As multi-asset managers, we have historically been overweight to corporate bonds and specifically the financial sector ever since the Global Financial Crisis.
In 2020, five people will enter the growing global middle class every second, reinforcing the secular, long-term appeal of discretionary consumer spending, and consequently, the luxury sector.
Steady progress in growing per capita income
We continue to expect volatility in financial markets to rise substantially at some point.
Emerging market (EM) local currency debt looks set to extend gains in early 2020, as contained trade war fears and ample liquidity sustain investors' hunt for yield.
The UK property investment market continues to experience lower transaction volumes, driven by political and economic uncertainties, particularly from Brexit.
The pursuit of growth can make investors do odd things.
Glimmers of hope have recently begun to emerge for European equities.
After a volatile Q4 2018 when credit spreads widened but government bonds rallied due to safe-haven flows, fixed income markets across different categories have delivered strong returns so far this year.
Emerging markets, much like developed markets, have been influenced by macroeconomic and political developments since the start of the year.
Back in 2000, the privatised utilities were a somnolent bunch, unattractive in contrast to the fireworks of the TMT bubble.
With a General Election now called for 12 December, there is a chance that the acrimonious stalemate in Parliament over Brexit might soon be over and the UK will leave the EU by 31 January 2020.
It is a nightmare writing an investment piece about the UK.
It has been a strong showing for European equities in recent weeks, with the European Central Bank (ECB)'s policy action – and the rate cut in the US – all helping to lift shares higher.
The sustainability of UK equity income streams has been called into question, with underlying dividends across the market falling by almost 3% on a constant currency basis during Q3 – the worst quarterly performance for three years.
The strong underlying demand growth in liquefied natural gas (LNG) sets the global gas market apart from the oil market, where a managed decline in long-term production seems to be the most plausible future scenario.
Japanese equities have been sensitive to weaker global industrial demand over the past 12 months, but we expect the earnings impact from the ongoing slowdown to bottom out by the end of this fiscal year.
The auto sector and credit markets have long had a love-hate relationship.
Saudi Arabia's successful 'Future Investment Initiative' ('Davos in the desert') last month and the much-anticipated listing of Aramco have reminded us of the potential of the Gulf region for investors.
Four factors may work as catalysts in 2020
North American equity markets have rewarded investors in 2019 and are at or near all-time highs.
2019 has been a stellar year for global bond markets, as weak global economic growth and low inflation have combined with ever more accommodative central banks to push global bond yields significantly lower.
Europe's stockmarkets are on average up more than 20% this year.
Passive equity products have become popular over the past decade as it has become easier and cheaper to track the performance of an index.