Investing insights
Our global Chief Investment Office (CIO) publishes our economic outlook and investing themes. From thought-leadership on ESG and long-term trends to timely commentary on market developments, our investing insights are designed to help each client shape their financial tomorrow.
Stocks
Annual Outlook 2024 | ESG: We‘re in this together
ESG investment has gone mainstream, with performance implications. Energy transition may point the way to investing in the sustainable economy.
Bonds
Annual Outlook 2024 | Bonds: Real rates matter
After years of extremely low interest rates, the investment universe is now complete again thanks to the renewed attractiveness of bonds as an asset class – and is likely to remain so for the foreseeable future in our opinion.
Stocks
Annual Outlook 2024 | Sectors: banking on tech
U.S. growth stocks are probably still the way to go for the long term. European and Japanese financials could appeal too, as well as consumer discretionary, industrials and energy.
Stocks
Annual Outlook 2024 | Risks: de-risking risks
Be aware that measures to create stability may just create new risks. Rates are still on our radar.
Stocks
Stocks: Growth comes at a price
Robust earnings growth is expected globally in 2024. Expectations of higher rates for longer may however put a lid on valuations expansion.
CIO Special report
LTIT: Sustainable Food Systems – favourable entry points ahead?
Sustainable food systems (SFS) deliver food security and nutrition in ways that are sustainable in economic, social and environmental terms. Transitioning towards sustainable food systems could open up business opportunities worth USD4.5 trillion per year by 2030.
CIO Special report
India: Will a billion voters move markets in the world’s biggest democratic election?
India, the world’s largest democracy, is heading to a national vote, with results expected by the end of May. Almost one billion registered voters will make this the biggest election exercise anywhere, ever.
CIO Special report
Why women’s financial inclusion matters
The empowerment of women in the labour force is important in ways that go beyond the critical matter of social justice. Female financial inclusion and gender equality are “macrocritical” to boosting economic activity.
CIO Special report
U.S. Election: ‘Super Tuesday’ moves Biden-Trump closer
In a year that has been claimed to be the busiest in history for political elections, there will be no bigger event in the calendar than the race to be President of the United States, due to be held on November 5th.
CIO Special report
Asset allocation for private clients
Strategic asset allocation for private clients starts with detailed knowledge of an investor’s risk profile, investment horizon, and performance targets, among other considerations.
CIO Special report
Long-term investment theme Digitisation: going to the next level
For investors, digitisation provides a wide range of investment alternatives, with business activities such as cloud computing, Internet of Things (IoT), digital entertainment, and others showing substantial growth potential.
CIO Special report
Consumption recovery through 2024 provides opportunities
Consumers are holding up relatively well in the U.S. and Europe, despite a weaker economic environment. This could yield interesting opportunities in the stock market, particularly in the area of discretionary consumption.
CIO Special report
Greece: back to economic health
Compared to the eurozone overall, Greece could experience slightly higher economic growth in the coming years, in particular due to a resurgence in private consumption.
CIO Special report
Managing investment uncertainty with asymmetric strategies
Adherence to strong convictions in the face of market-moving events can potentially trigger undesirable timing mistakes. Asymmetric strategies can allow more potential upside for a given portfolio risk.
CIO Special report
Spain: lower GDP growth in 2024
The Spanish economy has shown remarkable resilience during 2023, but the latest indicators point to a slowdown. A complex political environment will make it more difficult to address some important challenges.
CIO Special report
U.S. Election: Running up that hill
In our new CIO Special – U.S. Election: Running up that hill, we explore the political landscape of the upcoming Presidential elections, key issues that will shape the narrative for the race and its potential impact for investors.
CIO Special report
ESG & investment performance: think strategically
The key to sustained long-term returns from ESG investment is effective strategic asset allocation.
Market insights
CIO Memo
Japan: when will the BoJ pivot?
Wage hikes by some leading manufacturers have set the tone for industry-wide pay rises. Japanese authorities are closely watching industry pay revisions as they expect it to trigger a “virtuous cycle of growth”. However, BoJ Governor Ueda recently played down the state of the Japanese economy, given mixed data signals.
CIO Memo
U.K. economy: on the way out of recession
The U.K. economy started the new year with moderate growth, and the rebound should give the Bank of England the cover it needs to stick to its wait-and-see approach. That could sustain the British pound's relative strength in the near term.
CIO Memo
U.S. CPI: Patience is key
U.S. Consumer Price Index (CPI) showed an annualised increase of +3.2% year-on-year (YoY), moving higher from last month’s reading. On a month-on-month basis (MoM) Core CPI, which excludes Food and Energy, remained at +0.4%.
CIO Memo
Nonfarm payrolls: Mixed report strengthens case for June cut
The latest Nonfarm payrolls report delivered higher-than-expected jobs figures for the month of February, with significant downward revisions also seen for the previous two months.
CIO Memo
ECB hints at interest rate reversal in June
The prospect of an imminent turnaround in interest rates should continue to provide the equity markets with a slight tailwind.
CIO Memo
U.S. CPI: Taking a detour
Stronger-than-expected U.S. inflation figures will reinforce the Fed's cautious approach to a potential interest-rate cut in the near future.
CIO Memo
Nonfarm payrolls: Kicking the cut down the road
The U.S. jobs report for January showed the labour market on a stronger footing than forecast. That could mean that the Federal Reserve will hold off on interest-rate cuts for longer than had recently been expected.
CIO Memo
India: Interim budget targets strong fiscal improvement
A budget focused on strong fiscal consolidation unsurprisingly gave support to fixed income markets.
CIO Memo
BoE on hold as it’s "not there yet"
The Bank of England left interest rates unchanged as expected, but it also softened its language, dropping a warning about the potential for further policy tightening should inflationary pressures re-emerge.
CIO Memo
U.S. FOMC: Looking for confidence
The Federal Reserve left interest rates unchanged and signalled that it is yet to be fully convinced that a rate cut is imminent.
CIO Memo
China: stimulus provides temporary boost; more expected
We believe a recovery in Chinese equities is likely in the second half of 2024 as recent stimulus measures gradually take effect.
CIO Memo
ECB waiting on data
As unanimously expected in advance, the European Central Bank (ECB) left key interest rates unchanged at its meeting today.
CIO Special report
Venture Capital Investing: returns and diversification
Our latest CIO Special report Venture Capital investing: returns and diversification discusses how the sector is developing and its role in portfolios. Read more...
CIO Special report
Venture Capital investing: conclusion
We attempt to summarise the main positives and negatives of Venture Capital investing in our CIO Special report.
CIO Special report
Venture Capital trends
Find out more about the growth of global Venture Capital investment and the wide range of risks associated in our CIO Special report.
CIO Special report
Portfolios and Venture Capital
Find out more about the potential role of Venture Capital investing in portfolios as well as diversification in our CIO Special report.
CIO Special report
Venture Capital in entrepreneurship
Find out more about the role of Venture Capitalists in our CIO Special report.