|
sustainable-investing
page
|
Sustainable Investing
• 15-abr-2025
|
Sujeesh Kurup, Jun Goh
Critical industrial and manufacturing processes depend on the availability and quality of freshwater. As a result, disruptions in freshwater availability may pose financially material risks to investors. However, corporate disclosure and data remain a challenge due to lack of standardization and difficulties collecting data. In light of these limitations, Calvert utilizes a proprietary method to assess water risks at the sector and company level, while encouraging companies to coalesce to develop water reporting protocol similar to the Greenhouse Gas reporting protocol.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 14-abr-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 10-abr-2025
|
Amy Oldenburg
The Middle East and North Africa (MENA) countries are engaged in a flurry of activity to deliver on a series of ambitious plans that will encourage strategic investments, enact reforms and transform the region’s economy. Amy Oldenburg, Head of Emerging Markets Equity, explores the new face of MENA.
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 10-abr-2025
|
Cyril Moulle-Berteaux
The tariffs announced on Wednesday, April 2 represent one of the largest tax increases in U.S. history. Cyril Moulle-Berteaux of the MSIM Global Multi-Asset Team shares the teams’ analysis of the tariffs’ likely impact on the economy and markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 08-abr-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 08-abr-2025
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 08-abr-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon responds to the question whether the tariff induced selloff is an opportunity to be bold and add cash to equities or better to hunker down and wait for a more attractive entry point?.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 07-abr-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 07-abr-2025
|
Broad Markets Fixed Income Team
The Broad Markets Fixed Income Team reflects on the events of March, but also discusses the market movements that transpired the first few days of April.
|
|
|
|
beat
page
|
Mensual
• 03-abr-2025
|
Portfolio Solutions Group
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.
|
|
|
|
page
|
Insight Article
• 01-abr-2025
|
Broad Markets Fixed Income Team
The Trump Administration has imposed a 25% additional tariff on automotive imports effective April 3, claiming it will fuel domestic manufacturing. But critics fear it may put the brakes on automakers that depend on global supply chains.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 31-mar-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 20-mar-2025
|
Broad Markets Fixed Income Team
Ante el riesgo de que se recrudezca la guerra comercial global y en vista de la inestabilidad geopolítica actual, en nuestro último vídeo examinamos cómo inciden en los mercados globales de renta fija el desvanecimiento de la excepcionalidad estadounidense, la solidez de los diferenciales de crédito y el alza de la volatilidad en el mercado.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 20-mar-2025
|
Amay Hattangadi, Samson Hung
The emergence of China’s DeepSeek poses a significant challenge to U.S. dominance in artificial intelligence and signals a dual-track approach to AI development. While a handful of companies lead the cutting edge research, a low-cost AI sector is beginning to take shape. Amay Hattangadi and Samson Hung explore potential investment opportunities in emerging markets driven by the wider adoption of AI.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 19-mar-2025
|
Broad Markets Fixed Income Team
Las cosas están cambiando rápidamente y siguen siendo fluidas. Desconocemos si para mejor o para peor. El equipo Broad Markets Fixed Income analiza las repercusiones para los inversores.
|
|
|
|
alternatives
page
|
Alternatives
• 17-mar-2025
|
Morgan Stanley Private Credit
The Morgan Stanley Private Credit team defines Private Credit, the growth drivers propelling the asset class and why investors should consider adding European Private Credit to their portfolios.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 17-mar-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
alternatives
page
|
Alternatives
• 13-mar-2025
|
Nash Waterman
New pricing patterns and rising compeittiveness are helping to distinguish GP-leds from the LP-led side of the secondaries market.
|
|
|
|
alternatives
page
|
Alternatives
• 12-mar-2025
|
Dan Picard
Semi-liquid evergreen private equity vehicles may provide individual investors access to many of the benefits of private equity investing with a better user experience and the potential for long-term compounded returns.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 10-mar-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
alternatives
audio
|
Media Appearance
• 06-mar-2025
|
Michael Occi
Michael Occi, President for Morgan Stanley Private Credit's BDCs joined the Insurance AUM podcast to discuss how BDCs can be used to optimize direct lending investing.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 05-mar-2025
|
Bruno Paulson, Megan McCarthy
El creciente número de decretos aprobados por la administración estadounidense en materia de aranceles marca un claro cambio de política. En este momento, creemos que es de esperar que la mayoría de las empresas de nuestras carteras de calidad sufran un efecto directo limitado de los aranceles, dado su sesgo hacia los servicios, si bien la fabricación local, los altos márgenes brutos y la capacidad de fijar precios pueden amortiguar el impacto en el caso de los productores de bienes incluidos en las carteras. Para el caso de que se dé una desaceleración económica, esperamos que los beneficios de nuestras carteras de calidad sean más resilientes que los del mercado.
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 05-mar-2025
|
Cyril Moulle-Berteaux
Extrapolation of fundamental trends has resulted in extreme overvaluation, overoptimism and overownership of many assets, most particularly U.S. assets. As such, investors should consider non-U.S. stocks denominated in non-US currencies as well as Value and small cap stocks in the U.S. and abroad. Cyril Moulle-Berteaux explains.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 04-mar-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
big-picture
video
|
Big Picture
• 28-feb-2025
|
Jitania Kandhari
What are the key themes that will shape the global economy in 2025? From shifting trade dynamics to industrial innovations, demographic transitions, and space exploration - every trend holds opportunities. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets Equity; Portfolio Manager, Passport Equity, outlines her ten (plus bonus) Key Themes.
|
|
|
|
big-picture
video
|
Big Picture
• 28-feb-2025
|
Jitania Kandhari
The mega trends transforming the U.S. are also providing global opportunities for savvy investors but at better prices. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets Equity; Portfolio Manager, Passport Equity, explores the global edge in her 10 Key Themes for 2025.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 28-feb-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon presents reasons why market volatility in the third year of an equity bull market is a normal and healthy signal.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 25-feb-2025
|
Broad Markets Fixed Income Team
Mientras aguardamos que la Casa Blanca aclare las políticas que podrían incidir en las condiciones financieras, analizamos detenidamente en nuestro último vídeo por qué los aranceles, la política monetaria y los fundamentales de crédito son importantes para los mercados de renta fija.
|
|
|
|
alternatives
page
|
Alternatives
• 24-feb-2025
|
Morgan Stanley Private Credit
The Morgan Stanley Private Credit team traces the rise of direct lending from its small, early origins to its present role as a mainstay of the $1.8 trillion private credit industry.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 24-feb-2025
|
Adam Swinney, Greg Liebl
In high inflation environments, investors often look for strategies to help protect their assets. When high inflation is expected, stocks and bonds may act as a buffer. But when inflation is higher than expected, history shows that commodities often outperform both equity and fixed income.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 21-feb-2025
|
Adam Swinney, Greg Liebl
How will potential trends in inflation, the US dollar and supply deficits across many raw material markets affect the environment for investing in commodities?
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 20-feb-2025
|
Broad Markets Fixed Income Group Team
Aunque los mercados financieros tuvieron un buen mes de enero, el futuro sigue siendo bastante turbio. El equipo Broad Markets Fixed Income aborda la situación.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 19-feb-2025
|
Michael Mauboussin, Dan Callahan
Investors seek opportunities with gaps between price and value. A common approach to estimate value is to consider expected value, the sum of the products of various payoffs and their associated probabilities. We discuss some of the issues with the calculation of expected value, what the payoff picture means for investing, the implications of volatility drag, the psychology of dealing with probabilities and payoffs, and how these ideas can be helpful for investing in various asset classes.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 17-feb-2025
|
Richard Perrott, Bruno Paulson
En la economía global actual, en rápida evolución, la tecnología trasciende clasificaciones sectoriales. Está cambiando las trayectorias del crecimiento y redefiniendo la excelencia operativa, pues la integración digital, la IA y la computación en la nube se han convertido en motores esenciales de la ventaja competitiva.
|
|
|
|
page
|
Insight Article
• 17-feb-2025
|
Emerging Markets Debt Team
Explore key insights on the outlook for emerging markets debt, including which trends to watch and why a focus on fundamentals may matter more in 2025.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 13-feb-2025
|
William Lock, Bruno Paulson
Si bien la economía estadounidense sigue mostrándose más sólida que otros mercados desarrollados, consideramos que puede ser más difícil encontrarnos con sorpresas positivas que en los dos últimos años. Los elevados múltiplos de las acciones, el modesto VIX y los diferenciales de los bonos con una calificación de BBB, que se encuentran en los niveles más bajos registrados este siglo, sugieren que el mercado no comparte esas dudas. Como inversores, preferimos un 'compounding' sostenido mediante un crecimiento decente de los ingresos y unos beneficios resilientes a un múltiplo razonable.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 12-feb-2025
|
Steven Quattry, Sebastian Schafer
The true winners of the U.S.-China tug-of-war may turn out to be a number of overlooked frontier and small emerging market countries that are benefiting from historically low valuations. Steven Quattry points out that these economies, which are not in the direct crosshairs of trade wars, present unique uncorrelated investment opportunities and might be poised for rapid growth.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 10-feb-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
video
|
Video de opinión
• 07-feb-2025
|
Vishal Khanduja
Conozca la evolución de la renta fija en 2025 con nuestro último vídeo, en el que analizamos cómo la divergencia de las políticas, el aumento de la dispersión y la volatilidad podrían definir los riesgos y las oportunidades que se avecinan.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 07-feb-2025
|
Dónal Kinsella
Discover trends for high yield bonds, including their potential suitability to help investors meet their income and total returns goals in 2025 and beyond.
|
|
|
|
big-picture
page
|
Big Picture
• 04-feb-2025
|
Jitania Kandhari
What are the forces that will shape 2025? Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets Equity ; Portfolio Manager, Passport Equity, outlines her ten Key Themes for the upcoming year.
|
|
|
|
sustainable-investing
page
|
Sustainable Investing
• 31-ene-2025
|
Kristian Heugh, Marc Fox
The Global Opportunity team shares its annual update on integrating ESG within the investment process, the carbon intensity of the portfolios and company engagement activity.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 31-ene-2025
|
Alexander Payne
Dispersion, duration and yield curve shifts can be pivotal to returns in the agency MBS market. In our latest insight, we dig into the detail on these factors and more to show why they matter.
|
|
|
|
beat
page
|
Webinar
• 30-ene-2025
|
The quarter ahead and top asset allocation ideas from our investment specialists moderated by Alex Brunson, Head of Nordics Business, MSIM.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 30-ene-2025
|
Andrew Slimmon
In his January TAKE, Senior Portfolio Manager Andrew Slimmon questions whether the 2025 equity market will be consistent with the third year of a bull market, which tends to be mediocre at best. Or will 2025 be led by a technology revolution and a gateway like the roaring late-1990s?
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 29-ene-2025
|
Amy Oldenburg
Saudi Arabia is pulsing with activity as it reaches the half way point of an ambitious plan to transform its economy and reshape its global image by 2030. Amy Oldenburg, Head of Emerging Markets Equity, examines the Kingdom’s progress.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 28-ene-2025
|
Broad Markets Fixed Income Team
¿Tiene curiosidad por el futuro de la política monetaria, la deuda pública y los mercados de crédito? Vea nuestro último vídeo sobre las perspectivas para los mercados de renta fija globales en el nuevo año.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 27-ene-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 27-ene-2025
|
Amy Oldenburg, Amay Hattangadi, Uday Tharar, Aayushi Kukreja
Malaysia’s recent stability and steady growth are paving the way for its government to implement critical reforms. The country is well-positioned for increased investments, particularly in its expanding data center sector, capitalizing on the ongoing “tech war” between the U.S. and China.
|
|
|
|
big-picture
video
|
Big Picture
• 27-ene-2025
|
Jitania Kandhari
Beijing has unveiled a series of stimulus packages aimed at revitalizing China’s economy. However, Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, believes China’s structural weaknesses which include significant debt, a property bubble, underwhelming domestic consumption and trade pressures, cannot be resolved by stimulus measures alone.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 27-ene-2025
|
Tom Lee
Investors in US equities don’t want to give back the hard-earned gains they realized over the last two years, so what are their options?
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 20-ene-2025
|
Amy Oldenburg, Paul Psaila
With the game-changing 2024 election victory of South African president Cyril Ramaphosa setting the stage for a new political and economic era, Amy Oldenburg, Head of Emerging Markets Equity, focuses on a report by Paul Psaila on how the new political landscape may impact the country’s economic future.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 17-ene-2025
|
Broad Markets Fixed Income Team
Los cinco últimos años han estado repletos de sorpresas. En su boletín, el equipo Broad Markets Fixed Income analiza el último mes y valora las perspectivas para 2025.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 15-ene-2025
|
Bruno Paulson
Los mercados se han vuelto más recargados, más impredecibles y más estrechos, como atestiguan el apetito de riesgo que genera la victoria de Donald Trump y el dominio de los gigantes tecnológicos estadounidenses, también conocidos como "las siete magníficas". Para un índice que parece descontar la perfección a futuro, cualquier amenaza o debilitamiento de las expectativas de beneficios puede ser percibido por el mercado como un problema, generando así riesgos para los inversores indexados. Sin embargo, también daría lugar a oportunidades para el enfoque del equipo - 'bottom-up', agnóstico en cuanto a índices y centrado en el 'compounding' de los fundamentales de compañías de alta calidad -.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 13-ene-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
market-monitor
page
|
Market Monitor
• 10-ene-2025
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
market-monitor
page
|
Market Monitor
• 10-ene-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 10-ene-2025
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
big-picture
page
|
Big Picture
• 08-ene-2025
|
Jitania Kandhari
Significant debt, a property bubble, underwhelming domestic consumption and trade pressures are part of the structural weaknesses in China’s economy that stimulus packages cannot resolve alone. Jitania Kandhari explains.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 08-ene-2025
|
Broad Markets Fixed Income Team
As we enter 2025, the Broad Markets Fixed Income Team provides a comprehensive analysis of anticipated trends in fixed income markets, highlighting key areas of opportunity and caution for investors.
|
|
|
|
sustainable-investing
engagement-report
page
|
Engagement Report
• 24-dic-2024
|
Fixed Income Team
In its annual Engagement Report, the Fixed Income organisation provides details on how their investment teams are working with bond issuers on Environmental, Social, and Governance (ESG) issues to help generate better financial and sustainability outcomes.
|
|
|
|
alternatives
page
|
Alternatives
• 23-dic-2024
|
Vikram Raju
Our 1GT team discusses their five key lessons learned from Climate 1.0 and how they can be applied to climate investing today.
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 23-dic-2024
|
Cyril Moulle-Berteaux
2024 has experienced one of the top momentum runs of the past thirty years. Historically, such strong performance has led to a near-full reversal in performance in the subsequent year. Cyril Moulle-Berteaux explains.
|
|
|
|
navigating-the-curve
page
|
Insight Article
• 23-dic-2024
|
Fixed Income Team
In this piece, fixed income managers investing across the duration spectrum outline strategies for seeking higher current income and capital appreciation during this period of change in bond markets.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 20-dic-2024
|
Mark van der Zwan, Jarrod Quigley
We believe that hedge funds are poised to capitalize on what could be a rapidly changing environment, while delivering a source of uncorrelated return and diversification within portfolios.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 18-dic-2024
|
Tony Charles
As the global macro-economic environment continues to improve, the case for real estate investing has become more compelling. After a period of moderation and stabilization in 2024, we believe that 2025 will see a transition into the next upcycle for real estate. Inflation is trending down, interest rates are falling, and valuations are troughing.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 18-dic-2024
|
David Miller
Discover why we believe robust private equity activity has a potential to bolster private credit with growth across a diverse landscape.
|
|
|
|
edge
page
|
EDGE
• 18-dic-2024
|
Counterpoint Global
Counterpoint Global’s Disruptive Research revisits their 2017 paper on Autonomous Vehicles, highlighting key developments, challenges, and opportunities around trucking and robotaxis.
|
|
|
|
2025-outlooks
page
|
2025 Outlooks
• 18-dic-2024
|
David Miller
Discover why we believe that, as venture-backed companies stay private for longer, there is an increased need for growth equity and hybrid capital.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 17-dic-2024
|
Broad Markets Fixed Income Team
What do changes in the global economy and policy uncertainty mean for fixed income markets in 2025? In our latest video, we discuss how these factors may influence markets and the steps we’re taking to navigate rising complexity in the upcoming year.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 17-dic-2024
|
Broad Markets Fixed Income Team
¿De qué manera descifrarán los mercados de bonos el verdadero estado de la economía y la escala de las políticas de la administración entrante? El equipo Broad Market Fixed Income analiza la situación.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 16-dic-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 13-dic-2024
|
Amy Oldenburg
Eight years ago, Saudi Arabia initiated an ambitious plan to transform its economy and reshape its global identity by 2030. Amy Oldenburg, Head of Emerging Markets Equity, looks at the Kingdom’s progress to date.
|
|
|
|
beat
page
|
The BEAT (EN)
• 11-dic-2024
|
Portfolio Solutions Group
El entorno de inversión con el que empieza 2025 es muy interesante. Portfolio Solutions Group valora cinco áreas clave de cara a 2025.
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 09-dic-2024
|
Cyril Moulle-Berteaux
Markets are bullish on Trump’s second term, hoping for tax cuts and better growth. We expect no net stimulus and a decent size hit from tariffs and immigration. This should be bullish for bonds as the Fed continues cutting, but could be a disappointment for frothy stocks.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 05-dic-2024
|
Michael Mauboussin, Dan Callahan
We publish some of our favorite charts that have gone unused or overlooked. We place the pictures in five categories: overall valuation, empirical regularities, capital intensity of big energy versus big technology, corporate performance, and investment management. Some challenge conventional wisdom, others address empirical observations that remain unexplained, and a handful compel a nuanced view.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 04-dic-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 30-nov-2024
|
Marcus Watson, Helena Miles
Tras disiparse las distorsiones causadas por la pandemia COVID-19, el sector sanitario ha obtenido rentabilidades muy por debajo del conjunto del mercado. Sin embargo, se encuentra bien posicionado en dos de los parámetros de calidad preferidos por el equipo, el ROOCE y los márgenes brutos, y registra el segundo mayor crecimiento de sus BPA de entre todos los sectores del índice MSCI World en los últimos 20 años. Esta sólida perspectiva a largo plazo se ve reforzada por el rápido envejecimiento de la población mundial, las oportunidades no aprovechadas de los mercados globales, la naturaleza no discrecional de su demanda y el amplio potencial de innovación tecnológica.
|
|
|
|
page
|
Perspectivas de inversión
• 29-nov-2024
|
Patrick Reid
Descubra por qué la disponibilidad de vehículos semilíquidos está aumentando en todo el espacio de inversión alternativo, experimentando su mayor aumento en el segmento del crédito privado.
|
|
|
|
page
|
Insight Article
• 27-nov-2024
|
Emerging Markets Debt Team
Do all tough reforms have a high political cost? Reformist governments in Southern Europe are proving otherwise. By taking important policy decisions early, governments in Cyprus, Italy and Greece are not only seeing stronger growth than their norther peers but rising popular support as well.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 25-nov-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 22-nov-2024
|
Broad Markets Fixed Income Team
In his November video bulletin, Chief Investment officer Michael Kushma shares his thoughts on where fixed income markets may be heading now that the US presidential election has passed. Watch to find out why he’s focused on three key themes: Trumponomics 2.0, steepening yield curves and areas of opportunity for fixed income investors.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 21-nov-2024
|
Broad Markets Fixed Income Team
El equipo Broad Markets Fixed Income estudia las repercusiones las elecciones presidenciales estadounidenses para los inversores en renta fija.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 18-nov-2024
|
Emerging Markets Debt Team
Insights from the IMF's fall conference reveal a nuanced global outlook, underscoring the critical role of country fundamentals in emerging markets. Read our on-the-ground report for the key highlights and analyses.
|
|
|
|
page
|
Insight Article
• 14-nov-2024
|
Jim Caron, Ryan Meredith
Today’s new interest rate and inflation regime deviates significantly from the past 40 years. As such we believe investment professionals should consider modifying their investment process.
|
|
|
|
alternatives
page
|
Alternatives
• 13-nov-2024
|
Adam Ross
Geothermal energy can supply reliable, sustainable, baseload power offering significant potential as an energy source, but commercial deployment has been limited. Our 1GT team co-hosted a roundtable during Climate Week to discuss future pathways.
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 12-nov-2024
|
Amy Oldenburg, Jitania Kandhari, Saumya Jain
Emerging markets are buzzing with renewed manufacturing activity after years of sluggishness. This resurgence is fueled by strong government support, improving macroeconomic conditions and new supply chains. Amy Oldenburg, Head of Emerging Markets Equity highlights a recent report by Jitania Kandhari and Saumya Jain explaining the transformational changes that are taking place.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 11-nov-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
page
|
Insight Article
• 11-nov-2024
|
Kenneth Michlitsch
As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 07-nov-2024
|
Andrew Slimmon
"In his November TAKE, Senior Portfolio Manager Andrew Slimmon discusses his post-election thoughts on the equity markets and why, he expects potential strength to continue into 2025, albeit more muted."
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 07-nov-2024
|
Cyril Moulle-Berteaux
Chinese stocks are likely still underowned by local and global investors but their superficially low multiples do not represent a compelling reason to go overweight China until policy measures sufficient to solve its debt deflation problems are implemented.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 01-nov-2024
|
Broad Markets Fixed Income
What are the economic and corporate consequences of higher tariffs? In this insight, our Broad Markets Fixed Income team explores the potential trade-offs and knock-on effects of raising tariff rates.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 31-oct-2024
|
Nic Sochovsky
Consumo estable se sitúa actualmente cerca de mínimos de 25 años en términos de valoración relativa y su ponderación en el índice MSCI World es la más baja en lo que va de siglo. No obstante, el sector ha mostrado resiliencia a pesar de que los últimos cuatro años han sido extraordinariamente turbulentos. Dado que el crecimiento está impulsado por los ingresos recurrentes de los productos de uso cotidiano que venden, su resiliencia operativa en períodos de contracción económica hace que las compañías de consumo estable ágiles, innovadoras y que invierten sustancialmente en sus marcas tengan una función clave en nuestras carteras.
|
|
|
|
alternatives
page
|
Alternatives
• 30-oct-2024
|
Aaron Sack, Patrick Whitehead
A successful approach to operational value creation has been key to driving successful private equity outcomes over the last decade. It is increasingly important as we adjust to an environment of higher interest rates and inflation, lower levels of financial leverage, and uncertain macroeconomic growth.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 29-oct-2024
|
Emerging Markets Debt
Emerging markets debt is currently benefitting from a favorable macro backdrop, attractive real yields and growing investor appetite. Will these tailwinds continue through the remainder of 2024 and what should investors be on watch for? Read the latest views from our Emerging Markets Debt team for insights into these questions and more.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 28-oct-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
sustainable-investing
engagement-report
page
|
Engagement Report
• 25-oct-2024
|
Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.
|
|
|
|
page
|
Insight Article
• 25-oct-2024
|
Gregory Finck, Anuj Gulati, Erin Glenn
The Mortgage & Securitized Team believes that Environmental, Social and Governance (ESG) considerations are an essential component to investing in securitized markets. In this paper, they explain how these considerations are integrated into their investment process.
|
|
|
|
alternatives
page
|
Alternatives
• 24-oct-2024
|
Eric Stampfel
Amid market uncertainty, 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.
|
|
|
|
global-multi-asset-viewpoint
page
|
Global Multi-Asset Macro Musings
• 22-oct-2024
|
Cyril Moulle-Berteaux
Given a strong consensus for a Soft Landing and lingering Recession fears, No Landing would be the most contrarian scenario for markets. In fact, there are some hints that the dichotomy between strong spending and weak labor markets could resolve in favor of No Landing.
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 22-oct-2024
|
Amy Oldenburg, Steven Quattry
Amy Oldenburg, Head of Emerging Markets Equity at Morgan Stanley Investment Management, believes savvy investors should take a closer look for hidden gems in emerging and frontier markets.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 18-oct-2024
|
Broad Markets Fixed Income Team
Is market optimism about rates too high? Find out why high volatility potential and tight spreads are making us choosier about bonds.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 18-oct-2024
|
Broad Markets Fixed Income Team
El equipo Broad Markets Fixed Income estudia las consecuencias para los inversores de los recortes de tipos acometidos por la Reserva Federal en septiembre.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 15-oct-2024
|
Michael Mauboussin, Dan Callahan
Strategy explains how a firm builds a moat around its business to pursue sustainable value creation. We begin by showing why strategy matters while also distinguishing between industry and company life cycles. We turn next to industry analysis as we get the lay of the land. We then discuss industry structure and disruption and dis-integration. We finish with firm analysis. We examine the sources of added value and review pricing decisions, regulation, and brands. We include a checklist.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 15-oct-2024
|
Bruno Paulson
Si bien ha regresado la calma tras la breve tormenta estival que azotó los mercados, la oleada de ventas supuso toda una prueba para nuestras carteras globales, que se mostraron resilientes ante estos temores, subiendo efectivamente un 1%, mientras el MSCI World cayó un 7%. Descontándose de nuevo una perspectiva favorable como si nada hubiera ocurrido, contar con una cartera que ofrezca beneficios resilientes a una valoración razonable puede ofrecer cierta defensa de alta calidad, como sucedió este verano.
|
|
|
|
video
|
Insight Video
• 14-oct-2024
|
International Equity Team
One of our holdings has been around since 1892 and is enjoyed 2 billion times a day. With a strong brand, entrenched intangible assets, high returns on operating capital and significant pricing power, it’s exactly what we look for. Learn about our approach to long-term compounders for long-term investors.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 14-oct-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
video
|
Insight Video
• 14-oct-2024
|
International Equity Team
Our life sciences companies form a crucial part of the health care supply chain. Their products are a fraction of their customers’ cost base, they benefit from the nondiscretionary nature of health care demand and their regulatory framework makes it very difficult for customers to switch suppliers—making them a good example of the resilience we seek.
|
|
|
|
video
|
Insight Video
• 14-oct-2024
|
International Equity Team
We own a leading elevator company that services over 2 million elevators globally—which typically remain in service for decades. As the installed base of elevators around the world continues to grow steadily, this creates a very reliable profit stream that illustrates our preference for long-term compounders for long-term investors.
|
|
|
|
navigating-the-curve
page
|
Navigating The Curve
• 11-oct-2024
|
Broad Markets Fixed Income
Central banks are lowering policy rates, but the pace and magnitude varies by market. The Broad Markets Fixed Income team explains what the variable policy paths could mean for fixed income investing ahead.
|
|
|
|
page
|
Insight Article
• 10-oct-2024
|
AIP Hedge Fund Team
The MSIM Hedge Fund Team explores the ways in which hedge funds may directly benefit from a higher cash yield environment making them compelling options as sources of returns and diversification.
|
|
|
|
page
|
Media Appearance
• 10-oct-2024
|
Vishal Khanduja
Vishal Khanduja joined CNBC Squawk Box Asia to discuss his view that the U.S economy is on track for a soft landing and how that impacts his fixed-income strategy.
|
|
|
|
market-monitor
page
|
Market Monitor
• 10-oct-2024
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
market-monitor
page
|
Market Monitor
• 10-oct-2024
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 04-oct-2024
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 03-oct-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 02-oct-2024
|
Amay Hattangadi, Uday Tharar, Aayushi Kukreja
After four years of political turmoil, Malaysia’s recent stability is paving the way for the government to implement critical reforms, ultimately making the country’s prospects promising. Amay Hattangadi, Uday Tharar and Aayushi Kukreja explain.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 24-sep-2024
|
Broad Markets Fixed Income Team
When the Fed says "cut," investors ask "How deep?" Find out where we stand on current rate forecasts, plus our outlook for the credit market and the US dollar.
|
|
|
|
page
|
Media Appearance
• 24-sep-2024
|
Craig Brandon
Craig Brandon, Co-Head of Municipals at Morgan Stanley Investment Management, joins CNBC The Exchange to discuss how rate cuts will affect municipal bonds, how the election and tax rates could impact municipals, and more.
|
|
|
|
alternatives
page
|
Alternatives
• 20-sep-2024
|
Pamela Fung
With Indian public markets having experienced a strong run-up since 2020, global allocators have been turning to Indian private equity. In this paper, we aim to examine the promising performance potential of Indian private equity.
|
|
|
|
2024-outlooks
page
|
2024 Outlooks
• 19-sep-2024
|
Mark van der Zwan, Jarrod Quigley
Our hedge fund team discusses their outlook and the opportunities they are seeing for the remainder of 2024.
|
|
|
|
video
|
Insight Video
• 18-sep-2024
|
Brad Godfrey
Co-head of emerging market debt Brad Godfrey shares the potential diversification, income and return advantages of a growing and powerful asset class.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 18-sep-2024
|
Broad Markets Fixed Income Team
La renta fija tuvo otro mes de sólido comportamiento en agosto pese a las dos primeras semanas de volatilidad sin precedentes. El equipo Broad Markets Fixed Income aborda la situación.
|
|
|
|
opportunity-optimum
page
|
Opportunity Optimum
• 17-sep-2024
|
Kristian Heugh, Anil Agarwal, Marc Fox, Emily Tsui
El equipo Global Opportunity considera que India ofrece un atractivo terreno tanto para encontrar ideas que cumplan con los criterios para la creación de valor a largo plazo como para explicar los amplios segmentos donde el equipo considera que existen oportunidades.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 17-sep-2024
|
Andrew Slimmon
"In his September TAKE, Senior Portfolio Manager Andrew Slimmon discusses why, like in previous US Presidential election years, this time of equity market volatility is a period to be a patient and intentional investor, in preparation for a likely strong finish to 2024."
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 16-sep-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
page
|
Media Appearance
• 10-sep-2024
|
Craig Brandon
Craig Brandon, Co-Head of Municipals at Morgan Stanley Investment Management, joins Bloomberg Surveillance Radio to discuss the muni market, its focus on infrastructure, the opportunity in high yield munis right now and how sectors such as commercial real estate may impact the municipal market.
|
|
|
|
audio
|
Insight audio
• 06-sep-2024
|
Mark van der Zwan
Mark van der Zwan, Chief Executive Officer for Morgan Stanley Investment Management's Hedge Fund team, appears on Resonanz Spotlight to explore the past, present, and future of hedge fund investing
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 05-sep-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 04-sep-2024
|
Jitania Kandhari, Saumya Jain
Assembly lines worldwide are humming with activity, signaling a promising revival of the manufacturing sector after decades of sluggishness. In emerging markets, this capital expenditure revival is being supported by governments and better macro conditions. Jitania Kandhari and Saumya Jain explain.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 26-ago-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 26-ago-2024
|
Richard Perrott
Aunque muchas de las empresas en las que invierte el equipo son compañías grandes con marcas establecidas y conocidas, según la experiencia del equipo, también se pueden encontrar excelentes empresas y oportunidades de inversión buscando perfiles centrados en nichos especializados, en particular, aquellos perfiles que desempeñan un papel fundamental en un mercado y disfrutan de tener estrechas relaciones con los clientes. De forma inmerecida, pero quizá no sorprendente, estas empresas a menudo quedan fuera del foco de atención del mercado y pueden pasar desapercibidas ante la cobertura del 'sell-side'.
|
|
|
|
alternatives
page
|
Alternatives
• 23-ago-2024
|
Kara O'Halloran
Discover why the current market is conducive to market-neutral strategies, with the ability to generate alpha on both the long and short sides of portfolios.
|
|
|
|
tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 15-ago-2024
|
Amy Oldenburg, Eric Carlson, Ravi Jain
Teetering on the edge of bankruptcy as the Berlin Wall came down, Poland defied expectations to become a critical manufacturing hub for western Europe. In this video, Amy Oldenburg, head of Emerging Markets Equity, explores how Poland transformed its economy and became one of the most successful nations to emerge from the former Soviet bloc.
|
|
|
|
global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 15-ago-2024
|
Broad Markets Fixed Income Team
Explore the latest expectations for Fed rate cuts, reasons to closely watch the US elections, and why we continue to favor short-duration credit.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 12-ago-2024
|
Broad Markets Fixed Income Team
A pesar de la reticencia de los bancos centrales a comprometerse de antemano con una trayectoria regulatoria determinada, el optimismo de los inversores en bonos ha aumentado. El equipo Broad Market Fixed Income analiza la situación.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 12-ago-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
market-alert
audio
|
Market Alert
• 12-ago-2024
|
Andrew Slimmon
Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.
|
|
|
|
page
|
Artículo de opinión
• 09-ago-2024
|
Frank Famiglietti
Con la “democratización” de las inversiones alternativas, numerosos inversores particulares tienen acceso actualmente a estrategias capaces de mejorar la rentabilidad y la diversificación.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 07-ago-2024
|
Paul Psaila
In a remarkable twist of events, South African President Cyril Ramaphosa turned a potentially career-ending electoral defeat into a victory that may reshape the nation's political and economic landscape. Paul Psaila explains.
|
|
|
|
alternatives
audio
|
Media Appearance
• 06-ago-2024
|
Jeff Levin, Ashwin Krishnan
Jeff Levin and Ashwin Krishnan discuss private credit, its outlook and where they see opportunities, on InsuranceAUM’s podcast.
|
|
|
|
alternatives
audio
|
Media Appearance
• 06-ago-2024
|
Aaron Sack
Head of Morgan Stanley Capital Partners, Aaron Sack, discusses how to build a successful middle market buyout strategy, and the role of private equity in market growth.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 05-ago-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 29-jul-2024
|
Bruno Paulson, Laura Bottega
El mercado parece dominado por la doble creencia en la invulnerabilidad de la economía estadounidense y el ingente impacto de la IA generativa. Este no es el entorno más fácil para una filosofía de inversión que busca “winners” establecidos con unos beneficios resilientes en épocas difíciles. Sin embargo, las altas expectativas, en general, y cada vez más altas en el caso de una compañía en concreto, nos inquietan acerca de las perspectivas para el mercado. El equipo se mantiene firme en su proceso de calidad y su atención se centra en el 'compounding' absoluto a largo plazo.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 29-jul-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
alternatives
page
|
Alternatives
• 25-jul-2024
|
AIP Hedge Fund Team
In recent years, multi-manager platforms (Multi-PMs) have completely transformed the hedge fund world. In this FAQ, we answer fundamental questions about these Multi-PMs. What are they and why are they attracting so many investors?
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 24-jul-2024
|
Michael Mauboussin, Dan Callahan
Consilient Research considers the phenomenon of companies that both issue and retire shares around the same time. This behavior may fail the central goal of capital allocation, which is to buy low and sell high. Which one is it?
|
|
|
|
global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 23-jul-2024
|
Broad Markets Fixed Income Team
Co-Head of Broad Markets Fixed Income Vishal Khanduja discusses the probability for a U.S. soft landing, the heightened political uncertainty and how investors should think about positioning for volatility.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 23-jul-2024
|
Andrew Slimmon
In his July TAKE, Senior Portfolio Manager Andrew Slimmon reiterates the rational behavior of the stock market so far this year given corporate fundamentals and stock performance appear closely aligned. And discusses why, in spite of nearer term volatility, the market could finish the year higher still.
|
|
|
|
market-monitor
page
|
Market Monitor
• 16-jul-2024
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
market-monitor
page
|
Market Monitor
• 16-jul-2024
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
page
|
Insight Article
• 16-jul-2024
|
Andrew Szczurowski, Gregory Finck
The impressive performance of corporate credit markets to start the year has prompted many investors to begin seeking out alternative sources of yield and total return in the global fixed income markets.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 16-jul-2024
|
Fixed Income
June was a mixed month for fixed income. Lower US yields were supported by weaker-than-expected inflation and increased market expectations of further rate cuts.What was the impact on fixed income markets? The Broad Markets Fixed Income team explains.
|
|
|
|
market-monitor
page
|
Market Monitor
• 16-jul-2024
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 11-jul-2024
|
Steven Quattry
Small emerging and frontier market countries have weathered crises this decade, but are implementing reforms based on orthodox economic policies. Despite massive currency depreciations, the equity markets in many of these countries, such as Argentina and Pakistan, have generated stronger earnings per share—in dollar terms—compared to the broader MSCI EM Index. Steven Quattry explains why these countries merit a closer look.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 11-jul-2024
|
William Lock
Aunque la controversia entre la inversión activa y la inversión pasiva resulta ser un eterno debate, lo cierto es, que no tiene necesariamente que tratarse de una decisión exclusiva de uno u otro. El equipo considera que existen argumentos muy sólidos para que en las carteras cohabiten tanto la inversión en índices como la gestión activa. Si bien los fondos pasivos ofrecen una exposición amplia y un acceso ágil y barato a temáticas tácticas, mostrar un enfoque selectivo sigue ofreciendo una oportunidad, especialmente, en vista de los sesgos de los índices. Cuando los precios de las acciones se desvinculan de los fundamentales, los especialistas en selección de acciones pueden aprovechar la situación, siempre y cuando cuenten con el lujo de tener un horizonte temporal más largo y una evolución alcista asimétrica basada en múltiplos siga teniendo 'momentum'.
|
|
|
|
video
|
Insight Video
• 10-jul-2024
|
Dónal Kinsella
Portfolio Manager Dónal Kinsella explains three key areas that high yield bond investors should consider and why a discerning approach to credit selection is key.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 03-jul-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
sustainable-investing
page
|
Sustainable Investing
• 30-jun-2024
|
Calvert Research and Management
Morgan Stanley’s 2024 Annual Sustainable Finance Summit brought together some of Investment Management’s leading thinkers, research analysts and portfolio managers to discuss and debate topical issues related to sustainability.
|
|
|
|
global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 25-jun-2024
|
Fixed Income Team, Broad Markets Fixed Income Team
The market is pricing in rate cuts for the U.S., as global central banks move to ease policy. But are investors getting ahead of themselves? The Federal Reserve remains cautious, and hard data suggests rate-cut delays – not cuts. Will markets reassess their views? Will the Fed change tact? And will rate uncertainty affect opportunities within global fixed income?
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 24-jun-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 14-jun-2024
|
Andrew Slimmon
In his June TAKE, Senior Portfolio Manager Andrew Slimmon discusses earnings revisions as a major driver of stock performance this year and talks about the importance of using highly active managers and avoiding closet indexers.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 14-jun-2024
|
Broad Markets Fixed Income Team
A pesar de los altos niveles de crecimiento e inflación (con respecto a los objetivos), los inversores en bonos son ahora optimistas acerca del futuro de las políticas de la Reserva Federal. ¿Cuáles son las repercusiones para los mercados de renta fija? El equipo Broad Markets Fixed Income explica la situación.
|
|
|
|
sustainable-investing
engagement-report
page
|
Engagement Report
• 13-jun-2024
|
Eric Carlson, Dana Phillips, Candy Chao, Harrison Jamin
Our Emerging Markets Equity annual stewardship report illustrates our proactive engagement with portfolio companies to navigate operating landscapes and assist them in their growth. Discover how we initiate progress in the global energy transition, tackle regulatory challenges and encourage greater corporate transparency and disclosures, especially with regards to executive compensation issues.
|
|
|
|
alternatives
page
|
Media Appearance
• 11-jun-2024
|
David Miller
David Miller, Morgan Stanley Investment Management's Head of Global Private Credit & Equity, speaks on "Markets Today" from SuperReturn International. David speaks to some of the concern around the rapid growth of private market investments and explains why it's important to look upon that growth in the context of overall public market caps.
|
|
|
|
2024-outlooks
page
|
2024 Outlooks
• 10-jun-2024
|
Adam Swinney, Greg Liebl
What's the outlook for commodity markets and what factors are driving commodity trends?
|
|
|
|
video
|
Insight Video
• 07-jun-2024
|
International Equity
Many of the companies that our International Equity team owns aren’t just resilient, but they develop products and services that help other companies build their resilience.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 05-jun-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 04-jun-2024
|
Michael Mauboussin, Dan Callahan
Stock market concentration has risen sharply over the past decade, creating a tough environment for active managers. In this report, we look at concentration over the past 75 years to see where we stand. We review which companies have been the largest and how that has changed. We ask if there is a correct level of concentration by studying other global markets and by presenting the possibility it was too low before. We then examine whether corporate performance supports the current increase.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 03-jun-2024
|
Eric Carlson, Ravi Jain
Poland, on the verge of bankruptcy when the Berlin Wall came down, has defied expectations to become a crucial manufacturing hub for western companies in Europe. Eric Carlson and Ravi Jain explore how the country became one of the most successful economies to emerge from the former Soviet bloc.
|
|
|
|
audio
|
Media Appearance
• 31-may-2024
|
Rohanjit Chaudhry
Rohanjit Chaudhry, Executive Director of Morgan Stanley Capital Partners, joined BDO Private Equity PErspectives podcast to discuss how private equity continues to approach economic challenges, like the current high cost of capital, through a lens of cautious optimism
|
|
|
|
video
|
Media Appearance
• 29-may-2024
|
Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Bloomberg Surveillance to discuss her outlook on commercial real estate and sectors where she sees potential opportunity.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 28-may-2024
|
Anton Kryachok
En un mercado obsesionado con buscar el próximo gran acontecimiento, nos aseguramos de que las valoraciones de las compañías parezcan justificadas según los fundamentales subyacentes, confeccionando una cartera con empresas poco habituales capaces de revalorizarse con un retorno elevado y sostenible a largo plazo. Dado que los múltiplos han supuesto el 85% de las rentabilidades este trimestre, un periodo de 20 años supone un 4%. Mientras tanto, el crecimiento de las ganancias pesa mucho más: hasta el 71% en 20 años. El "compounding" exige disciplina y paciencia.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 28-may-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
big-picture
page
|
Big Picture
• 21-may-2024
|
Jitania Kandhari
In this updated report, read how Emerging Markets are driven by more than just China. Emerging Market Equities look attractive with higher growth, reduced debt, and lower inflation. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group and Head of Macro & Thematic Research, Emerging Markets explains.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 13-may-2024
|
Broad Markets Fixed Income Team
El cambio en las expectativas acerca de las bajadas de los tipos de interés tuvo efectos en todo el mundo, ya que las tires subieron tanto en los mercados desarrollados como en los emergentes. El equipo Broad Markets Fixed Income estudia las consecuencias para los inversores.
|
|
|
|
page
|
Insight Article
• 09-may-2024
|
Portfolio Solutions Group
In this paper, the Portfolio Solutions Group explains how they counter adverse impact to returns in this new regime through a new management approach with the goal of achieving stable target returns.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 07-may-2024
|
Amay Hattangadi, Leon Sun, Jerry Peng
As Chinese corporations navigate the complexities of post COVID growth, Beijing is actively encouraging companies to increase dividend payments and embrace share buybacks, as part of government measures to make the capital markets more resilient. The focus on investor-friendly initiatives provides an opportunity for another look at Chinese stocks.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 06-may-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 30-abr-2024
|
Bruno Paulson
Una combinación de mercados concentrados y en ebullición resulta en un entorno complejo de inversión, en particular, en términos relativos. La respuesta del equipo International Equity consiste en seguir pensando en términos absolutos, ser exigentes tanto en calidad como en valoración y aspirar a lograr un “compounding” a largo plazo.
|
|
|
|
sustainable-investing
page
|
Sustainable Investing
• 30-abr-2024
|
Robert Walker
As the 2024 proxy season kicks off, the Morgan Stanley Investment Management Global Stewardship Team highlights three key themes: Natural Capital and Biodiversity, Workers’ Rights, and Artificial Intelligence (AI) that we believe will be high on the agenda for investors.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 29-abr-2024
|
Andrew Slimmon
In his April TAKE, Senior Portfolio Manager Andrew Slimmon discusses investor behavior as pertaining to the puzzling swell in money market fund assets, and what Applied Equity Advisors is focused on during this earnings season.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 23-abr-2024
|
Michael Mauboussin, Dan Callahan
Most investors “price” the stocks of companies by using valuation multiples instead of “valuing” them based on future cash flows and fundamentals. We address what multiples miss and why they have become less informative. We examine how the two most popular multiples, P/E and EV/EBITDA, can provide different signals about a stock’s relative attractiveness. We then take a deep look at EV/EBITDA. We do not discourage the use of multiples, but users should understand the underlying value drivers.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 22-abr-2024
|
Eric Carlson, Candy Chao
India is undergoing a significant transformation to strike a balance between economic growth and sustainability, revamping its environmental reputation. India’s energy security and consumption growth is a significant investment theme for the coming decade as the country adds green capacity. Eric Carlson and Candy Chao explain.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 22-abr-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
video
|
Insight Video
• 16-abr-2024
|
Fixed Income Team
How can our full spectrum of fixed income solutions and specialized teams help navigate the curve and build a tailored portfolio?
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 15-abr-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 10-abr-2024
|
Broad Markets Fixed Income Team
Actualmente, los bonos parecen mucho más atractivos que a principios de enero. El equipo Broad Markets Fixed Income explica la situación.
|
|
|
|
big-picture
page
|
Big Picture
• 08-abr-2024
|
Jitania Kandhari
In 2022, the 60/40 portfolio suffered its worst loss since 1937, prompting many market participants to question its value. Analyzing 200 years of data, Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group, evaluates the renewed relevance of the 60/40 portfolio.
|
|
|
|
market-monitor
page
|
Market Monitor
• 08-abr-2024
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
market-monitor
page
|
Market Monitor
• 08-abr-2024
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
big-picture
video
|
Big Picture
• 08-abr-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, examines the return of the 60/40 portfolio strategy in 2024.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 04-abr-2024
|
Amay Hattangadi, Rose Kim
Will the Korean market’s current value proposition solidify into a lasting investment theme? Amay Hattangadi and Rose Kim examine Korea’s de-rating over the past two decades to determine whether now is time to engage in the Korea “value trade.”
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 02-abr-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
page
|
Insight Article
• 01-abr-2024
|
Aaron Dunn,
Chris Dyer
All humans have behavioral biases, those blind spots that can impact decision-making. To address investment bias, the Eaton Vance Equity Global Team has integrated proprietary Portfolio Exercises into their investment process, a differentiator in the way they manage money and an important element of their success.
|
|
|
|
big-picture
video
|
Big Picture
• 01-abr-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, believes oil is an underappreciated, underinvested and undervalued commodity in 2024.
|
|
|
|
sustainable-investing
page
|
Sustainable Investing
• 01-abr-2024
|
Ian Kirwan,
Chris Dyer
The Eaton Vance Equity Global Team seeks to illustrate the merits of a "sustainable" equity investing approach.
|
|
|
|
big-picture
video
|
Big Picture
• 21-mar-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Ten Key Themes for 2024.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 28-feb-2024
|
Michael Mauboussin, Dan Callahan
We examine the counterintuitive behavior of U.S. public companies in the recent regime of “easy money” marked by below-average interest rates.
|
|
|
|
big-picture
page
|
Big Picture
• 05-feb-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Key Themes for 2024.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 30-ene-2024
|
Michael Mauboussin, Dan Callahan
Understanding the five areas of micro and macroeconomics where increasing returns applies and show their relevance to investors.
|
|
|
|
page
|
Insight Article
• 16-ene-2024
|
Andrew Peel, Digital Asset Markets
The U.S. dollar has been the prominent global currency for more than 80 years, but its dominance is coming under pressure in the face of evolving geopolitical shifts and increasing twin deficits in the United States. Digital assets such as bitcoin, stablecoins in addition to the promise of Central Bank Digital Currencies (CBDCs), have potential to significantly alter the currency landscape. These innovations, while still in their nascent stages, hold opportunities to both erode and reinforce the dollar’s hegemony in global finance, Andrew Peel of Digital Asset Markets explains.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 13-dic-2023
|
Michael Mauboussin, Dan Callahan
Explore the powers and perils of pattern recognition, which investors often credit. We define it, discuss when it works better, and offer ways to improve it.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 17-nov-2023
|
Jitania Kandhari, Amol Rajesh
Despite growth in EV sales, oil demand has continued to increase over the past decade. With increased supply discipline and very attractive shareholder returns, we see a compelling outlook for oil prices and energy equities, Jitania Kandhari and Amol Rajesh of the Emerging Markets Equity Team explain.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 24-oct-2023
|
Michael Mauboussin, Dan Callahan
We study the sources of total shareholder return (TSR) and tie them to underlying economic principles. This is useful to assess the prospective returns of a stock and to create a framework for flagging value traps. The analysis reveals that few investors in the stocks of companies that pay dividends earned the TSR and refutes the common belief that dividends contribute to capital accumulation. This framework gives investors a checklist of drivers and the tools to assess them.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 24-oct-2023
|
Jitania Kandhari, Amay Hattangadi
Healthcare in emerging markets is underpenetrated, and as income levels rise, there is growing demand for better insurance providers and healthcare services. Private hospital groups, insurance companies and medical tourism providers can expect pockets of growth in response to these changing dynamics. Amay Hattangadi and Jitania Kandhari of the Emerging Markets Equity team explore.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 26-sep-2023
|
Michael Mauboussin, Dan Callahan
The life cycle captures the stages of a company’s existence, from birth to growth to maturation to decline. Knowing where a company is in its life cycle is helpful for assessing capital allocation, financing costs, governance, and valuation. In this report, we use the cash flow statement to place companies in the proper stage. We then show the average characteristics of companies in each stage, their rates of transition between stages, and the past shareholder returns of each transition cohort.
|
|
|
|
video
|
Insight Video
• 22-sep-2023
|
Vikram Raju
Morgan Stanley Investment Management’s Head of Climate Private Equity Investment Vikram Raju joins ION Analytics’ Giovanni Amodeo to talk about climate investing opportunities for the ION Influencers fireside chat series.
|
|
|
|
video
|
Insight Video
• 12-sep-2023
|
International Equity
A portfolio of high quality, well managed American companies with something extraordinary – resilience. American Resilience. As strong as you are.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 29-ago-2023
|
Jitania Kandhari, Audrey Muhirwa
While U.S. residential market dynamics are favorable with strong employment and low loan delinquencies, real estate in other developed economies faces vulnerabilities. China’s struggling property market remains a drag on its economy, but in many other emerging economies increased affordability, shifts in global trade and limited supply will create opportunities explains Jitania Kandhari, Head of Macro & Thematic Research, Emerging Markets Equity Team.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 28-ago-2023
|
William Lock, Annabel Stanford
While society may be driven by immediate rewards, the International Equity team would argue that patience in investing leads to enduring results and positive long-term investment outcomes.
|
|
|
|
edge
page
|
EDGE
• 09-ago-2023
|
Counterpoint Global
Counterpoint Global looks back across almost two decades of dedicated research on disruption—and the ways it reinforces our long-term mindset, helps us manage risk and reduce errors of omission. Diving into studies of digital advertising, cloud computing and the approaching wave of AI, the team reviews both how we approach disruptive change research and how that research has benefited Counterpoint Global in capitalizing on unique investment opportunities.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 03-ago-2023
|
Steven Quattry
Nigeria's new reform minded president looks to accelerate economic growth for Africa's largest economy, leading to investment opportunities targeting the rising consumer.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 31-jul-2023
|
Bruno Paulson, Emma Broderick
As artificial intelligence enters its next chapter, the early winners of the “AI gold rush” have been the semiconductor and cloud computing providers. But the surge in generative AI also included two surprises: the speed of consumer adoption and the lack of barriers to entry. While the full impact of AI remains unclear, the International Equity Team continues to invest through its high-quality lens, focusing on further opportunities in cost reduction and value creation, and with an eye on risks.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 25-jul-2023
|
Michael Mauboussin, Dan Callahan
We examine the demographics of public companies and their patterns of wealth creation. We focus on the last half century in the U.S. and review the “births” and “deaths” of public companies. We also discuss changes in market composition. Nearly 60 percent of companies have failed to create value, and 2 percent have created 90 percent of the aggregate wealth. This suggests two strategies for portfolio construction: seek broad diversification or aim to own the wealth creators.
|
|
|
|
big-picture
page
|
Big Picture
• 25-jul-2023
|
Jitania Kandhari
A closer look at China’s past, present and future, its transition from poverty under Marxist policies to the global powerhouse it is today, and its ongoing attempt to navigate the complex intersection of economic, technological and geopolitical realities to achieve its goals. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group, explores.
|
|
|
|
global-equity-observer
page
|
Global Equity Observer
• 29-jun-2023
|
Marcus Watson and Richard Perrott
En el mundo de M&A, no todas las empresas que compran a otras son iguales. El equipo International Equity es cauteloso en cuanto a las fusiones y las adquisiciones, pues se trata de una elección que suele entrañar un riesgo alto para la asignación de capital de una compañía. Sin embargo, hay compañías —nosotros invertimos en algunas de ellas— que cuentan con un historial de adquisiciones de riesgo relativamente bajo que contribuyen significativamente a la rentabilidad para los accionistas. Las buenas compradoras son una especie rara, pero existen características comunes para sus estrategias que sugieren que se trata de un proceso repetible.
|
|
|
|
video
|
Insight Video
• 16-jun-2023
|
International Equity
Adding resilience to your portfolio means letting the companies you hold work for you. Learn how the International Equity team seeks to identify companies with earnings resilience and why this matters for long-term investors.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 06-jun-2023
|
Michael Mauboussin, Dan Callahan
This report extends our analysis of the ROICs for public companies in the U.S. and updates the data to cover the years 1990 to 2022. We start by providing the latest ROIC figures, then examine the link between changes in ROICs and total shareholder returns (TSRs), and finish by reviewing elements of competitive strategy as well as persistence of ROIC by sector.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 18-abr-2023
|
Michael Mauboussin, Dan Callahan
U.S. companies are increasingly paying employees with stock-based compensation (SBC) rather than cash. We begin with data showing overall trends, then turn to the accounting issues, and wrap up by evaluating the strengths and weaknesses of SBC. Ongoing shareholders typically realize more dilution with young companies than with old ones because SBC tends to be more significant, and buybacks less significant, for young companies. Research is equivocal on the benefits commonly cited for SBC.
|
|
|
|
advisor-institute
video
|
Advisor Institute
• 08-abr-2023
|
David Richman
Descubra cómo este marco le puede ayudar a entablar conversaciones más significativas.
|
|
|
|
advisor-institute
video
|
Advisor Institute
• 08-abr-2023
|
David Richman
Consiga que su negocio crezca sin que se le vea como un comercial.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 23-mar-2023
|
Jitania Kandhari, Saumya Jain
Post-pandemic, untangling global supply chains through reshoring, friend-shoring and nearshoring has created opportunities for emerging markets like India, Vietnam, Thailand, Indonesia and Mexico. Jitania Kandhari and Saumya Jain of the Emerging Markets Equity Team explain.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 22-mar-2023
|
Michael Mauboussin, Dan Callahan
Probability and confidence are distinct concepts, and we believe it is useful for investors to separate them. For example, the price of two potential investments may present the same discount to expected value, but confidence in the probabilities for one may exceed those of the other. That nuance may be relevant for determining the appropriate weighting of securities or evaluating diversification.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 15-feb-2023
|
Michael Mauboussin, Dan Callahan
This is a guide to estimating the cost of capital, a measure of both expected return and the discount rate. For example, investors discount future free cash flows at the cost of capital to come up with a present value. Our goal is to find a figure that reflects opportunity cost sensibly, is economically sound, and gives the investor and businessperson a practical solution. We recommend settling on a reasonable cost of capital and then allocating the bulk of time thinking about future cash flows.
|
|
|
|
big-picture
page
|
Big Picture
• 02-feb-2023
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, AIA, outlines her Key Themes for 2023.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 14-dic-2022
|
Michael Mauboussin, Dan Callahan
Capital allocation is a key job of management, but not all know how to allocate effectively. In this report, we establish the foundation by reviewing the sources and uses of capital and then show how U.S. companies have allocated capital since 1985. Next, we review the alternatives in detail, including intangible investments, and offer a guide for thinking about the prospects for value creation. We finish with a framework for assessing a company’s capital allocation skills.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 22-nov-2022
|
Eric Carlson, Candy Chao
Mining companies have had a terrible environmental reputation in the past, but recent efforts show how the industry can implement sustainable initiatives. Investors are now focusing on companies that have practical decarbonization pathways to help lower emissions over the next three to five years. Eric Carlson and Candy Chao explore.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 09-nov-2022
|
Steven Quattry
Vietnam’s large, young and tech-savvy middle class, makes it one of a few countries to benefit from globalizing in a deglobalizing world and usher in the next generation of investments in emerging markets. Steve Quattry and Jorge Chirino explain.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 09-nov-2022
|
Michael Mauboussin, Dan Callahan
We extend the analysis from our recent report, “Return on Invested Capital,” by adjusting ROIC for all companies to reflect intangible investment. While the median and aggregate ROIC for the adjusted figures is similar to the traditional one, the main result is that extremely high and low ROICs regress toward the mean. We believe these adjustments represent a step toward a more accurate view of the magnitude and return on investment.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 06-oct-2022
|
Michael Mauboussin, Dan Callahan
We discuss how to calculate return on invested capital (ROIC) and show how it is connected to free cash flow, economic profit, and growth. We work through the challenges in estimating it, present empirical data, review how adjusting for intangible investments can reshape the figures, and include a case study.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 15-sep-2022
|
Michael Mauboussin, Dan Callahan
We examine whether a study of market share and related concepts can help us determine if a company has a sustainable competitive advantage. This takes us on a journey that includes life cycles, market share, concentration, markups, intangibles, and "superstars". We study the link between some of these variables and return on investment and provide some analytical tools along the way. We finish with some case studies to see how these ideas apply to a handful of industries.
|
|
|
|
big-picture
page
|
Big Picture
• 22-ago-2022
|
Jitania Kandhari
"China’s spectacular economic growth has remade the geopolitical landscape and created tensions with the U.S. But the country’s internal and external challenges will limit Beijing’s ambitions. Investors will be on the edge," explains Jitania Kandhari, Head of Macro and Thematic Research for Emerging Markets Equity Team.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 02-ago-2022
|
Amay Hattangadi,
Jitania Kandhari
In India, there has been a recent change from the Gandhian principles of small is beautiful to actively incentivizing large scale manufacturing. Coupled with a healthy banking sector and high demand for housing, the stage is set for Delhi to move forward with an opportunity to shine.
|
|
|
|
edge
page
|
EDGE
• 27-jul-2022
|
Counterpoint Global
Psychedelics have the potential to fundamentally reshape how we think about and treat not only mental illness but a host of other conditions as well. Counterpoint Global investigates how psychedelic therapy works, the potential wide-spread impact of this innovative treatment, and the roadblocks to medical adoption.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 20-jul-2022
|
Michael Mauboussin, Dan Callahan
Investors must look past simple measures of profits to understand a business’s true ability to create value. The rise of intangibles means more investments are expensed versus capitalized, which makes financial statements appear distorted versus those of the past. Academics distinguish between GAAP losers, companies that have losses but a high return on investment, and real losers, or those that have expenses unrelated to investment that exceed sales. Evidence from recent decades shows GAAP losers produced attractive shareholder returns relative to the real losers and profitable companies.
|
|
|
|
sustainable-investing
convergence
page
|
Convergence
• 13-jul-2022
|
Thomas Kamei
Blockchain technologies have unique capabilities that can enable an interoperable marketplace for voluntary carbon offsets – solving a number of issues with the existing market, such as significant variance in underlying quality of offsets – and thus have an opportunity to play a role in decarbonizing the global economy.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 23-jun-2022
|
Najmul Hasnain
Saudi Arabia is in the midst of an ambitious and transformative program of social and economic reforms designed to wean the economy off its dependence on the oil sector. Najmul Hasnain, Head of the Saudi Arabia Equity Team, explores.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 15-jun-2022
|
Michael Mauboussin, Dan Callahan
Burgeoning industries often follow the same developmental pattern as a child’s brain, with an overproduction of options followed by a pruning of those that are not useful. This appears wasteful but is in fact an elegant solution. We discuss this pattern for companies, describe why investors should care, and offer some current examples of where this pattern of entry and exit is playing out.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 10-may-2022
|
Michael Mauboussin, Dan Callahan
The goal of capital allocation is to put resources to their best use to create long-term value per share for ongoing shareholders. The first major part of capital allocation is investing in the business. The second is transacting with mispriced securities, which introduces the potential for wealth transfers between stakeholders. Astute investors appropriately focus on a management's ability to make investments in the business, but they should also pay attention to management actions with regard to buying and selling the company’s stock.
|
|
|
|
sustainable-investing
convergence
page
|
Convergence
• 30-abr-2022
|
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.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 12-abr-2022
|
Michael Mauboussin, Dan Callahan
The shift from tangible to intangible investments has complicated the ability to interpret financial statements. One solution is to record intangible investments on the balance sheet and then amortize them over their useful lives. These adjustments recast profitability for some companies and are inconsequential for others. Overall, we estimate that earnings for the S&P 500 would be about 10 percent higher with these changes. This suggests great caution in comparing earnings or valuation multiples over time.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 16-mar-2022
|
Michael Mauboussin, Dan Callahan
Continuous process improvement is essential to achieving outstanding long-term outcomes. Receiving timely and accurate feedback—information used as a basis for improvement—can enhance the process and make you a better forecaster. We discuss multiple facets of process improvement, including getting the right people and helping them thrive, the role of organizational structure in fostering good decision making, and specific mechanisms to sharpen execution. We draw on principles from other fields but focus primarily on the investment management industry.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 27-ene-2022
|
Michael Mauboussin, Dan Callahan
Organisms allocate energy between growth and maintenance and repair. They stop growing when maintenance requires all of the energy. Substitute capital for energy and companies appear to follow a similar trajectory. This is important because you can anticipate a company’s growth only if you understand how much capital it spends on growth versus maintenance. Most executives and investors likely underestimate maintenance spending. Steps toward better understanding include a proper assessment of maintenance capital expenditures and a separation of SG&A into investment and maintenance components.
|
|
|
|
edge
page
|
EDGE
• 27-dic-2021
|
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.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 06-oct-2021
|
Michael Mauboussin, Dan Callahan
Accounting has not kept pace with the changing economics of businesses, which has created a huge gap between what companies report in their financial statements and what an investor needs to understand a business. To better categorize activities, we suggest making adjustments within the statement of cash flows pertaining to stock-based compensation, leases, and intangible investments. We believe these adjustments substantially improve the description of a business. We share a case study of Amazon for 2020 to make the concepts more concrete.
|
|
|
|
sustainable-investing
convergence
page
|
Convergence
• 29-sep-2021
|
Counterpoint Global
Sustainability Research at Counterpoint Global has produced a method to systematically measure the potential cost of carbon emissions as well as the financial impact of a carbon tax. Our framework allows us to translate these costs into estimates of stock returns. We believe that measuring the cost of carbon emissions allows us to better understand the environmental risks for the companies in our portfolio as well as for those we do not own. We also seek to help our clients benefit from the many opportunities that a low-emissions world could create.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 03-ago-2021
|
Michael Mauboussin, Dan Callahan
We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 23-jun-2021
|
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.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 19-may-2021
|
Michael Mauboussin, Dan Callahan
This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 21-dic-2020
|
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.
|
|
|
|
edge
page
|
EDGE
• 19-oct-2020
|
Counterpoint Global
Quantum computers store and process information using the quantum mechanical properties of matter. Counterpoint Global investigates the impact this new hardware could have on processing speeds and its potential to tackle previously unsolvable computing problems.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 15-sep-2020
|
Michael Mauboussin, Dan Callahan
The one job of an equity investor is to take advantage of gaps between expectations and fundamentals, which requires an understanding of the magnitude of investment and return on investment in order to properly anticipate free cash flows. With investments shifting more toward intangible assets, this report discusses the measurement and characteristics of intangible assets and reviews the implications of the growth of intangibles for investors.
|
|
|
|
edge
page
|
EDGE
• 13-ago-2020
|
Counterpoint Global Team
CAR-T cell therapy has been a huge breakthrough in curing blood cancers. MSIM’s Counterpoint Global explores how recent advances in the technology could improve its safety and lower its cost while expanding CAR-T cell therapy’s addressable market.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 04-ago-2020
|
Michael Mauboussin, Dan Callahan
Over the past quarter century there has been a marked shift in U.S. equities from public markets to private markets controlled by buyout and venture capital firms. This change has had reverberations for asset managers, investors, executives, and policy makers.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 09-jun-2020
|
Michael Mauboussin, Dan Callahan
We show how corporate valuations change as we vary assumptions about growth, return on incremental invested capital, and the discount rate.
|
|
|
|
sustainable-investing
convergence
page
|
Convergence
• 31-may-2020
|
Counterpoint Global
Counterpoint Global discusses how Sustainability Research is additive to their existing investment process and converges the pursuit of profits and purpose.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 20-may-2020
|
Michael Mauboussin, Dan Callahan
We address four myths or popular delusions in the investment industry.
|
|
|
|
consilient-observer
page
|
Consilient Observer
• 14-abr-2020
|
Michael Mauboussin, Dan Callahan
An investor’s success requires both skill and opportunity. We look at how investors can express skill and use dispersion to measure the opportunity set.
|
|
|
|
edge
page
|
EDGE
• 15-may-2018
|
Counterpoint Global
Counterpoint Global examines Blockchain, the technology behind it and its potentially disruptive power.
|
|
|
|
edge
page
|
EDGE
• 31-ago-2017
|
Counterpoint Global
Counterpoint Global researches autonomous vehicles, which use a suite of sensors, actuators and a central computer to "perceive" the environment and automate the driving process. This technology could change our perception of personal transportation.
|
|
|
|
edge
page
|
EDGE
• 30-abr-2017
|
Counterpoint Global
Counterpoint Global examines machine learning, a new way to train computer systems to generate insights from data and apply those insights to new situations.
|
|
|
|
edge
page
|
EDGE
• 31-ene-2017
|
Counterpoint Global
Counterpoint Global analyzes clustered regularly interspaced short palindromic repeats (CRISPR), a tool for genetic research that could birth new industries and disrupt existing medical treatments.
|
|
|
Sorry, no matches found. Please check your search or your filter selections.