Investment themes
Our key investment themes are designed to have long-term relevance and to identify continuing investment opportunities. Browse the latest reports published by our global Chief Investment Office (CIO).
Our latest reports
CIO Special report
China: fiscal stimulus –one step at a time
In this CIO Special report, we discuss details of the fiscal package announced by the National People’s Congress’ Standing Committee meeting and provide an update on the macroeconomic performance of the Chinese economy.
Nov 11, 2024
Video briefing
CIO Video: U.S. post-election update
Our Global Chief Investment Officer, Christian Nolting, provides an initial assessment of the U.S. election results and their market implications.
Nov 06, 2024
CIO Special report
U.S. Election: America goes to the polls
As we inch closer to the U.S. presidential election, our new CIO Special explores the current state of the political landscape, key issues and policies that continue to shape the narrative for the race and its potential impact on a range of sectors for equity investors.
Sep 27, 2024
CIO Special report
Decarbonizing portfolios: 10 key factors
Portfolio decarbonization will become an increasingly important topic. Investors need to understand the key issues involved.
Aug 23, 2024
CIO Special report
Circular materials use: the need for change
In this CIO Special report we examine what’s driving Earth Overshoot Day and where innovation is offering hope for our planet's future.
Jul 31, 2024
CIO Special report
Investing in EU carbon markets: where now?
Carbon markets are likely to play a major role in promoting sustainability and innovation, offering new opportunities for investors and policymakers alike.
Jul 25, 2024
CIO Special report
“Second-round“ effects: French shift from right to left in final ballot
With the French election resulting in a hung parliament, we discuss three possible political scenarios and their investment implications.
Jul 08, 2024
CIO Special report
UK assets: election results should help not hinder
After Labour’s victory, the prospect of policy stability and cyclical growth will make UK assets worth a second look. We outline investment implications.
Jul 05, 2024
CIO Special report
Energy transition: investment perspective
The renewable energy sector is experiencing remarkable growth. However, this rapid expansion faces challenges. In this report, we explain why the renewable energy sector’s trajectory remains positive.
Jul 03, 2024
CIO Special report
China: strong support for the property sector
China announced more measures to support the property sector at a national government meeting on May 17. The stimulus measures come at a time when China’s property sector continues to weaken with price declines and lower transaction volumes.
May 21, 2024
CIO Special report
BoE’s path to lower rates: what’s next?
The Bank of England (BoE) maintained its key interest rate at 5.25% for the sixth consecutive meeting last Thursday. Signals from the Monetary Policy Council (MPC) indicate a potential rate cut as early as June 20, however.
May 15, 2024
CIO Special report
Spain, moving forward
This CIO Special addresses Spain’s recent positive economic performance, its fiscal balance situation and the prospects for Spanish debt & equity assets.
May 14, 2024
CIO Special report
China: growth key to market upside
The recent positive performance by Chinese equities has been mainly driven by a modest improvement in macroeconomic data.
May 14, 2024
CIO Special report
Italy: staying positive
Italy has weathered recent economic crises, including COVID-19 and the European energy shock, better than expected. In Q4 2023, Italy’s GDP growth was +0.2% QoQ, compared to 0.0% for the Eurozone. For the full year 2023, Italy’s growth was 0.7%, outperforming the Eurozone’s 0.5%.
May 10, 2024
CIO Special report
Singapore: economic and sector prospects
Singapore’s economic openness creates both challenges and strengths. The external sector is an unavoidable source of risk, the high cost of living is a concern and an ageing population. But, set against this, Singapore has a number of important strengths – a globally-connected economy, business-friendly environment, political system and benefits from its role in ASEAN.
May 02, 2024
CIO Special report
Bottoming out in the German housing market
It remains a challenging environment for the German housing market, but rate cuts, economic growth and structural rental market shortages should help the market to bottom out.
Apr 30, 2024
Future Fundamentals podcast
Investing in the Blue Economy: a blueprint for action
In our Future Fundamentals podcast, Karen Sack, of ORRAA, and Markus Müller, our Chief Investment Officer for ESG, take a deep dive into the sustainable blue economy.
Apr 26, 2024
CIO Special report
Long-term Capital Market Assumptions: our latest forecasts
These form a vital component some systematic long-term asset allocation approaches. We highlight significant developments since our last review and the reasons for them.
Apr 24, 2024
CIO Special report
China’s economy: awaiting the right cues
China recently released a flurry of Q1 economic data. But while GDP numbers were surprisingly strong, some other activity measures continue to disappoint. So has China’s economy really turned a corner?
Apr 18, 2024
CIO Special report
Bitcoin: from bubble to mainstream?
Bitcoin is unlikely to assert itself as a widespread medium of exchange but may be on its way to mainstream acceptance as a store of value, although the risks of holding it remain high.
Apr 11, 2024
CIO Special report
Atmosphere: Shield of the earth
The third in our trilogy of keynote presentations on the Earth's "Life Pillars" explains why climate-related risks and opportunities should be important considerations for investors with regard to long-term portfolio development.
Mar 26, 2024
CIO Special report
Smart Mobility: EVs and batteries present opportunities and risks
Favourable long-term trends for the electric-vehicle market remain intact – but an excess supply of battery metals means the outlook for miners remains clouded.
Mar 19, 2024
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.
Mar 11, 2024
CIO Special report
China’s NPC: focus on quality growth despite near-term challenges
China’s National People’s Congress (NPC) has seen the announcement of a new 2024 growth target and discussion on how a “proactive” fiscal stance and “prudent” monetary policy can help the economy.
Mar 07, 2024
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.
Mar 07, 2024
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.
Mar 07, 2024
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.
Mar 05, 2024
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.
Feb 23, 2024
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.
Feb 19, 2024
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.
Feb 02, 2024
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