2024 Outlook: Hedge Funds

We expect equity long/short strategies will outperform their long-term average, due partly to the considerable rise in short rebates. This expectation is also linked to our view that global equity volatility will increase due to our economic expectation and ongoing geopolitical crises. Equity Long/Short Performance Should Be Above Average in 2024 Joe Marenda, Head of […]

December 2023

2024 Outlook: Real Assets

We expect REIT and public infrastructure performances will improve, given undemanding valuations and our view on interest rates. We believe private infrastructure funds will perform well, and we think nuclear energy will emerge as a small but important opportunity. US REIT Performance Should Rebound in 2024 Sehr Dsani, Investment Director, Capital Markets Research, and Marc […]

December 2023

2024 Outlook: Currencies

We expect the US dollar and gold will more or less hold their values, given our economic expectation and the many geopolitical risks. We believe the yen will appreciate, and we expect the thawing crypto winter will fully transition to a spring. The US Dollar and Gold Should Hold Their Value in 2024 Sean Duffin, […]

December 2023

2024 Outlook: Sustainability & Impact

We expect more companies will set science-based targets to reduce their emissions and develop credible transition plans to meet their targets. We believe funds raised by natural capital strategies will hit a new record and that California carbon allowances will outperform global equities. 2024 Should Be the Year of the “Transition Plan” Simon Hallett, Head […]

December 2023

Do Shifting US-China Geopolitics Create Investment Opportunities Elsewhere in Asia?

Yes, US-China geopolitical realities are already having an impact on trade and investment flows within Asia. China will remain an important destination for investor capital, but the shift in capital flows, alongside positive domestic structural developments in other parts of Asia, create investment opportunities beyond China that deserve a closer look. Trade and financial “decoupling” […]

November 2023

VantagePoint: Asia Opportunities Amid Shifting Geopolitics – Part II

The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focused on opportunities in China specifically. […]

October 2023

VantagePoint: Asia Opportunities Amid Shifting Geopolitics – Part I

The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focus on opportunities in China specifically, […]

October 2023

Should Taxable Investors Still Rely on Municipal Bonds to Boost After-Tax Returns?

Yes. Municipal (muni) bonds have recently outperformed taxable equivalents before taxes and the tax advantage of high-quality munis has grown as interest rates have gone up. We recommend a neutral allocation to high-quality munis in taxable portfolios. Beyond the high-quality space, muni closed-end funds (CEFs) have the potential to deliver compelling after-tax returns. The previous […]

October 2023