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consilient-observer active-fundamental-equity Active Fundamental Equity page
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.

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Caron’s Corner  •  02-Aug-2021  •  11:45 Min

Money Never Sleeps. . .but Bond Yields Do 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  26-Jul-2021  •  8:51 Min

Why Bond Yields Are Low – Technicals vs. Fundamentals 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  23-Jul-2021

Quality in a Brave New World 

International Equity Team
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.

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  20-Jul-2021

Whither the Bubblets of 2021? 

Global Emerging Markets Team
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.

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sustainable-investing real-assets Real Assets page
Sustainable Investing  •  19-Jul-2021

Climate-Related Risk Data for Real Assets: A Framework for Assessment  

Morgan Stanley Real Estate Investing
A new framework for assessing climate risk data may help real estate investors evaluate risks.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  19-Jul-2021  •  9:49 Min

Pricing the Trough After the Peak - but the Level Matters 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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global-fixed-income-bulletin fixed-income Fixed Income page
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.

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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  14-Jul-2021

Equity Market Commentary - July 2021 

Applied Equity Advisors Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  12-Jul-2021  •  10:32 Min

Reflation and Reverse Repos: Following the Money 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  06-Jul-2021  •  7:07 Min

Bond Yields Are Falling Despite Stronger Data: What’s Going On? 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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resilience solutions-and-multi-asset Solutions & Multi-Asset page
Resilience  •  30-Jun-2021

Long Short Equity Strategies: "Hedging" Your Bets 

AIP Hedge Fund Team
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.

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market-pulse fixed-income Fixed Income page
Market Pulse  •  30-Jun-2021

The Policy Puzzle: Procyclical or Countercyclical 

Global Fixed Income Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  28-Jun-2021  •  14:12 Min

Infrastructure a-Go-go: What it Means for Markets 

Global Fixed Income Team
Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

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private-credit-and-equity Private Credit & Equity page
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.

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consilient-observer active-fundamental-equity Active Fundamental Equity page
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.

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  22-Jun-2021

Low Carbon Ambition 

International Equity Team
The companies within the International Equity team’s portfolios are encouraging their customers to live more sustainably. William Lock and Laura Bottega discuss.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  21-Jun-2021  •  11:18 Min

Is This the Start of Something Bigger? A Look at Asset Pricing 

Global Fixed Income Team
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.

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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  16-Jun-2021

Equity Market Commentary - June 2021 

Applied Equity Advisors Team
In his June TAKE, Andrew Slimmon shares a number of historical market precedents that may provide insight regarding current equity markets and investor behavior.

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global-fixed-income-bulletin fixed-income Fixed Income page
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  16-Jun-2021  •  8:41 Min

Key Takeaways From Today’s Fed Meeting 

Global Fixed Income Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  14-Jun-2021  •  11:16 Min

What if Inflation Is Not Transitory - and What Happens Next? 

Global Fixed Income Team
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.

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sustainable-investing fixed-income Fixed Income page
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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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  07-Jun-2021  •  11:54 Min

The Jobs "Wager"  

Global Fixed Income Team
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.

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sustainable-investing page
Sustainable Investing  •  03-Jun-2021

Mona Benisi Wins 2021 Women in Sustainability Leadership Award 

Mona Benisi wins prestigious Women in Sustainability Leadership Award

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  02-Jun-2021

Where the Digital Future Will Unfold 

Global Emerging Markets Team
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.

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sustainable-investing fixed-income Fixed Income page
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  01-Jun-2021  •  11:16 Min

Labor, Labor, Everywhere, Not a Person to Hire 

Global Fixed Income Team
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.

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  26-May-2021

Scale and Diversification 

International Equity Team
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.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  25-May-2021  •  12:00 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  24-May-2021

Equity Market Commentary - May 2021 

Applied Equity Advisors Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  24-May-2021  •  8:24 Min

It’s Better to Travel Than Arrive 

Global Fixed Income Team
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.

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consilient-observer active-fundamental-equity Active Fundamental Equity page
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  17-May-2021  •  11:48 Min

Like Looking Through a Dirty Window: The Data Is Noisy and Unclear 

Global Fixed Income Team
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.

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global-fixed-income-bulletin fixed-income Fixed Income page
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.

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real-assets Real Assets page
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 fixed-income Fixed Income audio
Market Pulse  •  11-May-2021  •  10:51 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  10-May-2021  •  9:58 Min

There Is a Risk of Investor Complacency. Here’s How Bonds Can Help 

Global Fixed Income Team
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.

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market-pulse active-fundamental-equity Active Fundamental Equity audio
Market Pulse  •  05-May-2021  •  4:54 Min

Five Reasons To Be Bullish on the American Consumer 

Active International Allocation Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  03-May-2021  •  8:30 Min

Strong Data Brings Inflation Risks – Should We Be Worried? 

Global Fixed Income Team
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.

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real-assets Real Assets page
Media Appearance  •  03-May-2021

Back to the Future With the Energy Transition 

Morgan Stanley Infrastructure Partners
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.

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global-multi-asset-viewpoint solutions-and-multi-asset Solutions & Multi-Asset page
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?"

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  29-Apr-2021

Is quality now (relatively) on sale? 

International Equity Team
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.

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market-pulse fixed-income Fixed Income page
Market Pulse  •  29-Apr-2021

A Strong Recovery in the Economy is Still Falling Short of Fed Objectives 

Global Fixed Income Team
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.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  28-Apr-2021  •  9:54 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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carons-corner fixed-income Fixed Income audio
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 

Global Fixed Income Team
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.

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global-fixed-income-bulletin fixed-income Fixed Income page
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  19-Apr-2021  •  9:16 Min

Twin Peaks: After Growth and Fiscal Spending Plateau, What Comes Next? 

Global Fixed Income Team
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.

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page
Media Appearance  •  16-Apr-2021

Morgan Stanley's Seema Hingorani Wants More Women In Finance. What She Would Do. 

Seema Hingorani talks to Barron’s about the dearth of women in investment management, why it has been so hard to change the face of the industry and what more is needed.

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consilient-observer active-fundamental-equity Active Fundamental Equity page
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.

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fixed-income Fixed Income page
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  12-Apr-2021  •  10:53 Min

Inflation Rising Sharply but Is it Anchored or De-anchored? 

Global Fixed Income Team
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.

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sustainable-investing active-fundamental-equity Active Fundamental Equity page
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.

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  07-Apr-2021

Brazil: Populism versus Commodities  

Global Emerging Markets Team
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.

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global-multi-asset-viewpoint solutions-and-multi-asset Solutions & Multi-Asset page
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?"

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  31-Mar-2021

Why big brands thrive in a digital age 

International Equity Team
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.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  30-Mar-2021  •  8:42 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  29-Mar-2021  •  6:21 Min

After the U.S. in Q1, Where Is the Next Big Growth Surprise? 

Global Fixed Income Team
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.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  22-Mar-2021

Have We Reached ‘‘Peak Surprise” for 2021? 

Global Fixed Income Team
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.

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sustainable-investing solutions-and-multi-asset Solutions & Multi-Asset page
Sustainable Investing  •  21-Mar-2021

ESG Investing: Living in a Material World 

Applied Equity Advisors Team
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.

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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  17-Mar-2021

Equity Market Commentary - March 2021 

Applied Equity Advisors Team
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.

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sustainable-investing active-fundamental-equity Active Fundamental Equity video
Sustainable Investing  •  17-Mar-2021

Investing Wisely By Avoiding Permanent Destruction of Capital 

International Equity Team
Jill Ytuarte breaks down what the International Equity Team believes is their chief responsibility to clients.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  16-Mar-2021  •  10:22 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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global-fixed-income-bulletin fixed-income Fixed Income page
Global Fixed Income Bulletin  •  15-Mar-2021

A Tantrum, or the Return to Fair Value? 

Global Fixed Income Team
It’s all about the economy. According to the Global Fixed Income Team, the outlook for fixed income, more than ever, is about the trajectory of the economy and policymakers’ attitude towards it.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  15-Mar-2021  •  7:05 Min

The Fed: Waiting For (the) Go-Dot 

Global Fixed Income Team
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.

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sustainable-investing active-fundamental-equity Active Fundamental Equity video
Sustainable Investing  •  15-Mar-2021

Holistic and Responsible Investing in a Rapidly Changing World 

International Equity Team
Laura Bottega discusses how global factors encourage companies to balance profit and ESG.

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solutions-and-multi-asset Solutions & Multi-Asset page
Insight Article  •  12-Mar-2021

"Undiscovered" Secondary Markets 

AIP Hedge Fund Team
Secondary markets for hedge funds and private credit may not be well known to investors, but they can offer compelling returns and important risk mitigation benefits.

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  09-Mar-2021

Why the Housing Boom Has Legs 

Global Emerging Markets Team
The pandemic has been full of surprises for global markets, none more unexpected than the housing boom. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, explores.

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carons-corner fixed-income Fixed Income audio
Market Pulse  •  08-Mar-2021  •  7:24 Min

Bond Yields Are Actually Low, Not High 

Global Fixed Income Team
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.

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sustainable-investing active-fundamental-equity Active Fundamental Equity video
Sustainable Investing  •  08-Mar-2021

ESG Focus Adds Value For Our Clients 

International Equity Team
Vladimir Demine explains why having a dedicated head of ESG research is the right thing to do for clients.

9525865-Vladimir-Demine-Tile-with-play
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real-assets Real Assets pdf
Media Appearance  •  07-Mar-2021

Crain's Notable Women on Wall Street 

Morgan Stanley Real Estate Investing
Cindy Dishmey, head of Data Strategy for Investment Management’s Global Real Assets group, named in Crain’s 2021 Notable Women on Wall Street list.

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sustainable-investing active-fundamental-equity Active Fundamental Equity video
Sustainable Investing  •  03-Mar-2021

Being Principled, Without Sacrificing Return 

International Equity Team
William Lock explains why there is no need for compromise between returns and principles.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  02-Mar-2021  •  16:47 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  01-Mar-2021  •  8:53 Min

There’s a Thin Line Between Easy and Tight Policy 

Global Fixed Income Team
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.

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sustainable-investing active-fundamental-equity Active Fundamental Equity page
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.

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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  24-Feb-2021

Equity Market Commentary - February 2021 

Applied Equity Advisors Team
In his February TAKE, Andrew Slimmon explains an indicator he has watched spanning back to his days as a financial advisor in the 1990s.

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  24-Feb-2021

Insta-engagement 

International Equity Team
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.

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sustainable-investing fixed-income Fixed Income page
Sustainable Investing  •  24-Feb-2021

Assess, Engage, Perform: The Value of ESG Integration within High Yield 

Sarah Harrison, Navindu Katugampola, Barbara Calvi
Integrating ESG considerations into the high yield market presents both challenges and opportunities for investors. The Global Fixed Income team provides tangible examples of how their ever-evolving ESG framework has helped contribute to both alpha generation and risk mitigation in the last year.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  22-Feb-2021  •  10:22 Min

Clearing Initial Hurdles on the Track to Recovery 

Global Fixed Income Team
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.

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global-multi-asset-viewpoint solutions-and-multi-asset Solutions & Multi-Asset page
Global Multi-Asset Viewpoint  •  20-Feb-2021

What’s in Store for Real Rates in the U.S.? 

Sergei Parmenov, Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “What’s in Store for Real Rates in the U.S.?"

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  16-Feb-2021  •  8:04 Min

Rising Yields v Sustainable Growth: What Tips the Scales? 

Global Fixed Income Team
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.

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sustainable-investing convergence active-fundamental-equity Active Fundamental Equity page
Convergence  •  16-Feb-2021

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.

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global-fixed-income-bulletin fixed-income Fixed Income page
Global Fixed Income Bulletin  •  15-Feb-2021

Alea iacta est ('the die is cast') 

Global Fixed Income Team
We want to own those areas that can withstand further macro/virus volatility and higher yields but have enough yield/spread to offer reasonable 2021 returns.

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sustainable-investing engagement-report active-fundamental-equity Active Fundamental Equity page
Engagement Report  •  12-Feb-2021

ESG and Sustainable Investing Report 

Kristian Heugh, Marc Fox, Emily Tsui
The Global Opportunity team shares its annual report on ESG engagement activity.

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active-fundamental-equity Active Fundamental Equity audio
Insight audio  •  12-Feb-2021  •  6:31 Min

Emerging Market Allocation: How Much to Own? 

Global Emerging Markets Team
Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, reviews three key approaches to answer the most popular question her team gets asked – "How much should we invest in EM?"

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active-fundamental-equity Active Fundamental Equity audio
Insight audio  •  12-Feb-2021  •  5:43 Min

Why We Believe Emerging Markets Are Poised for a Comeback 

Global Emerging Markets Team
Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, outlines four trends she believes will lead to an EM comeback in the next five to ten years.

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solutions-and-multi-asset Solutions & Multi-Asset page
Insight Article  •  10-Feb-2021

The Rise of Hedge Fund Co-Investments 

AIP Hedge Fund Team
Hedge fund co-investments have an important role to play in client portfolios, explains AIP Hedge Fund Solutions Team Managing Director Jarrod Quigley.

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  09-Feb-2021

Why Crypto Is Coming Out of the Shadows 

Global Emerging Markets Team
Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, looks at how cryptocurrencies are rapidly gaining popular support as alternatives to gold and the dollar.

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active-fundamental-equity Active Fundamental Equity page
Insight Article  •  09-Feb-2021

All we are saying is give EAFE a chance 

International Equity Team
Bruno Paulson suggests reasons to believe it may be possible for EAFE to “out-earn” the U.S. in 2021 and beyond.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  08-Feb-2021  •  9:04 Min

Some Like it Hotter: The Inflation Debate Between Janet Yellen and Larry Summers 

Global Fixed Income Team
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.

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page
Insight Article  •  01-Feb-2021

Press Release to the Announcement pursuant to Section 14 para. 3 sentence 1 no. 2 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG)  

As of today, the offer document for the voluntary public takeover offer (cash offer) of Kublai GmbH, Frankfurt am Main, Germany, an affiliate of funds managed and advised by Morgan Stanley Infrastructure Inc., to the shareholders of Tele Columbus AG, Berlin, Germany, for the acquisition of their registered no-par-value shares in Tele Columbus AG (ISIN DE000TCAG172) as well as its non-binding English convenience translation are available for distribution free of charge at BNP Paribas Securities Services S.C.A., Frankfurt Branch, Europa-Allee 12, 60327 Frankfurt am Main, Germany.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  01-Feb-2021  •  7:11 Min

Despite Some Volatility, We Are Sticking With Our Reflation Thesis 

Global Fixed Income Team
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.

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2021-outlooks fixed-income Fixed Income page
2021 Outlooks  •  26-Jan-2021

Promising Signs for Securitized Products 

Global Fixed Income Team
The impacts of COVID-19 on risk and performance across securitized sectors have varied significantly. Yet, the Securitized Fixed Income team believes the market has reasonably adjusted credit spreads to reflect current risk profiles making a promising outlook for securitized assets in 2021.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  25-Jan-2021

The Market Expects a Q2 Boom; The Virus Might Think Otherwise 

Global Fixed Income Team
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.

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2021-outlooks fixed-income Fixed Income page
2021 Outlooks  •  20-Jan-2021

Seeking Value in European High Yield 

Sarah Harrison, Shane McNamara
A closer look at the European High Yield sector reveals an improvement in quality over the long-term. Read why the Global Fixed Income team believes there is a compelling case to be made for investing in this sector in 2021.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  19-Jan-2021  •  7:06 Min

The Biden Stimulus Package Takes Center Stage  

Global Fixed Income Team
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.

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solutions-and-multi-asset Solutions & Multi-Asset page
Insight Article  •  15-Jan-2021

Market Timing in Private Investments 

Portfolio Solutions Group
In this paper, the PSG Team analyzes whether GPs have been able time the market and increase investments in favorable years. The team concludes that GPs have not historically taken advantage of market timing and thus investors should increase their commitments in order to obtain the desired exposure to investments at favorable valuations.

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global-multi-asset-viewpoint solutions-and-multi-asset Solutions & Multi-Asset page
Global Multi-Asset Viewpoint  •  15-Jan-2021

Emerging Markets: Poised for a Multi-Year Upcycle 

Sergei Parmenov, Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Emerging Markets: Poised for a Multi-Year Upcycle"

insight-tile-GMA-Viewpoint
 
2021-outlooks tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  12-Jan-2021

The Top Ten Trends of 2021 

Global Emerging Markets Team
Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, unveils his top ten trends of 2021.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  11-Jan-2021  •  7:35 Min

How High Can Yields Rise Before it Spells Trouble? 

Global Fixed Income Team
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.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  11-Jan-2021  •  10:37 Min

Fixed Income Update with Kevin Lynyak 

Fixed Income Managed Solutions
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.

3398242_lynyak_Insight-Tile-1x1
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2021-outlooks path solutions-and-multi-asset Solutions & Multi-Asset page
2021 Outlooks  •  10-Jan-2021

The Haze of Uncertainty Is Lifting 

Global Balanced Risk Control Team
Economic uncertainty wrought by COVID-19 and U.S. politics is dissipating. Our Global Balanced Risk Control Team discusses several likely growth catalysts in 2021 and what they mean for our positioning.

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carons-corner fixed-income Fixed Income audio
Caron’s Corner  •  04-Jan-2021  •  7:25 Min

Yields Are Low, But Fixed Income Opportunities Exist if You Know Where to Look 

Global Fixed Income Team
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.

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2021-outlooks fixed-income Fixed Income video
2021 Outlooks  •  04-Jan-2021

2021 60 Second Market Outlook: 5 Sustainable Investing Themes That Will Define 2021 

Global Fixed Income Team
Navindu Katugampola, Head of Sustainability for the Global Fixed Income Team, along with Barbara Calvi, highlight the 5 key themes that will shape the market for sustainable investing in 2021.

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2021-outlooks active-fundamental-equity Active Fundamental Equity page
2021 Outlooks  •  22-Dec-2020

The Year Ahead: The Roaring 20s or The Scary 20s? 

International Equity Team
We’re at the dawn of a new decade. Will it be a repeat of the Roaring 20s or something more subdued? Hear more from our International Equity Team’s Bruno Paulson.

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consilient-observer active-fundamental-equity Active Fundamental Equity page
Consilient Observer  •  21-Dec-2020

WACC and Vol 

Michael Mauboussin, Dan Callahan
The weighted average cost of capital (WACC) and volatility (vol) generally move in lockstep, but 2020 is unusual because the cost of capital is well below its historical average and volatility is well above its historical average. The prime beneficiaries of these patterns are companies rich with real options. In this report, we define real options, discuss what businesses are likely to have them, review the valuation implications, and finish with a way to use real options analysis with traditional valuation.

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global-fixed-income-bulletin fixed-income Fixed Income page
Global Fixed Income Bulletin  •  16-Dec-2020

The Heat Is On 

Global Fixed Income Team
Our Global Fixed Income team believe that vaccine makers, governments, legislators, central banks and citizens can deliver a bright economic future in 2021/22.

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market-pulse active-fundamental-equity Active Fundamental Equity audio
Market Pulse  •  16-Dec-2020  •  9:42 Min

The Case for Commodities This Decade 

Active International Allocation Team
Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, discusses commodities and their potential long-term benefit to emerging market economies.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  14-Dec-2020  •  7:11 Min

A Few Things Still on the Shopping List: Macro and Politics Do Not Take Days Off 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

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active-fundamental-equity Active Fundamental Equity page
Media Appearance  •  09-Dec-2020

Michael Mauboussin Op-Ed Feature in Financial Times 

Counterpoint Global
Why value investing still works in markets – To buy something for less than it is worth is as useful as ever.

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tales-from-the-emerging-world active-fundamental-equity Active Fundamental Equity page
Tales From the Emerging World  •  08-Dec-2020

When Commodities Rise, So Will Emerging Markets  

Global Emerging Markets Team
Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, argues that commodity prices are poised for a comeback in the 2020s, and that emerging markets will rise accordingly.

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global-equity-observer active-fundamental-equity Active Fundamental Equity page
Global Equity Observer  •  08-Dec-2020

A Value Rally Ahead? Looking in the Rear-View Mirror 

Nic Sochovsky, Dirk Hoffmann-Becking
After the extraordinary rally in growth stocks over the summer, is the market poised for a value rally? And what does that mean for quality portfolios? The International Equity team evaluates.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  07-Dec-2020  •  6:59 Min

Will the U.S. Job Loss Scarring Be Permanent? 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

fixed-income-managed-solutions-team-tile
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takeaways-key-expectations solutions-and-multi-asset Solutions & Multi-Asset page
Takeaways & Key Expectations  •  04-Dec-2020

Equity Market Commentary - December 2020 

Applied Equity Advisors Team
In his December TAKE, Andrew Slimmon discusses his latest thoughts on equity markets as we come to the close of 2020.

tile-1x1-slimmons-take
 
market-pulse fixed-income Fixed Income page
Market Pulse  •  02-Dec-2020

The Year Ahead for the U.S.: Fundamental Challenges Exist, but Policy Will Prevail 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides a timely insight on the fixed income markets today.

Fixed-Income-Team-Tile
 
market-pulse fixed-income Fixed Income audio
Market Pulse  •  30-Nov-2020  •  7:42 Min

What the Bond Market Is Telling Us About the Future of the Economy 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

fixed-income-managed-solutions-team-tile
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path solutions-and-multi-asset Solutions & Multi-Asset audio
PATH  •  18-Nov-2020  •  2:39 Min

After the US Election: Where are the Opportunities? [Audio] 

Andrew Harmstone, Manfred Hui, Christian Goldsmith
Christian Goldsmith shares the GBaR team’s latest market views.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  16-Nov-2020  •  6:24 Min

First Look at 2021: Too Much Liquidity Chasing Too Few Assets 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

fixed-income-managed-solutions-team-tile
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global-fixed-income-bulletin fixed-income Fixed Income page
Global Fixed Income Bulletin  •  11-Nov-2020

How Big Are the Waves? 

Global Fixed Income Team
With the U.S. election in the rear-view mirror, the scope of fiscal stimulus and a resurgent virus remain two big questions for the global economy and bond markets.

9933254_How-Big-Are-The-Waves_Insight-Tile-1x1
 
tales-from-the-emerging-world page
Tales From the Emerging World  •  10-Nov-2020

The Pandemic's Silver Lining  

Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, explains how economic reform in emerging economies is the pandemic’s silver lining.

9930554-Insight-Tile-2x2
 
path solutions-and-multi-asset Solutions & Multi-Asset page
PATH  •  10-Nov-2020

US Presidential Election: The State of Play 

Andrew Harmstone, Manfred Hui, Christian Goldsmith
The GBaR team provides an update on its latest market views and asset allocation positioning.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  09-Nov-2020  •  7:21 Min

Presidential Election Series: The 4 Major Market Implications of a “No Blue Wave” Scenario 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

9920558-Insight-Tile-2x2
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market-pulse fixed-income Fixed Income audio
Market Pulse  •  02-Nov-2020  •  6:25 Min

Presidential Election Series: Expect More Questions Than Answers – and Rising Volatility 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

9920558-Insight-Tile-2x2
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market-pulse active-fundamental-equity Active Fundamental Equity audio
Market Pulse  •  30-Oct-2020  •  09:39 Min

The Markets and Presidential Elections Through a Historical Lens 

Active International Allocation Team
Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Portfolio Manager of the Active International Allocation Portfolio, takes a historical look at the markets and presidential elections.

992645-Media-Tile-1x1 JK Audio
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market-pulse fixed-income Fixed Income page
INSIGHT AUDIO  •  30-Oct-2020

Presidential Election Series With Jim Caron 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

9920558-Insight-Tile-2x2
 
sustainable-investing page
Sustainable Investing  •  26-Oct-2020

4 Steps to Sustainable Investing  

Asset owners who embrace sustainable investing face a steep implementation curve. Adopting these four steps can guide a dynamic strategy for the long term.

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market-pulse fixed-income Fixed Income audio
Market Pulse  •  26-Oct-2020  •  7:44 Min

Presidential Election Series: Pricing in the Return of Demand 

Global Fixed Income Team
Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

9920558-Insight-Tile-2x2
Insight thumbnail audio icon
 
path market-pulse solutio