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carons-corner
audio
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Caron's Corner
• 4-dic-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
• 3-dic-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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big-picture
video
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Big Picture
• 2-dic-2025
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Jitania Kandhari
Tariffs don’t just hit abroad, they hit at home. In our latest Big Picture video, Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group breaks down the limitations of country-driven tariff policy given complex global dependencies in sectoral manufacturing supply chains.
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sustainable-investing
page
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Sustainable Investing
• 1-dic-2025
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Morgan Stanley Private Equity Solutions Team
The accelerating demand for power driven by AI has become a dominant narrative in energy markets. However, there are several factors that may suggest reasons for scepticism.
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page
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Market Insights
• 1-dic-2025
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Is AI fueling a new productivity supercycle or facing structural limits in a rapidly evolving market? Eaton Vance’s equity teams explore both views in their “Bull vs. Bear” debate.
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alternatives
video
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Investimenti alternativi
• 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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page
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Insight Article
• 25-nov-2025
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Lauren Hochfelder
In this paper Lauren Hochfelder, Co-CEO of MSREI and Head of MSREI Americas, shares her thoughts on how longevity impacts our housing needs.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 21-nov-2025
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Broad Markets Fixed Income Team
I mercati obbligazionari globali stanno entrando in una fase caratterizzata da maggiore incertezza in seguito al secondo taglio consecutivo dei tassi operato dalla Fed e al ritardo nella pubblicazione dei dati statunitensi. Guardate il nostro ultimo video per scoprire come gli investitori possono rimanere flessibili e focalizzati sulla generazione di reddito grazie al nostro outlook per novembre.
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page
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Insight Article
• 19-nov-2025
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Bill Reiland
Within the broader private credit space lies an underexplored but increasingly relevant strategy: growth credit. Explore the strategic rationale for growth credit, its market dynamics, and its role within a well-diversified portfolio.
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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
Alla data di stesura del presente articolo, la correzione che ha interessato le società di informazione finanziaria è stata rapida e indiscriminata, riflettendo il crescente timore che l'intelligenza artificiale avanzata possa erodere i vantaggi competitivi di queste aziende. Riteniamo che i servizi di informazione finanziaria non possano essere facilmente replicati a fronte di fossati basati su una serie di difese interconnesse, tra cui la proprietà dei dati, l’effetto ecosistema e la relativa integrazione nei flussi di lavoro dei clienti. Anziché incidere negativamente sulla posizione degli operatori storici, l’intelligenza artificiale avanzata potrebbe, in ultima analisi, rafforzarla.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-nov-2025
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Broad Markets Fixed Income Team
With policy visibility constrained, disciplined security selection, sector diversification, and a focus on quality will be essential as investors navigate the transition toward 2026.
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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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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 13-nov-2025
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Amay Hattangadi,
Rose Kim
By reviving the Value-Up initiative, South Korea’s new government has restored confidence after a turbulent 2024. While it’s tempting to credit the reform initiative for the current market rally, the substance of the rally also lies in technology leadership and supply-chain realignment. Amay Hattangadi and Rose Kim explore how Korea’s trump card remains its structural strengths in technology, artificial intelligence and new energy supply chains.
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page
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Insight Article
• 12-nov-2025
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Emerging Markets Debt Team
While challenging, market crosscurrents reveal opportunity. The Global Macro team looks for mispricings across 130+ countries, going beyond benchmarks to uncover value others often miss.
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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
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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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Mensile
• 5-nov-2025
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Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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consilient-observer
page
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Consilient Observer
• 5-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
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Big Picture
• 4-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
• 3-nov-2025
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Brad Godfrey
Il debito dei mercati emergenti sta registrando nuovi afflussi, e per buoni motivi. Le valutazioni sembrano interessanti, i fondamentali mostrano segni di miglioramento e gli investitori stanno nuovamente puntando sulla diversificazione al di fuori degli Stati Uniti. Ci concentriamo sulla direzione delle politiche, sulle dinamiche dei mercati in valuta locale e sul sentiment degli investitori quali fattori trainanti della performance in questo mutevole contesto globale. Guarda il nostro video per saperne di più.
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carons-corner
audio
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Caron's Corner
• 3-nov-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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COUNTERPOINT GLOBAL INSIGHTS
• 3-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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beat
page
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Webinar
• 31-ott-2025
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Il trimestre che ci aspetta e le migliori idee di asset allocation dei nostri specialisti d’investimento, moderati da Niccolò Rabitti, Head of Investment Management Italia.
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page
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Insight Article
• 31-ott-2025
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Manas Gautam
Counterpoint Global explores how founder-led and owner-operated companies translate aligned incentives into long-term business success.
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global-equity-observer
page
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Global Equity Observer
• 30-ott-2025
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Bruno Paulson
We see a tug of war within markets, between the bull argument that AI will be visibly transformational to corporate profitability in the near term and/or the U.S. economy sharply accelerates, and the bear argument where these high expectations are not met. The International Equity Team discusses.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 28-ott-2025
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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
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Caron's Corner
• 27-ott-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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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 23-ott-2025
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Broad Markets Fixed Income Team
Nell’obbligazionario, desideriamo sottolineare il contesto di prudente ottimismo, generato dalle politiche delle banche centrali e dalle dinamiche di mercato. Per quanto non manchino le opportunità, in particolare nei mercati emergenti e nel credito societario, gli investitori devono affrontare un quadro complesso, caratterizzato da incertezze macroeconomiche e politiche divergenti. Guarda questo video per saperne di più.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-ott-2025
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Broad Markets Fixed Income Team
As we enter the final quarter of 2025, the outlook across fixed income sectors reflects cautious optimism amid evolving macro conditions and central bank policy shifts.
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audio
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Bright Prospects
• 10-ott-2025
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Sarah Hudson,
Alex Gabriele
Join us for our new Bright Prospects Podcast, exploring the world of global equity investing with Global Stars PM, Alex Gabriele and Portfolio Specialist, Sarah Hudson. In our first episode we get to know Alex a bit better, as he takes us through his career journey, from lab to investment management, with a detour via some Korean Petrochemicals. Alex shares how influential his heritage has been in making him the investor he is today; a cynical optimist, comfortable reconciling diverse perspectives and focused on the Keynesian philosophy of continuous improvement. The first of many discussions exploring quality growth investing in the exciting world of global equities.
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page
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Insight Article
• 10-ott-2025
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Jitania Kandhari
In this paper on tech diffusion, Jitania Kandhari examines how as artificial intelligence creates operational efficiencies on a global scale, its impact on global productivity and growth could exceed that of even the internet or mobile phone and create a $40 trillion opportunity.
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market-monitor
page
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Market Monitor
• 9-ott-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
• 9-ott-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
• 9-ott-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
• 9-ott-2025
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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
• 6-ott-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
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Mensile
• 6-ott-2025
|
Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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beat
page
|
Monthly
• 6-ott-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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page
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Insight Article
• 6-ott-2025
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Emerging Markets Debt Team
The Emerging Markets Debt team explains how the UK’s ability to generate productivity and growth is being undermined by government policies that disable and demotivate the workforce.
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page
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Insight Article
• 30-set-2025
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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
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Tales From the Emerging World
• 29-set-2025
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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-equity-observer
page
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Global Equity Observer
• 29-set-2025
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Alessandro Vaturi,
Sora Utzinger
Le tensioni geopolitiche minacciano la tenuta dell’economia globale. Ecco perché la creazione di filiere produttive più resilienti è diventata una necessità strategica imprescindibile. Il team International Equity spiega perché ritiene che la resilienza della filiera produttiva stia diventando sempre più un indicatore dell’eccellenza operativa, del potere di determinazione dei prezzi e della lungimiranza strategica, ossia tratti distintivi delle società di qualità che il team predilige.
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navigating-the-curve
page
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Navigating The Curve
• 24-set-2025
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Peter Campo, Chris Remington
Loans can have higher yields and wider spreads than other bond sectors – a sign of good value. Peter Campo and Christopher Remington outline the reasons they are constructive on the asset class.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 22-set-2025
|
Broad Markets Fixed Income Team
Dopo un’estate apparentemente calma, riteniamo che vi siano ottimi motivi per una gestione di portafoglio più attiva in un contesto caratterizzato dall’aumento dei premi a termine, dall’aumento della volatilità dovuta alle politiche e dal cambiamento della leadership nei cicli di politica monetaria delle banche centrali. Guarda il nostro ultimo video per saperne di più.
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page
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Insight Article
• 22-set-2025
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Global Opportunity
While health care is the most obvious place to look for investment opportunities related to GLP-1 trends, we believe some of the most interesting investment opportunities, and risks, are uncovered when considering the second- and third-order effects, particularly related to the alcohol industry.
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carons-corner
audio
|
Caron's Corner
• 22-set-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-set-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
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Global Fixed Income Bulletin
• 17-set-2025
|
Broad Markets Fixed Income Team
Il mercato obbligazionario rimane in delicato equilibrio, tra i persistenti timori per la crescita (si vedano i dati sull’occupazione negli Stati Uniti) e le ostinate pressioni inflazionistiche. Il team Broad Markets Fixed Income illustra la situazione.
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carons-corner
audio
|
Caron's Corner
• 15-set-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
• 15-set-2025
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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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audio
|
Media Appearance
• 9-set-2025
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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
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Takeaways & Key Expectations
• 5-set-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
|
Mensile
• 4-set-2025
|
Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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private-markets-perspectives
video
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QUARTERLY
• 3-set-2025
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Portfolio Solutions Group
In this quarter's webinar, our investment leaders talked about the private markets environment, shared current asset class views, and explored the dynamics investors face in private credit.
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page
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Insight Article
• 2-set-2025
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Joe Hudepohl
Amid historic market concentration, Atlanta Capital sees opportunities to deliver strong risk-adjusted performance with their disciplined approach to investing in high quality companies.
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edge
page
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EDGE
• 2-set-2025
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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-ago-2025
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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
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Caron's Corner
• 25-ago-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
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The BEAT
• 22-ago-2025
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Portfolio Solutions Group
With concern about tariffs easing, investors can focus in the second half of 2025 on growth, earnings and a potential boost in the U.S. from deregulation and passage of tax legislation.
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page
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Insight Article
• 22-ago-2025
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Frank Famiglietti
With the “democratization” of alternatives, many individual investors now have access to investment strategies that have the potential to improve performance and diversification.
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global-equity-observer
page
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Global Equity Observer
• 21-ago-2025
|
Jill Ytuarte,
Bart Dziedzic
L’innovazione protegge il fossato intorno al vantaggio competitivo esistente, sostiene lo sviluppo dei prodotti e consente di creare nuove fonti di valore. Una leadership aziendale che cura un ambiente ispirato all’innovazione integra creatività, miglioramento continuo e un’assunzione del rischio calcolata nel tessuto del lavoro quotidiano. Il team International Equity spiega perché tiene in grande considerazione la cultura dell’innovazione nelle società di alta qualità in cui investe.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 20-ago-2025
|
Broad Markets Fixed Income Team
i mercati obbligazionari stanno reagendo alla politica tariffaria e fiscale degli Stati Uniti, con un aumento dei tassi nel mese di luglio e una ripresa dei settori creditizi. Tuttavia, il rapporto sull’occupazione di agosto illustra prospettive economiche caratterizzate da incertezza e i persistenti debiti pubblici potrebbero esercitare pressioni al rialzo sui tassi d’interesse reali su tutta la curva. Guarda il nostro ultimo video per saperne di più.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 20-ago-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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page
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Insight Article
• 19-ago-2025
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Aaron Dunn, Brad Galko
Twin uncertainties—economic and structural—have stalled capex, with AI the outlier. In the second half of the year, we see renewed business investment that could drive growth across the value chain.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 18-ago-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-ago-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
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Global Fixed Income Bulletin
• 15-ago-2025
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Broad Markets Fixed Income Team
Come accade di solito a metà estate, l’attività di mercato è stata contenuta e la liquidità scarsa. Il team Broad Markets Fixed Income esamina ed esplora le prospettive future.
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page
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Insight Article
• 14-ago-2025
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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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page
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Insight Article
• 8-ago-2025
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Emerging Markets Debt Team
The Emerging Markets Debt Team outlines the bullish case for the sector, in light of a weakening U.S. dollar and an increasingly attractive opportunity set.
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beat
page
|
Mensile
• 5-ago-2025
|
Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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consilient-observer
page
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Consilient Observer
• 5-ago-2025
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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
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Insight Article
• 5-ago-2025
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Portfolio Solutions Group
Morgan Stanaley's Portfolio Solutions Group presents their proprietary quantitative approach to deciding whether to keep or drop underperforming managers.
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page
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Insight Article
• 4-ago-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
• 4-ago-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
|
Video di approfondimento
• 31-lug-2025
|
Kelley Gerrity
Pur anticipando i picchi di spread, rimaniamo incoraggiati dalla continuazione di livelli quasi record nella qualità del credito, poiché i rendimenti nel mercato high yield rimangono storicamente attraenti.. Con la volatilità in corso che alimenta un periodo competitivo per l’high yield, siamo alla ricerca di valore relativo. Guarda il nostro video per saperne di più.
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video
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Insight Video
• 31-lug-2025
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Kelley Gerrity
Even amid the anticipation of peak spreads, we remain encouraged by the continuation of near-record highs in credit quality as yields in the high yield market remain historically attractive. With ongoing volatility fuelling a competitive period for high yield, we’re on the lookout for relative value. Watch our video to find out more.
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page
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Insight Article
• 29-lug-2025
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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
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Global Equity Observer
• 28-lug-2025
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Bruno Paulson
Da inizio aprile il quadro generale è migliorato. Tuttavia, viste le modeste prospettive di crescita e le numerose fonti di incertezza, è difficile giustificare l’attuale clima di euforia, che vede valutazioni elevate e afflussi record nel settore retail. Come spiega Bruno Paulson, c’è una netta discrepanza tra lo stato dei mercati e lo stato del mondo reale.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 28-lug-2025
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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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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 24-lug-2025
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Broad Markets Fixed Income Team
L’incertezza continua a creare potenziali opportunità per gli attivi a più lunga duration nei mercati sviluppati e per il valore del debito e credito cartolarizzato dei mercati emergenti. Guarda il nostro ultimo video per saperne di più.
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page
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Insight Article
• 24-lug-2025
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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
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Insight Article
• 21-lug-2025
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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
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Articolo di approfondimento
• 18-lug-2025
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Mortgage & Securitized Team
I rendimenti maggiori e gli spread più ampi rispetto al passato potrebbero creare opportunità d'investimento molto interessanti nel mercato dei titoli cartolarizzati, soprattutto se si adotta un approccio flessibile e a gestione attiva.
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2025-outlooks
page
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2025 Outlooks
• 18-lug-2025
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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
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Global Fixed Income Bulletin
• 16-lug-2025
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Broad Markets Fixed Income Team
Giugno è stato caratterizzato dalla prosecuzione del clima di propensione al rischio instauratosi all’inizio del trimestre e sostenuto da solidi dati economici, da una leggera diminuzione della volatilità e dall’allentamento delle tensioni geopolitiche. Si continuerà su questa strada? L’analisi del Team Global Fixed Income.
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sustainable-investing
page
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Sustainable Investing
• 14-lug-2025
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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
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Market Monitor
• 11-lug-2025
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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market-monitor
page
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Market Monitor
• 11-lug-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
• 11-lug-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
• 8-lug-2025
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Eaton Vance Equity Global Team
Overview of the current landscape across equity markets.
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carons-corner
audio
|
Caron's Corner
• 7-lug-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
• 7-lug-2025
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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
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Mensile
• 3-lug-2025
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Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 2-lug-2025
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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-giu-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
page
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Big Picture
• 25-giu-2025
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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-giu-2025
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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-giu-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-giu-2025
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Anton Kyrachok
L’investimento azionario basato sui fondamentali è l’arte della gestione in periodi di incertezza. Esso comporta la formulazione di un giudizio sulla traiettoria degli utili di una società, l’analisi delle sue prospettive di crescita, la comprensione della solidità del suo vantaggio competitivo e la valutazione dei potenziali rischi relativi alla sostenibilità dei suoi rendimenti, siano essi autoinflitti o esterni. Si tratta di un’arte più che di una scienza precisa. Solo alcuni di questi rischi possono essere quantificati, mentre altri si collocano saldamente nel campo dell’incertezza knightiana.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 20-giu-2025
|
Broad Markets Fixed Income Team
Gli attivi di rischio stanno recuperando terreno e l’economia globale sta affrontando una tempesta di incertezza. In che modo l’esito dei dazi influenzerà il prossimo futuro? Ascoltate il nostro ultimo video per saperne di più.
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sustainable-investing
page
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Sustainable Investing
• 18-giu-2025
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Navindu Katugampola, Gaby Cornejo, Melanie Nagpal, Ed Chambers
The landscape for sustainable investing has become fragmented and complex. In this article the Morgan Stanley Sustainability team filters the noise and shares our view of 5 key themes that we believe will influence the long-term direction of sustainable investing.
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alternatives
video
|
Alternatives
• 18-giu-2025
|
Mark Jochims
Introducing the Morgan Stanley European Private Income Fund, offering institutional-quality European direct lending exposure to individual investors.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-giu-2025
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Broad Markets Fixed Income Team
Malgrado la persistente incertezza sul fronte delle politiche commerciali, l’economia ha esibito una certa resilienza. Il team Broad Markets Fixed Income analizza l'impatto di questa dinamica sull'obbligazionario nel mese appena trascorso e le sue potenziali ricadute sui mercati.
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page
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Articolo di approfondimento
• 12-giu-2025
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Vishal Khanduja, Brian Ellis
Nell’obbligazionario, la tesi in favore della gestione attiva è chiara. In questo nostro ultimo approfondimento illustriamo come il nostro team punta a ottenere rendimenti ripetibili e corretti per il rischio.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 10-giu-2025
|
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
• 9-giu-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
• 9-giu-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
|
Mensile
• 4-giu-2025
|
Portfolio Solutions Group
Da utilizzare come risorsa a cui attingere per comprendere i mercati nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto di mercato.
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page
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Insight Article
• 4-giu-2025
|
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
|
Caron's Corner
• 4-giu-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
• 27-mag-2025
|
Broad Markets Fixed Income Team
I mercati rimangono volatili a causa degli shock doganali, ma i dati economici restano stabili. L’unica cosa certa è che gli investitori desiderano chiarezza che potrebbe richiedere del tempo. Esaminiamo le implicazioni per l’obbligazionario.
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global-equity-observer
page
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Global Equity Observer
• 27-mag-2025
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Nic Sochovsky
In settori maturi e con una buona penetrazione come quello dei beni di consumo primari, per ottenere una crescita e mantenere il potere di determinazione dei prezzi è necessaria una programmazione costante di innovazioni che rispondano alle esigenze dei consumatori, sostenuta da investimenti di marketing continui e da un’esecuzione ottimale. In questo articolo esaminiamo le società del settore di consumo dei beni primari che abbiamo in portafoglio e che danno prova di costante innovazione.
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carons-corner
audio
|
Caron's Corner
• 27-mag-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-mag-2025
|
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-mag-2025
|
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-mag-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
|
Consilient Observer
• 21-mag-2025
|
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
|
QUARTERLY
• 21-mag-2025
|
Portfolio Solutions Group
In this webinar, our investment leaders provided a high-level overview on private markets, discussed U.S policy impacts, and shared an in-depth analysis on private real estate opportunities.
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big-picture
video
|
Big Picture
• 19-mag-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
|
Navigating The Curve
• 15-mag-2025
|
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-mag-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-mag-2025
|
Broad Markets Fixed Income Team
Aprile ha vissuto un inizio turbolento, per poi concludersi sostanzialmente nella norma, almeno per quanto riguarda l’andamento dei mercati. Il team Broad Markets Fixed Income illustra la situazione.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 14-mag-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
|
Caron's Corner
• 12-mag-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
|
Navigating The Curve
• 7-mag-2025
|
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
|
COUNTERPOINT GLOBAL INSIGHT
• 7-mag-2025
|
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
|
Video di approfondimento
• 6-mag-2025
|
Vishal Khanduja
Riteniamo che la continua incertezza macroeconomica offra un’ampia gamma di opportunità d’investimento nei settori dei mutui residenziali, degli immobili commerciali e dei prestiti garantiti da attività sia al consumo che alle imprese. Con il perdurare della volatilità, gli MBS e gli ABS rappresentano attualmente la più alta allocazione settoriale nei portafogli obbligazionari multisettoriali di Morgan Stanley. Guarda questo video per saperne di più.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 6-mag-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
• 6-mag-2025
|
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
• 5-mag-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
• 5-mag-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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sustainable-investing
page
|
Sustainable Investing
• 30-apr-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-apr-2025
|
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
|
Tales From the Emerging World
• 29-apr-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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carons-corner
audio
|
Caron's Corner
• 28-apr-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-apr-2025
|
Bruno Paulson
I dazi costituiscono un possibile ostacolo per la crescita e gli utili. Il team International Equity ci spiega perché l’“assenza di posizioni” può continuare a rappresentare un fattore positivo.
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sustainable-investing
page
|
Sustainable Investing
• 18-apr-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-apr-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
|
Sustainable Investing
• 15-apr-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-apr-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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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 11-apr-2025
|
Broad Markets Fixed Income Team
In attesa di una maggiore chiarezza sulle politiche commerciali degli Stati Uniti, l’aumento della volatilità ha influito sui mercati finanziari globali. Presentiamo il nostro ultimo video sull’obbligazionario globale, che analizza gli effetti sul commercio globale, le politiche monetarie e i timori di stagflazione.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 10-apr-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.
|
|
|
|
market-monitor
page
|
Market Monitor
• 8-apr-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
|
|
|
|
market-monitor
page
|
Market Monitor
• 8-apr-2025
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
|
|
|
|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 8-apr-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
• 8-apr-2025
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
|
|
|
|
carons-corner
audio
|
Caron's Corner
• 7-apr-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
• 7-apr-2025
|
Broad Markets Fixed Income Team
Il team Broad Markets Fixed Income si sofferma sugli eventi di marzo, ma discute anche gli andamenti del mercato che si sono verificati nei primi giorni di aprile.
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|
beat
page
|
Monthly
• 3-apr-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
• 31-mar-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-mar-2025
|
Broad Markets Fixed Income Team
lla luce dell'escalation della guerra commerciale globale e della continua instabilità geopolitica, nel nostro ultimo video esaminiamo gli effetti prodotti sui mercati obbligazionari dalla fine dell'eccezionalismo americano, dalla solidità degli spread creditizi e dalla crescente volatilità del mercato.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 20-mar-2025
|
Amay Hattangadi, Samson Hung
The emergence of China’s DeepSeek poses a significant challenge to U.S. dominance in artificial intelligence and signals a dual-track approach to AI development. While a handful of companies lead the cutting edge research, a low-cost AI sector is beginning to take shape. Amay Hattangadi and Samson Hung explore potential investment opportunities in emerging markets driven by the wider adoption of AI.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 19-mar-2025
|
Broad Markets Fixed Income Team
La situazione è in rapida evoluzione e rimane fluida. Impossibile dire, per ora, se gli sviluppi saranno positivi o negativi. Il team Broad Markets Fixed Income ne analizza le conseguenze per gli investitori.
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alternatives
page
|
Investimenti alternativi
• 17-mar-2025
|
Morgan Stanley Private Credit
The Morgan Stanley Private Credit team defines Private Credit, the growth drivers propelling the asset class and why investors should consider adding European Private Credit to their portfolios.
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video
|
Video di approfondimento
• 17-mar-2025
|
William Lock
William Lock, Head of the International Equity Team, e Mehdi Barone, Head and CEO of FundLogic, forniscono una panoramica del comparto MS INVF Global Brands Horizon 2029 Fund.
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carons-corner
audio
|
Caron's Corner
• 17-mar-2025
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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alternatives
page
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Alternatives
• 12-mar-2025
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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
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Caron's Corner
• 10-mar-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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alternatives
audio
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Media Appearance
• 6-mar-2025
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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
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Sustainable Investing
• 5-mar-2025
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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
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Global Equity Observer
• 5-mar-2025
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Bruno Paulson, Megan McCarthy
Il numero crescente di ordini esecutivi legati ai dazi segna un brusco cambiamento delle misure politiche. Al momento, riteniamo che l’impatto diretto dei dazi per la maggior parte delle società nei nostri portafogli di qualità dovrebbe essere limitato dato il loro orientamento verso i servizi, mentre le attività manifatturiere locali, gli elevati margini lordi e il potere di determinazione dei prezzi potrebbero attenuare l’impatto sulle aziende produttrici di beni detenute in portafoglio. In caso di rallentamento dell’economia, ci aspettiamo che gli utili dei nostri portafogli di qualità si dimostrino più resilienti di quelli del mercato.
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carons-corner
audio
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Caron's Corner
• 4-mar-2025
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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big-picture
video
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Big Picture
• 28-feb-2025
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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
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Big Picture
• 28-feb-2025
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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
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Takeaways & Key Expectations
• 28-feb-2025
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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
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Global Fixed Income Bulletin
• 25-feb-2025
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Broad Markets Fixed Income Team
In attesa che la Casa Bianca chiarisca le politiche che potrebbero incidere sulle condizioni finanziarie, nel nostro ultimo video esaminiamo in maniera approfondita il motivo per cui i dazi, le politiche monetarie e i fondamentali creditizi sono importanti per i mercati obbligazionari globali.
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alternatives
page
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Investimenti alternativi
• 24-feb-2025
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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
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2025 Outlooks
• 24-feb-2025
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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
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2025 Outlooks
• 21-feb-2025
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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
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Global Fixed Income Bulletin
• 20-feb-2025
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Broad Markets Fixed Income Group Team
Malgrado un gennaio tutto sommato positivo per i mercati finanziari, il futuro rimane alquanto incerto. Analisi del team Broad Markets Fixed Income.
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consilient-observer
page
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Consilient Observer
• 19-feb-2025
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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
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Global Equity Observer
• 17-feb-2025
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Richard Perrott, Bruno Paulson
In un contesto di rapida evoluzione economica come quello odierno, la tecnologia non si presta a rigide classificazioni settoriali. La tecnologia ridisegna le traiettorie di crescita e ridefinisce l’eccellenza operativa attraverso l’integrazione digitale, l’IA e il cloud computing, che sono diventati motori imprescindibili del vantaggio competitivo.
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navigating-the-curve
page
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Navigating The Curve
• 17-feb-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-feb-2025
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William Lock, Bruno Paulson
Sebbene l'economia statunitense continui a essere in condizioni migliori rispetto ad altri Mercati Sviluppati, riteniamo che sia più difficile individuare sorprese positive di quanto non sia stato negli ultimi due anni. I multipli azionari alti, i modesti valori del VIX e gli spread delle obbligazioni BBB scesi ai livelli minimi di questo secolo stanno a indicare che il mercato non condivide quelle perplessità. In quanto investitori, preferiamo un compounding stabile realizzato mediante una crescita soddisfacente dei ricavi e utili resilienti a un multiplo ragionevole.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 12-feb-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-feb-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-feb-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
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Video di approfondimento
• 7-feb-2025
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Vishal Khanduja
Non perdete il nostro ultimo video sull’evoluzione del panorama obbligazionario nel 2025 dove analizziamo il ruolo che la divergenza tra le politiche monetarie, l’aumento della dispersione e la volatilità probabilmente giocheranno nel delineare i rischi e le opportunità nei mesi a venire.
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navigating-the-curve
page
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Navigating The Curve
• 7-feb-2025
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Dónal Kinsella
Individuare le tendenze per le obbligazioni high yield, inclusa la possibilità che abbiano tutte le carte in regola per consentire agli investitori di conseguire i propri obiettivi di reddito e rendimento totale nel 2025 e oltre.
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big-picture
page
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Big Picture
• 4-feb-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
|
Alternatives
• 31-gen-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-gen-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-gen-2025
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Alexander Payne
Dispersione, duration e variazioni della curva dei rendimenti possono essere determinanti per la performance del mercato degli MBS di agenzia. Il nostro ultimo approfondimento analizza nel dettaglio questi e altri fattori, evidenziando i motivi per cui sono importanti.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 30-gen-2025
|
Andrew Slimmon
In his January TAKE, Senior Portfolio Manager Andrew Slimmon questions whether the 2025 equity market will be consistent with the third year of a bull market, which tends to be mediocre at best. Or will 2025 be led by a technology revolution and a gateway like the roaring late-1990s?
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 29-gen-2025
|
Amy Oldenburg
Saudi Arabia is pulsing with activity as it reaches the half way point of an ambitious plan to transform its economy and reshape its global image by 2030. Amy Oldenburg, Head of Emerging Markets Equity, examines the Kingdom’s progress.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 28-gen-2025
|
Broad Markets Fixed Income Team
Curiosi di conoscere il futuro della politica monetaria, del debito pubblico e dei mercati del credito? Ecco il nostro ultimo video sulle prospettive dei mercati obbligazionari globali per l’anno a venire.
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carons-corner
audio
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Caron's Corner
• 27-gen-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
• 27-gen-2025
|
Amy Oldenburg, Amay Hattangadi, Uday Tharar, Aayushi Kukreja
Malaysia’s recent stability and steady growth are paving the way for its government to implement critical reforms. The country is well-positioned for increased investments, particularly in its expanding data center sector, capitalizing on the ongoing “tech war” between the U.S. and China.
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big-picture
video
|
Big Picture
• 27-gen-2025
|
Jitania Kandhari
Beijing has unveiled a series of stimulus packages aimed at revitalizing China’s economy. However, Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group, believes China’s structural weaknesses which include significant debt, a property bubble, underwhelming domestic consumption and trade pressures, cannot be resolved by stimulus measures alone.
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2025-outlooks
page
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2025 Outlooks
• 27-gen-2025
|
Tom Lee
Investors in US equities don’t want to give back the hard-earned gains they realized over the last two years, so what are their options?
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 20-gen-2025
|
Amy Oldenburg, Paul Psaila
With the game-changing 2024 election victory of South African president Cyril Ramaphosa setting the stage for a new political and economic era, Amy Oldenburg, Head of Emerging Markets Equity, focuses on a report by Paul Psaila on how the new political landscape may impact the country’s economic future.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-gen-2025
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Broad Markets Fixed Income Team
Gli ultimi cinque anni sono stati pieni di sorprese. Nel suo ultimo bollettino, il team Broad Markets Fixed Income fa il bilancio del mese appena trascorso e guarda al 2025.
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global-equity-observer
page
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Global Equity Observer
• 15-gen-2025
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Bruno Paulson
La tensione è andata aumentando sui mercati che sono diventati sempre più imprevedibili e ristretti, come dimostrano sia il rally determinato dalla rinnovata propensione al rischio in risposta alla vittoria di Donald Trump alle presidenziali sia il dominio dei colossi della tecnologia statunitensi, i cosiddetti “Magnifici Sette”. Per un indice distorto che sembra essere valutato alla perfezione, qualunque colpo o cedimento delle aspettative sugli utili può rappresentare un problema… con rischi per chi segue l’indice pedissequamente e opportunità per chi, come noi, ha scelto un approccio bottom-up e indipendente dai benchmark e si concentra sul compounding di fondamentali di società di alta qualità.
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carons-corner
audio
|
Caron's Corner
• 13-gen-2025
|
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
|
Market Monitor
• 10-gen-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-gen-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-gen-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
|
Big Picture
• 8-gen-2025
|
Jitania Kandhari
Significant debt, a property bubble, underwhelming domestic consumption and trade pressures are part of the structural weaknesses in China’s economy that stimulus packages cannot resolve alone. Jitania Kandhari explains.
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2025-outlooks
page
|
2025 Outlooks
• 8-gen-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
|
Engagement Report
• 24-dic-2024
|
Fixed Income Team
In its annual Engagement Report, the Fixed Income organisation provides details on how their investment teams are working with bond issuers on Environmental, Social, and Governance (ESG) issues to help generate better financial and sustainability outcomes.
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alternatives
page
|
Alternatives
• 23-dic-2024
|
Vikram Raju
Our 1GT team discusses their five key lessons learned from Climate 1.0 and how they can be applied to climate investing today.
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navigating-the-curve
page
|
Articolo di approfondimento
• 23-dic-2024
|
Fixed Income Team
In questa pubblicazione, i gestori obbligazionari che investono lungo l’intero spettro della duration illustrano le strategie per ricercare un maggiore reddito corrente e un apprezzamento del capitale più elevato nel mutevole contesto degli attuali mercati obbligazionari.
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2025-outlooks
page
|
2025 Outlooks
• 20-dic-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-dic-2024
|
David Miller
Discover why we believe robust private equity activity has a potential to bolster private credit with growth across a diverse landscape.
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edge
page
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EDGE
• 18-dic-2024
|
Counterpoint Global
Counterpoint Global’s Disruptive Research revisits their 2017 paper on Autonomous Vehicles, highlighting key developments, challenges, and opportunities around trucking and robotaxis.
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2025-outlooks
page
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2025 Outlooks
• 18-dic-2024
|
David Miller
Discover why we believe that, as venture-backed companies stay private for longer, there is an increased need for growth equity and hybrid capital.
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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 17-dic-2024
|
Broad Markets Fixed Income Team
Cosa significano i cambiamenti nell’economia globale e l’incertezza politica per i mercati obbligazionari nel 2025? Nel nostro ultimo video discutiamo di come questi fattori possano influenzare i mercati e delle misure che stiamo adottando per affrontare nel prossimo anno la crescente complessità.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-dic-2024
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Broad Markets Fixed Income Team
Che interpretazione daranno i mercati obbligazionari allo stato dell’economia e alla portata delle politiche dell’amministrazione entrante? Il punto di vista del team Broad Market Fixed Income.
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carons-corner
audio
|
Caron's Corner
• 16-dic-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 13-dic-2024
|
Amy Oldenburg
Eight years ago, Saudi Arabia initiated an ambitious plan to transform its economy and reshape its global identity by 2030. Amy Oldenburg, Head of Emerging Markets Equity, looks at the Kingdom’s progress to date.
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beat
page
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The BEAT
• 11-dic-2024
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Portfolio Solutions Group
Il contesto di investimento per le prime battute del 2025 si prospetta piuttosto interessante. Portfolio Solutions Group analizza cinque aree chiave in previsione del 2025.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 5-dic-2024
|
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
• 5-dic-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
|
Caron's Corner
• 4-dic-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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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-ott-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-ott-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-ott-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-ott-2024
|
International Equity Team
One of our holdings has been around since 1892 and is enjoyed 2 billion times a day. With a strong brand, entrenched intangible assets, high returns on operating capital and significant pricing power, it’s exactly what we look for. Learn about our approach to long-term compounders for long-term investors.
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video
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Insight Video
• 14-ott-2024
|
International Equity Team
We own a leading elevator company that services over 2 million elevators globally—which typically remain in service for decades. As the installed base of elevators around the world continues to grow steadily, this creates a very reliable profit stream that illustrates our preference for long-term compounders for long-term investors.
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page
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Insight Article
• 10-ott-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-ott-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-set-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-set-2024
|
Pamela Fung
With Indian public markets having experienced a strong run-up since 2020, global allocators have been turning to Indian private equity. In this paper, we aim to examine the promising performance potential of Indian private equity.
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audio
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Insight audio
• 6-set-2024
|
Mark van der Zwan
Mark van der Zwan, Chief Executive Officer for Morgan Stanley Investment Management's Hedge Fund team, appears on Resonanz Spotlight to explore the past, present, and future of hedge fund investing
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alternatives
page
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Alternatives
• 23-ago-2024
|
Kara O'Halloran
Discover why the current market is conducive to market-neutral strategies, with the ability to generate alpha on both the long and short sides of portfolios.
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alternatives
audio
|
Media Appearance
• 6-ago-2024
|
Aaron Sack
Head of Morgan Stanley Capital Partners, Aaron Sack, discusses how to build a successful middle market buyout strategy, and the role of private equity in market growth.
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alternatives
page
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Alternatives
• 25-lug-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-lug-2024
|
Michael Mauboussin, Dan Callahan
Consilient Research considers the phenomenon of companies that both issue and retire shares around the same time. This behavior may fail the central goal of capital allocation, which is to buy low and sell high. Which one is it?
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page
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Insight Article
• 26-giu-2024
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Kara O'Halloran
Learn why our Hedge Fund Team believes the shift in the alternative investment space has evolved alpha, and how multiple ARP strategies are critical components of systematic liquid alternatives.
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sustainable-investing
engagement-report
page
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Engagement Report
• 13-giu-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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page
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Insight Article
• 12-giu-2024
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Morgan Stanley Real Estate Investing
While the fundamentals and investment thesis for senior housing are compelling, the subtleties of different care segments and the service-oriented nature of caring for elderly residents create operational risk, requiring a nuanced investment strategy and dedicated operating expertise.
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alternatives
page
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Media Appearance
• 11-giu-2024
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David Miller
David Miller, Morgan Stanley Investment Management's Head of Global Private Credit & Equity, speaks on "Markets Today" from SuperReturn International. David speaks to some of the concern around the rapid growth of private market investments and explains why it's important to look upon that growth in the context of overall public market caps.
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consilient-observer
page
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Consilient Observer
• 4-giu-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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audio
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Media Appearance
• 31-mag-2024
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Rohanjit Chaudhry
Rohanjit Chaudhry, Executive Director of Morgan Stanley Capital Partners, joined BDO Private Equity PErspectives podcast to discuss how private equity continues to approach economic challenges, like the current high cost of capital, through a lens of cautious optimism
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video
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Media Appearance
• 29-mag-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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Media Appearance
• 17-mag-2024
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Lauren Hochfelder
Lauren Hochfelder discusses real estate opportunities and supply chain on CNBC's The Exchange.
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page
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Insight Article
• 9-mag-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-apr-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-apr-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-apr-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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page
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Media Appearance
• 16-apr-2024
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Lauren Hochfelder
Lauren Hochfelder on Yahoo Finance: Morgan Stanley's Top Real Estate Investing 'Megatrends'
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big-picture
page
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Big Picture
• 8-apr-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
• 8-apr-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, examines the return of the 60/40 portfolio strategy in 2024.
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big-picture
video
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Big Picture
• 1-apr-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, believes oil is an underappreciated, underinvested and undervalued commodity in 2024.
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sustainable-investing
page
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Sustainable Investing
• 1-apr-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
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Big Picture
• 21-mar-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 Ten Key Themes for 2024.
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consilient-observer
page
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Consilient Observer
• 28-feb-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
• 7-feb-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
• 5-feb-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-gen-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-gen-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-dic-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
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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-ott-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-ott-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-set-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-set-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
• 3-ago-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-lug-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-lug-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
• 6-giu-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-apr-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
page
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Tales From the Emerging World
• 23-mar-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-mar-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-feb-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
• 2-feb-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
• 1-gen-2023
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David Richman
Scopri come queste dinamiche possono contribuire a conversazioni più significative.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 9-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
• 9-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
• 6-ott-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-set-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-lug-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-giu-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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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 2-giu-2022
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Emerging Markets Equity Team
Climate concerns and geopolitical events will revive policy makers support for nuclear power: a safe, reliable and carbon-free source of energy. Emerging Markets Equity team explain.
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consilient-observer
page
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Consilient Observer
• 10-mag-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-apr-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-mar-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-gen-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-dic-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
• 6-ott-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
• 8-set-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
• 3-ago-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-giu-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-mag-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-apr-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-feb-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-dic-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-ott-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-set-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-ago-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
• 4-ago-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
• 9-giu-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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page
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Press Release
• 21-mag-2020
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Pete Chung,
David N Miller
Ecwid, a leading global software-as-a-service (SaaS) e-commerce company, today announced a funding round of $42 million led by Morgan Stanley Expansion Capital and PeakSpan Capital. Ecwid provides online selling solutions for small businesses and enables them to establish a digital storefront in a matter of hours.
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consilient-observer
page
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Consilient Observer
• 20-mag-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-apr-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-mar-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-mag-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-ago-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-apr-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-gen-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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Press Release
• 23-ago-2016
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Morgan Stanley Energy Partners
Morgan Stanley Energy Partners ("MSEP") and Midland, TX-based XRI Holdings, LLC (“XRI Blue”), announce a strategic partnership whereby MSEP has made a majority equity investment in XRI Blue.
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Press Release
• 23-ago-2016
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces an investment in Pathway Partners Vet Holding LLC, a leading veterinary hospital owner and operator founded by Dr. Jasen Trautwein in Austin, TX and led by CEO Shawn McVey.
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Press Release
• 11-ago-2011
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Morgan Stanley Energy Partners
Morgan Stanley Private Equity and Denver-based Sterling Energy Company announce a strategic partnership whereby Morgan Stanley Private Equity has made a majority equity investment in Sterling Energy.
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Press Release
• 13-ago-2010
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces that is has agreed to acquire a 60 per cent stake in Zenith Vehicle Contracts Group Limited, a provider of vehicle outsourcing and management services to the UK corporate sector, from funds advised by Barclays Private Equity and Zenith management.
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Press Release
• 2-giu-2009
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Morgan Stanley Energy Partners
Morgan Stanley Private Equity and Charleston, WV-based Triana Energy announce a strategic partnership whereby Morgan Stanley Private Equity has made a majority equity investment in Triana Energy.
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