Insights

Investment Insights by our experts and thought leaders

Global equity outlook 2025

Throughout history, equity investors have benefitted from maintaining a long-term view and an optimistic outlook on humanity's ability to prevail in the face of adversity. This might once again be the case, meaning that the biggest risk might be not having exposure to the highest quality earnings streams through a diversified portfolio of global equities.

Global multi-asset outlook 2025

Our outlook for 2025 is relatively positive. We expect the business-friendly stance of the Republican Party, coupled with easier monetary policy, will be supportive for risk assets, particularly in the US market. While we hold various views, we rely on our strategic asset allocation to guide our long-term outlook—with healthy equities, short-dated credit, the US dollar and gold forming our backbone for the medium term.

Japan equity outlook 2025

With Japan overcoming deflation and ushering in a period of progress and consolidation despite market volatility and political upheaval, we expect Japanese companies to make strategic decisions in 2025 that attract global investors in larger numbers.

Global fixed income outlook 2025

We believe that a changing political environment could present opportunities across asset classes in 2025, with fixed income in particular poised to benefit as markets adjust to more realistic inflation expectations.

New Zealand equity outlook 2025

As we head into 2025, we have picked three key elements that we believe will have the greatest influence over market behaviour and performance: interest rates, the strength of the New Zealand dollar and geopolitical uncertainty.

Asian fixed income outlook 2025

Asian local government bonds are poised to perform well in 2025 thanks to accommodative policies by central banks amid benign inflation and moderating growth. The global easing cycle is expected to lower global yields, thereby providing additional support to Asian bond markets.

New Zealand fixed income outlook 2025

New Zealand's economy is faced with challenges including a weak currency, low productivity growth and slowed immigration. However, there are potential posi'tives, such as declining interest rates and possible gains in longer maturity bonds. Ultimately, recovery will require time and effort, with the central bank playing a crucial role.

Singapore equity outlook 2025

While 2024 was characterised by broad market gains (or “beta” returns) in Singapore, we expect 2025 to be more centred on generating excess returns (or “alpha”). We believe the service economy, represented by financial services and transportation, will continue to contain key sectors which offer high sustainable returns, positive fundamental change and growth.

Future Quality Insights: pandemic memories and ongoing impact on companies

We believe that investors should strive for a diversified global portfolio of quality companies that can thrive in an environment where the cost of capital may be higher than previously expected. Our collective experience of the pandemic reminds us that such an approach is a good idea.

Balancing Act Monthly Insights: Global Multi-Asset (November 2024)

We increased the overweight to growth assets given that economic data remains resilient against falling inflation and as global central banks lower interest rates. Regarding defensive assets, we have been relatively negative on sovereign bonds, and despite the rate-cutting cycle underway, we maintain this view.
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