Recent thinking

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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Responsible Investing
Levelling up for a new social contract
21 Jun 2022
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.
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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.

Macro House View
Our House View represents the best collective judgement of Aviva Investors on the current and future investment environment.
AIQ features

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.
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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.
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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.
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Power to the people: The moral and investment case for human rights
Healthy and happy employees, consumers, and communities are all critical ingredients in a company’s long-term success. Investors have a key responsibility in ensuring the rights of these groups are respected.
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Change diets, not the planet: The link between food and sustainability
We explore how shifting diets can help create a more sustainable world.
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Tough gig: How to improve the platform economy
Companies operating in the gig economy have been subject to industrial action and legal challenges. Workers say they are being denied basic rights; platforms reply this is the price of flexibility. But there is a viable middle-ground which can be beneficial for all, including investors.
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Valuing nature: An interview with Elizabeth Maruma Mrema
In this interview, AIQ catches up with Tanzanian biodiversity leader and lawyer Elizabeth Maruma Mrema about the threat of biodiversity loss, the recent Kunming Declaration and missed Aichi Biodiversity Targets, as well as the role of finance in protecting nature.
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The great digital detox
From Russian hackers interfering in foreign elections to high-profile corporate breaches, people are waking up to some harsh realities around data. We look at what the European call for a ‘Magna Carta’ for data has led to, and explore the investment implications of the growing scrutiny over data privacy.
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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.
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A fair COP: Why social justice is vital to climate action
For too long, issues of justice and equality have been left out of the climate conversation. But policymakers, companies and investors are slowly beginning to acknowledge the social dimensions of climate action.
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We need to talk about waste: Tackling renewable energy’s dirty secret
Renewable energy has a vital role to play if the world is to combat climate change. But its widespread adoption comes with a price. As older installations come to the end of their useful life, countries urgently need to work out what to do with the waste.
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Cleaning up: Transforming finance for a net zero-world
To align with net-zero emissions targets, the financial system needs a radical transformation. Can it get there and, if it does, what should it look like in 2050?
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Counting emissions and accounting omissions: The struggle to measure, monitor and manage corporate net-zero efforts
Internalise the climate externality. That is the major task facing policymakers and corporate executives. However, this requires accurate measurement and incorporation into financial accounts and neither are straightforward.
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Law and climate: Using the legal stick to accelerate change
Energy majors, cement producers, utilities and financial services providers are among the latest targets of legal action designed to make them move faster towards a lower carbon world. Could this be an inflection point, as the conversation turns to specific responsibilities rather than vague commitments to change?
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Pricing carbon: Taxing polluters is the only way forward
Nearly three decades after it first agreed to tackle climate change, the world has failed miserably to curb the growth in CO2 emissions. To succeed, it urgently needs to establish an effective price for carbon.
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The going gets tough: Can heavy industry decarbonise?
Heavy industry and heavy transport are hard to decarbonise, but this must be done to reach net-zero emissions by 2050. Can companies, policymakers and investors join forces to make it happen? The race is on…
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AIQ client matters

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.
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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.
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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.
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Our annual letter to company chairpersons
As a key 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 2022 letter.
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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.
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What does the data say? Ice meltdown, unicorns and green pensions
In this month’s instalment of our visual series on topical data themes, we look at melting ice caps, the rising value (and volume) of ‘unicorn’ companies, and the hidden power of your pension.
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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.
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Kings, Dukes and superfunds: An interview with Edi Truell
In a wide-ranging conversation with AIQ, the self-described “disruptive capitalist” whizzes through the highlights of a varied career and ambitions for his latest venture, the UK’s first consolidating pension ‘superfund’. Words by Miles Costello.
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By the people, for the people: Why investors should care about human rights
Companies cannot thrive without healthy and happy employees, consumers, and communities. Investors must use their influence with companies and other stakeholders to ensure the basic rights of these groups are respected.
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Are sustainable bonds the new smartphones?
The market for sustainable bonds to fund activities that have a positive impact on the environment or society is booming. But there are many factors to consider before investing. Not least among them is a crucial question: is your money really being used to fund the activities promised?
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COVID, capital and climate: An interview with Ashish Dafria
Ashish Dafria, chief investment officer for Aviva, discusses the investment implications of the pandemic, climate change and the macroeconomic environment for a large insurer.
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Pressure points: The investment challenges facing insurers
Low interest rates, regulation and ESG risks are not new considerations for insurers’ investment strategies. However, the long-term fallout from COVID-19 is adding a layer of complexity they will need to adjust to.
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What does the data say? Bitcoin, offices and emissions
In our monthly visual series on topical data themes, we look at whether Bitcoin could be the new gold, if COVID-19 has put pressure on London office rents, and the extent to which transport affects the carbon footprint of foods.
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The client lens: An interview with Richard Soper
The co-chair of the First UK Bus Pension Scheme Trustee discusses COVID-19, ESG and the state of the UK pensions industry.
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Living in the past: Why are controversy scores so controversial?
Many investors use controversy scores as a filter to avoid firms whose damaging behaviour has hit the headlines, from human rights violations to environmental disasters. But these scores have serious limitations, making them an inadequate tool for investors who want to manage ESG risks and have a positive impact.
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Zero rates: Too much of a good thing?
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.
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