Reviews & outlooks

The forecast-defying strength of the US economy has been one of the key drivers of financial markets in recent quarters, but as economic prospects diverge, Europe is where we see the better relative value in fixed income today.

Are stock markets poised for a good year in 2024? Jean-Louis Nakamura, head of the Convictions Equities Boutique takes a comprehensive look at the various factors that indicate it may well be.

We’ve likely reached peak interest rates as disinflation paves the way for an economic slowdown. The 2024 outlook from our Fixed Income Boutique explains why.

Legendary investor Charlie Munger, who recently passed away, followed a simple philosophy of “soldiering on” – persevering through challenging times while also knowing when to seize opportunities. Munger’s wisdom guides us as we manage key risks and seek to find opportunities in 2024.

Consensus expectations are that we could be nearing the end of the rate-hiking cycle. What does this mean for fixed income investors and Global Investment Grade in particular, and how do these typically change at the inflection of rate cycles?

Luc D’hooge and Wouter Van Overfelt review the developments of the Emerging Markets Debt and Emerging Markets Corporate Bond strategies they manage.

Luc D’hooge and Wouter Van Overfelt review the developments of the Vontobel Fund – Emerging Markets Debt and Vontobel Fund – Emerging Markets Corporate Bond and share their forecast for the remainder of 2023.

Wouter Van Overfelt, Head of Emerging Market Corporates and Luc D’hooge, Head of Emerging Markets Bonds, provide a review on the developments in the first quarter, the current positioning of the strategies as well as an outlook for the remainder of 2023.

Luc D’hooge, Head of Emerging Markets Bonds and Wouter Van Overfelt, Head of Emerging Market Corporates, provide a review on the developments in 2022, the current positioning of the strategies as well as an outlook for 2023.

2022 was a stormy year for bonds. As 2023 gets under way, our Fixed Income Boutique heads predict whether bonds are set for a smooth touchdown or a bumpy landing amid the continuing headwinds in the global economy.

High yield markets entered the year at an attractive entry point and investors can enjoy the power of high carry with still solid credit fundamentals. Turning the page on a challenging 2022, the Global High Yield Bond team is hopeful 2023 will be a fortunate year for many things, especially income.

Traditional investment strategies unraveled in 2022 amid geopolitical and energy crises. As 2023 gets under way, these negative trends have started reversing, giving our Corporate Credit team comfort about the prospects for the European investment grade credit market in the months ahead.

Welcome to 2023! At the start of the new year, bonfire rituals across the globe celebrate the time for renewal. Our Global Corporate Bond team have evaluated perspectives for the market by asking themselves the ten most burning questions for the year ahead – and finding the answers.

In TwentyFour Asset Management’s annual fixed income outlook, Eoin Walsh says that with rates now offering both yield and downside mitigation, and credit yields at near-decade highs, fixed income investors could enjoy strong returns in 2023.

Structural themes underlie opportunities in the year ahead. Our Quality Growth portfolio managers expect stock performance will be more closely tied to earnings growth, the US consumer will remain healthy, select emerging markets are poised for continued growth, and certain Chinese stocks will benefit from a reopening.

Following a difficult and volatile 2022, there are sound reasons to believe that EM equities could deliver a strong rebound in 2023. Along with compelling relative valuations of EM equities, we identified three key cycles that have the potential to provide a positive boost to EM equities next year.

The Corporate Credit team reveals how they plan to navigate the fourth quarter of 2022

With 2022 expected to be a more challenging year for markets, in his annual outlook TwentyFour Asset Management CEO Mark Holman explains how he believes investors can avoid some big macro headwinds and still target “sensible fixed income-like returns” next year.

TwentyFour Asset Management CEO, Mark Holman, looks at five big questions hanging over fixed income as investors look ahead to 2022.

Market sentiment reflects growth that will continue at past levels, yet economies and businesses globally are facing stiff headwinds – high government debt, rising inflation, and supply chain bottlenecks. As markets shrug off risks, expect volatility and a divergence in company performance in 2022.

Portfolio Manager Chul Chang discusses valuations, opportunities in technology and industrials, rising debt levels and ESG considerations.

Where can investors find opportunities? Where are the pockets of risk to avoid? Our portfolio managers explore consumer behavior in the tech and consumer staples sectors, and growth in emerging markets. We expect investor focus to shift from virus-induced disruptions to the pace of economic healing and we remain confident about market prospects ahead.

Jin Zhang provides insights on changes in the global supply chain, long-term beneficiaries of the trade war, India’s growth prospects and Brazil’s path to reform.

David Souccar talks about markets in 2019, long-term structural risks, performance over the cycle, investing in Japan, and international vs US exposure.