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    Equity markets in 2025: the great reversal
    cross assetconvertibles
    cross assetconvertiblesAsia high convictionSwiss equitiesGFIOAsia Diversified High YieldAsia Investment gradeAsia value bondsSwiss Franc bondsAll Roadsequitiesfixed incomemulti-asset

    Equity markets in 2025: the great reversal

    The market shift to Europe from the US and to value from growth, amid an uncertain economic backdrop, underlines the value of active investing. 
    The rotation out of US equities outweighs tariff risks, so far
    cross asset

    The rotation out of US equities outweighs tariff risks, so far

    Markets are putting more stock in broadening equity returns and a greater fixed-income term premium than growth risks posed by a potential rise in tariffs.
    In a year of divergence, three shifts in 2025 should favour active managers
    cross asset

    In a year of divergence, three shifts in 2025 should favour active managers

    Three clear shifts – improving macro, continued central bank easing and the potential for more balanced performance across asset classes – could favour active managers in 2025.
    3 market themes to find carry and position for change in Europe and China
    cross asset

    3 market themes to find carry and position for change in Europe and China

    We explore three investment themes for 2025 as investors eye carry trades and shifting trends in Europe and China.
    America first: 3 initial market impacts from the new policy playbook
    cross assetAll Roads
    cross assetAll RoadsAsia Investment gradeWorld BrandsGFIOAsia value bondsconvertibles

    America first: 3 initial market impacts from the new policy playbook

    Donald Trump’s policy agenda could have profound implications for the US economy and global markets. Our equity, fixed income, multi-asset and convertible bond teams assess three key impacts.
    Upbeat macro, moody market
    cross assetconvertibles
    cross assetconvertiblesequitiesfixed incomemulti-asset

    Upbeat macro, moody market

    We outline convictions and allocation calls for our long-only strategies, given the US macro picture, Europe’s economic divergence and China’s stimulus.
    CIO views: sharpening an information edge
    cross assetfixed income
    cross assetfixed incomeWholesalealternativesmacromulti-assetequitiesconvertiblesInstitutional

    CIO views: sharpening an information edge

    How can investors find an edge in today’s overload of information? Our CIOs across asset classes consider how to filter out the noise, make sense of data and focus on alpha.

    CIO views: finding value through patient investing
    cross assetAsset Management
    cross assetAsset Managementfixed incomeInvestment strategiesDCDBBanksalternativesOfficial institutionsconvertiblesequitiesWholesaleThird party asset managersInsuranceConsultantsGeronne IndependantsFund of fundsInstitutionalEndowmentsmacromulti-asset

    CIO views: finding value through patient investing

    Our CIOs consider how patient investors could find better value. Across asset classes, which areas offer superior prospects to those with a long-term approach?

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