Condivisione delle nostre convinzioni

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.

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.

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?

Railroads play a critical role in facilitating the efficient movement of goods and essential commodities in North America. Over the last thirty years, railroads have evolved from heavily regulated businesses with returns at or below their cost of capital into lightly regulated and capital-efficient networks distinguished by infrastructure that is difficult to replicate. This article discusses the investment merits of listed railroads and examines how the recent industry dynamics will impact future growth.

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.

Da inizio anno non è mancata la volatilità, tra tensioni geopolitiche in escalation e timori crescenti legati alla disruption dell’IA, ma una leggera potatura dei mercati può essere salutare. L’ultimo Investors’ Outlook analizza gli sviluppi recenti, mettendoli in prospettiva.

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.

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.

We have had an eventful few weeks of AI-driven volatility in markets, with markets seemingly swinging from “everyone’s a winner” to “everyone’s a loser” faster than technological progress itself.

Negli ultimi tempi, l’attenzione del mercato si è spostata dagli investimenti degli hyperscaler al rischio che l’IA può rappresentare per molte aziende “software as a service” (SaaS).

Artificial intelligence (AI) may be one of the greatest technological breakthroughs, but it’s too early to tell. History shows that investment returns don’t always match innovation hype. However, we do know that economic fundamentals have not changed, which means that investments must become self-financing and deliver adequate returns to be sustainable.

Foreign exchange markets have taken centre stage again in recent weeks. President Trump’s apparent indifference to the relatively steep dollar depreciation trend of late has raised a few eyebrows and added fuel to the dollar fire.

Il 2026 si prospetta già come un altro anno di forte volatilità per la geopolitica, l’economia e i mercati. Tuttavia, un segmento si distingue come principale beneficiario del contesto attuale.

Recent developments involving Federal Reserve (Fed) Chair Jerome Powell have raised fresh questions around central bank independence, the politicisation of monetary policy, and the future of Fed leadership, particularly with his term as Chair due to expire in May 2026.

L’anno si è aperto a tutto volume. Le notizie geopolitiche hanno dominato i titoli, contribuendo a und indebolimento del dollaro e a un balzo dell’oro. Ma cos’altro potrebbe accadere nel corso dell’anno? Scopriamolo nel primo Investors’ Outlook del 2026.

Vontobel’s Ed Walczak is among a small number of portfolio managers active today who were also managing money during the dot-com bubble. Ed compares the two time periods and explains how having zero exposure in tech and telecom in the dot-com era, while unpopular, rewarded his investors.

Discover the Q1 2026 Euro IG Credit Outlook, highlighting favorable market conditions, robust credit fundamentals, AI-driven growth, and strategic investment opportunities in key sectors and maturities. Gain insights to navigate the evolving corporate bond landscape effectively.

After a week that saw 10-year Japanese government bonds (JGBs) hit yields not seen since the late 1990’s (and record highs for 30-year and 40-year maturities), alongside one of the most interesting Davos conferences in years, which was held in the shadow of the latest push by President Trump to “acquire” Greenland, it is helpful to take stock of where this leaves the global geopolitical landscape and financial markets.

Two mantras exist among investors when it comes to equity factors. First, you hear that “factors tend to outperform the broader market in the long run”. True. Second, you hear that “timing factors is almost impossible, and that you would be better off with a static allocation”. False. In fact, dynamic timing approaches to factor premia management adds significant benefits over static allocation approaches and in this piece, we show you why

Il team di gestione del portafoglio di TwentyFour Asset Management esplora come le preoccupazioni relative all'indipendenza della Fed si stanno manifestando oggi sui mercati e come gli investitori possono posizionare i propri portafogli per affrontare la volatilità.

Le azioni dei mercati emergenti hanno registrato un anno straordinario, ma gli investitori hanno perso l’occasione? A nostro avviso, no. Riteniamo infatti che il 2025 abbia segnato il primo anno di cambiamenti positivi su almeno due fattori strutturali chiave, potenzialmente all’inizio di un nuovo ciclo favorevole per le azioni dei mercati emergenti.

With spreads well below long term averages and government bond curves pricing in what central banks are likely to do in the next few quarters, opportunities for capital gains through spread compression or sustained rallies in government bonds appear to be limited.

Commodities delivered strong returns in 2025 with the significant dispersion across commodities. In our quarterly commodity outlook, we discuss our view of oil markets, metals, grains and of course the all shining precious metal rally. Find out where we see value in an environment of macroeconomic tailwind and geopolitical uncertainty.

Explore the Global Credit Outlook 2026: A concise overview of key trends in global credit markets, from macroeconomic shifts and corporate fundamentals to AI-driven investments and market opportunities. Gain insights to navigate the year ahead effectively.