After the most aggressive monetary policy tightening cycle in more than 40 years and bond yields at levels not seen since 1979, the world’s major developed economies are still standing. At the same time, there have been powerful structural changes in recent years in how the global economy behaves. Understanding these deep forces and how they intersect with the cycle will be crucial to return delivery in the coming years. Our recent webinar is available on demand. Topics included were:
- Private infrastructure continues to be relatively well placed due to its defensiveness, ability to protect against surges in inflation, relatively high yield, and robust policy support globally.
- Private real estate has been more affected by the rise in interest rates, but opportunities may be emerging in rental housing, logistics, and niche sectors.
- For listed equities, we see opportunities in US small-caps and listed real assets, while Europe looks attractive on valuation grounds and we may be close to peak pessimism on Chinese equities.
- In global credit markets, we are constructive on duration but cautious on credit, particularly further out on the risk spectrum. However, US agency mortgage-backed securities (MBS) can offer attractive spreads backed by robust structures and strong credit fundamentals.
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[3278961] 12/2023
