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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 International Equity Team 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.

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 Global Fixed Income Team 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? Global Fixed Income Team 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? Global Fixed Income Team 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 Global Fixed Income 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 Global Fixed Income Team 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? Global Fixed Income Team 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.

Insight Article • 13-Apr-2022
An Evolving Private Markets Landscape Patrick Reid With public markets broadly expected to deliver lower investment returns, it is no surprise that interest in alternatives continues to grow. In this piece, we look at the shifting dynamics within the private markets space and discuss some of the potentially attractive investment opportunities investors should be aware of.

Tales From the Emerging World • 07-Apr-2022
The Beijing Put — Stemming The Downward Spiral Emerging Markets Equity Team 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? Global Fixed Income Team 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? Global Fixed Income Team 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 Global Fixed Income 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 International Equity Team 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. Global Fixed Income Team 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 Global Fixed Income Team 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 Insights • 15-Mar-2022
The Pick of Private Equity: Single-Asset Secondaries In this Q&A, Nash Waterman, Portfolio Manager and Head of Private Markets Secondaries, discusses the growing opportunity set for General Partner (GP) led deals, spelling out why we believe the sector and the single-asset segment, in particular, are attracting growing investor interest.

Takeaways & Key Expectations • 15-Mar-2022
Equity Market Commentary - March 2022 Applied Equity Advisors Team 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 Global Fixed Income Team 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 Global Fixed Income Team 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 Emerging Markets Equity Team 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.

Global Fixed Income Bulletin • 28-Feb-2022
Do Central Bankers Need to Calm Down? Global Fixed Income Team The Global Fixed Income Team examine January’s hawkish turn, as leading central banks pivoted towards accelerated monetary tightening, surprising the market.

Caron's Corner • 28-Feb-2022 • 14:11 Min
Will Market Risks Become Systemic? The Critical Importance of Liquidity and Funding Metrics Global Fixed Income Team 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.

Takeaways & Key Expectations • 14-Feb-2022
Equity Market Commentary - February 2022 Applied Equity Advisors Team In his February TAKE, Andrew Slimmon reiterates that 2022 will be a battleground year for the bears and the bulls, offering alpha opportunities for tactical asset allocation.

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

2022 Outlook • 08-Feb-2022

2022 Global Multi-Asset Team Outlook: A Review of the Key Macroeconomic Issues and Investment Themes in 2022

Global Multi-Asset Team

Key Macro Issues: COVID-19 Becomes Endemic; Economy Transitions to Stagflation; Regime Shift to Higher Inflation; The End of Free Money and China Exceptionalism. Key Investment Themes: Speculative Mania Bursts; Value Bull Market Continues; The Rise of the Rest (of the World); Commodities Beat Stocks and Bonds.

Caron's Corner • 07-Feb-2022 • 13:45 Min
Three Gears for the Fed: Tight, Easy or Neutral… But Can it Find Neutral? Global Fixed Income Team 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 • 02-Feb-2022
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.

Sustainable Investing • 31-Jan-2022
Decarbonisation: The Inevitable Policy Response Vladimir Demine, Candida de Sliva In the second paper of their decarbonisation series, the International Equity team focuses on what the UN Principles for Responsible Investing refer to as the ‘inevitable policy response’ to global warming and asks: why does this matter for investors?

Caron's Corner • 31-Jan-2022 • 15:03 Min
FAQs on the Pace and Path of Fed Rate Hikes Global Fixed Income Team 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 • 26-Jan-2022 • 9:11 Min
Fed Meeting: A Clear Lack of Clarity Global Fixed Income Team 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 • 24-Jan-2022 • 13:41 Min
Shift F9: A Fed Policy Reset Global Fixed Income Team Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

2022 Outlook • 20-Jan-2022
Top Trends for Real Estate and REITs in 2022 and Beyond Global Listed Real Assets Team The Global Listed Real Assets Team sees favorable macroeconomics and secular tailwinds favoring global real estate and REITs in 2022.

2022 Outlook • 18-Jan-2022
The Search for Better Outcomes - Video International Equity Team Whether looked at through the lens of economics, health, politics or sustainability, what outcomes might we see in the year ahead? Hear more from the Marte Borhaug, Head of Sustainable Outcomes for the International Equity Team.

2022 Outlook • 18-Jan-2022
The Search for Better Outcomes International Equity Team Companies faced with a changing world and seeking to deliver better sustainable outcomes must explore their surroundings and seek new information for survival. The International Equity team’s Marte Borhaug explores.

2022 Outlook • 18-Jan-2022 • 1:53 Min
High Yield Jeff Mueller Compared to other asset classes, high yield has proven resilient — even during bouts of volatility in recent years, says Co-Director of High Yield Jeff Mueller at Eaton Vance Management, and he anticipates further resilience in 2022 as long as the global economic recovery continues.

2022 Outlook • 18-Jan-2022 • 2:13 Min
Emerging Markets Marshall Stocker According to Co-Director of Emerging Markets Marshall Stocker at Eaton Vance Management, markets have largely priced in the risks facing emerging markets debt, and valuations look much more compelling — allowing our diverse and global investment team to capitalize upon many unique and differentiated country opportunities.

2022 Outlook • 18-Jan-2022
Carbon Risk, Human Capital Management to Impact Security Prices in 2022 John Streur, Calvert Calvert Research and Management CEO John Streur expects actions by regulators, corporations and investors to increase the importance placed on ESG factors in investment decisions across global capital markets in 2022. For more, please read his full 2022 outlook.

2022 Outlook • 18-Jan-2022
Unearthing opportunities in an altered landscape John Baur, Marshall Stocker For every country like Turkey, where heterodox policy is cause for concern, Co-Directors of Emerging Markets at Eaton Vance Management, Marshall Stocker and John Baur highlight the lesser known and overlooked EM success stories. For more, please read their full 2022 outlook.

2022 Outlook • 18-Jan-2022

Forging Opportunities in a Changing High Yield Market

Jeff Mueller, Steve Concannon

As demand from U.S. and global institutional investors provides potential support following episodes of weakness, Co-Directors of High Yield at Eaton Vance Management, Jeff Mueller and Steve Concannon discuss potential buying opportunities available to long-term oriented investors. For more, please read their full 2022 outlook.

2022 Outlook • 18-Jan-2022
Rising rates key in shaping road to recovery Global Balanced Risk Control Team Labor market and inflation dynamics are paving the way toward a tightening of monetary policy by the Fed. The Global Balanced Risk Control Team discusses where they see risks and opportunities and their latest tactical views.

2022 Outlook • 18-Jan-2022
Rising rates key in shaping road to recovery - Video Global Balanced Risk Control Team Labor market and inflation dynamics are paving the way toward a tightening of monetary policy by the Fed. The Global Balanced Risk Control Team discusses where they see risks and opportunities and their latest tactical views.

2022 Outlook • 18-Jan-2022 • 1:50 Min
Municipal Bonds and Taxes Nisha Patel While it will be hard to surpass the performance of municipal bonds in 2021, Director of Portfolio Management at Parametric, Nisha Patel sees 2022 as another year when investors could benefit from professional management for relative value trading, tax loss harvesting and credit oversight.

2022 Outlook • 18-Jan-2022

As Municipal Bonds Remain an Attractive Diversifier, Counteract Absolute Low Rates with Active Management

Nisha Patel

Director of Portfolio Management Nisha Patel believes the fragmented nature of the municipal bond market and the heavy influence of retail investors may result in inefficiencies that may be exploited to achieve additional return through active management and relative value trading. For more, please read her full 2022 outlook.

2022 Outlook • 18-Jan-2022 • 1:52 Min
Floating-Rate-Loans Ralph Hinckley Portfolio Manager Ralph Hinckley believes credit fundamentals are sound, and inflationary environments tend to signal higher interest rates, which tend to benefit loans. After a strong run in 2021, loan returns in 2022 are likely to come from current income, in his view.

2022 Outlook • 18-Jan-2022

Loans take center stage as inflation threat grows for 2022

Ralph Hinckley, Andrew Sveen

In a year when concerns over tightened monetary policy rising rates and inflation periodically wracked the markets, Co-Director of Bank Loans at Eaton Vance Management, explains why the asset class outperformed in 2021 and why he believes loans deserve consideration for helping conserve fixed‐income portfolios in rising rate environments. For more, please read his full 2022 outlook.

2022 Outlook • 18-Jan-2022
2022 Global Equity Outlook Favors Quality Stocks, Non-U.S. Markets Chris Dyer, Ian Kirwan Eaton Vance Management's Director of Global Equity Chris Dyer expects potentially solid economic growth across developed economies in 2022, albeit at a slower pace than the recovery‐driven levels seen in 2021. For more, please read his full 2022 outlook.

2022 Outlook • 18-Jan-2022
Flexibility Will Be Key for U.S. Multisector Income Vishal Khanduja, Eaton Vance Management Director of Investment Grade Fixed Income Portfolio Management and Trading Vishal Khanduja expects inflation to moderate from the most recent spike in 2021 as global supply disruptions and durable goods demand may continue to ease. For more, please read his full 2022 outlook.

2022 Outlook • 18-Jan-2022
A Changing Rate Environment in 2022 Could Benefit Active MBS Investors Andrew Szczurowski, Eaton Vance Management Director of Mortgage-Backed Securities Andrew Scczurowski believes that agency MBS investors could potentially outperform in a rising rate environment by moving up in coupon. For more, please read his full 2022 outlook.

2022 Outlook • 18-Jan-2022

Stay Active to Capitalize on Municipal Bond Opportunities

Cynthia Clemson, Craig Brandon

In the face of expected increases in tax rates and likely rate hikes from the U.S. Federal Reserve, Co-Directors of Municipal Investments at Eaton Vance Management, Cindy Clemson and Craig Brandon believe that municipal bonds should remain an important and diversified component of a suitable investor’s portfolio. For more, please read their full 2022 outlook.

2022 Outlook • 18-Jan-2022
No Market Consensus Widens the Opportunity Set Global Fixed Income Team Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Incomed team, sees great potential for active – and selective – investors building fixed income portfolios in the upcoming year

2022 Outlook • 17-Jan-2022
Capturing Opportunity in Fast-Changing Emerging Markets Emerging Markets Equity Team EM equities are poised for a comeback in 2022 and beyond. Jitania Kandhari, Head of Macro and Thematic Research for the Emerging Markets Equity team, shares five reasons why.

2022 Outlook • 17-Jan-2022
Capturing Opportunity in Fast-Changing Emerging Markets - Video Emerging Markets Equity Team EM equities are poised for a comeback in 2022 and beyond. Jitania Kandhari, Head of Macro and Thematic Research for the Emerging Markets Equity team, shares five reasons why.

2022 Outlook • 17-Jan-2022
History Is Not To Be Ignored Applied Equity Advisors Team Andrew Slimmon looks at the history of post-recessionary environments and concludes that despite a less accommodative Fed, equity returns should be in positive territory again in 2022.

2022 Outlook • 17-Jan-2022
History Is Not To Be Ignored - Video Applied Equity Advisors Team Andrew Slimmon, Senior Portfolio Manager and Head of the Applied Equity Advisors team for the shares his thoughts on 2022.

Global Fixed Income Bulletin • 15-Jan-2022
Déjà vu? No, 2022 Will Not Look Like 2021 Global Fixed Income Team How impactful will Omicron be? How much should markets fear the Fed? Will inflation slow? The Global Fixed Income Team examine the prevailing market dynamics.

2022 Outlook • 14-Jan-2022
2022 Global Real Estate Outlook Late-Cycle Investing Philosophy Comes Early Morgan Stanley Real Estate Investing 2021 swift economic recovery has propelled the global economy to the mid-phase of a typical economic cycle. With GDP growth expected to moderate, and monetary policy to tighten, Morgan Stanley Real Estate Investing examine what the new phase may mean for the asset class.

2022 Outlook • 13-Jan-2022
Hedge Funds in 2022: Changing With Changing Risk AIP Hedge Fund Team Our AIP Hedge Fund Solutions team examines the changing nature of risk that we can expect to see in 2022. Rising volatility and performance dispersion creates an opportunity for hedge fund managers in the new year.

2022 Outlook • 12-Jan-2022
Seizing Opportunity With Value Equity in 2022 The Eaton Vance Value Equity Team makes the case for Value investing in 2022.

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.

Caron's Corner • 10-Jan-2022 • 12:51 Min
Why the Fed’s Balance Sheet May Matter More than Rate Hikes Global Fixed Income Team Jim Caron, Portfolio Manager and Chief Fixed Income Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

2022 Outlook • 05-Jan-2022
Corporate Performance to Support Credit Spreads Global Fixed Income Team The Global Fixed Income Team shares it views on the credit market in the upcoming year.

Sustainable Investing • 04-Jan-2022
Push and Pull Factors Drive the Evolution of Sustainable Investing in Private Markets Morgan Stanley Next Level The importance of sustainability continues to increase in the private markets. Here we examine the factors, such as government legislation and client preferences, that are driving the change and evolution towards better sustainable investing practices.

Global Multi-Asset Viewpoint • 31-Dec-2021
2022 Global Multi-Asset Investment Outlook Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: 2022 Global Multi-Asset Investment Outlook.

Global Equity Observer • 30-Dec-2021
To the Moon? Quality Investing and Blockchain International Equity Team 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.

Takeaways & Key Expectations • 22-Dec-2021
Equity Market Commentary - December 2021 Applied Equity Advisors Team In his December TAKE Andrew Slimmon suspects that the Bulls will outshine the Bears yet again in 2022.

Global Fixed Income Bulletin • 15-Dec-2021
And the Beat Goes On … Global Fixed Income Team Uncertainty around Omicron in conjunction with hawkish central banks has upended credit and equity markets. How will this affect the growth/inflation nexus?

Caron's Corner • 13-Dec-2021 • 10:34 Min
Yield Trap? Why U.S. Bond Yields May Struggle to Rise 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.

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.

Caron's Corner • 06-Dec-2021 • 13:29 Min
Can You Handle the Truth? What the Yield Curve Is Telling Us. 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.

Insight Video • 06-Dec-2021 • 2:19 Min
Health of the economy and our portfolios International Equity Team The International Equity Team’s Bruno Paulson discusses how the team positions its global portfolios to achieve concentrated exposure to long-term compounders, no matter macroeconomic conditions.

Global Multi-Asset Viewpoint • 30-Nov-2021
U.S. Debt Trajectory and Implications for Markets Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “U.S. Debt Trajectory and Implications for Markets"

Caron's Corner • 29-Nov-2021 • 11:50 Min
Once More Unto the Breach. . .but Looking for Opportunities Amid Volatility 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.

Global Equity Observer • 24-Nov-2021
Supply Chain Squeeze International Equity Team 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.

Insight Article • 15-Nov-2021
Credit Markets Brace for Inflation: Winners vs. Losers Global Fixed Income Team With U.S. inflation accelerating to its highest rate in a decade, the U.S. Investment Grade Research Team provides a detailed snapshot on the effects the surrounding uncertainty is having on fixed income sectors.

Caron's Corner • 15-Nov-2021 • 12:47 Min
2022: A Year Ahead Without a Consensus 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.

Global Fixed Income Bulletin • 15-Nov-2021
Is Monetary Policy Angst Overdone? Global Fixed Income Team While policy normalization has begun, learn why we believe major central banks will likely take a more leisurely approach to policy adjustments than the market expects and why we feel it will be a ‘long and winding road’ to tighter monetary policy.

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.

Caron's Corner • 08-Nov-2021 • 12:45 Min
Market Disconnect? Bond Yields Face-Off Against Inflation Risks 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.

Takeaways & Key Expectations • 08-Nov-2021
Equity Market Commentary - November 2021 Applied Equity Advisors Team In his November TAKE, Andrew Slimmon details why it’s entirely logical the S&P 500 has done so well this year. And the market is following one of the most simplistic rules of investing.

Sustainable Investing • 03-Nov-2021 • 2:42 Min
Sustainable investing and how it impacts corporations and investment managers International Equity Team Bruno Paulson discusses how the increase in sustainable investing regulations is impacting corporations and investment managers.

Caron's Corner • 03-Nov-2021 • 10:35 Min
FOMC Recap: Policy Optionality Matters - No Rush to Hike Rates 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.

Caron's Corner • 01-Nov-2021 • 12:50 Min
Trouble with the (Yield) Curve? No. Financial Conditions Still Easy 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.

Global Multi-Asset Viewpoint • 31-Oct-2021
Evergrande: What If The Cavalry Never Comes? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Evergrande: What If The Cavalry Never Comes?"

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.

Caron's Corner • 25-Oct-2021 • 17:00 Min
A Bearish View on the U.S. Dollar and its Impact on the Market 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.

Global Equity Observer • 25-Oct-2021
No Margin for Error International Equity Team Against a relatively positive macroeconomic outlook, there is the potential for significant cost pressures over the next decade, where pricing power will be the key for quality companies to protect margins. The International Equity team explores.

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

Caron's Corner • 18-Oct-2021 • 12:33 Min
Take it or Leave it: Global Central Banks Are Split on How to Handle Inflation 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.

Global Fixed Income Bulletin • 15-Oct-2021
Who Let the Hawks Out? Global Fixed Income Team With inflationary pressures stronger and central banks less dovish, we expect government bond yields to drift higher as we move towards tighter monetary policy.

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.

Sustainable Investing • 05-Oct-2021
Climate Transition Andrew Harmstone, Li Zhang, Christian Goldsmith Given the increasingly disruptive force of climate events, achieving net-zero carbon emission promises to be one of the themes driving investment markets over the coming decades. We analyse responses, risks and opportunities by country and sector.

Global Multi-Asset Viewpoint • 04-Oct-2021
What Is The Bond Market Thinking? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “What Is The Bond Market Thinking?"

Caron's Corner • 04-Oct-2021 • 13:38 Min
Stagflation? No! But Watch the Dollar. 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.

Global Multi-Asset Viewpoint • 30-Sep-2021
Why the U.S. Housing Boom Can Continue Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Why the U.S. Housing Boom Can Continue"

Insight Video • 29-Sep-2021 • 1:44 Min
Long-term impact of the pandemic International Equity Team Bruno Paulson discusses what he believes may be the long-term impact of the pandemic.

Caron's Corner • 27-Sep-2021 • 9:16 Min
Why U.S. Bond Yields Are Rising – and How High They May Go 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.

Caron's Corner • 22-Sep-2021 • 11:14 Min
FOMC Recap: Hawkish Dot-plot, but Dovish Presser 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.

Caron's Corner • 20-Sep-2021 • 8:25 Min
Ambiguity, not Volatility, Is the Primary Market Risk Currently – How Will the Fed React? 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.

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

Global Equity Observer • 14-Sep-2021
Advance Warming International Equity Team 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.

Caron's Corner • 13-Sep-2021 • 09:20 Min
The Payfors of Taxes, Debt and Inflation May Create a Noisy September 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.

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

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

Consilient Observer • 08-Sep-2021

Turn and Face the Strange

Michael Mauboussin, Dan Callahan

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

Caron's Corner • 07-Sep-2021 • 11:01 Min
The Four Corners of Risk – And Why Yields Can Rise 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.

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

Caron's Corner • 30-Aug-2021 • 8:10 Min
Still on Easy Street – But What Are the Risks? 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.

Caron's Corner • 23-Aug-2021
The Impact of a Shift From Reflation to Recovery 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.

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

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

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

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

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

Consilient Observer • 03-Aug-2021

Everything Is a DCF Model

Michael Mauboussin, Dan Callahan

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

Caron's Corner • 02-Aug-2021 • 11:45 Min
Money Never Sleeps. . .but Bond Yields Do 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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