Disruptive Forces in Investing Podcast
July 2022
Forgo FOMO: Growth Investing for the Long Term
(12:08) As investors grapple with what the options are in today’s market, we look to growth stocks, which some may consider to be too risky right now, but we uncover how we believe that might not actually be the case…
Equity Market Outlook
July 2022
Economic and Market Review: Key Considerations for Equity Investors
We see increasing likelihood of a recession, but even if we avoid one, we think the coming months are going to feel like a recession as the decline in stock market valuations in the first half of the year are likely followed by a decline in corporate earnings in the second half.
CIO Weekly Perspectives
July 2022
Earnings at a Crossroads
The guidance in this season’s earnings reports could start to tell us how far earnings are likely to decline and how much is already priced in.
Disruptive Forces in Investing Podcast
June 2022
The Mission Toward Carbon Transition
(17:11) What role does carbon play across infrastructure and are companies implementing changes across their operations as a result?
CIO Weekly Perspectives
June 2022
After the Revaluation, the Slowdown
Our Asset Allocation Committee believes that, whether we enter a recession or not, the expected slowdown and ongoing market volatility could feel like one for investors.
CIO Weekly Perspectives
June 2022
The Space Economy Achieves Lift-Off
Space-based industry is much more down-to-earth than you might think—and every day it touches more and more of our lives.
CIO Weekly Perspectives
June 2022
Descending From Extremes Is a Rocky Process
To understand the current volatility, it helps to get reacquainted with just how out of whack things were coming into 2022—in terms of both magnitude and timing.
CIO Weekly Perspectives
May 2022
Staying On Theme
When inflation, interest rates and global economic uncertainty are rising, cash today can seem more urgent than exposure to the markets of tomorrow—but could that mean investors risk missing out on the potential of thematic strategies?
CIO Weekly Perspectives
May 2022
Are We There Yet?
Regardless of whether we get a hard or soft landing, we likely face a steep approach to the runway in trying to “land this plane.” The question is, how well consumers and companies absorb the slowdown, and whether sentiment is already bearish enough to create long-term value.
Insights
May 2022
Japan: Land of the Rising Prices?
Japan looks set to emerge from 30 years of near-zero inflation in 2022—but are its companies able to absorb higher costs, or even re-learn the art of passing price hikes on to their customers?
Insights
April 2022
Why Passive ESG Fails to Deliver
There’s no substitute for nuanced analysis and judgment in ESG investing.
CIO Weekly Perspectives
April 2022
Cautious, Not Bearish
Investors may want to position for persistent volatility as growth begins to slow, but we still believe earnings growth supports the case for equities.
Asset Allocation Committee Outlook
April 2022
Regime Change
While we do not anticipate a recession over the next 12 months, the prospect of slowing growth and stubborn inflation has led us to downgrade our view on equities, and prepare for a new regime in which real assets could generally perform better than financial assets such as stocks and bonds.
Equity Market Outlook
April 2022
Economic and Market Review: Key Considerations for Equity Investors
We believe the conflict in Ukraine may turn out to be less critical for equity markets than the upcoming turn we anticipate in the economic growth cycle.
Insights
April 2022
REITs as a Hedge Against Inflation
Real estate investment trusts across a number of sectors could show strength in 2022, driven by inflation and secular trends.
CIO Weekly Perspectives
March 2022
From Buying the Dips to Fading the Rallies
Equity markets are higher than they were on the eve of the invasion of Ukraine, but here’s why we think there is more volatility, and potentially more downside to come.
CIO Weekly Perspectives
March 2022
Value Can Potentially Outperform Even if Growth Slows
We believe value is likely to outperform growth over the coming years—and threats to economic growth from inflation, rate hikes and geopolitical risks do not change our view.
CIO Weekly Perspectives
February 2022
The Supply-Led Inflation Challenge
The Fed could end up playing checkers while the economy is playing chess—with potentially worldwide consequences.
Disruptive Forces in Investing Podcast
February 2022
The Weakest Links in the Global Supply Chain: Part III
(17:30) In this final chapter of the supply chain series, we identify some of the key risks and opportunities across the technology sector as the global semiconductor shortages further impact the greater supply chain crisis.
Disruptive Forces in Investing Podcast
February 2022
The Weakest Links in the Global Supply Chain: Part II
(19:53) As we continue our conversations around the current global supply chain crisis, we evaluate what companies with production overseas are doing about meeting consumer demands and more.
Equity Market Outlook
January 2022
Economic and Market Review: Key Considerations for Equity Investors
We believe positive fundamentals are likely to outweigh pandemic, valuation and slowdown concerns in the first half of 2022.
Disruptive Forces in Investing Podcast
January 2022
The Weakest Links in the Global Supply Chain: Part I
(15:38) With store shelves looking emptier and shipments getting delayed, we explore what is happening in the global supply chain and what companies are doing about it.
CIO Weekly Perspectives
January 2022
2022: A Year of Major Inflection Points
These five big transitions are likely to make 2022 a choppy and challenging year for equity investors—and the end of the coronavirus pandemic doesn’t even make the cut.
Asset Allocation Committee Outlook
January 2022
Hike Rates and Carry On
A positive economic outlook makes the case for holding risky assets through 2022, in our view, but higher rates are likely to mean higher volatility: we therefore favor a focus on income or “carry” from risky assets, alongside strategies with the potential to withstand price volatility.
CIO Weekly Perspectives
January 2022
Outlook 2022
The heads of our investment platforms welcome the New Year with their views for 2022.
Video
December 2021
Solving for 2022: Joseph Amato on Equities
(6:24) As 2021 concludes, the leaders of our investment platforms got together to debate and identify the key themes that they think will guide investment decisions in 2022.
Video
November 2021
Understanding China Market Dynamics
(15:00) We believe having on the ground insight is key to understanding China market dynamics.
CIO Weekly Perspectives
November 2021
Simple Equity Themes for Complex Times
Here’s why we think value and income can offer equity investors both a buffer against uncertainty and an attractive opportunity in an ongoing reflationary expansion.
Insights
November 2021
Solving for 2022: Entering a New Age
Our senior investment leaders look to the coming year in the global economy and markets.
Insights
November 2021
Public/Private Investing: Broadening Opportunity Within Equities
We believe private equity can serve as a core holding alongside traditional stocks to help improve investment outcomes.
Disruptive Forces in Investing Podcast
November 2021
The Blurred Lines of Public and Private Equity
(21:52) Companies today have a variety of pathways to go public, but we also have seen them want to stay private for longer. So where might the opportunity set be within this gray area of investing?
Video
October 2021
Identifying Japan’s Hidden Gems
(2:26) In this video, Joe Amato, Chief Investment Officer—Equities, and the Japan Equity team introduce what makes the Japanese market attractive, and how long-term active engagement is the key to enhancing long-term value.
CIO Weekly Perspectives
October 2021
The Worst Seems to Be Over…Now It Gets Complicated
Investors have shifted focus from the immediate COVID-19 threat to the prospect of a cyclical slowdown and secular stagflation.
Asset Allocation Committee Outlook
October 2021
Clearing the Hurdles
On a 12-month horizon, this looks to us like an attractive environment for risky assets, but the inflection point in the current cycle is proving particularly volatile: adopting a more defensive view in the short term could help investors clear the immediate hurdles.
Equity Market Outlook
September 2021
Economic and Market Review: Key Considerations for Equity Investors
Why we think the equity bull market can last at least until mid-2022.
CIO Weekly Perspectives
September 2021
October Surprise?
It has been 11 months since the last 5% correction in equity markets, and the coming weeks present a number of significant potential risks.
Insights
September 2021
Should Investors Stay Onboard the Chinese Dragon Boat?
Surprising policy developments are rocking the craft, but in our view the course remains set for the same long-term destination, and the uncertainty and volatility may present some attractive investment opportunities.
Disruptive Forces in Investing Podcast
September 2021
Turning a New Leaf in Chinese Investing
(19:21) With changes to Chinese regulatory policy, many investors have started to pull away their investments in China. Putting the pandemic and geopolitical tensions aside, could these investors perhaps be leaving potential opportunities behind as a result?
CIO Weekly Perspectives
August 2021
How Big Data Casts New Light on Reopening Stocks
Our recent work on the COVID-19 Delta variant not only reminds us that data science can give us insights into the pandemic, but also about the ways alternative data need to be marshaled to provide actionable information for our investment views.
Video
August 2021
When Offices and Shops Re-Open, Is the 5G Story Over?
Working and shopping from home during the pandemic highlighted the importance of 5G connectivity. But the pandemic only accelerated a trend that has been underway for years. Far from being over, the 5G story is only just beginning.
Disruptive Forces in Investing Podcast
August 2021
Thinking Big When It Comes to Small Caps
(15:57) With the rise of meme stocks making headlines earlier this year, what other investment tools might be available to new and seasoned investors alike when it comes to investing in small caps?
CIO Weekly Perspectives
August 2021
China Policy Moves Strengthen the Case for the Local Market
China’s regulatory reforms may be disruptive in the short term, but we see long-term positives.
Video
August 2021
If 5G Is Here, Can 6G Be Far Behind?
Whether it’s 5G or 6G, the core investment theme is the same – opportunities enabled by next generation connectivity. Investors can benefit by seeking to identify the enablers and beneficiaries of this megatrend, across a range of sectors and value chains.
White Paper
August 2021
Durable, Sustainable, Adaptable: Identifying Potential “Transition Winners”
In the modern economy, we believe the best long-term prospects belong to companies that have a durable competitive position, do little to no harm to society or the environment, and can adapt to change.
Video
August 2021
How Is 5G Affected by Tensions Between the U.S. and China?
Think of data as the new oil and 5G as the pipeline. 5G is seen as a strategic asset by many nations, as it is a key infrastructure to driving technology innovation and economic growth.
CIO Weekly Perspectives
August 2021
Delta Blues
The Delta variant of the coronavirus is rattling markets and poses real risks, but we should not be distracted from the successful impact of vaccinations.
Video
July 2021
Can 5G Help Build a More Sustainable Future?
We believe the higher speed, greater connectivity and lower latency enabled by 5G networks will unleash a range of technologies that can play a critical role in realizing the UN Sustainable Development Goals.
Insights
July 2021
Ten for 2021—Midyear Update
We check in on the key themes we anticipated from the economy and markets in 2021.
Video
July 2021
What Are the “Killer Applications” of 5G?
We think there will be 5G-enabled “killer apps” in just about all aspects of life and every industry, which is why we believe that it takes a research capability covering all sectors to invest in this theme.
Video
July 2021
Could Asia be the Next Silicon Valley?
Asia is now the epicenter of many disruptive technology innovations and is now leading in areas like advanced semiconductor manufacturing, robotics, fintech, 5G, and digital lifestyle.
Asset Allocation Committee Outlook
July 2021
From Hanging Ten to Choppy Waves
Does a change in the weather forecast at the Federal Reserve signal an end to the early stage of this recovery cycle?
Video
July 2021
Could the Global Chip Shortage Affect the 5G Rollout?
The semiconductor sector used to be cyclical, but with the advent of 5G and broader digitalization, demand growth has become increasingly structural.
Insights
July 2021
The Great Reset: Rethinking Sustainability
In the second of our conversations about the post-pandemic landscape, we spoke with a power utility and an industrial gases company about climate-related risks and opportunities.
CIO Weekly Perspectives
July 2021
Earnings Still Matter
Despite stretched equity market valuations, a blockbuster second-quarter earnings season could help sustain market momentum.
Systematically Speaking
June 2021
Commodities: Equities or Futures?
As more investors turn their focus back to commodities, it is worth remembering that commodity equities have historically generated surprisingly poor commodity exposure relative to more direct investments.
Disruptive Forces in Investing Podcast
June 2021
The Electrification of Mobility
(21:53) Vehicle and machinery electrification have increased in popularity, now more than ever. So what are global vehicle manufacturers doing to meet consumer demand?
Disruptive Forces in Investing Podcast
June 2021
Making the REIT Move In Real Estate
(22:00) As we’ve begun to adjust to the “new normal” of a post-pandemic economy, what might investors want to keep their eyes on in REITs?
CIO Weekly Perspectives
June 2021
A Show of Strength by Shareholders
As the 2021 proxy voting season winds to a close across the world, it looks set to mark a watershed moment for shareholder engagement.
Disruptive Forces in Investing Podcast
June 2021
When Do Commodities Become a Hot Commodity?
(16:36) Since the early beginnings of civilization, commodities, such as grains, metals and coffee among others, have been a vital part of global commerce. But how will commodities today be impacted as we move further into the new normal?
CIO Weekly Perspectives
May 2021
Roaring Twenties, or Back to the Late Teens?
This is a truly singular global recession and recovery, and it makes portfolio diversification both vital and challenging.
CIO Weekly Perspectives
May 2021
Jobs, Inflation and Market Volatility
This year’s inflation surprises are likely to create volatility in markets, but here’s why we think they are transitory and unlikely to derail the longer-term recovery.
CIO Weekly Perspectives
May 2021
REITs, Inflation and Rates
History suggests that a strong case can be made for a dedicated REITs allocation if you think inflation and interest rates are going up.
Insights
May 2021
REITS and Rates
History suggests that real estate securities can be an attractive investment if you expect inflation and rates to go higher.
Strategy Insights
April 2021
How Sustainable Are Your Proteins?
Trends around health and wellness and a growing sense of climate change concerns have given rise to the growing acceptance of a flexitarian diet.
White Paper
April 2021
“Hidden Quality” in International Equity Markets
Traditional “quality” companies are bunched in a few sectors and appear expensive—is there a more subtle definition that can uncover “hidden” quality?
Asset Allocation Committee Outlook
April 2021
The Temperature’s Rising
As Treasury yields climb and assets geared to the recovery race ahead, the Asset Allocation Committee asks, will the economy overheat, and should investors consider rebalancing?
CIO Weekly Perspectives
April 2021
What Is the Toll on This Road?
The U.S. is crying out for infrastructure upgrades, but an overshoot on taxes could put its companies at a disadvantage.
Disruptive Forces in Investing Podcast
March 2021
What Are Women Doing About Wealth?
(16:41) As we prepare for an anticipated wealth transfer of $30 trillion to women over the next ten years, what should we know about how women invest assets differently than men?
CIO Weekly Perspectives
March 2021
Is The Fed’s Word Its Bond?
The central bank is standing by its new policy commitment, and we believe that is supportive of equity markets.
CIO Weekly Perspectives
March 2021
Remember Value Investing?
After being ignored for 13 years, value sectors such as financials, materials, energy and industrials are back—and we believe economic acceleration and rising rates set the stage for a multiyear recovery.
CIO Weekly Perspectives
February 2021
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.
Insights
February 2021
Why We Believe Value Still Has Value
Here are three reasons why many investors have neglected value stocks for so long—and why we think each one of them is wrong.
Disruptive Forces in Investing Podcast
February 2021
How to Sustain Sustainability
(14:50) With sustainable investment approaches getting more popular across the globe, we explore the aspects of what may be allowing corporations to be successful as the world tries to reduce its carbon footprint.
CIO Weekly Perspectives
January 2021
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
CIO Weekly Perspectives
January 2021
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
Disruptive Forces in Investing Podcast
January 2021
Making the Case for Value
(13:36) With the value rally that has now been emerging, what might investors want to consider when it comes to value?
Disruptive Forces in Investing Podcast
December 2020
Solving for 2021: An Inside Look
(16:34) As 2020 comes to a close, we reflect on the volatile year we have had and look forward to the year ahead, as detailed in our annual investment outlook, Solving for 2021.
CIO Weekly Perspectives
December 2020
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.
Insights
December 2020
Don’t Be A Turkey
Like the festive bird in December, investors may want to ask how much better things can get.
Insights
December 2020
Could It Finally Be Time for Value?
Why we think the recent reversal in growth stocks’ multiyear dominance could be set to continue.
Disruptive Forces in Investing Podcast
December 2020
The World Wide Web of Retail
(16:02) Early indications show that Black Friday and Cyber Monday sales went well for retailers and consumers alike, so what are some of these companies are doing to maintain customer satisfaction during this unprecedented time?
Disruptive Forces in Investing Podcast
December 2020
Getting Smarter Around Disruption
(11:48) As more and more groundbreaking business concepts continue to enter the market, one might wonder what it is about an idea or concept that makes it truly disruptive and the thought process behind it.
Strategy Insights
November 2020
The Path to Carbon Reduction
As investors that take climate change leadership into consideration, we often ask ourselves, how robust and meaningful are these goals and how do a company’s climate and business goals align?
CIO Weekly Perspectives
November 2020
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.
Insights
November 2020
Solving for 2021: The World After the Coronavirus
Our senior investment leaders look to the coming year in the global economy and markets.
Video
November 2020
An Election Update and Market Outlook with Joe Amato
(4:55) Stephanie Luedke, Head of Private Wealth Management leads a discussion with Joseph V. Amato, President and Chief Investment Officer – Equities for an update on the U.S. election and the markets after a historic week.