inflation path page
PATH  •  08-Sep-2022

No Easy Fix 

Andrew Harmstone, Manfred Hui
The conundrum faced by central banks continues as they seek to control inflation, at the risk of pushing economies into recession. The Global Balanced Risk Control team discuss the investment implications and tactical allocations to navigate this complex environment.

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PATH  •  09-Aug-2022

Bear Market Rally? 

Andrew Harmstone, Manfred Hui
Evidence suggest that the recent strength in developed markets may just be a bear market rally with further downside potentially on the way. Here is how the GBaR team think about investment allocation to reflect the outlook.

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inflation path page
PATH  •  06-Jul-2022

The Central Bank Conundrum – Self-Inflicted? 

Andrew Harmstone, Manfred Hui
As inflation remains high, central banks may seek further tightening while growth weakens. The Global Balanced Risk Control team share their thoughts on an optimal asset allocation to weather through the turbulent times.

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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-May-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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inflation path page
PATH  •  01-Apr-2022

Managing Portfolios in an Inflationary World 

Andrew Harmstone, Manfred Hui
While this year’s sell-off appears to be driven by sentiment rather than earnings, both the war in Ukraine and China’s renewed lockdowns put further upside pressure on inflation and downward pressure on growth. The risk is markets take another leg down.

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inflation path page
PATH  •  04-Mar-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 page
PATH  •  12-Feb-2022

Three Events and a Rally 

Andrew Harmstone, Manfred Hui
January was a wild month for markets, where the prospect of Federal Reserve tightening contributed to a turn in investor sentiment. Looking ahead we expect volatility to remain elevated as investors reprice risk due to rising interest rates, with Russia-Ukraine tensions adding to the uncertainty

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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-Dec-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-Oct-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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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.
 
 

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