Insights

Sustainable Investing

Learn how the Emerging Markets Leaders Strategy team have actively engaged with invested companies to seek out value by promoting enhanced ESG practices.

Sustainable Investing

Emily Chew featured in Brunswick Group's podcast, ESG Agenda

10-Jun-2021

Emily Chew gives practical recommendations for boards to develop their companies’ corporate strategy in the era of sustainability disruption.

Global Fixed Income Bulletin
Global Equity Observer

Global Fixed Income Bulletin • Sep 2021

Traversing Peaks

Global Fixed Income Bulletin • Aug 2021

What's Going On?

Global Fixed Income Bulletin • Jul 2021

Where Is All the Yield Going?

Global Fixed Income Bulletin • Jun 2021

Where Did Volatility Go?

Global Fixed Income Bulletin • May 2021

Welcome to the Brave New World!

Global Fixed Income Bulletin • Apr 2021

The More Things Change, the More they Stay the Same

Global Fixed Income Bulletin • Mar 2021

A Tantrum, or the Return to Fair Value?

Global Fixed Income Bulletin • Feb 2021

Alea iacta est ('the die is cast')

Global Fixed Income Bulletin • Jan 2021

Everything’s Changed… Nothing’s Changed: Extraordinary Returns in an Extraordinary Year

View More Insights >

Global Equity Observer • Sep 2021

Advance Warming

Global Equity Observer • Aug 2021

Global Equity Observer: A Collection of Quality Insights – Volume 1

Global Equity Observer • Aug 2021

Back to Basics

Global Equity Observer • Jul 2021

Quality in a Brave New World

Global Equity Observer • Jun 2021

Low Carbon Ambition

Global Equity Observer • May 2021

Scale and Diversification

Global Equity Observer • Apr 2021

Is quality now (relatively) on sale?

Global Equity Observer • Mar 2021

Why big brands thrive in a digital age

Global Equity Observer • Feb 2021

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Global Fixed Income Bulletin • 15-Sep-2021
Traversing Peaks Global Fixed Income Team With investors debating when economic growth, Covid and inflation will peak, it may be useful to focus on what we know with certainty rather than sentiment.

Global Equity Observer • 14-Sep-2021
Advance Warming Laura Bottega The summer of fire and floods has highlighted the compounding effect of global warming, presenting companies with an array of risks and opportunities. Laura Bottega explains how these ESG factors help shape our portfolios.

Market Alert • 14-Sep-2021 • 06:19 Min
Surprise: 2021 Fundamentals Often Have Exceeded Stock Price Performances Andrew Slimmon Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.

Caron’s Corner • 13-Sep-2021 • 09:20 Min
The Payfors of Taxes, Debt and Inflation May Create a Noisy September Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Takeaways & Key Expectations • 10-Sep-2021
Equity Market Commentary - Sept 2021 Andrew Slimmon In his September TAKE, Andrew Slimmon discusses, region by region, where he and his Applied Equity Advisors team see the best equity opportunities and how their portfolios are positioned.

PATH • 08-Sep-2021
Jackson Hole: Dovish Fed reassures markets Andrew Harmstone, Manfred Hui The US Federal Reserve appears to be excessively dovish, in light of a strong and growing economy. See why in our view, high valuations, increasing global regulatory risks and the possibility that the Fed is making a policy mistake, are signalling caution.

Consilient Observer • 08-Sep-2021

Turn and Face the Strange

Michael Mauboussin, Dan Callahan

This report examines the barriers to change for organizations. We use sports as the prime example but then apply the lessons to investment management. Organizations can be slow to adopt certain approaches even when they add value due to loss aversion, a preference for the status quo, and the fear of poor outcomes in the short run. Organizations may overcome these challenges by aligning behind a commitment to improvement, learning, transparency, and accountability. Good long-term results require developing and executing strategies that add value.

Caron’s Corner • 07-Sep-2021 • 11:01 Min
The Four Corners of Risk – And Why Yields Can Rise Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Multi-Asset Viewpoint • 31-Aug-2021
Inflation Outlook – One Year Later Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Inflation Outlook – One Year Later"

Caron’s Corner • 30-Aug-2021 • 8:10 Min
Still on Easy Street – But What Are the Risks? Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 23-Aug-2021
The Impact of a Shift From Reflation to Recovery Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 23-Aug-2021
Global Equity Observer: A Collection of Quality Insights – Volume 1 William Lock This May, the International Equity team celebrated the publication of our 50th Global Equity Observer (GEO) – our monthly series of investment insights through the lens of our high quality investment approach. We are delighted to share with you this selection of articles from our GEO series.

Global Fixed Income Bulletin • 19-Aug-2021
What's Going On? Global Fixed Income Team Looking at the performance of U.S. Treasuries (and other developed government bond markets), one could be forgiven if one believed the economy was sinking. Other financial asset prices are sending a message that all is well. What gives? The Global Fixed Income Team explores.

Market Pulse • 16-Aug-2021
Beyond Diversification: The Case for Active Multi-Asset Funds Andrew Harmstone, Manfred Hui There are two keys to managing a multi-asset portfolio successfully: One, a manager must be truly active, and two, they must manage to a volatility target, not a benchmark. The Global Balanced Risk Control team discusses.

Global Equity Observer • 13-Aug-2021
Back to Basics William Lock, Alistair Corden-Lloyd In a world of daily financial chatter, it’s easy to get distracted from what drives the core of long-term returns; the power of compounding. William Lock and Alistair Corden-Lloyd explain.

Tales From the Emerging World • 10-Aug-2021
The Electric Summer of ’91: India’s Hopes Then and Now Ruchir Sharma India needs to keep in mind is that its economy is still relatively unfree, and so more than ever it should buck the global trend of more regulation and bigger government. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, explains.

Insight Article • 09-Aug-2021
Alternative Lending Through the Cycle Kenneth Michlitsch As fintech alternative lending grew into a new asset class, investors wondered how these loans might perform in an economic downturn. We've now seen their fundamental resilience.

PATH • 05-Aug-2021
Is Low US Government Issuance Depressing US 10-Year Yields? Andrew Harmstone, Manfred Hui As the US 10-year Treasury yield continues to move down, to many this appears counter-intuitive. We look at factors, which are likely contributing and what could reverse the direction.

Consilient Observer • 03-Aug-2021

Everything Is a DCF Model

Michael Mauboussin, Dan Callahan

We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.

Caron’s Corner • 02-Aug-2021 • 11:45 Min
Money Never Sleeps. . .but Bond Yields Do Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 31-Jul-2021
Increasing Duration Opens Up New Realms for the Private Equity Secondaries Market AIP Private Markets Team The AIP Private Markets Secondaries team explores possible solutions to check or reverse the upward trend in duration and allay investors' concerns about increasing their allocation to private equity.

Insight Article • 29-Jul-2021
Hedge Fund "FOMO"— Looking Beyond Benchmarks Patrick Reid, Eban Cucinotta, Brian McGrath Relying on benchmarks to evaluate your hedge funds’ performance can be misleading. We recommend incorporating complementary monitoring tools.

Caron’s Corner • 26-Jul-2021 • 8:51 Min
Why Bond Yields Are Low – Technicals vs. Fundamentals Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 23-Jul-2021
Quality in a Brave New World Bruno Paulson The International Equity team argues that the case for quality compounders remains largely unchanged in the “Brave New World” of reflation and inflation. Bruno Paulson discusses.

Tales From the Emerging World • 20-Jul-2021
Whither the Bubblets of 2021? Ruchir Sharma As worry spreads about the rise and fall of market bubbles, questions are asked about whether these price moves count as “bubbles,” poised to pop. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, looks at history for the answer.

Sustainable Investing • 19-Jul-2021
Climate-Related Risk Data for Real Assets: A Framework for Assessment Mona Benisi A new framework for assessing climate risk data may help real estate investors evaluate risks.

Caron’s Corner • 19-Jul-2021 • 9:49 Min
Pricing the Trough After the Peak - but the Level Matters Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 16-Jul-2021
Where Is All the Yield Going? Global Fixed Income Team Yields continuing to fall, credit spreads tightening and equities rallying despite bearish news. The Global Fixed Income team discuss an extraordinary June.

Takeaways & Key Expectations • 14-Jul-2021
Equity Market Commentary - July 2021 Andrew Slimmon In his July TAKE, Andrew Slimmon shares his thoughts on the latest equity selloff in China and where he and his Applied Equity Advisors team stand with respect to the longer term investment prospects.

Caron’s Corner • 12-Jul-2021 • 10:32 Min
Reflation and Reverse Repos: Following the Money Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Engagement Report • 07-Jul-2021
Tapping the power of ESG in emerging markets Vishal Gupta, Steve Sun, Arun Kapoor Learn how the Emerging Markets Leaders Strategy team have actively engaged with invested companies to seek out value by promoting enhanced ESG practices.

Caron’s Corner • 06-Jul-2021 • 7:07 Min
Bond Yields Are Falling Despite Stronger Data: What’s Going On? Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

PATH • 05-Jul-2021
Fed’s hawkish surprise, yet markets unruffled Andrew Harmstone, Manfred Hui The Fed's hawkish surprise of two rate hikes projected for 2023 left markets unruffled, with the S&P 500 reaching all-time highs. Given longer-term headwinds, however, fundamentals, valuations and sentiment all point to the potential for higher volatility.

Resilience • 30-Jun-2021
Long Short Equity Strategies: "Hedging" Your Bets Eric Stampfel Amid the market uncertainty caused by the COVID-19 pandemic, investors may be seeking ways to add resilience to their portfolios. Long-short equity strategies have the potential to deliver steady returns in volatile markets.

Market Pulse • 30-Jun-2021
The Policy Puzzle: Procyclical or Countercyclical Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Pulse • 29-Jun-2021 • 4:29 Min
Why the Commodity Boom Can Last Jitania Kandhari Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, thinks the recent surge in commodity prices has years to run.

Caron’s Corner • 28-Jun-2021 • 14:12 Min
Infrastructure a-Go-go: What it Means for Markets Jim Caron Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 23-Jun-2021
Investing in Startups Founded by Women and Multicultural Entrepreneurs Morgan Stanley Next Level As part of its ongoing commitment to advance racial and economic equity, Morgan Stanley’s new Next Level Fund invests in early-stage technology companies with women and diverse members on the founding teams.

Consilient Observer • 23-Jun-2021

The Impact of Intangibles on Base Rates

Michael Mauboussin, Dan Callahan

The shift in investments from tangible to intangible assets has important implications for how investors should think about corporate growth rates. Companies with more intangible assets can grow faster, but they can also become irrelevant and shrink faster. Our analysis of historical sales growth rates for U.S. companies reveals both of these results: higher growth and more dispersion, on average, for companies and industries with the highest intangible asset intensity. Skillful investors may be able to identify the companies that will grow faster than expected, hence providing the potential for attractive returns.

Global Equity Observer • 22-Jun-2021
Low Carbon Ambition William Lock, Laura Bottega The companies within the International Equity team’s portfolios are encouraging their customers to live more sustainably. William Lock and Laura Bottega discuss.

Caron’s Corner • 21-Jun-2021 • 11:18 Min
Is This the Start of Something Bigger? A Look at Asset Pricing Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Alert • 17-Jun-2021 • 4:46 Min
Market Alert with Andrew Slimmon: The Fed’s Message Andrew Slimmon Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.

Takeaways & Key Expectations • 16-Jun-2021
Equity Market Commentary - June 2021 Andrew Slimmon In his June TAKE, Andrew Slimmon shares a number of historical market precedents that may provide insight regarding current equity markets and investor behavior.

Global Fixed Income Bulletin • 16-Jun-2021
Where Did Volatility Go? Global Fixed Income Team A quiet May saw the constructive market narrative continue. How long will this last, what does this mean for investors? The Global Fixed Income team discuss.

Caron’s Corner • 16-Jun-2021 • 8:41 Min
Key Takeaways From Today’s Fed Meeting Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 14-Jun-2021 • 11:16 Min
What if Inflation Is Not Transitory - and What Happens Next? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

PATH • 11-Jun-2021
US Inflation: Real or Noise? Andrew Harmstone, Manfred Hui Inflationary pressures are likely to persist in the second half of the year, with the potential for upside surprises. The GBaR team explain why these may be temporary effects, rather than the start of a new inflationary regime.

Sustainable Investing • 10-Jun-2021 • 22:39 Min
Emily Chew featured in Brunswick Group's podcast, ESG Agenda Emily Chew In a recent episode of Brunswick Group’s podcast, The ESG Agenda, Emily Chew, Executive Vice President and Chief Responsible Investment Officer of Calvert gives practical recommendations for boards to develop their companies’ corporate strategy in the era of sustainability disruption.

Sustainable Investing • 08-Jun-2021

MSIM’s Securitized Sustainability Framework: Promoting Responsible Lending & Driving Positive Impact Alignment

Gregory Finck, Navindu Katugampola, Barbara Calvi, Erin K. Glenn

Environmental, Social and Governance (ESG) factors are most often discussed in the context of corporate and sovereign debt issuers. But that’s changing, according to the Securitized Fixed Income Team, as client demand is driving change when it comes to mortgage and other asset-backed securities.

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Caron’s Corner • 07-Jun-2021 • 11:54 Min
The Jobs "Wager" Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 03-Jun-2021
Mona Benisi Wins 2021 Women in Sustainability Leadership Award Mona Benisi Mona Benisi wins prestigious Women in Sustainability Leadership Award

Tales From the Emerging World • 02-Jun-2021
Where the Digital Future Will Unfold Ruchir Sharma The most ingenious uses of future digital technology are likely to be shaped in the emerging world. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, discusses.

Sustainable Investing • 02-Jun-2021
MSIM Fixed Income Engagement Strategy: Integrated, Insightful, Influential Barbara Calvi, Navindu Katugampola, Anuj Gulati Fixed income investors play an important role in pursuing positive sustainability outcomes through a constructive dialogue with issuers around ESG. The MSIM Global Fixed Income Team explains how they incorporate engagement throughout their investment process.

Insight Video • 01-Jun-2021
Discover Morgan Stanley Global Franchise International Equity Team What does Morgan Stanley’s International Equity Team mean by high-quality global equities with strong intangible assets?

Caron’s Corner • 01-Jun-2021 • 11:16 Min
Labor, Labor, Everywhere, Not a Person to Hire Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Multi-Asset Viewpoint • 30-May-2021
Sectoral Bubbles in U.S. Equities Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Sectoral Bubbles in U.S. Equities"

Global Equity Observer • 26-May-2021
Scale and Diversification Marcus Watson The twin virtues of scale and diversification in our high-quality holdings have played a part in their strong earnings performance both through the recent crisis and over time. Marcus Watson explains.

Market Pulse • 25-May-2021 • 12:00 Min
Fixed Income Update with Kevin Lynyak Kevin Lynyak Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Takeaways & Key Expectations • 24-May-2021
Equity Market Commentary - May 2021 Andrew Slimmon In his May TAKE, Andrew Slimmon shares his thoughts about what might happen to the U.S. equity markets should Wall Street continue to revise earnings estimates upward.

Caron’s Corner • 24-May-2021 • 8:24 Min
It’s Better to Travel Than Arrive Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 21-May-2021

Re-Examining the Role of US Treasurys in Institutional Portfolios

Portfolio Solutions Group

In this paper, the Portfolio Solutions group explains why they believe that both the current low-yield environment and the likely impact on inflation and rates of the momentous events unfolding across the economic, financial and political landscape are weakening the pillars that support the case for US Treasurys.

Consilient Observer • 19-May-2021

The Economics of Customer Businesses

Michael Mauboussin, Dan Callahan

This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.

Insight Article • 17-May-2021
An Introduction to Alternative Lending Kenneth Michlitsch As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.

Caron’s Corner • 17-May-2021 • 11:48 Min
Like Looking Through a Dirty Window: The Data Is Noisy and Unclear Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

INSIGHT VIDEO • 17-May-2021
Emerging Leaders for the Next Decade Vishal Gupta Interview with Vishal Gupta, portfolio manager for the Emerging Leaders strategy.

Global Fixed Income Bulletin • 14-May-2021
Welcome to the Brave New World! Global Fixed Income Team After rising significantly in March, U.S. Treasuries and most other developed market government bond yields fell measurably, despite solid, surprisingly strong economic data. The Global Fixed Income Team examines what these dynamics mean for fixed income investors.

Insight Article • 13-May-2021

U.S. Office Workplace Survey: Reduced, Reconfigured, but Still Required

Morgan Stanley Real Estate Investing

The largest investable commercial real estate segment in the U.S., the office sector has also been the most affected by the pandemic. Morgan Stanley Real Estate Investing conducted a survey of U.S. corporates to find out what will really be the lasting impact of COVID-19 on the sector. The findings are in the team’s latest piece.

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Market Pulse • 11-May-2021 • 10:51 Min
Fixed Income Update with Kevin Lynyak Kevin Lynyak Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 10-May-2021 • 9:58 Min
There Is a Risk of Investor Complacency. Here’s How Bonds Can Help Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

PATH • 10-May-2021
The Problem is the P not the E Andrew Harmstone US equities are expensive, but valuations do not yet appear extreme enough to qualify as a bubble, given strong earnings growth and current low interest rates. With ample fiscal support and liquidity, we see limited downside risk in the short term.

Market Alert • 05-May-2021 • 5:48 Min
Market Alert with Andrew Slimmon: Is There a Fat Pitch? Andrew Slimmon Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.

Market Pulse • 05-May-2021 • 4:54 Min
Five Reasons To Be Bullish on the American Consumer Jitania Kandhari Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, outlines her five reasons to have confidence in the American consumer.

Caron’s Corner • 03-May-2021 • 8:30 Min
Strong Data Brings Inflation Risks – Should We Be Worried? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Media Appearance • 03-May-2021
Back to the Future With the Energy Transition Chris Ortega The outlook for renewable energy infrastructure in the U.S. has never looked more promising. Morgan Stanley Infrastructure Partners’ Chris Ortega discusses the importance of investing to support the whole value chain of technologies that will facilitate the transition away from carbon-intensive energy systems.

Global Multi-Asset Viewpoint • 30-Apr-2021
Could Value be Starting a Structural Bull Market? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Could Value be Starting a Structural Bull Market?"

Engagement Report • 30-Apr-2021
Engage Spring 2021 Vladimir Demine The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

Global Equity Observer • 29-Apr-2021
Is quality now (relatively) on sale? Bruno Paulson There are reasons to believe that the recent “Growth Bubble” may have peaked and the “Value Rally” is nearing its end. In our minds this presents an excellent opportunity to invest in Quality Compounders. Bruno Paulson explores.

Market Pulse • 29-Apr-2021
A Strong Recovery in the Economy is Still Falling Short of Fed Objectives Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Pulse • 28-Apr-2021 • 9:54 Min
Fixed Income Update with Kevin Lynyak Kevin Lynyak Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 26-Apr-2021 • 7:56 Min
The Policy Clash Point? Worries of an Easy Fed Transitioning to Future Tightening may be Premature Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 23-Apr-2021
The More Things Change, the More they Stay the Same Global Fixed Income Team Vaccination numbers are far better than anticipated, but, given market pricing and expectations, the strategy implications remain unchanged. GFIO Team explores.

ENGAGEMENT REPORT • 20-Apr-2021
ESG Progress and Outlook - 2021 Report Global Emerging Markets Team The team shares their progress on ESG engagement in 2020, how they actively promoted better corporate behaviour, and their 2021 engagement priorities.

Caron’s Corner • 19-Apr-2021 • 9:16 Min
Twin Peaks: After Growth and Fiscal Spending Plateau, What Comes Next? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

PATH • 15-Apr-2021
Developed Markets Leading the Charge Andrew Harmstone Rapid vaccine rollouts, combined with stimulative policy, have made Developed Markets and particularly the US, leaders of the global recovery. Yet there are reasons to be cautious, as record levels of equity issuance and inflows create a tug-of-war.

Consilient Observer • 14-Apr-2021

Market-Expected Return on Investment

Michael Mauboussin, Dan Callahan

This report describes market-expected return on investment (MEROI), which measures the return at which the present value of a company’s profits equals the present value of its investments. This allows executives and investors to see how high the bar is set. Measuring returns has become harder as investments have shifted from being mostly tangible to intangible. We gain a clearer view of returns and expectations by separating expenses and investments properly. We break new ground by connecting valuation and accounting.

Insight Article • 12-Apr-2021
What a difference a year makes: High yield opportunities in 2021 Richard Lindquist, Jack Cimarosa Amid improving economic data, declining defaults, and the relatively low level of nominal and real yields the Global High Yield Team explains why they believe high yield bonds remain one of the most appealing investment options available across Fixed Income.

Caron’s Corner • 12-Apr-2021 • 10:53 Min
Inflation Rising Sharply but Is it Anchored or De-anchored? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 08-Apr-2021
Decarbonisation: The Basics Vladimir Demine, Candida de Sliva Decarbonisation 101. The International Equity Team discusses how a high quality equity portfolio can help investors seeking to reduce their carbon footprint.

Tales From the Emerging World • 07-Apr-2021
Brazil: Populism versus Commodities Ruchir Sharma Will doubts about economic reform prevent Brazil from capitalizing on the nascent revival of commodity prices in emerging markets? Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, discusses.

Sustainable Investing • 31-Mar-2021
ESG in Sovereign Fixed Income Investing: Identifying Opportunities, Correcting Biases Soledad Lopez, Navindu Katugampola, Barbara Calvi The Global Fixed Income Team’s newly enhanced Sovereign Sustainability Model is a significantly updated and comprehensive approach to evaluating ESG performance for Sovereign issuers.

Global Multi-Asset Viewpoint • 31-Mar-2021
Will the Bond Bear Kill the Equity Bull? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Will the Bond Bear Kill the Equity Bull?"

Global Equity Observer • 31-Mar-2021
Why big brands thrive in a digital age Nic Sochovsky Hasn’t the internet leveled the playing field for big and small brands? Nic Sochovsky of the International Equity team looks at why big brands continue to thrive in the digital age.

Market Pulse • 30-Mar-2021 • 8:42 Min
Fixed Income Update with Kevin Lynyak Kevin Lynyak Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 29-Mar-2021 • 6:21 Min
After the U.S. in Q1, Where Is the Next Big Growth Surprise? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 25-Mar-2021
Why Emerging Markets Leaders Now? Vishal Gupta Investors seeking a risk-managed approach to emerging markets growth should consider Emerging Markets Leaders their guide, says Portfolio Manager, Vishal Gupta.

Caron’s Corner • 22-Mar-2021
Have We Reached ‘‘Peak Surprise” for 2021? Jim Caron Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 21-Mar-2021
ESG Investing: Living in a Material World Leslie Delany Can exemplary corporate behavior on ESG issues really translate into better financial results? As Leslie Delany of the Applied Equity Advisors team explains, the answer is a resounding yes. The key is materiality.

Sustainable Investing • 19-Mar-2021
How to Select Sustainable Compounders Vladimir Demine Vladimir Demine explains the International Equity Team’s process for building highest quality ESG integrated portfolios.

Insight Article • 19-Mar-2021
In the Search for Yield, Alternative Lending Delivers Kenneth Michlitsch Consumer borrowers demonstrated fundamental resilience in 2020, which validated fintech-driven alternative lending’s long-term value proposition in our view.

PATH • 18-Mar-2021
Markets jitter, but economy on track Andrew Harmstone The prospect of inflation, rising interest rates and investor exuberance are making markets jittery. Yet economic recovery appears to be on track. Andrew Harmstone and his team discuss what this means for their portfolios.

Insight Article • 18-Mar-2021
Machine Learning Is Changing the Game for the Next Generation of Consumer Borrowers Kenneth Michlitsch Ken Michlitsch, AIP Alternative Lending Group Portfolio Manager, interviews Upstart CEO David Girouard about the increasingly important role machine learning plays in the consumer lending process.

Takeaways & Key Expectations • 17-Mar-2021
Equity Market Commentary - March 2021 Andrew Slimmon In his March TAKE, Andrew Slimmon addresses three timely questions that currently puzzle investors about opportunities in the equity market and potential ways to put additional funds to work.

Sustainable Investing • 17-Mar-2021
Investing Wisely By Avoiding Permanent Destruction of Capital Jill Ytuarte Jill Ytuarte breaks down what the International Equity Team believes is their chief responsibility to clients.

Market Pulse • 16-Mar-2021 • 10:22 Min
Fixed Income Update with Kevin Lynyak Kevin Lynyak Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

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