TwentyFour
Flash Fixed Income: Risks unbalanced as “war premium” fades
Sharp swings in government and corporate bond markets since the onset of the Middle East conflict pose interesting questions for fixed income investors.
TwentyFour
Is private credit a bond market problem?
Negative headlines around private credit have intensified this year, driven by the AI-related software sell-off and the news that most players have restricted withdrawals from retail private credit funds.
Conviction Equities Boutique
Social impact investing steps into the limelight
After years of climate taking center stage in impact investing, the social side of the coin is starting to receive more investor attention. Find out what’s been driving the increased interest, and why the timing matters.
Asset management
Markets have turned the page on war. Have you?
Markets have bounced back to pre-conflict highs. The Conviction Equities and Multi Asset boutiques share their views on why this signal may be worth paying attention to.
Multi Asset Boutique
One year on: European Equity Income Plus
A first-year review of European Equity Income Plus: performance, income distribution and resilience across turbulent markets. We examine how the strategy’s three building blocks responded to sharp drawdowns, a V-shaped recovery and geopolitical shock as the fund enters its second year.
Conviction Equities Boutique
Notre monde en mutation exige la souveraineté énergétique
La souveraineté énergétique et la compétitivité favorisent la transition d’un système fondé sur des ressources limitées, extraites et aux prix volatils, vers un modèle axé sur des technologies de génération dont les coûts diminuent avec l’augmentation des volumes. Investir activement dans l’ensemble du spectre offre l’opportunité d’accélérer la transition et d’en partager les bénéfices.
Multi Asset Boutique
Quarterly Commodity Outlook – Markets move. Tankers don't.
The dispersion across commodity sectors persists into Q1 2026, with petroleum now the dominant driver of BCOM performance. In our latest quarterly outlook, we examine the supply dynamics behind elevated oil prices, the sharp precious metals selloff, and our views across energy, metals, and agriculture amid acute geopolitical uncertainty.
Multi Asset Boutique
Investors’ Outlook : Les marchés retiennent leur souffle
Les investisseurs sont en mode attentiste face à de nombreux facteurs en évolution. Dans le dernier Investors’ Outlook, nos experts de la Boutique Multi Asset partagent leurs points de vue.
Fixed Income Boutique
EM Bonds: resilience amid oil shock and geopolitical uncertainty
We believe EM fixed income is better positioned today than four years ago, despite uncertainty around the duration of the war and the disruption of oil supply. If de-escalation materializes in the short term, EM bonds may rebound amid a resumption of pre-war trends, including diversification away from US-centric portfolios.
Fixed Income Boutique
The AI impact on investment grade, high yield, and Swiss bond markets
In investment grade, several hyperscalers raised capex projections, driving record-breaking bond issuance. AI-related investments are heightening correlation risks and reshaping index compositions. In high yield, AI disruption creates risks and opportunities, particularly in software. The AI-capex trend has impacted the Swiss bond market, where new issuance remained elevated.
Fixed Income Boutique
How the Federal Reserve, Bank of Japan, and European Central Bank are balancing monetary and fiscal priorities
In the US and Japan, monetary policy is expected to support fiscal policy, even when central banks have other plans. Federal Reserve “Fed” Chair nominee Kevin Warsh's reform plans conflict with US President Donald Trump's preference for low rates, and the Bank of Japan's efforts to normalize policy clash with Prime Minister Sanae Takaichi's economic agenda.
Conviction Equities Boutique
Comment les réformes de la Corée visent à réduire la décote de valorisation
Les réformes de la gouvernance en Corée s’attaquent à la « décote coréenne » en renforçant la transparence et les droits des actionnaires minoritaires. L’annulation obligatoire des actions propres et une plus grande indépendance du conseil visent à libérer la valeur des entreprises et favoriser une valorisation plus juste. Une étape décisive vers des marchés plus équitables.
Asset management
Replay: Geopolitics, inflation and credit — what’s next for Fixed Income?
Vontobel’s experts discuss how geopolitics, inflation and credit are shaping the outlook for fixed income, exploring the impact of the Middle East crisis, diverging paths between the U.S. and Europe, and where value opportunities may emerge across credit markets.
Quality Growth Boutique
WOLF! False cries lead to increased risk
Markets today resemble Aesop’s fable The Boy Who Cried Wolf, with many investors conditioned to dismiss risks after years of shallow, short-lived downturns and swift recoveries fueled by central bank interventions. We believe this complacency has led to higher valuations and reduced defensiveness, creating structural fragility.
TwentyFour
This isn’t 2022, but inflation threat is real
With no end in sight to the US-Israeli war with Iran, and tensions escalating once again over the weekend, investors are bracing for more volatility. Inflation fears have ramped up significantly, reflected clearly in government bond markets where rising yields show rate cuts being priced out and rate hikes increasingly being priced in.
TwentyFour
Flash Fixed Income: Iran shock is driving central banks apart
As fixed income investors, our focus is on how the shock ripples through the variables that matter most for bonds: inflation, growth, and how central banks respond.
Conviction Equities Boutique
2025 Engagement Report: Driving change through dialogue
Despite the global ESG backlash, companies are continuing to work toward sustainability goals. The Conviction Equities Boutique’s Engagement Report captures the trends emerging for their dialogues and explains the team’s approach.
Asset management
Replay: Escalation in the Middle East – Iran, the US, and global markets
Our Vontobel experts, Dan Scott, Head of Multi-Asset & CIO; Christoph Boner, Chief Investment Allocation Officer; and Georg Häsler, security and military expert at NZZ, analyzed the latest developments in the Iran conflict. The discussion covered the blockade of the Strait of Hormuz, the scope for action of the US, China’s role, and the implications for global energy supplies.
Conviction Equities Boutique
Beyond the giants: Finding growth in smaller companies
Equity markets have become concentrated in a handful of mega-cap stocks, leaving many high-quality small- and mid-cap (SMID) companies overlooked. But what does the combination of concentration, valuation, and structural megatrends mean for investors?
Multi Asset Boutique
Investir dans les compagnies ferroviaires cotées
Les chemins de fer jouent un rôle essentiel dans l'acheminement efficace du fret et des matières premières à travers l'Amérique du Nord. Depuis trente ans, ces acteurs ont évolué : autrefois lourdement encadrés, avec des profits égaux ou inférieurs à leur coût du capital, ils exploitent désormais des réseaux peu régulés et à forte rentabilité capitalistique. Leur atout : une infrastructure quasi impossible à reproduire. Cet article évalue l'intérêt d'investir dans les compagnies ferroviaires cotées. Il montre en quoi les mutations du secteur façonneront sa croissance future.
Asset management
Webinar replay | Middle East crisis: market impact
Vontobel’s experts provide their perspective on developments in the Middle East and Iran and discuss the potential impact on emerging market equities and fixed income.
Multi Asset Boutique
Investors’ Outlook : Taille de printemps sur les marchés
La volatilité a été bien présente depuis le début de l’année, avec une montée des tensions géopolitiques et les craintes croissantes de bouleversements liés à l’IA, mais une petite taille sur les marchés peut s’avérer bénéfique. Le dernier numéro d’Investors’ Outlook se penche sur les évènements récents et les met en perspective.
TwentyFour
Iran, energy shocks and the inflation challenge
As the US-Israeli military operation in Iran enters its fourth day, markets are continuing to react to rhetoric from both sides and attempting to gauge how long the conflict may last and what the impact will be on the local and global economies.
Multi Asset Boutique
Market Update: Escalation in the Middle East
The geopolitical risk premium has transitioned from being a mere possibility to a present reality. Here is our perspective on the evolving situation in the Middle East.