Recent thinking

Equities
Zero-COVID: China’s costly policy error
10 Aug 2022
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
Read more

Real Assets
Illiquidity premia in real assets: Q2 2022
9 Aug 2022
Our real assets research team crunch the data to see whether the effects of rising inflation and interest rates are being reflected in private market returns.
Read more

Equities
Global equity income Q&A: Richard Saldanha on the outlook for dividends and growth
3 Aug 2022
The lead manager of our Global Equity Income strategy discusses risks and opportunities for income-seeking investors in a turbulent time for markets.
Read more

Real Assets
Long income, short ESG windows: Matching real estate long income and responsible investing timelines
2 Aug 2022
Luke Layfield looks at how real estate long income can help address clients’ ESG responsible investing objectives and how respective timelines for implementing change can be best aligned.
Read more

What does the data say?
What does the data say? Are we close to 1970’s-style stagflation?
29 Jul 2022
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.
Read more

Multi-asset & multi-strategy
Multi-asset allocation views: Is this the end of the 60/40 strategy?
20 Jul 2022
Government bonds have not acted as safe haven assets recently. Sunil Krishnan explores whether this spells the end of the traditional 60/40 allocation in multi-asset portfolios.
Read more

Fixed income
Convertible bonds: Five questions with David Clott
19 Jul 2022
In the first of a new series, David Clott assesses the key recent developments in the convertible bond market and outlines why this could be an attractive entry point into the asset class with Rico Pedrett.
Read more

Fixed income
Bumpy ride set to continue for credit investors
18 Jul 2022
The co-managers of the Aviva Investors Strategic Bond strategy give their views on the outlook for credit markets following the worst first-half in at least 40 years.
Read more

Equities
The AIQ Podcast: Taking stock of nature risk
15 Jul 2022
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
Read more

Equities
UK Equity Income: Five questions with Chris Murphy
15 Jul 2022
The manager of our UK Equity Income strategy explains why investors need to change their mindsets about what to pay for growth and cautions against buying yield for its own sake.
Read more

Fixed income
EMD: On the bread line
6 Jul 2022
Russia’s war in Ukraine has contributed to soaring food prices, supercharging global inflation. Poorer countries will likely be hardest hit, adding to the risk of social unrest. With public finances and incomes already under strain, emerging-market debt investors should be on high alert.
Read more

Multi-asset & multi-strategy
Is stagflation set to make an unwanted return?
1 Jul 2022
A growing chorus of experts are warning of the return of stagflation – periods of high inflation with low or negative economic growth.
Read more

Responsible Investing
Investing in a just transition to net zero: A Q&A with Nick Robins
30 Jun 2022
Reaching net zero by 2050 will require significant injections of capital. But it is also an opportunity to rethink social relationships, as Professor Nick Robins explains.
Read more

Equities
Supply chains, painkillers and gene editing: ESG risks in pharma
29 Jun 2022
Reflecting on ESG risks in the pharmaceutical industry, Sora Utzinger discusses supply chains and counterfeit medicines, access to painkillers, and the ethics of gene editing.
Read more

Responsible Investing
What does the data say? Biodiversity loss: From horror to hope
24 Jun 2022
In this month’s instalment of our visual series on topical themes, we explore the world of biodiversity.
Read more

Responsible Investing
ESG investing: Lasting lessons from Russia’s war on Ukraine
23 Jun 2022
Russia’s invasion of Ukraine has led to ESG receiving widespread flak. While much of the criticism is unjustified, the episode underlines how many issues related to ESG are complex and involve trade-offs. Investment approaches may need fine tuning, especially if the geopolitical landscape continues to change so rapidly.
Read more
AIQ: Beyond Climate
In this edition of AIQ, we look at the risks and opportunities associated with natural and social capital.

The Little Book of Data
A collection of visualised data showcasing a range of themes including data and technology, diversity and inclusion, and markets and economics all brought together in one book resulting in an expressive and stunning compilation.

The AIQ Podcast
We sit down with some of the best minds in economics, finance and academia to break down important ideas in investing, challenge conventional thinking, and have a bit of fun. The AIQ Podcast brings you the ideas that matter, the intuition behind the results, and the understanding to apply them.

Economic research

Zero-COVID: China’s costly policy error
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
Read more

What does the data say? Are we close to 1970’s-style stagflation?
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.
Read more

The AIQ Podcast: Taking stock of nature risk
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
Read more

Investing in a just transition to net zero: A Q&A with Nick Robins
Reaching net zero by 2050 will require significant injections of capital. But it is also an opportunity to rethink social relationships, as Professor Nick Robins explains.
Read more

Supply chains, painkillers and gene editing: ESG risks in pharma
Reflecting on ESG risks in the pharmaceutical industry, Sora Utzinger discusses supply chains and counterfeit medicines, access to painkillers, and the ethics of gene editing.
Read more

What does the data say? Biodiversity loss: From horror to hope
In this month’s instalment of our visual series on topical themes, we explore the world of biodiversity.
Read more

Levelling up for a new social contract
The global financial crisis of 2007 and the COVID-19 pandemic widened social inequalities, with vulnerable communities hit the hardest. Governments, investors and companies all have a duty to address the issue.
Read more

Antimicrobial resistance: Q&A with Dame Sally Davies
Resistance to antibiotics is already killing millions. Professor Dame Sally Davies, UK Special Envoy on Antimicrobial Resistance, spoke to AIQ on the latest developments to counter antimicrobial resistance Antimicrobial Resistance (AMR) in the UK and globally.
Read more

The AIQ Podcast: Investing towards a new social contract
As life returns to some form of normality, governments are free to move their focus from COVID-19 to left-behind communities and delivering a just transition. This is important to secure long-term economic outcomes, but also comes with investment opportunities and risks.
Read more

Deep water: Ten threats to marine ecosystems
Our air, weather, food, the health of diverse marine life and millions of jobs all depend on the ocean. But we have not done well as custodians of marine ecosystems. Here, we set out ten ways where human actions threaten the health of an essential environment.
Read more

Is stagflation set to make an unwanted return?
Surging inflation is leading to fears the world economy could be heading towards recession. While there are diverging views on whether we are entering a new era of stagflation, the medium-term growth-inflation trade off looks set to worsen with big implication for asset prices, argue Michael Grady and Peter Fitzgerald.
Read more

The investment case for nature
The impact of economic activity on the natural world has long been ignored. However, governments, companies and investors can all play a role in helping to protect nature.
Read more

Levelling up: Investing towards a new social contract
As we learn to live with COVID-19, focus is returning to delivering a just transition. This is important to secure long-term investment outcomes, but also presents direct opportunities.
Read more

Life force: Why nature matters
Growing awareness that natural systems are stressed or even close to breakdown is prompting asset managers to look closely at nature-based risks and investee companies to understand their environmental impacts and dependencies.
Read more

What does the data say? Ukraine-Russia: The human and economic costs of war
In this month’s instalment of our visual series on topical themes, we look at the far-reaching human and economic consequences of the Ukraine-Russian war.
Read more

A new Cold War? What the Russia-Ukraine crisis means for globalisation and markets
The world has become more volatile and unpredictable with Russia’s invasion of Ukraine. But while Vladimir Putin may have dealt globalisation another blow, China and the West will want to prevent the world splitting into two competing blocs.
Read more
Equities

Zero-COVID: China’s costly policy error
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
Read more

Global equity income Q&A: Richard Saldanha on the outlook for dividends and growth
The lead manager of our Global Equity Income strategy discusses risks and opportunities for income-seeking investors in a turbulent time for markets.
Read more

The AIQ Podcast: Taking stock of nature risk
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
Read more

UK Equity Income: Five questions with Chris Murphy
The manager of our UK Equity Income strategy explains why investors need to change their mindsets about what to pay for growth and cautions against buying yield for its own sake.
Read more

Supply chains, painkillers and gene editing: ESG risks in pharma
Reflecting on ESG risks in the pharmaceutical industry, Sora Utzinger discusses supply chains and counterfeit medicines, access to painkillers, and the ethics of gene editing.
Read more

UK Equities: Five questions with Charlotte Meyrick and Trevor Green
Charlotte Meyrick and Trevor Green explain why 2022 has all been about getting your sector calls right in UK equities.
Read more

What does the data say? Where have the safe havens gone?
In this month’s instalment of our visual series on topical themes, we look at how various asset classes are holding up in a turbulent year for financial markets.
Read more

Life force: Why nature matters
Growing awareness that natural systems are stressed or even close to breakdown is prompting asset managers to look closely at nature-based risks and investee companies to understand their environmental impacts and dependencies.
Read more

The outlook for UK equities
The UK equity market has been unloved by investors for much of the past decade. However, several positive factors suggest UK equities could return to favour.
Read more

Back to nature: Why we must act now on the biodiversity crisis
In an age of mass extinctions, policymakers, businesses and financial institutions are beginning to acknowledge the risks associated with biodiversity loss, along with the opportunities that arise from nature-positive solutions.
Read more

Now for the hard part…..The challenge of delivering net zero
More than one fifth of the world’s largest listed companies have committed to net-zero targets, but few have detailed roadmaps to get there. Mirza Baig considers the challenges for investors managing transition pathways.
Read more

Ukraine-Russia crisis: The implications for global equities
Our global equities team discuss the main direct and indirect consequences of the Ukraine-Russia crisis for stocks.
Read more

Politics, activists and ESG: The outlook for UK equities
We bring together members of our UK equities team to discuss the key opportunities and risks in the market.
Read more

China, inflation and politics: Three reasons for EM turbulence
Emerging market assets have underperformed developed market peers over the past decade. While this has led to valuation gaps, selectivity will be critical, argues David Nowakowski.
Read more

Where the wild things are: Why investors should care about natural capital
Finance must wake up to the risks associated with biodiversity loss and the opportunities that arise from nature-friendly solutions, argue Eugenie Mathieu, Julie Zhuang and Jonathan Toub.
Read more

Waste not, want not: An investor’s guide to the circular economy
Using the examples of electronics, food, autos and fashion, we explore the benefits of, and challenges to achieving, a more circular economy.
Read more
Fixed income

Zero-COVID: China’s costly policy error
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
Read more

What does the data say? Are we close to 1970’s-style stagflation?
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.
Read more

Convertible bonds: Five questions with David Clott
In the first of a new series, David Clott assesses the key recent developments in the convertible bond market and outlines why this could be an attractive entry point into the asset class with Rico Pedrett.
Read more

Bumpy ride set to continue for credit investors
The co-managers of the Aviva Investors Strategic Bond strategy give their views on the outlook for credit markets following the worst first-half in at least 40 years.
Read more

The AIQ Podcast: Taking stock of nature risk
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
Read more

EMD: On the bread line
Russia’s war in Ukraine has contributed to soaring food prices, supercharging global inflation. Poorer countries will likely be hardest hit, adding to the risk of social unrest. With public finances and incomes already under strain, emerging-market debt investors should be on high alert.
Read more

Inflation, volatility and default risk: The outlook for high yield
The co-heads of our global high yield team explain how the asset class is standing up to current headwinds.
Read more

Conflict, commodities and China: The outlook for EMD
Aaron Grehan and Nafez Zouk from our emerging market debt team explain how the asset class is standing up to some significant headwinds.
Read more

Game over for Zambia? A test case for debt restructuring
The economic fallout from the pandemic has left several poorer nations struggling to repay debt. China, the biggest single creditor to many, could carry considerable clout in negotiations. Zambia will prove an early test case, argues Carmen Altenkirch.
Read more

What does the data say? Credit in focus
In this month’s instalment of our visual series on topical themes, we look at key trends in the credit market.
Read more

Now for the hard part…..The challenge of delivering net zero
More than one fifth of the world’s largest listed companies have committed to net-zero targets, but few have detailed roadmaps to get there. Mirza Baig considers the challenges for investors managing transition pathways.
Read more

No time for heroes: How portfolio construction can help investors navigate unfamiliar economic and market regimes
We are back in an old, but unfamiliar market regime. In a period where simple playbooks may falter, Jeremy Albers sets out why portfolio construction can make the difference.
Read more

Russia-Ukraine update: The ten key questions for EMD investors
We assess the near and longer-term implications of Russia’s invasion of Ukraine on emerging-market debt.
Read more

How bond investors can influence companies and governments to change their behaviour for the better
Bondholders are starting to use their power to influence corporate behaviour in areas such as climate change, social inequality and biodiversity loss.
Read more

China, inflation and politics: Three reasons for EM turbulence
Emerging market assets have underperformed developed market peers over the past decade. While this has led to valuation gaps, selectivity will be critical, argues David Nowakowski.
Read more

Untapped potential: Harnessing the full power of bondholder engagement
Investor influence has long been confined to that of equity shareholders. Yet bondholders wield a lot of power. Can they harness it for positive change?
Read more
Multi-asset & multi-strategy

Zero-COVID: China’s costly policy error
Beijing’s ideological battle to stamp out COVID-19 appears increasingly misguided as the rest of the world learns to live with the virus. But the impact of China’s approach will be felt far beyond its borders.
Read more

What does the data say? Are we close to 1970’s-style stagflation?
In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.
Read more

Multi-asset allocation views: Is this the end of the 60/40 strategy?
Government bonds have not acted as safe haven assets recently. Sunil Krishnan explores whether this spells the end of the traditional 60/40 allocation in multi-asset portfolios.
Read more

Is stagflation set to make an unwanted return?
A growing chorus of experts are warning of the return of stagflation – periods of high inflation with low or negative economic growth.
Read more

ESG investing: Lasting lessons from Russia’s war on Ukraine
Russia’s invasion of Ukraine has led to ESG receiving widespread flak. While much of the criticism is unjustified, the episode underlines how many issues related to ESG are complex and involve trade-offs. Investment approaches may need fine tuning, especially if the geopolitical landscape continues to change so rapidly.
Read more

Multi-asset allocation views: Central banks’ delicate balancing act
With high levels of inflation persisting around the world, central banks must tighten policy without hurting consumer demand and economic growth. This will be more difficult for some central banks than others, says Sunil Krishnan.
Read more

What does the data say? Where have the safe havens gone?
In this month’s instalment of our visual series on topical themes, we look at how various asset classes are holding up in a turbulent year for financial markets.
Read more

Is stagflation set to make an unwanted return?
Surging inflation is leading to fears the world economy could be heading towards recession. While there are diverging views on whether we are entering a new era of stagflation, the medium-term growth-inflation trade off looks set to worsen with big implication for asset prices, argue Michael Grady and Peter Fitzgerald.
Read more

What does the data say? Ukraine-Russia: The human and economic costs of war
In this month’s instalment of our visual series on topical themes, we look at the far-reaching human and economic consequences of the Ukraine-Russian war.
Read more

A new Cold War? What the Russia-Ukraine crisis means for globalisation and markets
The world has become more volatile and unpredictable with Russia’s invasion of Ukraine. But while Vladimir Putin may have dealt globalisation another blow, China and the West will want to prevent the world splitting into two competing blocs.
Read more

Multi-asset allocation views: Five lessons for investors during turbulent times
From Russia’s invasion of Ukraine to surging inflation, risk has well and truly returned to markets in 2022. Sunil Krishnan offers useful insights for investors unaccustomed to such challenging times.
Read more

Economic volatility: The end of the Great Moderation?
Russia’s invasion of Ukraine, following hot on the heels of the pandemic, could hasten the transition to a new, more volatile economic environment. That would have major ramifications for financial markets and investors, argues Michael Grady.
Read more

China, inflation and politics: Three reasons for EM turbulence
Emerging market assets have underperformed developed market peers over the past decade. While this has led to valuation gaps, selectivity will be critical, argues David Nowakowski.
Read more

The future of pharma: Increased returns or the age of biotech?
After decades of low returns on research and development (R&D), the healthcare sector is producing a slew of innovations, from drugs to diagnostics. But with many coming from new entrants, will big pharmaceutical companies manage to keep up with the times?
Read more

Multi-asset allocation views: How durable is ‘transitory’ inflation?
As central banks continue to stretch what ‘transitory’ inflation means, Sunil Krishnan explores how price pressures are changing and the implications for multi-asset portfolios.
Read more

The long decline: Why trend economic growth is set to go on falling
Trend rates of economic growth, which have been on the decline for decades in the world’s leading economies, look set to fall further. That will have big implications for governments, companies, households and investors, argues Stewart Robertson.
Read more
Real assets

Illiquidity premia in real assets: Q2 2022
Our real assets research team crunch the data to see whether the effects of rising inflation and interest rates are being reflected in private market returns.
Read more

Long income, short ESG windows: Matching real estate long income and responsible investing timelines
Luke Layfield looks at how real estate long income can help address clients’ ESG responsible investing objectives and how respective timelines for implementing change can be best aligned.
Read more

Our progress towards net zero in real assets: A Q&A with Ed Dixon
One year on from publishing our 2040 net-zero pathway for real assets, Ed Dixon talks through some of the key highlights, challenges and priorities for 2022.
Read more

Off balance and out of step
Daniel McHugh explains why real estate strategies need to change with the times.
Read more

Real assets: An alternative way to hedge inflation risk
As inflation soars to levels not seen in years, the costs of hedging against it via traditional liquid market securities are becoming prohibitively expensive. Real assets might offer institutional investors a better option, argues Luke Layfield.
Read more

The time for action is now: Incorporating carbon into private markets
Our real assets research analysts explore the whys and wherefores of understanding and managing the carbon footprint of their portfolios.
Read more

That déjà vu feeling: The outlook for UK infrastructure
Darryl Murphy assesses the current state of the UK infrastructure market and the likely drivers of activity in 2022.
Read more

European long-income real estate: Seeking resilience in an uncertain world
As the trajectory of COVID-19 continues to evolve, Isabel Gossling looks at the implications for European real estate and long-lease strategies.
Read more

The long decline: Why trend economic growth is set to go on falling
Trend rates of economic growth, which have been on the decline for decades in the world’s leading economies, look set to fall further. That will have big implications for governments, companies, households and investors, argues Stewart Robertson.
Read more

An investor’s perspective on the UK’s Net Zero Strategy
Darryl Murphy assesses the implications and opportunities for infrastructure investors.
Read more

Disclosures, trade-offs and green premia: The future of sustainability in real assets
The path to a sustainable future for private markets is full of opportunity but also complexity, as Laurence Monnier and Ed Dixon explain.
Read more

How to build an office: Post-pandemic
Watch our video to find out how offices can provide a powerful tool in boosting productivity, and attracting and retaining the best talent.
Read more

COVID and beyond: Why the greenfield data infrastructure boom is set to continue
The global pandemic may have accelerated demand for data infrastructure, but the underlying drivers behind the growth of data centre markets go far beyond short-term factors, explains Laurence Monnier.
Read more

Measuring the mythical: Quantifying the green premium in real estate
The green premium is an elusive concept. Laurence Monnier reviews the academic literature and crunches some numbers to try and quantify the extra pricing power afforded by more sustainable commercial properties.
Read more

How to assess social value: Guidance from Hatch
Asset managers of many different hues claim they are thinking harder about their social role: the ‘S’ in ESG. But evaluating social value generated from investment decisions is not straightforward, as consultant Dr Kelly Watson from Hatch explains.
Read more

From social wash to social value
The inequalities highlighted by COVID-19 have led to much soul searching, including among investors on whether they are doing enough to address the issues of the day. Ed Dixon, Aviva Investors’ head of ESG - real assets, contemplates how investors in tangible assets can put capital to work to drive change.
Read more
Responsible investment

Global equity income Q&A: Richard Saldanha on the outlook for dividends and growth
The lead manager of our Global Equity Income strategy discusses risks and opportunities for income-seeking investors in a turbulent time for markets.
Read more

Long income, short ESG windows: Matching real estate long income and responsible investing timelines
Luke Layfield looks at how real estate long income can help address clients’ ESG responsible investing objectives and how respective timelines for implementing change can be best aligned.
Read more

The AIQ Podcast: Taking stock of nature risk
The idea that human actions are bringing natural systems close to breakdown, threatening livelihoods and financial stability, is making asset managers think harder about nature risk and the environmental dependencies in investee companies.
Read more

Investing in a just transition to net zero: A Q&A with Nick Robins
Reaching net zero by 2050 will require significant injections of capital. But it is also an opportunity to rethink social relationships, as Professor Nick Robins explains.
Read more

Supply chains, painkillers and gene editing: ESG risks in pharma
Reflecting on ESG risks in the pharmaceutical industry, Sora Utzinger discusses supply chains and counterfeit medicines, access to painkillers, and the ethics of gene editing.
Read more

What does the data say? Biodiversity loss: From horror to hope
In this month’s instalment of our visual series on topical themes, we explore the world of biodiversity.
Read more

ESG investing: Lasting lessons from Russia’s war on Ukraine
Russia’s invasion of Ukraine has led to ESG receiving widespread flak. While much of the criticism is unjustified, the episode underlines how many issues related to ESG are complex and involve trade-offs. Investment approaches may need fine tuning, especially if the geopolitical landscape continues to change so rapidly.
Read more

Levelling up for a new social contract
The global financial crisis of 2007 and the COVID-19 pandemic widened social inequalities, with vulnerable communities hit the hardest. Governments, investors and companies all have a duty to address the issue.
Read more

Antimicrobial resistance: Q&A with Dame Sally Davies
Resistance to antibiotics is already killing millions. Professor Dame Sally Davies, UK Special Envoy on Antimicrobial Resistance, spoke to AIQ on the latest developments to counter antimicrobial resistance Antimicrobial Resistance (AMR) in the UK and globally.
Read more

The AIQ Podcast: Investing towards a new social contract
As life returns to some form of normality, governments are free to move their focus from COVID-19 to left-behind communities and delivering a just transition. This is important to secure long-term economic outcomes, but also comes with investment opportunities and risks.
Read more

Deep water: Ten threats to marine ecosystems
Our air, weather, food, the health of diverse marine life and millions of jobs all depend on the ocean. But we have not done well as custodians of marine ecosystems. Here, we set out ten ways where human actions threaten the health of an essential environment.
Read more

The investment case for nature
The impact of economic activity on the natural world has long been ignored. However, governments, companies and investors can all play a role in helping to protect nature.
Read more

Levelling up: Investing towards a new social contract
As we learn to live with COVID-19, focus is returning to delivering a just transition. This is important to secure long-term investment outcomes, but also presents direct opportunities.
Read more

Life force: Why nature matters
Growing awareness that natural systems are stressed or even close to breakdown is prompting asset managers to look closely at nature-based risks and investee companies to understand their environmental impacts and dependencies.
Read more

Why investors must act now on the biodiversity crisis
The concepts of biodiversity and ‘natural capital’ have been largely ignored by business and finance until recently. Investors are now starting to take the issue seriously and build it into their thinking.
Read more

The challenge of delivering net zero
Financial services businesses have begun the complex businesses of working out how to deliver on their net-zero ambitions and play their part in tackling climate change.
Read more