Recent thinking

Fixed income
Conflict, commodities and China: The outlook for EMD
13 May 2022
Aaron Grehan and Nafez Zouk from our emerging market debt team explain how the asset class is standing up to some significant headwinds.
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Responsible Investing
Life force: Why nature matters
12 May 2022
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.
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What does the data say?
What does the data say? Ukraine-Russia: The human and economic costs of war
29 Apr 2022
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.
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Insurance
A new Cold War? What the Russia-Ukraine crisis means for globalisation and markets
28 Apr 2022
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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Multi-asset & multi-strategy
Multi-asset allocation views: Five lessons for investors during turbulent times
22 Apr 2022
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.
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Responsible Investing
Disney’s tales of diversity: Creative lessons on developing and identifying talent
13 Apr 2022
Middle managers need to up their diversity, equity and inclusion game. They must think harder about roles models, succession planning, psychological safety and team dynamics to harness untapped human potential, explains Apiramy Jeyarajah.
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Fixed income
Game over for Zambia? A test case for debt restructuring
12 Apr 2022
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.
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Multi-asset & multi-strategy
Economic volatility: The end of the Great Moderation?
6 Apr 2022
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.
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Fixed income
What does the data say? Credit in focus
31 Mar 2022
In this month’s instalment of our visual series on topical themes, we look at key trends in the credit market.
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Equities
Back to nature: Why we must act now on the biodiversity crisis
31 Mar 2022
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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AIQ Feature
Power to the people: The moral and investment case for human rights
30 Mar 2022
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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Fixed income
Now for the hard part…..The challenge of delivering net zero
29 Mar 2022
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.
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Responsible Investing
Change diets, not the planet: The link between food and sustainability
29 Mar 2022
We explore how shifting diets can help create a more sustainable world.
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Equities
Ukraine-Russia crisis: The implications for global equities
29 Mar 2022
Our global equities team discuss the main direct and indirect consequences of the Ukraine-Russia crisis for stocks.
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AIQ Feature
Tough gig: How to improve the platform economy
28 Mar 2022
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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Responsible Investing
Energy in focus: Part 2: The pivot to green
28 Mar 2022
How will the surge in the prices of oil, gas and coal impact the transition to low or zero carbon sources of fuel? In the second part of our Q&A on the energy sector, experts from our credit, equities and ESG teams contemplate the challenges and opportunities in the pivot to green.
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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

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

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.
Read more

Change diets, not the planet: The link between food and sustainability
We explore how shifting diets can help create a more sustainable world.
Read more

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.
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.
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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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Supply-chain ripples: The positive spillovers of decarbonising upstream emissions
Some of the world’s biggest companies are setting ambitious net-zero targets, with significant implications for their supply chains. How impactful could the ripple effect be in helping to meet the goals set out in the Paris Agreement?
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Investors should confront the dark side of tech
Technology firms are often favoured by ESG funds because of their ostensibly clean, asset-light business models. But investors need to look deeper and challenge unethical and unsustainable practices across the industry, argue Louise Piffaut and Charles Devereux.
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Climate technologies
No single technology is enough to tackle the climate crisis, a global and systemic issue that requires joined-up thinking. We flag different pathways to address warming gases in the atmosphere – five nature-based and five technical – and ask what steps are needed next.
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In brands we trust
The tech-driven trend toward direct-to-consumer is transforming consumer brands, their intermediaries and their marketing. Intimate relationships with customers and new shopping experiences are alluring, but companies must tread a fine line between hyper-personalisation and intrusion.
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AIQ client matters

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

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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No more command and control: To deliver for clients, asset managers need to be agile
Asset managers need to dismantle hierarchies and promote diversity of thought if they are to future-proof their businesses. They can learn valuable lessons from tech companies, military leaders and even ancient philosophers, writes Apiramy Jeyarajah.
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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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To improve diversity, asset managers should rip up the rulebook on recruitment
For too long, the investment industry has relied on staid recruitment methods that maintain the status quo. By doing things differently, we can improve diversity and future-proof our businesses, says Apiramy Jeyarajah.
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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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