Multi-asset & multi-strategy solutions

While inflation is expected to rise after last year’s lows, it will likely be transitory. Sunil Krishnan explores what this means for the economy, yield curves and equity markets.

Debate over the short- and longer-term consequences of COVID-19 dominated the Spring meetings of the International Monetary Fund, with our emerging-market debt team among those following discussions closely.

The coronavirus epidemic has further accelerated the rise of ESG into the investment mainstream. As deficits skyrocket, bond investors have an opportunity to engage with governments on climate change, argues Thomas Dillon.

Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.

The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.

Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.

The early part of a year gives investors an opportunity to take stock. Sunil Krishnan reflects on how the current environment is shaping our views for multi-asset portfolios.

As part of our engagement efforts, every January we send a letter to the chairs of companies we invest in (and some we don’t, but still want to use our influence with) to set out our stewardship priorities for the year. Here, in full, is our 2021 letter.

Sunil Krishnan highlights some of the themes that will shape multi-asset investing in 2021.

Liam Spillane, head of emerging market debt at Aviva Investors, picks three themes that could have a big say in how the asset class performs in 2021.

We select some of our key pieces of content in a year of unending drama.

The Goldilocks environment is back, but bears are lurking in the shadows. Francois de Bruin explores the risks and opportunities that need to be managed to get outcomes that are “just right”.

After a strong summer, conditions are changing in asset markets. Sunil Krishnan assesses the risks and opportunities for investors.

With US real interest rates sinking ever more deeply into negative territory as the Fed signals it is on hold for a prolonged period, the outlook for the dollar is bearish for the first time in a decade, argues Mark Robertson.

Much like a gem is forged under pressure, the ESG movement is powerful because it results from tension at multiple levels: between art and science, absolute and relative, exclusion and engagement. Francois de Bruin explores the lines of tension underpinning the investment approach to sustainability.

Bottom-up thinking is not a typical hallmark of multi-asset investing. However, Francois de Bruin believes the granularity that comes from this approach offers useful diversification and risk benefits.