Introduction Aaron Costello, Head of Asia, and Vivian Gan, Investment Director, Capital Markets Research Asian and global market volatility surged in early 2025 as US tariffs triggered global growth fears. Given the export-oriented nature of most Asian economies and their sensitivity to global growth and demand, the region may bear the brunt of US tariffs. […]
April 2025
No, we don’t think so. Gold has benefited from concerns about economic growth, inflation, and waning confidence in the US dollar, creating a perfect storm for bullish sentiment. While these factors could continue to support gold in the short term, the current momentum appears unsustainable. Gold’s recent climb to an all-time inflation-adjusted high increases the […]
April 2025
We expect public infrastructure equities to perform similarly to developed market equities in 2025, propelled by supportive regulations for energy transition and strong demand for power infrastructure to fuel AI. While we believe US REITs should underperform US equities, US private real estate funds raised in 2025 should generate above-average returns, benefiting from distressed deals […]
December 2024
Infrastructure investments have generated attractive returns in recent years and helped stabilize portfolios due to their ability to generate inflation-protected returns across various economic environments. The asset class has grown rapidly and offers investors a way to capitalize on secular themes like decarbonization and digitization. Growing demand in areas such as energy transition and telecommunications […]
November 2024
Yes. A record of roughly $925 billion of US commercial real estate (CRE) debt is maturing in 2024 and refinancing needs in future years are also significant. Some of these loans will be extended, but most will need to be refinanced; simultaneously, many traditional lenders are pulling back. The resulting rise in spreads, combined with […]
April 2024
No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows. Gold—a more stable and defensive option than bitcoin—also offers no yield. Investors looking for portfolio defense should look to long US Treasury securities, which offer reasonable yields and protection in a […]
March 2024
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
The transition to a low-carbon economy consistent with the 2015 Paris Agreement to limit global warming requires ambitious technological advancements and continued scaling of existing technologies. Such a massive economic transition by 2050, with meaningful progress by 2030, would be unprecedented but is not impossible, with adequate focus and funding. Indeed, significant progress has been […]
July 2023