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The quarter ahead and top asset allocation ideas from our investment specialists moderated by Kiran Inamdar, Head of International Consultant Relations, MSIM.

2025 marked a stagnant period for commercial real estate. Investors began the year anticipating a rebound after two years of declining values, but global value growth reached only 1.5% through the first three quarters1. Persistent inflation,stoked by tariffs, kept the Fed cautious, resulting in higher-than-expected interest rates, elevated property yields and muted transaction activity.

Découvrez pourquoi nous maintenons une position neutre sur la duration dans les marchés développés, pourquoi nous pensons que la dette souveraine et d’entreprise des pays émergents reste une opportunité intéressante et pourquoi nous continuons à sous-pondérer le crédit IG, à mesure que nous explorons le marché obligataire en 2026.

Fixed income markets closed the year with a broad repricing of rate expectations, as central bank actions and communication reinforced a more cautious policy outlook. The Broad Market Fixed Income team explores the portfolio implications.