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carons-corner
audio
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Caron's Corner
• 04-déc.-2025
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Jim Caron, Chief Investment Officer, Portfolio Solutions Group
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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beat
page
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Monthly
• 03-déc.-2025
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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.
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alternatives
video
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Stratégies alternatives
• 30-nov.-2025
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Steven Turner
Introducing the Morgan Stanley Private Markets ELTIF - unlocking private markets for professional investors.
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page
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Insight Article
• 28-nov.-2025
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Morgan Stanley Private Equity Asia
Discover the key factors supporting a strong PE market in India that have captured the attention of investors for its significant contribution to global growth.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 21-nov.-2025
|
Broad Markets Fixed Income Team
Les marchés obligataires mondiaux entrent dans une phase plus incertaine après la seconde baisse consécutive des taux de la Fed et le report des publications des statistiques américaines. Regardez notre vidéo sur les perspectives du mois de novembre et découvrez comment les investisseurs peuvent conserver leur flexibilité, tout en continuant à générer des revenus.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 19-nov.-2025
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Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon discusses why less liquidity could have the effect of extending the Euphoria stage in this late stage of the current equity bull market.
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global-equity-observer
page
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Global Equity Observer
• 18-nov.-2025
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Anton Kryachok
At the time of writing, the sell-off in financial information companies has been swift and indiscriminate, reflecting a growing fear that Advanced AI could erode these companies’ competitive advantages. We believe financial information services are not easily replicated, with moats built on several interlocking defences including data ownership, the ecosystem effect and their integration into client workflows. Advanced AI, rather than undermining incumbents, may ultimately strengthen them.
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sustainable-investing
engagement-report
page
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Engagement Report
• 14-nov.-2025
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International Equity Team
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.
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sustainable-investing
engagement-report
page
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Engagement Report
• 14-nov.-2025
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Emerging Markets Equity Team
Our Emerging Markets Equity stewardship report details our active proxy voting and company engagements.
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beat
video
|
Mensuelles
• 11-nov.-2025
|
Portfolio Solutions Group
Dans l’édition de novembre de The BEAT, nous avons mis en avant quatre thèmes majeurs qui influencent actuellement le paysage mondial de l’investissement. Ces thèmes sont essentiels pour comprendre les dynamiques à l’œuvre sur les marchés aujourd’hui.
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audio
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Media Appearance
• 11-nov.-2025
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Bob Huang
Explore how shifting interest rates are driving changes in insurance product design and portfolio allocation, with practical insights on the challenges and strategies facing life and P&C carriers in today’s evolving market landscape.
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alternatives
page
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Alternatives
• 11-nov.-2025
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Morgan Stanley Private Equity Solutions Team
Within the private alternatives universe, private equity is one of the most rapidly growing asset classes. With a range of strategies, private equity investing offers distictive qualitative characteristics that differentiate the asset class.
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carons-corner
audio
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Caron's Corner
• 10-nov.-2025
|
Jim Caron, Chief Investment Officer, Portfolio Solutions Group
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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consilient-observer
page
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Consilient Observer
• 05-nov.-2025
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Michael Mauboussin, Dan Callahan
Capital allocation is a vital part of creating value and one of management’s prime responsibilities, yet not all do it well. In this updated report, we extend the analysis back to 1970 and through 2024, including capital allocation and return on invested capital (ROIC) data. We review the alternatives closely and offer a guide for thinking about value creation. We end with a framework for assessing capital allocation skills, which includes past behavior, ROIC, incentives, and key principles.
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big-picture
page
|
Big Picture
• 04-nov.-2025
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Jitania Kandhari, Saumya Jain
The prevailing tariff playbook still assumes that trade can be neatly reshaped along national boundaries, but the world is organized by sectors, not countries. In "Tariffs: Illusion Versus Reality," Jitania Kandhari and Saumya Jain explain that it’s time to move beyond the illusion that country tariffs can deliver self-sufficiency.
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video
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Insight
• 03-nov.-2025
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Brad Godfrey
La dette des marchés émergents (EM) connaît un regain d'afflux de capitaux, et ce pour de bonnes raisons. Les valorisations sont attrayantes, les fondamentaux s’améliorent et les investisseurs cherchent à nouveau à se diversifier des États-Unis. Dans cet environnement mondial en constante évolution, nous nous concentrons sur trois moteurs clé de performance que sont l’orientation politique, la dynamique des marchés locaux et le sentiment des investisseur. Visionnez notre vidéo pour en savoir plus.
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carons-corner
audio
|
Caron's Corner
• 03-nov.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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COUNTERPOINT GLOBAL INSIGHTS
• 03-nov.-2025
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Dennis Lynch, Counterpoint Global
Counterpoint Global Voting FOR Tesla's Proposed Compensation Plan for Elon Musk
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page
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Insight Article
• 31-oct.-2025
|
Manas Gautam
Counterpoint Global explores how founder-led and owner-operated companies translate aligned incentives into long-term business success.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 28-oct.-2025
|
Paul Psaila
For 15 years, U.S. stocks dominated while emerging markets suffered from repeated crises, leaving their assets deeply discounted. EM reforms have now rebuilt credibility while U.S. policy has grown more volatile. Paul Psaila, Co-lead PM, EM Core Strategies, posits that while a softer U.S. dollar is compressing U.S. premiums, EMs appear poised to outperform once the U.S. AI-led rally cools.
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carons-corner
audio
|
Caron's Corner
• 27-oct.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 23-oct.-2025
|
Broad Markets Fixed Income Team
Nous décrivons l’optimisme prudent qui règne sur les différents segments obligataires, sous l’effet des politiques des banques centrales et de la dynamique du marché. Des opportunités d’investissement subsistent, en particulier sur les marchés émergents et le crédit aux entreprises, mais les investisseurs doivent composer avec un environnement complexe caractérisé par des incertitudes macroéconomiques et des politiques divergentes. Regardez cette vidéo pour en savoir plus.
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beat
page
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Webinar
• 22-oct.-2025
|
The quarter ahead and top asset allocation ideas from our investment specialists moderated by Niccolò Rabitti, Head of Italy Sales, MSIM.
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beat
video
|
Monthly
• 17-oct.-2025
|
Portfolio Solutions Group
In The BEAT for October we highlighted five important themes, amongst others, that we see across the global investment landscape.
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market-monitor
page
|
Market Monitor
• 09-oct.-2025
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Mortgage & Securitized Team
Overview of the trends and developments in the Agency MBS and Housing Markets.
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market-monitor
page
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Market Monitor
• 09-oct.-2025
|
Eaton Vance Equity Global Team
Overview of the current landscape across equity markets.
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market-monitor
page
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Market Monitor
• 09-oct.-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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market-monitor
page
|
Market Monitor
• 09-oct.-2025
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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market-monitor
page
|
Market Monitor
• 09-oct.-2025
|
High Yield Team
An in-depth review of the US and European High Yield markets.
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carons-corner
audio
|
Caron's Corner
• 06-oct.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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beat
page
|
Mensuelles
• 06-oct.-2025
|
Portfolio Solutions Group
Lisez The BEAT pour une information mensuelle actualisée sur les marchés. Chaque édition vous propose des idées et des analyses pour vous aider à appréhender l’environnement d’investissement actuel.
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page
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Insight Article
• 30-sept.-2025
|
Portfolio Solutions Group
Morgan Stanley’s Portfolio Solutions Group reassesses popular investor assumptions about performance fee netting in private investment portfolios. By understanding the nuanced effects of catch-up provisions and other factors, investors can make more informed decisions about their investment strategies.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 29-sept.-2025
|
Jitania Kandhari, Audrey Muhirwa
A generational shift is reshaping the global economy. Millennials and Gen Z are fueling value-driven e-commerce, sustainable travel and experiences, while aging populations spur demand for healthcare innovation and eldercare. As Jitania Kandhari and Audrey Muhirwa note, portfolios must align not only with economic cycles but with human timelines.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 22-sept.-2025
|
Broad Markets Fixed Income Team
Après un été apparemment calme, le situation actuelle plaide selon nous en faveur d’une gestion de portefeuille plus active, dans un contexte marqué par des primes de terme en hausse, une instabilité politique accrue et un changement de cap des cycles des politiques monétaires. Regardez notre dernière vidéo pour en savoir plus.
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carons-corner
audio
|
Caron's Corner
• 22-sept.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 22-sept.-2025
|
Amy Oldenburg
Faced with tariffs from its biggest trading partner, Vietnam is undergoing a quiet revolution promoting the private sector as the engine of economic growth, reducing the size of the bureaucracy and initiating massive infrastructure projects. Amy Oldenburg explains why the reforms have led to unbridled optimism on the ground.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 17-sept.-2025
|
Broad Markets Fixed Income Team
Le marché obligataire demeure dans un équilibre fragile entre les inquiétudes persistantes liées à la croissance, dont témoignent les données sur l’emploi aux États-Unis et des pressions inflationnistes tenaces. Les explications de l’équipe Broad Markets Fixed Income.
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carons-corner
audio
|
Caron's Corner
• 15-sept.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
|
Insight Article
• 15-sept.-2025
|
Amy Oldenburg,
Frederick McMullen
Stablecoins are reshaping global finance by combining fiat stability with blockchain speed. Regulatory clarity will boost institutional adoption, improve efficiency and reinforce the dollar’s dominance.
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beat
video
|
Monthly
• 11-sept.-2025
|
Portfolio Solutions Group
In The BEAT for September we highlighted three important themes, amongst others, that we see across the global investment landscape.
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audio
|
Media Appearance
• 09-sept.-2025
|
Jeff Mueller, Stephen Fitzsimmons
Jeff Mueller and Stephen Fitzsimmons recently joined Insurance AUM's podcast to discuss how insurers can adapt their fixed income strategies amid steepening yield curves, tightening spreads, and shifting NAIC regulations. The conversation covers ALM alignment, CLO tranche selection, and the growing interplay between public and private credit—all with a focus on execution and portfolio resilience.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 05-sept.-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon discusses the current dichotomy between company results and investor sentiment.
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|
beat
page
|
Mensuelles
• 04-sept.-2025
|
Portfolio Solutions Group
Lisez The BEAT pour une information mensuelle actualisée sur les marchés. Chaque édition vous propose des idées et des analyses pour vous aider à appréhender l’environnement d’investissement actuel.
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private-markets-perspectives
video
|
QUARTERLY
• 03-sept.-2025
|
Portfolio Solutions Group
Dans le webinaire de ce trimestre, nos responsables des investissements ont examiné l'environnement des marchés privés, partagé leurs points de vue actuels sur les classes d'actifs et exploré les dynamiques auxquelles les investisseurs sont confrontés dans le domaine du crédit privé.
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edge
page
|
EDGE
• 02-sept.-2025
|
Counterpoint Global
Nuclear fusion is nearing commercial reality and could offer an unlimited, clean, and sustainable alternative to fossil fuels. In this paper, Counterpoint Global examines how nuclear fusion is moving from science fiction to reality, the challenges that remain, and its potential to transform energy generation.
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page
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Insight Article
• 28-août-2025
|
Tony Charles
Elevated market volatility and a slowing economy favor net lease investments. However, it is critical that investors truly understand the residual value of the underlying real estate and the credit of the tenant in assessing the attractiveness of a net lease investment.
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carons-corner
audio
|
Caron's Corner
• 25-août-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
|
Global Equity Observer
• 21-août-2025
|
Jill Ytuarte,
Bart Dziedzic
L’innovation protège le profit économique procuré par les avantages concurrentiels, stimule le développement des produits et fait émerger de nouvelles sources de création de valeur. Au quotidien, les dirigeants d’entreprises qui cherchent à insuffler une culture de l’innovation s’appuient sur la créativité, l’amélioration en continu et une prise de risque calculée. L’équipe International Equity nous explique pourquoi elle valorise la culture de l’innovation des entreprises de grande qualité dans lesquelles elle investit.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 20-août-2025
|
Broad Markets Fixed Income Team
Dans le sillage de la réaction des marchés obligataires à la politique américaine en matière de droits de douane et de fiscalité, les taux ont augmenté en juillet et les segments du crédit se sont inscrits en hausse. Le rapport sur l’emploi du mois d’août laisse toutefois augurer des perspectives économiques incertaines et les déficits persistants pourraient exercer des pressions haussières sur les taux d'intérêt réels sur l’ensemble de la courbe. Regardez notre dernière vidéo pour en savoir plus.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 20-août-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon discusses ways the equity market could still surprise, whether further to the upside or offering an opportunity to put money to work.
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|
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 18-août-2025
|
Amy Oldenburg, Eric Carlson, Ravi Jain
With structural reform momentum and the right fiscal course, Brazil stands on the brink of redefining its economic future. Join Amy Oldenburg, Head of Emerging Markets Equity, as she delves into Brazil's potential to unlock growth and fortify market resilience.
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carons-corner
audio
|
Caron's Corner
• 18-août-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
• 15-août-2025
|
Broad Markets Fixed Income Team
Comme chaque été sur les marchés, l’activité a été atone et la liquidité faible. L’équipe Broad Markets Fixed Income analyse la situation actuelle et nous présente ses perspectives.
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page
|
Insight Article
• 14-août-2025
|
Portfolio Solutions Group
Our Portfolio Solutions Group introduces their proprietary Private Markets Asset Allocation Framework (PMAAF) designed to help investors think about how to allocate their dry powder.
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beat
video
|
Monthly
• 08-août-2025
|
Portfolio Solutions Group
In The BEAT for August we highlighted three important themes, amongst others, that we see across the global investment landscape.
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page
|
Aperçu de l'article
• 08-août-2025
|
Emerging Markets Debt Team
L'équipe Emerging Markets Debt présente un scénario haussier pour cette classe d’actifs à la lumière de la dépréciation du dollar et d’un ensemble d'opportunités de plus en plus attrayantes.
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beat
page
|
Mensuelles
• 05-août-2025
|
Portfolio Solutions Group
Lisez The BEAT pour une information mensuelle actualisée sur les marchés. Chaque édition vous propose des idées et des analyses pour vous aider à appréhender l’environnement d’investissement actuel.
|
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|
consilient-observer
page
|
Consilient Observer
• 05-août-2025
|
Michael Mauboussin, Dan Callahan
Consilient Research's report examines the optimal amount of cash to hold for maximizing value, covering trends, theories, and capital deployment strategies.
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page
|
Insight Article
• 04-août-2025
|
Mark Jochims
Learn how combining U.S. and European private credit allocations may enhance diversification, resilience and return potential for investors.
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carons-corner
audio
|
Caron's Corner
• 04-août-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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video
|
Aperçu video
• 31-juil.-2025
|
Kelley Gerrity
Même dans un contexte d’anticipation des spreads de pic, nous restons encouragés par la poursuite de niveaux de qualité de crédit proches de leurs records, car les rendements du marché du haut rendement restent historiquement attractifs. Avec la volatilité continue qui alimente une période concurrentielle pour le haut rendement, nous sommes à l’affût de la valeur relative. Regardez notre vidéo pour en savoir plus.
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page
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Insight Article
• 29-juil.-2025
|
Tony Charles
The Morgan Stanley Real Estate Investing team reviews the current state of the real estate market within a volatile macroeconomic environment.
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global-equity-observer
page
|
Global Equity Observer
• 28-juil.-2025
|
Bruno Paulson
Malgré l’embellie de l’environnement depuis début avril, l’euphorie actuelle, intervenant dans un contexte marqué par des valorisations élevées et des flux record de la part des investisseurs particuliers, semble difficile à justifier compte tenu des perspectives de croissance modestes et des multiples sources d’incertitude. Comme l’explique Bruno Paulson, il existe une forte déconnexion entre la situation sur les marchés et l’état du monde réel.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 28-juil.-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon discusses ways the equity market could still surprise, whether further to the upside or offering an opportunity to put money to work.
|
|
|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 24-juil.-2025
|
Broad Markets Fixed Income Team
L’incertitude continue de créer des opportunités potentielles pour les actifs à plus longue durée sur les marchés développés et de la valeur sur la dette des marchés émergents et les crédits titrisés. Regardez notre dernière vidéo pour en savoir plus.
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page
|
Insight Article
• 24-juil.-2025
|
Chris Dyer
Investing success isn’t just about process—it’s about people. Eaton Vance Equity’s teams use a structured approach that fosters open ideas and limits behavioral bias. Chris Dyer explains.
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page
|
Insight Article
• 21-juil.-2025
|
Eaton Vance Equity Value Team; Eaton Vance Equity Global Team
Despite near-term headwinds, health care remains a promising long-term opportunity, supported by strong fundamentals and trends like AI and an aging demographic.
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page
|
Insight Article
• 18-juil.-2025
|
Mortgage & Securitized Team
Higher yields and wider spreads relative to history may be creating some very attractive investment opportunities in securitized sectors, especially for a flexible, actively managed approach.
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2025-outlooks
page
|
2025 Outlooks
• 18-juil.-2025
|
Greg Liebl, Adam Swinney
We expect tariff policy to remain a key part of the narrative pushed by the administration. Although trade deals may be made, we anticipate the effective tariff rate paid by US consumers to end the year significantly higher than just 12 months ago, which should keep inflation elevated and may continue to support the commodity asset class.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 16-juil.-2025
|
Broad Markets Fixed Income Team
June was marked by a continuation of the risk on sentiment that began earlier in the quarter, supported by resilient economic data, a modest decline in volatility, and easing geopolitical tension. Will this continue? The Broad Market Fixed Income Team explores.
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sustainable-investing
page
|
Sustainable Investing
• 14-juil.-2025
|
Anuj Gulati, Mariana Jordao
As fixed income investors, we view the integration of ESG factors into the evaluation of sovereign bonds as a critical component of our investment process. Read more.
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market-monitor
page
|
Market Monitor
• 11-juil.-2025
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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|
|
market-monitor
page
|
Market Monitor
• 11-juil.-2025
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
market-monitor
page
|
Market Monitor
• 11-juil.-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 08-juil.-2025
|
Eaton Vance Equity Global Team
Overview of the current landscape across equity markets.
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|
|
carons-corner
audio
|
Caron's Corner
• 07-juil.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
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|
|
page
|
Insight Article
• 07-juil.-2025
|
Griff Noble
Passive investing, “short-termism,” and lottery-style behavior have led to valuation distortions in small caps, which may now offer a potentially “generational” opportunity. Griff Noble explains.
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|
beat
page
|
Mensuelles
• 03-juil.-2025
|
Portfolio Solutions Group
Lisez The BEAT pour une information mensuelle actualisée sur les marchés. Chaque édition vous propose des idées et des analyses pour vous aider à appréhender l’environnement d’investissement actuel.
|
|
|
|
tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 02-juil.-2025
|
Eric Carlson, Ravi Jain
Brazil has quietly implemented structural reforms over the past decade that are now beginning to reshape
the country’s long-term economic trajectory. Eric Carlson and Ravi Jain explain.
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|
carons-corner
audio
|
Caron's Corner
• 30-juin-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
|
|
|
big-picture
page
|
Big Picture
• 25-juin-2025
|
Jitania Kandhari
After the dominance of U.S. equity markets for the past 15 years, it is time to rebalance portfolios. As global leadership rotates, Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, explains the framework needed for an international allocation and what investors should consider owning.
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page
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Insight Article
• 23-juin-2025
|
Matas Vala, Henry Mason
Automakers will need to evolve their approaches to talent management and data security to help grow their AI capabilities. We believe companies that keep these considerations in mind are best positioned for long-term value creation.
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carons-corner
audio
|
Caron's Corner
• 23-juin-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
|
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|
|
global-equity-observer
page
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Global Equity Observer
• 23-juin-2025
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Anton Kyrachok
La gestion actions fondamentales est l’art de composer avec l’incertitude. Cette forme de gestion consiste à se forger une opinion sur la trajectoire des bénéfices des entreprises, à analyser leurs perspectives de croissance, à comprendre la solidité de leurs avantages concurrentiels et à évaluer les risques, internes ou externes, pesant sur la pérennité de leurs performances. C’est un art plus qu’une science exacte, puisque seuls certains de ces risques peuvent être quantifiés, les autres relevant clairement de l’incertitude knightienne.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 20-juin-2025
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Broad Markets Fixed Income Team
Les actifs risqués rebondissent et l’économie mondial résiste globalement à l’incertitude actuelle. Quel sera l’impact des droits de douane sur notre avenir proche ? Écoutez notre dernière vidéo pour en apprendre plus.
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sustainable-investing
page
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Sustainable Investing
• 18-juin-2025
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Navindu Katugampola, Gaby Cornejo, Melanie Nagpal, Ed Chambers
L’environnement de l’investissement durable est devenu fragmenté et complexe. Dans cet article, l'équipe Sustainability de Morgan Stanley s’affranchit du « bruit de marché » et livre son opinion sur 5 thèmes clés qui influenceront la trajectoire à long terme de l'investissement durable.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-juin-2025
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Broad Markets Fixed Income Team
Malgré l’incertitude persistante en matière de politique commerciale, l’économie a fait preuve de résilience. L’équipe Broad Markets Fixed Income explique comment cette dynamique a affecté les obligations le mois dernier et comment elle pourrait influencer les marchés à l’avenir.
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page
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Aperçu de l'article
• 12-juin-2025
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Vishal Khanduja, Brian Ellis
Sur les marchés obligataires, la gestion active se démarque clairement. Lisez notre dernière publication pour découvrir comment notre équipe parvient à générer des performances ajustées du risque de manière régulière.
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 10-juin-2025
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Amy Oldenburg, Eric Carlson
Given protectionism and tariffs, the short-term outlook for electric vehicles may seem uncertain, yet China and South Korea are quietly accelerating in emerging markets and beyond. Amy Oldenburg explains.
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page
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Insight Article
• 09-juin-2025
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Eaton Vance Equity Team
The Value team has long believed that all investors are subject to behavioral biases. In view of market volatility, the team used a portfolio exercise designed to temper behavioral bias toward loss aversion to bolster their buy-and-sell decisions.
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page
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Insight Article
• 09-juin-2025
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Andrew Szczurowski, CFA
Recent tweets by President Trump have revived talk of privatizing the two mortgage finance giants, but many hurdles remain.
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beat
page
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Mensuelles
• 04-juin-2025
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Portfolio Solutions Group
Lisez The BEAT pour une information mensuelle actualisée sur les marchés. Chaque édition vous propose des idées et des analyses pour vous aider à appréhender l’environnement d’investissement actuel.
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page
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Insight Article
• 04-juin-2025
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Morgan Stanley Private Credit
The Morgan Stanley Private Credit team sat down with Private Debt Investor to discuss the dynamic landscape of mid-market direct lending.
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carons-corner
audio
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Caron's Corner
• 04-juin-2025
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 02-juin-2025
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Infrastructure Partners Team
The hype around data centres is undeniable. The advent of artificial intelligence has seen deal volumes soar and valuations spike. However, it is often unclear whether data centre platforms will ultimately attract the AI compute on which those investment theses were
founded. In the meantime, there are opportunities in other areas of the data centre ecosystem that are being comparatively ignored. As always, the focus must be on selectivity and discernment.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 27-mai-2025
|
Broad Markets Fixed Income Team
Les marchés restent volatils à la suite des chocs tarifaires, mais les données économiques restent stables. La seule certitude est que les investisseurs ont besoin de clarté, ce qui peut prendre du temps. Nous étudions les implications pour le marché obligataire.
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global-equity-observer
page
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Global Equity Observer
• 27-mai-2025
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Nic Sochovsky
Dans les secteurs matures caractérisés par des taux de pénétration élevés, comme la consommation de base, pérenniser la croissance et le pouvoir de fixation des prix nécessite des innovations régulières qui répondent aux besoins des consommateurs, avec l’appui d’investissements massifs en marketing et d’une solide stratégie d’exécution. Dans cet article, nous vous parlons des entreprises du secteur de la consommation de base figurant dans nos portefeuilles et qui innovent de manière régulière.
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carons-corner
audio
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Caron's Corner
• 27-mai-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 26-mai-2025
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Municipals Team
Despite the ongoing impact of weakened cargo volume due to elevated tariff rates amid policy uncertainty and a weaker consumer, U.S. municipal ports have strong credit fundamentals, high essentiality and varying revenue levers that will allow them to weather the uncertain policy outlook
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page
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Insight Article
• 22-mai-2025
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Municipals
While some investors may be pricing in a political risk premium, Harvard University maintains a high credit rating of AAA from Standard & Poor's and Moody's.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 22-mai-2025
|
Amy Oldenburg, Amay Hattangadi, Samson Hung
The emergence of China’s DeepSeek poses a significant challenge to U.S. dominance in artificial intelligence. The flurry of new startups emerging from the country’s low-cost AI sector will lead to new investment opportunities. In this video, Amy Oldenburg, Head of Emerging Markets Equity, examines the impact of wider adoption of AI.
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consilient-observer
page
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Consilient Observer
• 21-mai-2025
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Michael Mauboussin, Dan Callahan
Our investigation of price declines from peak to trough, or drawdowns, for stocks and mutual funds yields some provocative results. We examine overall base rates, point out the persistence of drawdowns even in a world with perfect foresight into long-term returns, provide two case studies, review academic work, and give guidelines for considering which stocks may recover. The best investors and stocks suffer large drawdowns, which can be considered a cost of doing business over the long haul.
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private-markets-perspectives
video
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QUARTERLY
• 21-mai-2025
|
Portfolio Solutions Group
Au cours de ce webinaire, nos responsables des investissements ont présenté une vue d'ensemble des marchés privés, évoqué l'impact de la politique américaine et partagé une analyse approfondie des opportunités dans le secteur de l'immobilier privé.
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big-picture
video
|
Big Picture
• 19-mai-2025
|
Jitania Kandhari
A new wave of discontent marked by the rise of anti-elitism, anti-incumbency and anti-immigration reveals deep seated frustrations with traditional power structures. Jitania Kandhari examines these forces that will reshape politics, economics and markets.
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navigating-the-curve
page
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Navigating The Curve
• 15-mai-2025
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Emerging Markets Debt Team
Emerging markets debt and emerging markets equities continue to offer potential opportunities due to increased diversification, higher yields, relatively attractive valuations and positive reforms throughout the region, as investors wait anxiously for clarity over U.S. economic policy.
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page
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Insight Article
• 15-mai-2025
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Amy Oldenburg, Timothy Kuznetsov
Active investment strategies are making a comeback amid rising market volatility, higher rates and greater dispersion—signaling a paradigm shift. Amy Oldenburg and Timothy Kuznetsov of the Emerging Markets Equity team discuss.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 15-mai-2025
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Broad Markets Fixed Income Team
Le mois d’avril avait très mal commencé, mais la performance mensuelle s’est avérée anodine, du moins à l’aune des violents mouvements de marché. Les explications de l’équipe Broad Markets Fixed Income.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 14-mai-2025
|
Andrew Slimmon
In his most recent TAKE, Senior Portfolio Manager Andrew Slimmon reviews the dangers of certainty and overconfidence that caught so many flat-footed over the past month.
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carons-corner
audio
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Caron's Corner
• 12-mai-2025
|
Jim Caron, Thomas Kamei
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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navigating-the-curve
page
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Navigating The Curve
• 09-mai-2025
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Fixed Income High Yield
We believe demand for the high yield municipal market will remain strong as investors anticipate potential changes in monetary policy, stimulus of the U.S. economy through tax cuts and inflationary impacts.
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navigating-the-curve
page
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Navigating The Curve
• 07-mai-2025
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Fixed Income High Yield
In an environment with yields in their widest quartile and spreads in the context of their long-term median, we believe there is opportunity to generate historically attractive long-term returns.
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consilient-observer
page
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COUNTERPOINT GLOBAL INSIGHT
• 07-mai-2025
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Thomas Kamei, Counterpoint Global
Counterpoint Global shares their proprietary research on artificial intelligence (AI) and automation’s potential impact on the business landscape and society, including the beneficiaries of second order effects.
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video
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Aperçu video
• 06-mai-2025
|
Vishal Khanduja
Selon nous, l’incertitude macroéconomique actuelle crée un large éventail d’opportunités d’investissement dans les secteurs des prêts hypothécaires résidentiels, de l’immobilier commercial et des prêts adossés à des actifs destinés aux consommateurs et aux entreprises. Comme la volatilité persiste, les MBS et les ABS représentent actuellement l’allocation sectorielle la plus élevée au sein des portefeuilles obligataires multisectoriels de Morgan Stanley. Regardez cette vidéo pour en savoir plus.
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 06-mai-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. In this video, Amy Oldenburg, Head of Emerging Markets Equity, explores the new face of MENA.
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page
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Insight Article
• 06-mai-2025
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Chris Ortega
Chris Ortega, head of Americas at Morgan Stanley Infrastructure Partners, discusses what the next four years might have in store and the implications of all this volatility on infrastructure assets and the industry at large.
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beat
page
|
Monthly
• 05-mai-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.
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carons-corner
audio
|
Caron's Corner
• 05-mai-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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navigating-the-curve
page
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Navigating The Curve
• 01-mai-2025
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Andrew Szczurowski, Chip Driscoll
The rapid pace at which markets and the macro environment are shifting can make it difficult for investors to determine where, when and how to allocate capital. We believe that being “long flexibility” is key to navigating these turbulent times.
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sustainable-investing
page
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Sustainable Investing
• 30-avr.-2025
|
Anuj Gulati, Rachel Smith
Fixed income investors play an important role in pursuing positive sustainability outcomes through a constructive dialogue with issuers around ESG. The MSIM Global Fixed Income Team explains how they incorporate engagement throughout their investment process.
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page
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Insight Article
• 30-avr.-2025
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Aaron Dunn, Bradley Galko, Jonathan Pragel
We do not categorically exclude any industries from our investment universe; instead, we focus on identifying financially disciplined corporate leaders that are successfully managing their financially material risks and opportunities.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 29-avr.-2025
|
Eric Carlson
Given protectionism and tariffs, the short-term outlook for electric vehicles may seem uncertain, yet the transition is quietly accelerating in emerging markets. Eric Carlson explain.
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navigating-the-curve
page
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Navigating The Curve
• 28-avr.-2025
|
Municipals Team, Matthew Wassersug
President Trump’s executive order to dismantle the U.S. Department of Education (DOE) may be impacting the K-12 sector, but we believe in-depth credit analysis will remain fundamental to choosing issuers that will perform well.
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carons-corner
audio
|
Caron's Corner
• 28-avr.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
|
Global Equity Observer
• 21-avr.-2025
|
Bruno Paulson
Les droits de douane étant potentiellement un obstacle à la croissance et aux bénéfices, l’équipe International Equity explique pourquoi le fait de ne pas être investi pourrait continuer d’être positif.
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sustainable-investing
page
|
Sustainable Investing
• 18-avr.-2025
|
Calvert Research and Management
As an asset manager and long-term investor, Calvert believes identifying financially material climate-related risks and opportunities is critical to make informed decisions and help direct large-scale capital towards the goals of climate change mitigation, adaptation and resilience while pursuing investment performance. By allocating capital thoughtfully and engaging with companies, policymakers and stakeholders, we seek to drive innovation, accountability and progress.
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sustainable-investing
page
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Sustainable Investing
• 16-avr.-2025
|
Fixed Income Team
The Fixed Income team actively engages with Green Bond market players to promote robust sustainable financing frameworks that help effectively catalyse capital towards environmentally and socially impactful projects, transparent disclosures, and reporting.
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sustainable-investing
page
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Sustainable Investing
• 15-avr.-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.
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carons-corner
audio
|
Caron's Corner
• 14-avr.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 11-avr.-2025
|
Broad Markets Fixed Income Team
L’intensification de la volatilité a impacté les marchés financiers mondiaux, qui attendent des clarifications quant à la politique commerciale américaine. Visionnez notre dernière vidéo sur les obligations mondiales, dans laquelle nous analysons les répercussions sur le commerce mondial, la politique monétaire et les craintes accrues de stagflation.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 10-avr.-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.
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market-monitor
page
|
Market Monitor
• 08-avr.-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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market-monitor
page
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Market Monitor
• 08-avr.-2025
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 08-avr.-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?.
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market-monitor
page
|
Market Monitor
• 08-avr.-2025
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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carons-corner
audio
|
Caron's Corner
• 07-avr.-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 07-avr.-2025
|
Broad Markets Fixed Income Team
L’équipe Broad Markets Fixed Income revient sur les événements du mois de mars, ainsi que sur les mouvements de marché des premiers jours d’avril.
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navigating-the-curve
page
|
Navigating The Curve
• 01-avr.-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.
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carons-corner
audio
|
Caron's Corner
• 31-mars-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 20-mars-2025
|
Broad Markets Fixed Income Team
Dans un contexte marqué par le risque d’une escalade de la guerre commerciale mondiale et par une instabilité géopolitique persistante, nous analysons dans notre dernière vidéo l’impact sur les marchés obligataires mondiaux de la disparition progressive de l’exceptionnalisme américain, de la robustesse des spreads de crédit et de l’augmentation de la volatilité sur les marchés.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 20-mars-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.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 19-mars-2025
|
Broad Markets Fixed Income Team
Les choses changent rapidement et restent particulièrement instables. Que ce soit pour le meilleur ou pour le pire, nous l’ignorons encore. L’équipe Broad Markets Fixed Income en analyse les implications pour les investisseurs.
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alternatives
page
|
Alternatives
• 17-mars-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.
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carons-corner
audio
|
Caron's Corner
• 17-mars-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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alternatives
page
|
Alternatives
• 12-mars-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.
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carons-corner
audio
|
Caron's Corner
• 10-mars-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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|
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alternatives
audio
|
Media Appearance
• 06-mars-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.
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sustainable-investing
page
|
Sustainable Investing
• 05-mars-2025
|
Brendan McCarthy
This white paper discusses how climate risks and three secular trends in commercial real estate are driving new capital strategies in the industry.
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global-equity-observer
page
|
Global Equity Observer
• 05-mars-2025
|
Bruno Paulson, Megan McCarthy
Le nombre croissant de décrets concernant les droits de douane marque un net changement de politique. À l’heure actuelle, nous pensons que la plupart des entreprises de nos portefeuilles typés qualité devraient être confrontées à un impact direct limité des droits de douane, étant donné leur biais pour les services. En parallèle, la production manufacturière locale, les marges brutes élevées et le pouvoir de fixation des prix pourraient atténuer l’impact sur les producteurs de biens détenus en portefeuille. En cas de ralentissement économique, les bénéfices de nos portefeuilles qualité devraient mieux résister que ceux du reste du marché.
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carons-corner
audio
|
Caron's Corner
• 04-mars-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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|
|
big-picture
video
|
Big Picture
• 28-févr.-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.
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big-picture
video
|
Big Picture
• 28-févr.-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.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 28-févr.-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.
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|
|
global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 25-févr.-2025
|
Broad Markets Fixed Income Team
Alors que nous attendons que la Maison Blanche clarifie les mesures susceptibles d'influer sur les conditions financières, dans notre dernière vidéo, nous examinons en profondeur les raisons pour lesquelles les droits de douane, la politique monétaire et les fondamentaux du crédit sont importants pour les marchés obligataires mondiaux.
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alternatives
page
|
Alternatives
• 24-févr.-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.
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2025-outlooks
page
|
2025 Outlooks
• 24-févr.-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.
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2025-outlooks
page
|
2025 Outlooks
• 21-févr.-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?
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 20-févr.-2025
|
Fixed Income
While financial markets had a good January, the future remains quite murky. The Broad Markets Fixed Income Team explores.
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consilient-observer
page
|
Consilient Observer
• 19-févr.-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.
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global-equity-observer
page
|
Global Equity Observer
• 17-févr.-2025
|
Richard Perrott, Bruno Paulson
Dans l’économie actuelle en rapide évolution, la technologie transcende les classifications sectorielles. Elle redéfinit les trajectoires de croissance et l’excellence opérationnelle, l’intégration numérique, l’IA et le cloud computing étant devenus les facteurs essentiels de tout avantage concurrentiel.
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navigating-the-curve
page
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Navigating The Curve
• 17-févr.-2025
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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.
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global-equity-observer
page
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Global Equity Observer
• 13-févr.-2025
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William Lock, Bruno Paulson
L’économie américaine reste plus dynamique que celles des autres pays développés, mais elle pourrait réserver de moins bonnes surprises que lors des deux dernières années. Le marché ne semble pas partager ces doutes, comme l’illustrent les valorisation élevées des actions, le niveau modeste du VIX et un niveau de spread historiquement bas des obligations notées BBB. En tant qu’investisseurs, nous préférons les entreprises qui capitalisent sur le long terme via une croissance de leur chiffre d’affaires et des bénéfices résilients, ainsi que des multiples de valorisation raisonnables.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 12-févr.-2025
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Emerging Markets Equity Team
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.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 12-févr.-2025
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Amy Oldenburg
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. Amy Oldenburg, Head of Emerging Markets Equity, takes a closer look.
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carons-corner
audio
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Caron's Corner
• 10-févr.-2025
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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video
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Aperçu video
• 07-févr.-2025
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Vishal Khanduja
Restez informés de l’évolution du paysage obligataire en 2025 grâce à notre dernière vidéo, où nous explorons le rôle potentiel de la divergence des politiques, de la dispersion croissante et de la volatilité sur les risques et les opportunités à venir.
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navigating-the-curve
page
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Navigating The Curve
• 07-févr.-2025
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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.
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big-picture
page
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Big Picture
• 04-févr.-2025
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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.
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alternatives
page
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Alternatives
• 31-janv.-2025
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Morgan Stanley Private Credit
Direct lending continues to offer compelling relative value compared to other asset classes and offers attractive diversification alternative to public fixed income. Further, when considered in the context of public markets, direct lending has significant room to grow.
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sustainable-investing
page
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Sustainable Investing
• 31-janv.-2025
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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.
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navigating-the-curve
page
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Navigating The Curve
• 31-janv.-2025
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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.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 30-janv.-2025
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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?
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 29-janv.-2025
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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.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 28-janv.-2025
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Broad Markets Fixed Income Team
Vous souhaitez en savoir plus sur l’avenir de la politique monétaire, de la dette publique et des marchés du crédit ? Regardez notre dernière vidéo sur les perspectives des marchés obligataires mondiaux pour l’année à venir.
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carons-corner
audio
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Caron's Corner
• 27-janv.-2025
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 27-janv.-2025
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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.
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big-picture
video
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Big Picture
• 27-janv.-2025
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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.
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2025-outlooks
page
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2025 Outlooks
• 27-janv.-2025
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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?
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 20-janv.-2025
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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.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-janv.-2025
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Broad Markets Fixed Income Team
Les cinq dernières années nous ont réservé de nombreuses surprises. Dans sa nouvelle publication, l’équipe Broad Markets Fixed Income passe en revue le mois écoulé et se projette en 2025.
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global-equity-observer
page
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Global Equity Observer
• 15-janv.-2025
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Bruno Paulson
Les marchés sont devenus de plus en plus tendus, imprévisibles. C’est ce dont témoigne l’appétence grandissante pour le risque en réponse à la victoire de Donald Trump à l’élection présidentielle, ainsi que la domination des géants américains de la technologie, les fameux « Sept Magnifiques ». Lorsqu’un indice est faussé et que sa valorisation semble parfaite, le moindre choc ou la moindre baisse des anticipations de bénéfices peut causer des problèmes. Cette situation est risquée pour les fonds gérés passivement (index huggers), mais elle est prometteuse pour notre approche de gestion bottom-up indépendante des indices de référence, qui privilégie la capacité de entreprises de grande qualité à capitaliser sur leurs fondamentaux.
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carons-corner
audio
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Caron's Corner
• 13-janv.-2025
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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market-monitor
page
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Market Monitor
• 10-janv.-2025
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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market-monitor
page
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Market Monitor
• 10-janv.-2025
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Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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market-monitor
page
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Market Monitor
• 10-janv.-2025
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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big-picture
page
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Big Picture
• 08-janv.-2025
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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.
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2025-outlooks
page
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2025 Outlooks
• 08-janv.-2025
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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.
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sustainable-investing
engagement-report
page
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Engagement Report
• 24-déc.-2024
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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.
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alternatives
page
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Alternatives
• 23-déc.-2024
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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.
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navigating-the-curve
page
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Insight Article
• 23-déc.-2024
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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.
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2025-outlooks
page
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2025 Outlooks
• 20-déc.-2024
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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.
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2025-outlooks
page
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2025 Outlooks
• 18-déc.-2024
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David Miller
Discover why we believe robust private equity activity has a potential to bolster private credit with growth across a diverse landscape.
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edge
page
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EDGE
• 18-déc.-2024
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Counterpoint Global
Counterpoint Global’s Disruptive Research revisits their 2017 paper on Autonomous Vehicles, highlighting key developments, challenges, and opportunities around trucking and robotaxis.
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2025-outlooks
page
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2025 Outlooks
• 18-déc.-2024
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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.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 17-déc.-2024
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Broad Markets Fixed Income Team
Que signifient les changements dans l’économie mondiale et l’incertitude politique pour les marchés obligataires en 2025 ? Dans notre dernière vidéo, nous discutons de la manière dont ces facteurs peuvent influencer les marchés et des mesures que nous prenons pour faire face à la complexité croissante de l’année à venir.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-déc.-2024
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Broad Markets Fixed Income Team
Comment les marchés obligataires vont-ils décrypter l’état réel de l’économie américaine et les conséquences des politiques de la nouvelle administration ? Les explications de l’équipe Broad Markets Fixed Income.
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carons-corner
audio
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Caron's Corner
• 16-déc.-2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 13-déc.-2024
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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.
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beat
page
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The BEAT
• 11-déc.-2024
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Portfolio Solutions Group
L’environnement d’investissement attendu au début 2025 est assez intéressant. L’équipe Portfolio Solutions Group s’est penchée sur cinq sujets majeurs pour 2025.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 05-déc.-2024
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Andrew Slimmon
"In his December TAKE, Senior Portfolio Manager Andrew Slimmon details why he believes the “optimism phase” of the bull market is commencing right on cue and what that holds for 2025."
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consilient-observer
page
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Consilient Observer
• 05-déc.-2024
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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.
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carons-corner
audio
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Caron's Corner
• 04-déc.-2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 14-nov.-2024
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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.
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alternatives
page
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Alternatives
• 13-nov.-2024
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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.
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page
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Insight Article
• 11-nov.-2024
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Kenneth Michlitsch
As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.
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alternatives
page
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Alternatives
• 30-oct.-2024
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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.
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alternatives
page
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Alternatives
• 24-oct.-2024
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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.
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consilient-observer
page
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Consilient Observer
• 15-oct.-2024
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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.
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video
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Insight Video
• 14-oct.-2024
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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.
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video
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Insight Video
• 14-oct.-2024
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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.
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page
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Insight Article
• 10-oct.-2024
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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.
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page
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Media Appearance
• 10-oct.-2024
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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.
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page
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Media Appearance
• 24-sept.-2024
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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.
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alternatives
page
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Alternatives
• 20-sept.-2024
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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.
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audio
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Insight audio
• 06-sept.-2024
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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
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alternatives
page
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Alternatives
• 23-août-2024
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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.
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alternatives
audio
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Media Appearance
• 06-août-2024
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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.
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alternatives
page
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Alternatives
• 25-juil.-2024
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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?
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consilient-observer
page
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Consilient Observer
• 24-juil.-2024
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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?
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sustainable-investing
engagement-report
page
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Engagement Report
• 13-juin-2024
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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.
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consilient-observer
page
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Consilient Observer
• 04-juin-2024
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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.
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video
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Media Appearance
• 29-mai-2024
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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.
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page
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Insight Article
• 09-mai-2024
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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.
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sustainable-investing
page
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Sustainable Investing
• 30-avr.-2024
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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.
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consilient-observer
page
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Consilient Observer
• 23-avr.-2024
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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.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 22-avr.-2024
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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.
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big-picture
page
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Big Picture
• 08-avr.-2024
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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.
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big-picture
video
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Big Picture
• 08-avr.-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.
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big-picture
video
|
Big Picture
• 01-avr.-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.
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sustainable-investing
page
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Sustainable Investing
• 01-avr.-2024
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Ian Kirwan,
Chris Dyer
The Eaton Vance Equity Global Team seeks to illustrate the merits of a "sustainable" equity investing approach.
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big-picture
video
|
Big Picture
• 21-mars-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.
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consilient-observer
page
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Consilient Observer
• 28-févr.-2024
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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.
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opportunity-optimum
page
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Opportunity Optimum
• 07-févr.-2024
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Kristian Heugh, Anil Agarwal, Marc Fox, Emily Tsui
The Global Opportunity Team believes India offers an attractive hunting ground to find ideas that meet our criteria for long-term value creation and explains the broad areas where we see opportunities.
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big-picture
page
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Big Picture
• 05-févr.-2024
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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.
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consilient-observer
page
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Consilient Observer
• 30-janv.-2024
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Michael Mauboussin, Dan Callahan
Understanding the five areas of micro and macroeconomics where increasing returns applies and show their relevance to investors.
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page
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Insight Article
• 16-janv.-2024
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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.
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consilient-observer
page
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Consilient Observer
• 13-déc.-2023
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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.
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tales-from-the-emerging-world
page
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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.
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consilient-observer
page
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Consilient Observer
• 24-oct.-2023
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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.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 24-oct.-2023
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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.
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consilient-observer
page
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Consilient Observer
• 26-sept.-2023
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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.
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video
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Insight Video
• 22-sept.-2023
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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.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 03-août-2023
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Emerging Markets Equity Team
Nigeria's new reform minded president looks to accelerate economic growth for Africa's largest economy, leading to investment opportunities targeting the rising consumer.
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consilient-observer
page
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Consilient Observer
• 25-juil.-2023
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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.
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big-picture
page
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Big Picture
• 25-juil.-2023
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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.
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consilient-observer
page
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Consilient Observer
• 06-juin-2023
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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.
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consilient-observer
page
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Consilient Observer
• 18-avr.-2023
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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.
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tales-from-the-emerging-world
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Tales From the Emerging World
• 23-mars-2023
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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.
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consilient-observer
page
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Consilient Observer
• 22-mars-2023
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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.
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consilient-observer
page
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Consilient Observer
• 15-févr.-2023
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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.
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big-picture
page
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Big Picture
• 02-févr.-2023
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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.
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advisor-institute
video
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Advisor Institute
• 01-janv.-2023
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David Richman
Discover how this framework can help you have more meaningful conversations.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 09-nov.-2022
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Emerging Markets Equity Team
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. Emerging Markets Equity team explain.
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consilient-observer
page
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Consilient Observer
• 09-nov.-2022
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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.
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consilient-observer
page
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Consilient Observer
• 06-oct.-2022
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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.
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consilient-observer
page
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Consilient Observer
• 15-sept.-2022
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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.
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consilient-observer
page
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Consilient Observer
• 20-juil.-2022
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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.
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consilient-observer
page
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Consilient Observer
• 15-juin-2022
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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.
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consilient-observer
page
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Consilient Observer
• 10-mai-2022
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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.
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consilient-observer
page
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Consilient Observer
• 12-avr.-2022
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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.
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consilient-observer
page
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Consilient Observer
• 16-mars-2022
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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.
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consilient-observer
page
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Consilient Observer
• 27-janv.-2022
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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.
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edge
page
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EDGE
• 27-déc.-2021
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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.
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consilient-observer
page
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Consilient Observer
• 06-oct.-2021
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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.
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consilient-observer
page
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Consilient Observer
• 08-sept.-2021
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Michael Mauboussin, Dan Callahan
This report examines the barriers to change for organizations. We use sports as the prime example but then apply the lessons to investment management.
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consilient-observer
page
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Consilient Observer
• 03-août-2021
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Michael Mauboussin, Dan Callahan
We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.
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consilient-observer
page
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Consilient Observer
• 23-juin-2021
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Michael Mauboussin, Dan Callahan
The shift in investments from tangible to intangible assets has important implications for how investors should think about corporate growth rates. Companies with more intangible assets can grow faster, but they can also become irrelevant and shrink faster. Our analysis of historical sales growth rates for U.S. companies reveals both of these results: higher growth and more dispersion, on average, for companies and industries with the highest intangible asset intensity. Skillful investors may be able to identify the companies that will grow faster than expected, hence providing the potential for attractive returns.
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consilient-observer
page
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Consilient Observer
• 19-mai-2021
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Michael Mauboussin, Dan Callahan
This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.
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consilient-observer
page
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Consilient Observer
• 14-avr.-2021
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Michael Mauboussin, Dan Callahan
This report describes market-expected return on investment (MEROI), which measures the return at which the present value of a company’s profits equals the present value of its investments. This allows executives and investors to see how high the bar is set. Measuring returns has become harder as investments have shifted from being mostly tangible to intangible. We gain a clearer view of returns and expectations by separating expenses and investments properly. We break new ground by connecting valuation and accounting.
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sustainable-investing
page
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Sustainable Investing
• 25-févr.-2021
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Marte Borhaug
How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.
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consilient-observer
page
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Consilient Observer
• 21-déc.-2020
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Michael Mauboussin, Dan Callahan
The weighted average cost of capital (WACC) and volatility (vol) generally move in lockstep, but 2020 is unusual because the cost of capital is well below its historical average and volatility is well above its historical average. The prime beneficiaries of these patterns are companies rich with real options. In this report, we define real options, discuss what businesses are likely to have them, review the valuation implications, and finish with a way to use real options analysis with traditional valuation.
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edge
page
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EDGE
• 19-oct.-2020
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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.
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consilient-observer
page
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Consilient Observer
• 15-sept.-2020
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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.
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edge
page
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EDGE
• 13-août-2020
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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.
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consilient-observer
page
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Consilient Observer
• 04-août-2020
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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.
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consilient-observer
page
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Consilient Observer
• 09-juin-2020
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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.
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consilient-observer
page
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Consilient Observer
• 20-mai-2020
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Michael Mauboussin, Dan Callahan
We address four myths or popular delusions in the investment industry.
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consilient-observer
page
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Consilient Observer
• 14-avr.-2020
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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.
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consilient-observer
page
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Consilient Observer
• 20-mars-2020
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Michael Mauboussin, Dan Callahan
To improve your forecasting skills, try decreasing noise. Analyzing superforecasters reveals forecasters can be trained to more effectively update their views, reduce bias, and reduce noise.
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edge
page
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EDGE
• 15-mai-2018
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Counterpoint Global
Counterpoint Global examines Blockchain, the technology behind it and its potentially disruptive power.
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edge
page
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EDGE
• 31-août-2017
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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.
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edge
page
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EDGE
• 30-avr.-2017
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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.
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edge
page
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EDGE
• 31-janv.-2017
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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.
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