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Caron's Corner • 30-Jan-2023 • 13:13 Min
This Week’s Fed Meeting: What Words will Move Markets? Jim Caron Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer, Global Balanced Risk Control Team, shares his macro thematic views on key market drivers.

Insight Article • 25-Jan-2023
Listed Infrastructure has Potential for Resilient Earnings, Strong Cash Flow Matthew King The MSIM Global Listed Real Assets Team explores how even in the likliehood of economic downturn in 2023, listed infrastruture is expected to have resillient earnings, strong cash flow, and unimpacted capital programs.

Caron's Corner • 23-Jan-2023 • 13:51 Min
The Arrival of Long and Variable Lags: How We’re Investing Jim Caron Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer, Global Balanced Risk Control Team, shares his macro thematic views on key market drivers.

Caron's Corner • 17-Jan-2023 • 13:37 Min
"Risk-on" Is a Misunderstood Risk that Needs To Be Hedged Jim Caron Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer, Global Balanced Risk Control Team, shares his macro thematic views on key market drivers.

Insight Article • 12-Jan-2023
ESG, Lending Recovery, and Data Growth Have Potential to Fuel REITs Laurel Durkay The MSIM Global Listed Real Assets Team explores how a possible recovery in the credit market during 2023 can fuel M&A activity and favorable REIT returns.

Caron's Corner • 09-Jan-2023 • 11:56 Min
2023 Will Feel Worse on Main Street than Wall Street Jim Caron Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer, Global Balanced Risk Control Team, shares his macro thematic views on key market drivers.

Insight Article • 09-Jan-2023
Rebalancing Acts Andrew Harmstone, Jim Caron The Global Balanced Risk Control team discuss the three key trends they foresee for 2023 and the investment implications.

PATH • 05-Jan-2023
Transitional year for energy markets Andrew Harmstone, Manfred Hui We expect a transitional year for energy, with higher oil and gas prices leading to some market rebalancing after disruptions last year. These energy dynamics are key to the inflation story, which in turn is likely to determine asset performance in 2023.

Caron's Corner • 19-Dec-2022 • 12:33 Min
Red Light, Green Light, Yellow Light: Risks and Fat-Tails in 2023. Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 14-Dec-2022 • 11:29 Min
Fed Recap: No Country for Old Doves, Just Hawks, No Chickens Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Engagement Report • 12-Dec-2022
Engage Autumn 2022 International Equity Team The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

Caron's Corner • 12-Dec-2022 • 9:56 Min
The Important Differences Between Market Pricing and Fed Expectations Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 05-Dec-2022 • 9:52 Min
Bucking the 2023 Consensus Expectations. But When? Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

PATH • 05-Dec-2022
Relative developed market labour resilience, despite slower growth Andrew Harmstone, Manfred Hui The U.S. labour market post-Covid imbalance appears to be starting to normalise. In contrast, Europe’s labour market appears tighter, with wage growth increasing the risk of persistent core inflation. We discuss these dynamics and what they mean for growth and positioning.

Caron's Corner • 28-Nov-2022 • 9:13 Min
Assets Are Rallying, but Is the Market Getting It Wrong? Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 14-Nov-2022 • 16:24 Min
A Bear Market Rally or the Start of Something Bigger? Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Market Alert • 14-Nov-2022 • 4:55 Min
Market Alert with Andrew Slimmon 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 • 07-Nov-2022 • 13:29 Min
Three Burning Questions Light the Recession Fuse Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 04-Nov-2022

Overcoming Behavioral Biases: The Importance of Our Proprietary Portfolio Exercises

Eddie Perkin

All humans have behavioral biases, those blind spots that can impact decision-making. To address investment bias, the Eaton Vance Equity Group has integrated proprietary Portfolio Exercises into their investment process, a differentiator in the way they manage money and an important element of their success.

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PATH • 03-Nov-2022
Services Inflation: Higher Hurdle for Further Upside Andrew Harmstone, Manfred Hui As supply-chain constraints ease and goods inflation normalises, many expect US inflation to fall--but pressure remains elevated in services due to tight labour market conditions. Read how these continued headwinds are impacting our positioning.

Caron's Corner • 02-Nov-2022 • 12:26 Min
FOMC Recap: A Dovish Tease - but an Overarching Hawkish Reality Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 31-Oct-2022 • 13:26 Min
2023: A Year of Long and Variable Lags Jim Caron Jim Caron, Senior Advisor for the Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 17-Oct-2022 • 11:12 Min
Are We There Yet? No! But Not All the News Is Bad Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Caron's Corner • 10-Oct-2022 • 11:27 Min
R.I.P. Cycle, Part 3: Markets, Meet Your (Policy) Maker Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Takeaways & Key Expectations • 10-Oct-2022
Equity Market Commentary - October 2022 Andrew Slimmon Senior portfolio manager Andrew Slimmon posits there is a greater than 50% chance that the S&P 500 has already hit the low for 2022 and the economy will prove to be more resilient than the bears predict. In his October TAKE, Andrew offers compelling reasons for this call, as well as some arguments against.

PATH • 06-Oct-2022
Energy Crisis: The Power of Positioning Andrew Harmstone, Manfred Hui The energy crisis is having differing impacts on net energy importers and exporters. We discuss the implications for currencies, bonds and tactical positioning.

Caron's Corner • 03-Oct-2022 • 6:30 Min
The R.I.P. Cycle, Part 2: Credit Risk Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Insight Article • 01-Oct-2022

Biodiversity Loss and the Implications for Investors

Andrew Harmstone, Li Zhang, Chiara Sirani

With society at large reliant on natural resources, biodiversity loss can have a devastating social and economic cost. Companies across many sectors are at risk. The Global Balanced Risk Control team discusses why investors should pay attention to companies’ impact on biodiversity loss and what they can do to drive positive change.

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Tales From the Emerging World • 29-Sep-2022

Brazil: Restoring the Fiscal Anchor Is Key

Eric Carlson, Jitania Kandhari, Eduardo Wisbrun

The Achilles heel of Brazil is its fiscal situation. Once past this inflation cycle, Brazil’s economy should grow based on private sector investment, thriving agricultural and commodity sectors and a credible central bank. But restoring the fiscal anchor will be the primary economic challenge for the upcoming administration.

Caron's Corner • 26-Sep-2022 • 10:20 Min
The Vicious Cycle of Rates and Currencies - Where Does it End? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Market Pulse • 21-Sep-2022
Inflation May Be Peaking in the U.S. What about the Rest of the World? Jim Caron Inflation could reverse a downward course based on changes in supply chains or labor shortages, keeping it higher than target levels, and for longer than expected, explains Jim Caron, Portfolio Manager and Chief Fixed Income Strategist.

Caron's Corner • 21-Sep-2022 • 10:18 Min
The Fed Tries to Get Ahead of the Market Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Caron's Corner • 19-Sep-2022 • 15:51 Min
The Strategy for Fixed Income as Yields Rise Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Caron's Corner • 12-Sep-2022 • 14:48 Min
Rates Are Rising and Inflation Is Peaking. Is it Time to Buy Bonds? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

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.

Market Alert • 07-Sep-2022 • 4:22 Min
Market Alert with Andrew Slimmon 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 • 06-Sep-2022 • 13:12 Min
Is the Market Pricing Something Different than the Fed Is Saying? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Inflation • 01-Sep-2022
Key Themes for 2022 – Video Jitania Kandhari What are the key investment trends as 2022 continues to unfold amid geopolitical tensions, rising inflation and slowing global growth?

Caron's Corner • 29-Aug-2022 • 14:51 Min
R.I.P. Cycle: Recession, Inflation and Policy Risks Are at Odds with Each Other Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

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.

Caron's Corner • 08-Aug-2022 • 11:29 Min
Are Conflicting Data Points Foreshadowing or Forestalling a Downturn? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Insight Article • 04-Aug-2022
MSIM Forward for July 2022 ⠀ We believe times like these underscore the value of active management — carefully assessing the fluctuations driven by all kinds of disruptions, and taking dynamic actions that best serve the long-term interests of our clients.

Tales From the Emerging World • 02-Aug-2022
Emerging India in a Multipolar World Jitania Kandhari, Amay Hattangadi In India, there has been a recent change from the Gandhian principles of small is beautiful to actively incentivizing large scale manufacturing. Coupled with a healthy banking sector and high demand for housing, the stage is set for Delhi to move forward with an opportunity to shine.

Insight Article • 01-Aug-2022

CAPEX Reshapes Credit Profile: Sectors in Flux - U.S. Technology Emerging as Clear Winner

Victoria Li, Alana FitzGerald, Jim Caron, Richard Ford, Joseph Mehlman

Despite macro uncertainties, global capital spending continues to surge after a period of short-lived contraction in 2020, powering the post-pandemic economic recovery. The Investment Grade Credit team explains how this might impact market sectors.

Caron's Corner • 01-Aug-2022 • 16:00 Min
Recession? Yes. Red Means Run, Numbers Add Up to Nothing Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Market Alert • 29-Jul-2022 • 2:38 Min
Market Alert with Andrew Slimmon 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 • 27-Jul-2022 • 9:41 Min
The Fed Remains Unapologetically Hawkish - but the Market Jumps? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Caron's Corner • 25-Jul-2022 • 8:35 Min
The Fed Has Some Explaining To Do: What This Week’s Meeting May Tell Us Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Caron's Corner • 18-Jul-2022 • 9:33 Min
Nominal vs Real: Why Bond Yields Aren’t Rising Despite High Inflation Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

Convergence • 12-Jul-2022
Crypto & Carbon Counterpoint Global Blockchain technologies have unique capabilities that can enable an interoperable marketplace for voluntary carbon offsets – solving a number of issues with the existing market, such as significant variance in underlying quality of offsets – and thus have an opportunity to play a role in decarbonizing the global economy.

Caron's Corner • 11-Jul-2022 • 14:13 Min
Yield Curve 101: What it’s Telling us about Recession and Inflation Risk Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.

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.

Caron's Corner • 05-Jul-2022 • 13:18 Min
The Fed’s Triple “D” Economy: Demand Destruction by Design Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 28-Jun-2022
Shrinkflation Bruno Paulson, Laura Bottega If you’ve noticed your rolls of paper towels getting slimmer, and beverage cans getting smaller, you may be experiencing Shrinkflation. The International Equity team explores the role inflation plays, and why now is a good time to own compounders.

Caron's Corner • 27-Jun-2022 • 10:13 Min
Is the Market Pricing a Recession For the Next 12 Months? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Tales From the Emerging World • 23-Jun-2022
Saudi Arabia, More Than Just an Oil Story Najmul Hasnain Saudi Arabia is in the midst of an ambitious and transformative program of social and economic reforms designed to wean the economy off its dependence on the oil sector. Najmul Hasnain, Head of the Saudi Arabia Equity Team, explores.

Market Pulse • 23-Jun-2022
The Fed Cannot Contain Inflation Alone – Fiscal Policy Is Required Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his views on inflation.

Caron's Corner • 21-Jun-2022 • 9:46 Min
The Fed’s 2 - 2.5% Inflation Target May Be a Floor, not a Ceiling Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Alert • 21-Jun-2022 • 6:41 Min
Market Alert with Andrew Slimmon 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 • 08-Jun-2022
Equity Market Commentary - June 2022 Andrew Slimmon Senior portfolio manager Andrew Slimmon posits there is a greater than 50% chance that the S&P 500 has already hit the low for 2022 and the economy will prove to be more resilient than the bears predict. In his June TAKE, Andrew offers compelling reasons for this call, as well as some arguments against.

Caron's Corner • 06-Jun-2022 • 14:11 Min
The Fed Is Failing to Control Wage Inflation and QT Is Nothing to Fear – What Happens Next? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Engagement Report • 06-Jun-2022
Engage Spring 2022 Marte Borhaug The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

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.

Tales From the Emerging World • 02-Jun-2022
The Nuclear Revival Candy Chao, Steven Quattry Climate concerns and geopolitical events will revive policy makers support for nuclear power: a safe, reliable and carbon-free source of energy. Steven Quattry, Candy Chao and Jorge Chirinos of the Emerging Markets Equity team explain.

Caron's Corner • 31-May-2022 • 12:10 Min
The Turning Point - or a Bear Market Rally? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 24-May-2022
Shining a Sustainability Light on the Darker Side of Big Tech Andrew Harmstone, Li Zhang, Kian Masters, Christian Goldsmith The Global Balanced Risk Control team discusses the potential social consequences of pervasive data mining and whether this may turn into a headwind for the “Big Tech”.

Global Equity Observer • 18-May-2022
One Step Forward, Two Steps Back Helena Miles Massive strides have been made in the development and delivery of personalised medicine – but can it bolster the compounding potential of high quality companies? The International Equity Team’s Helena Miles investigates.

Sustainable Investing • 17-May-2022
The Nuclear Revival: Embracing a Clean, Reliable and Safe Source of Energy - Video Steven Quattry, Candy Chao, Jorge Chirino As the world grapples with climate change and energy security, nuclear power is experiencing a revival, as a clean, reliable and safe source of energy.

Caron's Corner • 16-May-2022 • 9:28 Min
The Supply Shock Is Turning into a Demand Problem – The Case for Adding Longer Maturity Bonds Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 12-May-2022
The Path to Gender Diversity Seema Hingorani, Marte Borhaug, Yijia Chen Morgan Stanley Investment Management female leaders discuss gender diversity in the corporate world - its vital role, the progress remaining, and how an engaged investor can advance a gender equality agenda.

Caron's Corner • 09-May-2022 • 08:32 Min
The Fed Makes Stocks and Bonds Suffer. Are Jobs Next? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 02-May-2022 • 11:00 Min
When Good Data Is Bad News: Is the Fed Willing to Break the Market? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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.

Convergence • 30-Apr-2022

Culture Quant Framework

Counterpoint Global

Company culture is essential to unleashing the ingenuity that drives intangible investments, yet it continues to defy quantification. Counterpoint Global identified employee retention as a significant indicator of culture. They show how it correlates with attractive stock returns and how this analysis is integrated into their Sustainability Research process.

Global Fixed Income Bulletin • 27-Apr-2022

One Small Step for Interest Rates, One Giant Leap for Monetary Policy

Broad Markets Fixed Income Team, Securitized Team, High Yield Team, Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team

March was another brutal month for financial markets, capping one of the worst quarters since the 1980s. Indeed, it did not take long for markets to realize the inflationary/stagflationary implications of the war and resulting sanctions on Russia. The Global Fixed Income team shares its thoughts.

Caron's Corner • 25-Apr-2022 • 9:59 Min
Central Banks Gang Up to End Inflation, but Risk Hard Landing… or Worse Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 25-Apr-2022
Diversity – Asking Difficult Questions Bruno Paulson, Marte Borhaug, Alistair Corden-Llyod Across the globe, stakeholders – including the International Equity Team – are pushing companies for greater transparency and accountability on Diversity, Equity & Inclusion. The team discusses.

Caron's Corner • 18-Apr-2022 • 11:50 Min
Does the Rise in Bond Yields Stop Here - or Just Pause? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Emerging Markets Leaders Focus • 15-Apr-2022
Emerging Markets Leaders Focus: Digitalization Vishal Gupta, Arun Kapoor, Steve Sun In this inaugural edition of the Emerging Markets Leaders Focus the team looks at the outsourcing of Digital IT Services as a structural thematic that should be on investor’s radar.

Tales From the Emerging World • 07-Apr-2022
The Beijing Put — Stemming The Downward Spiral Jitania Kandhari, Amay Hattangadi Jitania Kandhari, Head of Macro and Thematic Research for the Emerging Markets Equity team, and Amay Hattangadi, Co-Lead of the Emerging Markets Core strategies, take a comprehensive look at China in the context of its recent stock market volatility.

Caron's Corner • 04-Apr-2022 • 10:22 Min
The Next Recession: Over the Hills and Far Away, or Right Around the Corner? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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.

Caron's Corner • 28-Mar-2022 • 11:05 Min
How High Can Yields Go Before Something Breaks? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 23-Mar-2022
Navigating through the Fog of War Broad Markets Fixed Income Team, Securitized Team, High Yield Team, Fixed Income Team, Agency MBS Team, Emerging Markets Debt Team, Floating-Rate Loans Team Financial markets have gone from worrying about COVID-19 to worrying about the Russian invasion of Ukraine. The Global Fixed Income team shares its thoughts.

Global Equity Observer • 21-Mar-2022
Investing in a deeply uncertain world Bruno Paulson In a deeply uncertain world, owning a portfolio of compounders with consistent track records makes sense. Bruno Paulson discusses.

Caron's Corner • 21-Mar-2022 • 9:59 Min
Is Fed Tightening Negative for Markets? The Answer May Surprise You. Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 16-Mar-2022 • 5:30 Min
The Fed Ignores the Downside Risk and Delivers a Hawkish Surprise Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Takeaways & Key Expectations • 15-Mar-2022
Equity Market Commentary - March 2022 Andrew Slimmon In his March TAKE, Andrew Slimmon does not believe the current correction will bleed past the -20% level, and maintains that 2022 will be a an “ok” year for stocks, consistent with the third year off a recessionary low.

Caron's Corner • 14-Mar-2022 • 12:27 Min
Reading the Yield Curve To “Shape” Expectations Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 07-Mar-2022 • 10:02 Min
Why the Fed will Raise Rates Despite Market Volatility Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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.

Tales From the Emerging World • 28-Feb-2022
Russia's Invasion of Ukraine Jitania Kandhari, Eric Carlson Jitania Kandhari, Head of Macro and Thematic Research and Eric Carlson, Head of Sustainability, both for the Emerging Markets Equity team, look at Russia’s invasion of Ukraine.

Caron's Corner • 28-Feb-2022 • 14:11 Min
Will Market Risks Become Systemic? The Critical Importance of Liquidity and Funding Metrics Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Engagement Report • 25-Feb-2022
ESG and Sustainable Investing Report Kristian Heugh, Marc Fox, Emily Tsui The Global Opportunity team shares its annual report on ESG engagement activity.

Global Equity Observer • 23-Feb-2022
Climate Change: Everyone’s Business Nic Sochovsky, Vladimir Demine, Alistair Corden-Lloyd Climate change is everyone’s business. Having engaged on the issue with 95% of the companies in their global strategies, the International Equity Team discusses holding companies to account.

Caron's Corner • 14-Feb-2022 • 11:06 Min
Emerging Market Local Bonds: A Source of Value and Portfolio Diversification Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron's Corner • 07-Feb-2022 • 13:45 Min
Three Gears for the Fed: Tight, Easy or Neutral… But Can it Find Neutral? Jim Caron Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 30-Dec-2021
To the Moon? Quality Investing and Blockchain Alex Gabriele Blockchain technology not only underpins cryptocurrencies but has the potential to alter existing industry dynamics and encourage cooperation among natural competitors, resulting in greater efficiencies and higher quality. Alex Gabriele of the International Equity team explains.

EDGE • 26-Dec-2021

Drones

Counterpoint Global

After decades of development in garages and hobby shops, small drones are finally ready to make an impact in the enterprise. We discuss the evolution of enterprise drones and how the technology could disrupt small package delivery and aerial data collection. We also discuss the regulatory and societal challenges facing the enterprise drone industry today and highlight recent progress towards overcoming those challenges.

Global Equity Observer • 24-Nov-2021
Supply Chain Squeeze Nathan Wong Something unusual is underfoot: company profit warnings caused by a lack of supply, rather than an unexpected drop in demand. In this environment pricing power is vital to profit margin, as the International Equity team explains.

Sustainable Investing • 26-Oct-2021
Global Sustain – High quality, low carbon investing International Equity Team In 60 seconds learn about the carbon-light global equity portfolio that is resilient through volatility, aligns with your priorities, and is managed by portfolio managers with the access to engage directly with companies.

Engagement Report • 25-Oct-2021
Engage Autumn 2021 Vladimir Demine The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

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.

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.

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.

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.

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.

Sustainable Investing • 11-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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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.

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.

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.

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.

Sustainable Investing • 25-Feb-2021
The Material Risk Indicator: A proprietary framework for assessing ESG risks and opportunities Vladimir Demine, Nathan Wong How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.

Global Equity Observer • 24-Feb-2021
Insta-engagement Bruno Paulson, Laura Bottega Having engaged with company management and their boards for more than 20 years, Bruno Paulson explains why the International Equity team favours meaningful long-term engagement over faddy box-ticking.

EDGE • 19-Oct-2020
Quantum Computing Counterpoint Global Quantum computers store and process information using the quantum mechanical properties of matter. Counterpoint Global investigates the impact this new hardware could have on processing speeds and its potential to tackle previously unsolvable computing problems.

Consilient Observer • 15-Sep-2020

One Job

Michael Mauboussin, Dan Callahan

The one job of an equity investor is to take advantage of gaps between expectations and fundamentals, which requires an understanding of the magnitude of investment and return on investment in order to properly anticipate free cash flows. With investments shifting more toward intangible assets, this report discusses the measurement and characteristics of intangible assets and reviews the implications of the growth of intangibles for investors.

EDGE • 13-Aug-2020
CAR-T Therapy Stan Delaney CAR-T cell therapy has been a huge breakthrough in curing blood cancers. MSIM’s Counterpoint Global explores how recent advances in the technology could improve its safety and lower its cost while expanding CAR-T cell therapy’s addressable market.

Convergence • 30-May-2020
Sustainability Research Counterpoint Global Counterpoint Global discusses how Sustainability Research is additive to their existing investment process and converges the pursuit of profits and purpose.

Consilient Observer • 20-May-2020
Myth Busting, Popular Delusions, and the Variant Perception Michael Mauboussin, Dan Callahan We address four myths or popular delusions in the investment industry.

Consilient Observer • 20-Mar-2020
BIN There, Done That Michael Mauboussin, Dan Callahan To improve your forecasting skills, try decreasing noise. Analyzing superforecasters reveals forecasters can be trained to more effectively update their views, reduce bias, and reduce noise.

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