Invesco

Direct Lending: Sorting Signal from Noise

Ron Kantowitz explains how to separate signal from noise in direct lending, from AI concerns to portfolio construction and market volatility.

Three Reasons to Consider S&P 500 Equal Weight

The Invesco S&P 500 Equal Weight ETF (RSP) equally weights all stocks in the S&P 500 Index, mitigating concentration risk versus the top-heavy cap-weighted parent index. This approach tilts towards the small size factor – as equal weighting naturally overweights the smallest securities in the parent index and underweights the largest – and the value factor, as relative winners are trimmed and relative laggards are added to at the quarterly rebalance back to equal weight.

Financing the Future: Credit Markets and AI Infrastructure

Invesco’s Fixed Income portfolio managers discuss the investment opportunity in AI infrastructure, its associated risks, and the emergence of public-private financing deals.

2026 US Senior Loan and CLO Market Outlook

We expect approximately 7.0-7.5% loan returns in 2026, again carried by coupon income and augmented by minor price appreciation.

Insurance Outlook 2026

We believe 2026 will present insurers with another challenging investment backdrop. While the global economy held up reasonably well in 2025, there are a number of risks to consider moving forward. For example, will the Federal Reserve cut rates too quickly and drive inflation higher? Or will it cut too slowly and be forced to play catch-up in a deteriorating economy? Will tariffs bring about a new round of inflationary pressure? Will geopolitical conflicts bring risk assets under pressure?

Real Estate in Institutional Portfolios: Challenges, Cycles & Opportunities

Institutional investors are shifting to real estate debt and alternative sectors to capture growth, manage risk, and hedge against inflation.

What’s Shaping Insurance Asset Allocations in 2026 and Beyond

Welcome to Compound Insights, a podcast by CFA Society in New York. I'm your host Gary Farber. Today, we're very fortunate to have with us Peter Miller of Invesco.

New Opportunities in Data Center Securitization

The Invesco Structured Investments Team prefers facilities with modern infrastructure, access to ample power, strategic locations, strong sponsorship and adaptable tenant structures that position investors to benefit from growing demand for AI, hybrid cloud, and high-density computing.

Opportunity in Real Estate Credit: 4 Key Takeaways

Private lender originations in commercial real estate (CRE) credit have surged significantly, surpassing pre-pandemic levels and indicating a growing market share for private lenders in CRE financing. This trend is driven by policy rate reductions and stabilizing property prices, creating renewed investor interest in this asset class.

Capital Market Assumptions – Q3 Update

Invesco’s long-term outlook utilizes a building block approach to estimate asset class returns, risk, and correlations relative to history and aid in allocation decisions.

Alternative Opportunities for Insurers | Q3 Update

In our Q3 2025 edition of Alternative Opportunities for insurers, we continue to cover views on a variety of private asset classes from Invesco Solutions and our partner firms. Within this piece, we’ll present a framework for analyzing across alternative markets to help inform insurers’ investment decisions.

Senior Loans: A Closer Look For Insurers

Kevin Egan, CPA of Invesco, joins the InsuranceAUM.com Podcast to discuss senior loans, their resilience, and what insurers should know about this evolving asset class.

US and Global Commercial Real Estate — Fourth Quarter 2025 Outlook

It’s been a year of significant shifts in global trading and economic growth patterns. Tariffs and trade wars have disrupted global trade flows, contributing to slower growth in key economies. In this environment, we believe that real estate sectors with higher income yields and income streams that are less tied to the business cycle are best positioned to outperform.

Direct Lending’s Evolution: Managing Through the Current Environment

Navigating today’s uncertain environment, Ron Kantowitz describes how Invesco’s direct lending team remains highly selective, focusing on capital preservation and disciplined risk management. By sticking to senior secured lending and waiting for market clarity, our team is positioned to capitalize on future opportunities while maintaining a conservative, diversified portfolio.

Direct Lending’s Evolution: Adapting Through a Shifting Environment

Direct lending has undergone a dramatic transformation, shifting from a bank-dominated market to one led by private capital managers. As regulatory changes have reshaped the landscape, direct lenders have rapidly expanded their role, now competing head-to-head with banks in even the largest transactions. Ron Kantowitz talks about the transformation of direct lending with the Capital Allocators podcast.

What Are Global Investor Flows Into US Real Estate?

Reduced cross-border investment in new US commercial real estate may impact US and global property sectors, markets, and assets differently.

Real Estate Credit: Cutting Through the Noise

Charlie Rose of Invesco Real Estate discusses commercial real estate debt, bridge lending, global market trends, and where insurers may find opportunity in today’s environment.

2025 Midyear Investment Outlook: The Global Reset

While policy and economic uncertainty are high, we are confident in our base case that non-US assets are increasingly attractive.

Private Credit Quarterly Roundup: Liberation Day Market Responses

The experts from Invesco’s bank loan, direct lending, and distressed credit teams to share their views for the second quarter of 2025.

What Will Happen to Commercial Real Estate Values in 2025?

Key takeaways: CRE lenders staying the course, Value growth in 2025 highly likely, Stay measured

Alternative Opportunities for Insurers | Q2 Update

The Invesco Solutions team shares their latest views on private credit, private equity, and real assets.

Opportunities in Public Markets: Finding Relative Value in Fixed Income

Matt Brill, Head of North America Investment Grade Credit at Invesco, discusses finding value in fixed income, credit sector opportunities, and how insurance investors can navigate timing risk in today's evolving bond market.

Capital Market Assumptions – Q1 Update

Invesco’s long-term outlook utilizes a building block approach to estimate asset class returns, risk, and correlations relative to history and aid in allocation decisions.

“Liberation Day” Tariff Announcement

US President Trump announced tariffs to be applied on imports from a variety of countries. These tariffs were worse than most had expected.

Real Estate Occupancy: The Starting Point Matters

Invesco analyzes commercial real estate trends, showing how resilient occupancy in key sectors points to buying opportunities amid market repricing.

Preparing for the Next Chapter in Private Credit

Invesco examines 2025’s private credit outlook, from “Goldilocks” conditions and strong fundamentals to new risks from US political and economic shifts.

Private Credit: Investment Insights for 2025

Invesco’s 2025 private credit outlook explores opportunities in bank loans, direct lending, distressed credit, and CLOs amid macroeconomic uncertainty and market shifts.

CLO equity: Not Your Average Asset Class

How can CLO equity enhance your investment portfolio? Invesco explores its benefits, including diversification, active management, and strong risk-adjusted returns.

S&P 500 Equal Weight: Why Now

Is now the right time to invest in the S&P 500 Equal Weight Index? With market breadth expanding and valuations stretched, discover why investors are taking notice.

Insurance Outlook 2025

As 2025 begins, Invesco believes this year will present insurers with a more challenging environment than 2024.

2025 Senior Loan & CLO Market Outlook

2024 was a strong year-to-date for loan returns driven primarily by robust coupon, in line with our expectations.

What’s on the Minds of Insurance CIOs with Invesco’s Pete Miller

Welcome to Compound Insights, a podcast by CFA Society New York.

Opportunity in real estate credit

Commercial real estate (CRE) credit yields have benefited from higher interest rates over the past two years. And while central banks have started to cut policy rates, we believe that the CRE credit sector remains attractive for three reasons.

2025 Investment Outlook: After the landing

Many of the world’s central banks, having largely succeeded in curbing inflation, are now easing monetary policies with the aim of stimulating growth. In 2025, we anticipate signs of economic deceleration to be counteracted by the supportive impact of the global rate-cutting cycle — in other words, we think we are seeing a soft landing. We expect growth to continue to slow in the near term, followed by a reacceleration through 2025, which should foster a favorable environment for risk assets globally.

Bond Market Insights for Insurers

As the Fed and other central banks cut interest rates, financial conditions should ease and support the global economy and markets. Against this backdrop, we see a number of opportunities to potentially optimize fixed income allocations in insurance portfolios.

CLO Market Pulse with Ian Gilbertson of Invesco

Ian Gilbertson is the CLO Portfolio Manager and Co-Head of U.S. CLOs at Invesco.

Alternative Opportunities for Insurers | Q4 Update

In our Q4 2024 edition of Alternative Opportunities, we continue to cover views on a variety of private asset classes from Invesco Solutions and our partner firms. Within this piece, we’ll present a framework for analyzing across alternative markets to help inform insurers’ investment decisions.

2024 Long-Term Capital Market Assumptions – Q3 Update

Heading into the fourth quarter, we have reached the portion of the business cycle where most major economies outside of Japan have begun to ease monetary policy. The Federal Reserve’s (Fed) recent 50 basis point (bps) cut and forecast of significant cuts to come have prepared investors for a period of lower interest rates and signals that the Fed believes their multi-year battle with inflation has come to an end.

US and global commercial real estate outlook — looking beyond 2024

A US and global real estate recovery with transaction activity re-accelerating late this year or in early 2025 and the start of a new value cycle are close in our view. Here’s a summary of our current outlook for commercial real estate (CRE) for the US and globally.

Yields have remained attractive and may maintain positive relative value

Current loan yields and spreads remained attractive with average loan coupons at close to record highs (~9.25%) and surpassing high yield bonds (~6.15%)

What insurance investors should know about the US election with Invesco’s Andy Blocker

Andy Blocker is the Global Head of Public Policy and Strategic Partnerships at Invesco.

Trump vs. Harris: Election changes course

A presidential candidate convicted on 34 charges. An assassination attempt that left a former president bloodied but defiant. And a sitting president who pulled out of his reelection race after a disastrous debate performance. Any one of these events could have easily been the defining moment of an election. But in 2024, all that — and more — happened in the span of just 52 days.

Alternative Opportunities for Insurers | Q2 Update

In our Q2 2024 edition of Alternative Opportunities, we continue to cover views on a variety of private asset classes from Invesco Solutions and our partner firms. Within this piece, we’ll present a framework for analyzing across alternative markets to help inform insurers’ investment decisions.

2024 Long-Term Capital Market Assumptions – Q2 Update

As we highlighted in the previous quarterly edition of Invesco’s Long-term capital market assumptions (CMAs), concentration in US large-capitalization equities is a risk even for moderate, globally diversified investors. We believe diversification could potentially mitigate some of this risk. However, some of the challenges that stem from overvalued concentrated equity markets are pervasive beyond the US.

Bank Loans in the Time of Higher for Longer

Markets welcomed 2024 with expectations of six rate cuts in 2024 from the US and eurozone, five cuts from the UK, and a belief that most major economies would see a period of slow growth. Now, markets are looking for just one or two cuts in the US, UK, and Eurozone, yet these economies appear to be undergoing a cyclical recovery. With prospects of a soft landing in sight, investors are assessing opportunities in risky assets in an environment of already-lofty valuations.

Navigating Real Estate Market Dislocation with Invesco’s Bert Crouch

Bert Crouch is the Head of North America at Invesco Real Estate

Timely insights: ETF usage in insurance general accounts webinar replay

In the last decade, insurer ETF AUM has more than tripled, reaching $34B in 2023. With this tremendous growth, insurers have been leveraging ETFs to solve an increasingly wide set of challenges in their portfolios, including using ETFs for core equity holdings, tweaking concentration risk, as a liquidity sleeve for both public and private fixed income markets, and pursuing income from securities lending.

Midyear Investment Outlook: Opportunities Amidst Divergence

Despite widespread expectations of a global economic slowdown in 2024, growth and inflation have continued to perform better than the consensus expected across most major economies.

Global Fixed Income Strategy Report

The Case for Senior Loans

As we continue in 2024, there has been a significant focus on the uncertainty of the US macroeconomic backdrop and its potential implications for the senior secured bank loan market. Paramount among these concerns are three key questions: