Recent thinking
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Real Assets
Relative value in real assets: Q2 2023
14 Sep 2023
Our real assets research team drill into proprietary data to compare risk and return across sectors, drawing out those showing most relative value.
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Fixed income
Navigating uncertainty and avoiding underperformers: Plotting a course for the long term in buy-and-maintain credit
13 Sep 2023
As the current economic cycle draws to a close, our buy-and-maintain team discuss opportunities and risks in credit markets.
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Equities
The big dig: How mining could power a greener future
12 Sep 2023
Clean energy technologies are set to drive growth in demand for critical minerals over the next two decades, throwing up a rich seam of investment opportunities – and challenges.
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Responsible Investing
When the chips are down: Geopolitics threatens the semiconductor boom
11 Sep 2023
While the semiconductor industry should see strong demand thanks to the rise in artificial intelligence and cloud computing, geopolitical and supply-chain risks loom.
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Liquidity
Three, two, one…Cash returns set for lift-off
7 Sep 2023
With interest rates set to remain higher for longer and inflation gradually falling, money market funds can offer investors a way to access positive real yields on cash, says Alastair Sewell.
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Responsible Investing
Deals delayed and crowded trades…But investors can still find value in infrastructure debt
4 Sep 2023
Private infrastructure debt still offers a broad spectrum of opportunities, but investors face complex challenges. In this Q&A, our infrastructure debt team contemplate the current state of the market and where it goes from here.
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Fixed income
Mad about the boy: Understanding the economic and investment impacts of El Niño
25 Aug 2023
How much do ocean circulation patterns impact economic outcomes and sovereign risk? Rick Stathers and Carmen Altenkirch assess El Niño, the climate phenomenon driving atmospheric circulation in the tropics, affecting everything from GDP to inflation and social stability.
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Fixed income
Staying the course: The ongoing appeal of investment-grade credit
24 Aug 2023
James Vokins and Chris Higham explain why investment-grade bonds still offer value despite persistent market uncertainty.
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Liquidity
Better late than never: European Commission constructive on money market funds
23 Aug 2023
After the European Commission released its long-awaited assessment report on European money market fund regulation, Alastair Sewell discusses the main implications for investors.
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Equities
Tipping points and transformation: Getting on the right side of change
16 Aug 2023
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
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What does the data say?
What does the data say? Five charts for multi-asset investors
9 Aug 2023
We take a visual approach to explain what’s happening with UK inflation, web traffic for ChatGPT and Threads, and the slower-than-expected recovery of China’s economy.
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Fixed income
The heat is on: Opportunities and risks for climate-focused bond investors
8 Aug 2023
Thomas Chinery and Justine Vroman discuss current conditions in the investment-grade market, the ECB’s “green QT” programme, and why oil and gas firms must go further and faster to decarbonise.
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Equities
Defensive sectors offer value amid AI frenzy: What next for global equity income investors?
7 Aug 2023
Dividends proved resilient in the first half of 2023. Richard Saldanha considers what the rest of the year might have in store for income investors.
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Multi-asset allocation
Multi-asset allocation views: A silver lining for gilts
4 Aug 2023
UK gilts have underperformed other government bonds over the last year. Sunil Krishnan explains why the worst may be over.
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Real Assets
Breaking ground: Opportunities in life-sciences real estate
3 Aug 2023
In this article, we look at the strong fundamentals of this emerging asset class, as well as the opportunities and challenges for investors.
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Equities
Conflict and complexity: The investment view on defence
2 Aug 2023
The war in Ukraine and rising geopolitical tensions are prompting governments around the world to beef up defence spending. We explore the key investment implications.
AIQ: The Macro Stewardship Edition
In this edition of AIQ, we give a primer on the next frontier of responsible investing - macro stewardship - where engagement moves beyond companies to focus on reforming systems.

The Little Book of Data
The world, including finance, is constantly changing and investors are always looking for an edge. Every year, we curate and create what we believe are some of the most relevant and thought-provoking charts and information graphics for our clients. In the fifth edition of our award-winning publication, The Little Book of Data, we use visualisations to bring to life the biggest trends in economies and markets.

Economic research
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Accelerating climate solutions: The Edinburgh Earth Initiative in profile
In the 17th and 18th centuries, academics at the University of Edinburgh helped drive the Industrial Revolution. Today, they are connecting with businesses to tackle the climate emergency. Words by Miles Costello.
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Buy it or build it: Why innovation is key in healthcare
Healthcare is a dynamic industry, but patent expiries from 2025 and drug-price reform in the US pose challenges. Innovation will be key for continued success, as experts from our credit, equity and ESG teams explain.
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Global megatrends: How climate, nature and social change will reshape economies
Climate change, natural resource scarcity and social shifts are transforming the corporate landscape. Investors need to understand the implications of these sustainability megatrends to manage risks and seize opportunities.
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Gains or glitches? What generative AI means for investors
The release of ChatGPT has heralded an artificial intelligence boom. We assess the investment and ESG considerations.
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Getting a taste for fiscal intervention, but at what cost?
Fiscal intervention is, again, a vital part of the government policy toolkit, supporting plans to boost domestic industries and fight climate change. But while well-intended, such measures will add to already elevated debt levels, with significant implications for investors, as Michael Grady explains.
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Forget what you think you know: Staying humble in a world of rising risk
In a world where potential pitfalls loom around every corner, Peter Fitzgerald and Ian Pizer explain why investors need to look beyond what financial models are telling them to keep portfolios resilient to the challenges ahead.
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Fragilities exposed as cheap money disappears
Cracks have begun to emerge in the banking sector in recent weeks. As the tide of cheap money that has flooded financial markets for more than a decade ebbs, members of our investment teams are on the lookout for other signs of distress.
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What does the data say? Five charts on financial fragilities
We take a visual approach to explain what’s happening with banks.
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LGBTQ+ inclusion in the workplace: Creating psychological safety
Each experience is unique, but lesbian, gay, bisexual, transgender, non-binary and other non-heteronormative people (LGBTQ+) still face huge challenges, in and out of the workplace. Companies should do more to support them and foster a culture of inclusion.
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Supply and demand: Tackling both sides of the carbon emissions equation
Despite progress through our Climate Engagement Escalation Programme, more action is needed from the world’s 30 systemically important carbon emitters, as Sora Utzinger and Louise Wihlborn explain.
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Boom! Shake the gloom? Does China’s reopening mark a new beginning?
China looks set for a rapid economic rebound in the first quarter after finally abandoning its zero-COVID policy. But will the recovery prove temporary as longer-term dynamics reassert themselves?
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Engaging on neurodiversity: What can be learned from other DE&I initiatives
Many diversity, equity and inclusion initiatives have seen improvements in recent years, but neurodiversity has not progressed at the same pace. Abigail Herron explores what can be applied from other successful DE&I campaigns to put neurodiversity firmly in the spotlight.
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Multi-asset allocation views: Investing in the age of the polycrisis
The interlinked nature of multiple global events – known as the polycrisis – can create challenges and opportunities for investors. Sunil Krishnan explores the potential winners, losers and areas of change.
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Why inflation is likely to prove sticky
Central banks will find it far harder to eradicate inflation than markets anticipate and will be in no hurry to ease off on rate hikes, argues Ian Pizer.
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The economics of renewables: Challenges and solutions
Meeting 2050 net-zero targets will require adding renewable energy capacity at scale and speed. Can it make financial sense, or will we need to rely on our commitment to do the right thing?
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Our annual letter to company chairpersons
Every January, we send a letter to the chairs of companies we invest in (and some we don’t, but still want to influence) to set out our stewardship priorities for the year. Here, in full, is our 2023 letter.
Equities
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The big dig: How mining could power a greener future
Clean energy technologies are set to drive growth in demand for critical minerals over the next two decades, throwing up a rich seam of investment opportunities – and challenges.
-
Tipping points and transformation: Getting on the right side of change
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
-
Defensive sectors offer value amid AI frenzy: What next for global equity income investors?
Dividends proved resilient in the first half of 2023. Richard Saldanha considers what the rest of the year might have in store for income investors.
-
Conflict and complexity: The investment view on defence
The war in Ukraine and rising geopolitical tensions are prompting governments around the world to beef up defence spending. We explore the key investment implications.
-
Over(shooting) the limit: Why we need to keep within planetary boundaries
Demand for fuel and raw materials is decimating the natural world, making extreme climate effects more likely. So, what might the world be like for people and investors as we go beyond planetary boundaries?
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Supercharge me: The power of network effects
Network effects can boost a company’s growth and build durability – when combined with other strengths, argues Francois de Bruin.
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Don’t stand so close to me: Why UK equity income investors need to stop hugging the benchmark
Chris Murphy and James Balfour believe this is shaping up to be a much better year for UK income investors as the performance disparity between large and mid-cap stocks begins to unwind.
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What does the data say? Three charts for multi-asset investors
We take a visual approach to explain what’s happening with the US debt ceiling, LVMH and gold.
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Cellular agriculture: Science fiction or reality?
Cultured lab-grown meat and precision fermentation could significantly reduce the environmental impact of the food industry. But these technologies are at an early stage and questions remain around regulation and demand.
-
Buy it or build it: Why innovation is key in healthcare
Healthcare is a dynamic industry, but patent expiries from 2025 and drug-price reform in the US pose challenges. Innovation will be key for continued success, as experts from our credit, equity and ESG teams explain.
-
Global megatrends: How climate, nature and social change will reshape economies
Climate change, natural resource scarcity and social shifts are transforming the corporate landscape. Investors need to understand the implications of these sustainability megatrends to manage risks and seize opportunities.
-
Gains or glitches? What generative AI means for investors
The release of ChatGPT has heralded an artificial intelligence boom. We assess the investment and ESG considerations.
-
Fragilities exposed as cheap money disappears
Cracks have begun to emerge in the banking sector in recent weeks. As the tide of cheap money that has flooded financial markets for more than a decade ebbs, members of our investment teams are on the lookout for other signs of distress.
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Theory of reflexivity: How share prices can influence companies’ intrinsic value
When markets fall, equity investors should become more constructive on the prospects for future returns. However, as prices fall, intrinsic value may be influenced. Discerning which factors drive this could help investors capitalise and avoid getting caught in value traps.
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Boom! Shake the gloom? Does China’s reopening mark a new beginning?
China looks set for a rapid economic rebound in the first quarter after finally abandoning its zero-COVID policy. But will the recovery prove temporary as longer-term dynamics reassert themselves?
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Shifting tides: Can we clean up forever chemicals?
Litigation is mounting, regulation is tightening, and 3M will exit the production of PFAS. Will others follow suit, and can we remove PFAS and other forever chemicals from our drinking water?
Fixed income
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Navigating uncertainty and avoiding underperformers: Plotting a course for the long term in buy-and-maintain credit
As the current economic cycle draws to a close, our buy-and-maintain team discuss opportunities and risks in credit markets.
-
Mad about the boy: Understanding the economic and investment impacts of El Niño
How much do ocean circulation patterns impact economic outcomes and sovereign risk? Rick Stathers and Carmen Altenkirch assess El Niño, the climate phenomenon driving atmospheric circulation in the tropics, affecting everything from GDP to inflation and social stability.
-
Staying the course: The ongoing appeal of investment-grade credit
James Vokins and Chris Higham explain why investment-grade bonds still offer value despite persistent market uncertainty.
-
The heat is on: Opportunities and risks for climate-focused bond investors
Thomas Chinery and Justine Vroman discuss current conditions in the investment-grade market, the ECB’s “green QT” programme, and why oil and gas firms must go further and faster to decarbonise.
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Cash is king (again): Higher rates spurring interest in money market funds
Members of Aviva Investors’ liquidity team explain why rising global interest rates and problems in the US banking sector are fuelling demand for money market funds.
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Something borrowed, something blue: Emerging markets drive innovation in sustainability bonds
Faced with escalating climate and biodiversity crises, developing economies are innovating with new ways to link bond issuance with sustainability goals. This brings risks and opportunities for investors, say Liam Spillane and Emilia Matei.
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Playing the long game in EMD: Why patience and persistence should reward long-term investors
Despite short-term headwinds, Liam Spillane and Michael McGill argue emerging-market debt continues to offer attractive prospects for long-term investors.
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A broad palette: Enhancing the chances of success in high yield
Pierre Ceyrac and Mark Miller explain the benefits of a global approach when investing in high yield.
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Buy it or build it: Why innovation is key in healthcare
Healthcare is a dynamic industry, but patent expiries from 2025 and drug-price reform in the US pose challenges. Innovation will be key for continued success, as experts from our credit, equity and ESG teams explain.
-
Global megatrends: How climate, nature and social change will reshape economies
Climate change, natural resource scarcity and social shifts are transforming the corporate landscape. Investors need to understand the implications of these sustainability megatrends to manage risks and seize opportunities.
-
Forget what you think you know: Staying humble in a world of rising risk
In a world where potential pitfalls loom around every corner, Peter Fitzgerald and Ian Pizer explain why investors need to look beyond what financial models are telling them to keep portfolios resilient to the challenges ahead.
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Global sovereign bonds: Are peak rates in sight?
Higher interest rates may be reaching their peak. Steve Ryder and Daniel Bright from our sovereign debt team analyse what this means for the real economy and government bonds globally.
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It’s a new dawn, it’s a new day: But are fixed-income investors feeling good?
James Vokins and Chris Higham from our investment-grade credit team discuss opportunities and risks in a higher rates world.
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Fragilities exposed as cheap money disappears
Cracks have begun to emerge in the banking sector in recent weeks. As the tide of cheap money that has flooded financial markets for more than a decade ebbs, members of our investment teams are on the lookout for other signs of distress.
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Viewing emerging-market debt through a fresh lens
With a series of shocks hitting the emerging-market sovereign bond universe in recent years, investors need to be alert to the danger individual countries’ debt is being placed in the wrong risk bucket and mispriced, argues Carmen Altenkirch.
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Boxing clever: Portfolio construction in investment-grade credit
Mark Miller and James Vokins explain how our portfolio construction process for investment-grade credit could benefit investors in the new market regime.
Multi-asset & multi-strategy
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The big dig: How mining could power a greener future
Clean energy technologies are set to drive growth in demand for critical minerals over the next two decades, throwing up a rich seam of investment opportunities – and challenges.
-
What does the data say? Five charts for multi-asset investors
We take a visual approach to explain what’s happening with UK inflation, web traffic for ChatGPT and Threads, and the slower-than-expected recovery of China’s economy.
-
Multi-asset allocation views: A silver lining for gilts
UK gilts have underperformed other government bonds over the last year. Sunil Krishnan explains why the worst may be over.
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Multi-asset allocation views: An emerging direction
With economies getting stronger and interest rates nearing their peak, the environment looks supportive for equity and bond markets, but emerging markets face challenges. Sunil Krishnan assesses the implications for multi-asset investors.
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What does the data say? Three charts for multi-asset investors
We take a visual approach to explain what’s happening with the US debt ceiling, LVMH and gold.
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Multi-asset allocation views: Perfect storm or storm in a teacup?
Recent concerns over the banking sector seem to have eased, but have raised uncertainties around the availability of credit and the path of interest rates. Sunil Krishnan assesses the consequences for multi-asset investors.
-
Getting a taste for fiscal intervention, but at what cost?
Fiscal intervention is, again, a vital part of the government policy toolkit, supporting plans to boost domestic industries and fight climate change. But while well-intended, such measures will add to already elevated debt levels, with significant implications for investors, as Michael Grady explains.
-
Forget what you think you know: Staying humble in a world of rising risk
In a world where potential pitfalls loom around every corner, Peter Fitzgerald and Ian Pizer explain why investors need to look beyond what financial models are telling them to keep portfolios resilient to the challenges ahead.
-
What does the data say? Five charts on financial fragilities
We take a visual approach to explain what’s happening with banks.
-
Boom! Shake the gloom? Does China’s reopening mark a new beginning?
China looks set for a rapid economic rebound in the first quarter after finally abandoning its zero-COVID policy. But will the recovery prove temporary as longer-term dynamics reassert themselves?
-
Integrating ESG in multi-strategy portfolios
Multi-strategy portfolios have come a long way in embedding ESG into the investment process, but there are gaps to fill, as Jennie Byun explains.
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Access all areas: Multi-asset investing in real assets
Zoe Austin makes the case for a multi-asset investment approach in real assets.
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Multi-asset allocation views: Investing in the age of the polycrisis
The interlinked nature of multiple global events – known as the polycrisis – can create challenges and opportunities for investors. Sunil Krishnan explores the potential winners, losers and areas of change.
-
What does the data say? Three charts multi-asset investors should know about
We take a visual approach to explain what’s happening with bonds, equities and oil.
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Why inflation is likely to prove sticky
Central banks will find it far harder to eradicate inflation than markets anticipate and will be in no hurry to ease off on rate hikes, argues Ian Pizer.
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Recessions, returns and relative value: A Q&A with Peter Fitzgerald and Ian Pizer
The managers of the AIMS Target Return strategy explain why investors should be prepared for more turbulence in 2023.
Real assets
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Relative value in real assets: Q2 2023
Our real assets research team drill into proprietary data to compare risk and return across sectors, drawing out those showing most relative value.
-
Deals delayed and crowded trades…But investors can still find value in infrastructure debt
Private infrastructure debt still offers a broad spectrum of opportunities, but investors face complex challenges. In this Q&A, our infrastructure debt team contemplate the current state of the market and where it goes from here.
-
Tipping points and transformation: Getting on the right side of change
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
-
Breaking ground: Opportunities in life-sciences real estate
In this article, we look at the strong fundamentals of this emerging asset class, as well as the opportunities and challenges for investors.
-
Methane: Heating up
Methane is the second most important gas contributor to climate change after carbon dioxide, but its warming potential is many times greater. Mikhaila Crosby explains why addressing emissions is a key priority.
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Waiting games and funding gaps: A mixed picture for real estate debt
The higher rates regime is testing borrowers everywhere. Gregor Bamert considers the implications for real estate debt.
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Plug in and power up: How EV-charging infrastructure can help future-proof real assets portfolios
As the transition away from petrol-powered cars to electric vehicles accelerates, demand for charging points is rising. We explore the implications for investors in real assets.
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Flex appeal: Could private debt investors be set for a once in a generation opportunity?
Ewan Macaulay outlines why private debt markets in real assets offer compelling relative-value opportunities, despite macroeconomic uncertainty.
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Can they, should they, will they? Is now the time for illiquid assets in DC?
What role could private assets play in UK defined-contribution pension schemes, where decision-makers are searching for returns and diversification? Heather Brown from our UK pensions team consults a panel of specialists.
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When the tide goes out
Ben Sanderson explains why polarisation in real estate investment performance is only going to increase from here.
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Why are we waiting? Time for UK infrastructure to pick up pace
After a slow start to the year, Darryl Murphy ponders what it will take to get the UK infrastructure market moving again.
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Short-term headwinds, structural tailwinds: Making sense of a complex landscape for climate transition real assets
Volatility presents challenges and opportunities for investors. James Tarry and Luke Layfield discuss what’s next for real asset investors focused on the climate transition.
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Fragilities exposed as cheap money disappears
Cracks have begun to emerge in the banking sector in recent weeks. As the tide of cheap money that has flooded financial markets for more than a decade ebbs, members of our investment teams are on the lookout for other signs of distress.
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Liquidity, logistics and living: What next for real estate equity?
Opportunities are emerging across real estate markets in the UK and Europe, but investors will have to be nimble and discerning in their asset selection, say Imogen Ebbs and George Fraser-Harding.
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Out with the old: Why real estate investors need to work harder, smarter, better
Faced with a more challenging outlook for returns, real-estate equity investors must get more sophisticated and active, argue Ben Sanderson and David Hedalen.
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The investment implications of peak fossil fuels
Energy analyst Kingsmill Bond considers if peak fossil-fuel consumption has been reached and whether investors appreciate the implications.
Responsible investment
-
Navigating uncertainty and avoiding underperformers: Plotting a course for the long term in buy-and-maintain credit
As the current economic cycle draws to a close, our buy-and-maintain team discuss opportunities and risks in credit markets.
-
The big dig: How mining could power a greener future
Clean energy technologies are set to drive growth in demand for critical minerals over the next two decades, throwing up a rich seam of investment opportunities – and challenges.
-
When the chips are down: Geopolitics threatens the semiconductor boom
While the semiconductor industry should see strong demand thanks to the rise in artificial intelligence and cloud computing, geopolitical and supply-chain risks loom.
-
Deals delayed and crowded trades…But investors can still find value in infrastructure debt
Private infrastructure debt still offers a broad spectrum of opportunities, but investors face complex challenges. In this Q&A, our infrastructure debt team contemplate the current state of the market and where it goes from here.
-
Mad about the boy: Understanding the economic and investment impacts of El Niño
How much do ocean circulation patterns impact economic outcomes and sovereign risk? Rick Stathers and Carmen Altenkirch assess El Niño, the climate phenomenon driving atmospheric circulation in the tropics, affecting everything from GDP to inflation and social stability.
-
Tipping points and transformation: Getting on the right side of change
Rapid changes in the global economy could tip some sectors into low-carbon phases faster than incumbents expect, with important investment implications.
-
The heat is on: Opportunities and risks for climate-focused bond investors
Thomas Chinery and Justine Vroman discuss current conditions in the investment-grade market, the ECB’s “green QT” programme, and why oil and gas firms must go further and faster to decarbonise.
-
Defensive sectors offer value amid AI frenzy: What next for global equity income investors?
Dividends proved resilient in the first half of 2023. Richard Saldanha considers what the rest of the year might have in store for income investors.
-
Conflict and complexity: The investment view on defence
The war in Ukraine and rising geopolitical tensions are prompting governments around the world to beef up defence spending. We explore the key investment implications.
-
Over(shooting) the limit: Why we need to keep within planetary boundaries
Demand for fuel and raw materials is decimating the natural world, making extreme climate effects more likely. So, what might the world be like for people and investors as we go beyond planetary boundaries?
-
Methane: Heating up
Methane is the second most important gas contributor to climate change after carbon dioxide, but its warming potential is many times greater. Mikhaila Crosby explains why addressing emissions is a key priority.
-
Something borrowed, something blue: Emerging markets drive innovation in sustainability bonds
Faced with escalating climate and biodiversity crises, developing economies are innovating with new ways to link bond issuance with sustainability goals. This brings risks and opportunities for investors, say Liam Spillane and Emilia Matei.
-
Accelerating climate solutions: The Edinburgh Earth Initiative in profile
In the 17th and 18th centuries, academics at the University of Edinburgh helped drive the Industrial Revolution. Today, they are connecting with businesses to tackle the climate emergency. Words by Miles Costello.
-
Plug in and power up: How EV-charging infrastructure can help future-proof real assets portfolios
As the transition away from petrol-powered cars to electric vehicles accelerates, demand for charging points is rising. We explore the implications for investors in real assets.
-
Don’t stand so close to me: Why UK equity income investors need to stop hugging the benchmark
Chris Murphy and James Balfour believe this is shaping up to be a much better year for UK income investors as the performance disparity between large and mid-cap stocks begins to unwind.
-
Cellular agriculture: Science fiction or reality?
Cultured lab-grown meat and precision fermentation could significantly reduce the environmental impact of the food industry. But these technologies are at an early stage and questions remain around regulation and demand.
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