Morgan Stanley Investment Management

Agency MBS & Housing Market Monitor – Q3 2025

Overview of the trends and developments in the Agency MBS and Housing Markets.

Emerging Markets Debt Monitor – Q3 2025

In-depth review of fundamentals and valuations across emerging markets debt.

Video: The First Cut is (Still) the Deepest

We highlight a landscape of cautious optimism in fixed income sectors, driven by central bank policies and market dynamics. While opportunities exist, particularly in emerging markets and corporate credit, investors must navigate a complex environment marked by macroeconomic uncertainties and policy divergences. Watch this video to find out more.

2025 Fixed Income Engagement Report

Over the past twelve months, the MSIM Fixed Income team continued to leverage our US$220 billion AUM platform to have meaningful dialogues with bond issuers on ESG topics that we believe are most relevant to their business and financing activities.

Shaking Up US Infrastructure Investing

In this insightful roundtable originally published by Infrastructure Investors, Chris Ortega, Managing Director and Head of Americas, discusses how the Big Beautiful Bill Act is impacting every sector, from power to transportation, creating challenges but also opportunities.

GLP-1 Medications and Shifting Consumer Behavior

Amid a rapidly evolving landscape in health and wellness, GLP-1s are redefining the way millions approach weight loss, diet and even alcohol use. Initially used for diabetes treatment, these innovative therapies are now at the forefront of obesity care—capturing headlines and sparking debate across medical and consumer circles.

Are the U.S. and Emerging Markets Converging?

U.S. stocks have dominated global financial markets for the last decade and a half, driven by robust earnings, a market rerating and the gravitational pull of a strong U.S. dollar (USD).

The Tug of War

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.

Weighing in on Direct Lending

Today, the case for investing in direct lending is not only strong on a structural basis but especially timely, reinforced by interest rate dynamics, recovering deal activity, M&A demand, and the potential risk of a pick-up in public market volatility. Taken together, we believe these forces present a potentially compelling moment for capital allocation to direct lending.

Tariffs: Illusion Versus Reality

Advocates of tariffs insist that higher barriers will bring jobs home, yet U.S. manufacturing remains structurally uncompetitive. While China’s share of U.S. imports may have declined, its grip on critical goods, from rare minerals to electric-vehicle batteries, remains firm.

The Low Rate Environment Could Impact Products and Investment Portfolio Mix

Bob Huang of Morgan Stanley joins the InsuranceAUM.com podcast to discuss how a lower-rate environment could reshape insurance product innovation and portfolio strategy.

Lauren Hochfelder on Bloomberg The Close

Lauren Hochfelder, Co-CEO of Morgan Stanley Real Estate Investing, joined Bloomberg The Close to discuss market expectations for real estate, what’s ahead in senior housing and net lease investing. Lauren also addresses the manufacturing build out that is driving increased demand within industrial real estate, another major focus area for Morgan Stanley Real Estate Investing.

Stablecoins – Modernizing financial infrastructure

Stablecoins have emerged as one of the fastest-growing segments in global finance, blending the stability of fiat currencies— primarily the U.S. dollar—with the efficiency and programmability of blockchain technology. These digital assets have scaled rapidly, acting as foundational scaffolding underpinning a new infrastructure for payments, settlement and value transfer across borders.

Several bangs and one whimper

The fixed income market was as “summer-y” as it gets this past month. Volatility in yields remained remarkably muted, and spreads continued to compress in a benign fashion—despite a brief spike following the early-month U.S. jobs data.

Next Order Effects of Increasing GLP-1 Use

Since the launch of Ozempic in 2017-18, GLP-1 drugs have gained social acceptance as an effective way to lose weight quickly. Looking ahead, GLP-1s are expected to become the biggest drug class in history, with annual sales projected to potentially top USD $100 billion over the next five years.

The Age of Strategic Supply Chains

In today’s environment, where geopolitical tensions threaten the cohesion of the global economy, building more resilient supply chains has become a strategic imperative.

Fed Cut: So What?

Now that the long-awaited Fed rate cut has arrived – to the tune of 25 bps – bond investors have the right to ask: So what? As managers of bank loans, here’s our answer: we see it as a good occasion to show why loans deserve consideration for a traditional bond portfolio, especially in this environment. Consider:

The Demographic Barbell

A generational shift is unfolding across the global economy. At one end, millennials and Gen Z are gaining economic influence with their distinct preferences for technology, sustainability and different consumption patterns. At the other, aging populations, particularly Baby Boomers, are increasing their share of healthcare spending, financial assets and political influence.

Understanding Fee Netting; Does It Always Pay Off?

In the realm of private investments, the concept of performance fee netting has long been considered a beneficial strategy for investors. However, recent research challenges this conventional wisdom, suggesting that the benefits of fee netting are not as clear-cut as previously thought. This article delves into the complexities of performance fee netting, highlighting key insights from a comprehensive study that examines its impact on investors.

The BEAT for October 2025

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.

The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset World

Jeff Miller and Stephen “Fitz” Fitzsimmons of Morgan Stanley Investment Management discuss the evolving role of fixed income in insurance portfolios, from ALM optimization to opportunities in public and private credit.

Active Management, Uncertainty May Amplify Opportunities for Securitized Assets

Mortgage-backed securities and securitized assets remain one of our highest conviction investment ideas across our multi-sector fixed income portfolios. Here are some areas where we are finding value, along with some potential risks.

Waiting for Godot, Fixed Income Edition

June was marked by a continuation of the risk-on sentiment that began earlier in the quarter, supported by resilient economic data, a modest decline in volatility, and easing geopolitical tension following the brief conflict between Israel and Iran.

2025 Real Estate Mid-Year Outlook

The current macroenvironment is volatile and uncertain with growth expected to moderate and diverge. Within this macro backdrop, real estate looks durable and downside-protected, particularly in sectors that are supported by long-term structural trends.

Cash Holdings: Data, Theory, and Alternatives

The goal of this report is to discern the proper amount of cash a company should hold, which takes us into key topics around capital allocation and capital structure.

The BEAT for August 2025

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.

Importance of Improved Water Risk Metrics in Sustainability Reporting

Global Equity Observer: Life After the “Liberation Day” Tariff Announcement

The BEAT for May 2025

EV Growth Accelerating in Emerging Markets

Evolution of Direct Lending

The great distortion

Is 2025 (finally) the Year of the Bond?

Episode 281: How Can BDCs Be Used to Optimize Direct Lending?

Join host Stewart Foley on the InsuranceAUM.com Podcast as we explore how BDC disclosures provide transparency into direct lending, asset quality, and market trends for insurance investors.

Equity Market Commentary - January 2025

Outlook for Direct Lending

The BEAT - February 2025

Big Picture - Key Themes for 2025

Stimulus Fatigue: China Can’t Band-Aid Its Way to Recovery

2025 Global Fixed Income Outlook

The BEAT - January 2025

2025 Private Credit Outlook

The BEAT - Outlook for 2025

2025 Private Equity Outlook

The Ghost of Climate 1.0

2025 Real Estate Outlook

Driving Change: Autonomous Vehicles Revisited

Saudi's Inner Focus

Aaron Sack, Head of Morgan Stanley Capital Partners, on ION Influencers Fireside Chat Series

Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation