| PATH • 06-Jun-2022 | |
Navigating Changing Correlations
Andrew Harmstone, Manfred Hui
Despite a difficult economic climate, we see some opportunities arising, particularly in the fixed income space.
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| PATH • 02-Mai-2022 | |
Finding Bright Spots Amongst Dark Clouds
Andrew Harmstone, Manfred Hui
As monetary policy tightens, we share our thoughts on the investment implications and discuss tactical positioning.
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| PATH • 04-Mär-2022 | |
Russia – Ukraine: Risk and Investment Implications
Andrew Harmstone, Manfred Hui
As the situation between Russia and Ukraine rapidly worsened, asset classes that had already sold off fell deeper into correction territory. We look at implications for inflation, monetary policy and positioning.
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| PATH • 12-Jan-2022 | |
Three Events and a Rally
Andrew Harmstone, Manfred Hui
As we enter 2022, Omicron continues to spread, amid a hawkish Fed and setbacks to Biden’s Build Back Better bill. That said, we expect equities to continue to outperform fixed income, and provide moderate returns, given the healthy growth outlook.
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| PATH • 10-Dez-2021 | |
Fed’s Hawkish Turn: Inflation No Longer “Transitory”
Andrew Harmstone, Manfred Hui
Markets fell sharply in response to Omicron in November, and the rising uncertainty about how much the Fed may taper suggests maintaining a cautious risk exposure. See how we are responding to rates, shipping disruptions, energy prices and more.
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| PATH • 10-Nov-2021 | |
Winds are changing?
Andrew Harmstone, Manfred Hui
As markets recovered in October and market volatility fell, we increased equity exposure while keeping an eye on rising energy prices, central bank tapering and China property risks. Read more on why we think market winds may be changing.
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| PATH • 08-Okt-2021 | |
Winter is Coming?
Andrew Harmstone, Manfred Hui
Winter is coming and growth is slowing – but still healthy. With equity valuations high, we have reduced risk as we see limited upside and fragile, risk-off sentiment. At the same time, we are seeking opportunities to take advantage of any excessive weakness.
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| PATH • 08-Sep-2021 | |
Jackson Hole: Eine gemäßigte Fed beruhigt die Märkte
Andrew Harmstone, Manfred Hui
Die US-Notenbank macht angesichts der soliden und wachsenden Wirtschaft einen sehr zurückhaltenden Eindruck. Erfahren Sie, warum wir infolge hoher Bewertungen, steigender globaler regulatorischer Risiken und der Möglichkeit, dass die Fed einen geldpolitischen Fehler macht, zu Vorsicht raten.
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| PATH • 05-Aug-2021 | |
Drückt das geringe Emissionsvolumen die Renditen zehnjähriger US-Staatsanleihen?
Andrew Harmstone, Manfred Hui
Es mag widersprüchlich erscheinen, dass die Renditen zehnjähriger US-Staatsanleihen weiter fallen. Wir analysieren Faktoren, die wahrscheinlich einen Beitrag leisten und welche zu einem Richtungswechsel führen könnten.
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| PATH • 05-Jul-2021 | |
Die Fed strafft die Zügel, aber die Märkte lassen sich nicht aus der Ruhe bringen
Andrew Harmstone, Manfred Hui
Die unerwartet restriktive Positionierung der Fed mit zwei Zinserhöhungen für 2023 wurde von den Märkten gelassen aufgenommen und der S&P erreichte Rekordhöhen. Auf längere Sicht sprechen die Fundamentaldaten, Bewertungen sowie die Marktstimmung jedoch für eine höhere Volatilität.
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The Global Balanced Risk Control (GBaR) team is part of Morgan Stanley Investment Management's (MSIM) broader Global Multi-Asset capability. The team uses a top-down global asset allocation approach within a clearly-defined, risk-controlled framework, targeting an agreed level of risk. The GBaR strategy is highly flexible in its asset allocation, enabling portfolio managers to dynamically adjust positioning across equities, fixed income and cash, to maintain a stable risk profile.
The team seeks not only to enhance participation in rising markets, but also provide protection from volatile down markets. They also allocate tactically within asset classes, for example between equity regions and fixed income sub-asset classes with the aim of adding value.
The GBaR team manages a variety of portfolios to a range of risk targets, which may be further customised to meet client requirements including capital growth, income and Environmental, Social and Governance (ESG) criteria.