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global-equity-observer
page
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Global Equity Observer
• 30 nov. 2024
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Marcus Watson, Helena Miles
After unwinding COVID distortions, the health care sector has significantly underperformed the broader market. Yet it ranks high on our two favoured quality metrics, ROOCE and gross margins, with the second highest EPS growth of any sector in the MSCI World Index over the past 20 years. Its strong long-term outlook is reinforced by a rapidly ageing global population, untapped global market opportunities, the nondiscretionary nature of its demand, and broad technological innovation potential.
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page
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Investment Insights
• 29 nov. 2024
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Patrick Reid
Discover, in our latest insight, how semi-liquid funds are broadening access to private markets, while offering unique advantages designed to meet the needs of wealth managers and intermediaries.
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page
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Insight Article
• 27 nov. 2024
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Emerging Markets Debt Team
Do all tough reforms have a high political cost? Reformist governments in Southern Europe are proving otherwise. By taking important policy decisions early, governments in Cyprus, Italy and Greece are not only seeing stronger growth than their norther peers but rising popular support as well.
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carons-corner
audio
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Caron's Corner
• 25 nov. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 22 nov. 2024
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Broad Markets Fixed Income Team
In his November video bulletin, Chief Investment officer Michael Kushma shares his thoughts on where fixed income markets may be heading now that the US presidential election has passed. Watch to find out why he’s focused on three key themes: Trumponomics 2.0, steepening yield curves and areas of opportunity for fixed income investors.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 21 nov. 2024
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Broad Markets Fixed Income Team
L’équipe Broad Markets Fixed Income analyse les enjeux des élections américaines pour les investisseurs obligataires.
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page
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Insight Article
• 18 nov. 2024
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Emerging Markets Debt
Insights from the IMF's fall conference reveal a nuanced global outlook, underscoring the critical role of country fundamentals in emerging markets. Read our on-the-ground report for the key highlights and analyses.
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page
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Insight Article
• 14 nov. 2024
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Jim Caron, Ryan Meredith, Laura Biancato
Today’s new interest rate and inflation regime deviates significantly from the past 40 years. As such we believe investment professionals should consider modifying their investment process.
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alternatives
page
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Alternatives
• 13 nov. 2024
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Adam Ross
Geothermal energy can supply reliable, sustainable, baseload power offering significant potential as an energy source, but commercial deployment has been limited. Our 1GT team co-hosted a roundtable during Climate Week to discuss future pathways.
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 12 nov. 2024
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Amy Oldenburg, Jitania Kandhari, Saumya Jain
Emerging markets are buzzing with renewed manufacturing activity after years of sluggishness. This resurgence is fueled by strong government support, improving macroeconomic conditions and new supply chains. Amy Oldenburg, Head of Emerging Markets Equity highlights a recent report by Jitania Kandhari and Saumya Jain explaining the transformational changes that are taking place.
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carons-corner
audio
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Caron's Corner
• 11 nov. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 11 nov. 2024
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Kenneth Michlitsch
As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 7 nov. 2024
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Andrew Slimmon
"In his November TAKE, Senior Portfolio Manager Andrew Slimmon discusses his post-election thoughts on the equity markets and why, he expects potential strength to continue into 2025, albeit more muted."
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global-multi-asset-viewpoint
page
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Global Multi Asset Thought of the Week
• 7 nov. 2024
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Cyril Moulle-Berteaux
Chinese stocks are likely still underowned by local and global investors but their superficially low multiples do not represent a compelling reason to go overweight China until policy measures sufficient to solve its debt deflation problems are implemented.
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beat
page
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Mensuelles
• 5 nov. 2024
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Portfolio Solutions Group
Utilisez The BEAT comme votre ressource efficace pour les marchés de ce mois-ci. Chaque édition vous donne des idées et des connaissances qui vous montrent comment naviguer dans l’environnement d’investissement actuel.
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page
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Insight Article
• 1 nov. 2024
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Broad Markets Fixed Income
What are the economic and corporate consequences of higher tariffs? In this insight, our Broad Markets Fixed Income team explores the potential trade-offs and knock-on effects of raising tariff rates.
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global-equity-observer
page
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Global Equity Observer
• 31 oct. 2024
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Nic Sochovsky
La valorisation relative du secteur de la consommation non cyclique et sa pondération dans l’indice MSCI World n’ont jamais été aussi faibles depuis 25 ans. Et pourtant, malgré quatre années particulièrement turbulentes, le secteur a fait preuve de résilience. Avec une croissance alimentée par les revenus récurrents des ventes de produits du quotidien, leur résilience opérationnelle en période de ralentissement économique confère aux entreprises du secteur faisant preuve de souplesse, d’innovation et investissant beaucoup dans leur marque un rôle majeur dans nos portefeuilles.
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alternatives
page
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Alternatives
• 30 oct. 2024
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Aaron Sack, Patrick Whitehead
A successful approach to operational value creation has been key to driving successful private equity outcomes over the last decade. It is increasingly important as we adjust to an environment of higher interest rates and inflation, lower levels of financial leverage, and uncertain macroeconomic growth.
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page
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Insight Article
• 29 oct. 2024
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Emerging Markets Debt
Emerging markets debt is currently benefitting from a favorable macro backdrop, attractive real yields and growing investor appetite. Will these tailwinds continue through the remainder of 2024 and what should investors be on watch for? Read the latest views from our Emerging Markets Debt team for insights into these questions and more.
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carons-corner
audio
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Caron's Corner
• 28 oct. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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sustainable-investing
engagement-report
page
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Engagement Report
• 25 oct. 2024
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Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.
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page
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Insight Article
• 25 oct. 2024
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Gregory Finck, Anuj Gulati, Erin Glenn
The Mortgage & Securitized Team believes that Environmental, Social and Governance (ESG) considerations are an essential component to investing in securitized markets. In this paper, they explain how these considerations are integrated into their investment process.
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alternatives
page
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Alternatives
• 24 oct. 2024
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Eric Stampfel
Amid market uncertainty, investors may be seeking ways to add resilience to their portfolios. Long-short equity strategies have the potential to deliver steady returns in volatile markets.
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global-multi-asset-viewpoint
page
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Global Multi Asset Thought of the Week
• 22 oct. 2024
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Cyril Moulle-Berteaux
Given a strong consensus for a Soft Landing and lingering Recession fears, No Landing would be the most contrarian scenario for markets. In fact, there are some hints that the dichotomy between strong spending and weak labor markets could resolve in favor of No Landing.
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tales-from-the-emerging-world
video
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Tales From the Emerging World
• 22 oct. 2024
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Amy Oldenburg, Steven Quattry
Amy Oldenburg, Head of Emerging Markets Equity at Morgan Stanley Investment Management, believes savvy investors should take a closer look for hidden gems in emerging and frontier markets.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 18 oct. 2024
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Broad Markets Fixed Income Team
Is market optimism about rates too high? Find out why high volatility potential and tight spreads are making us choosier about bonds.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 18 oct. 2024
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Broad Markets Fixed Income Team
L’équipe Broad Markets Fixed Income analyse l’impact des baisses de taux de la Fed en septembre pour les investisseurs obligataires.
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consilient-observer
page
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Consilient Observer
• 15 oct. 2024
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Michael Mauboussin, Dan Callahan
Strategy explains how a firm builds a moat around its business to pursue sustainable value creation. We begin by showing why strategy matters while also distinguishing between industry and company life cycles. We turn next to industry analysis as we get the lay of the land. We then discuss industry structure and disruption and dis-integration. We finish with firm analysis. We examine the sources of added value and review pricing decisions, regulation, and brands. We include a checklist.
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global-equity-observer
page
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Global Equity Observer
• 15 oct. 2024
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Bruno Paulson
Le calme est revenu après la pression subi par les marchés boursiers durant l’été, mais cette correction a fait office de test grandeur nature pour nos portefeuilles mondiaux qui, malgré les craintes, ont bien résisté avec un gain de 1 % alors que l’indice MSCI World a chuté de 7 %. Alors que les investisseurs anticipent à nouveau des perspectives favorables, comme si les baisses de marché ne s’étaient pas produites, disposer d’un portefeuille caractérisé par des bénéfices résilients et des valorisations raisonnables peut servir de moyen de défense de grande qualité, comme ce fut le cas cet été.
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video
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Insight Video
• 14 oct. 2024
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International Equity Team
One of our holdings has been around since 1892 and is enjoyed 2 billion times a day. With a strong brand, entrenched intangible assets, high returns on operating capital and significant pricing power, it’s exactly what we look for. Learn about our approach to long-term compounders for long-term investors.
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carons-corner
audio
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Caron's Corner
• 14 oct. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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video
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Insight Video
• 14 oct. 2024
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International Equity Team
Our life sciences companies form a crucial part of the health care supply chain. Their products are a fraction of their customers’ cost base, they benefit from the nondiscretionary nature of health care demand and their regulatory framework makes it very difficult for customers to switch suppliers—making them a good example of the resilience we seek.
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video
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Insight Video
• 14 oct. 2024
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International Equity Team
We own a leading elevator company that services over 2 million elevators globally—which typically remain in service for decades. As the installed base of elevators around the world continues to grow steadily, this creates a very reliable profit stream that illustrates our preference for long-term compounders for long-term investors.
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page
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Market Insights
• 11 oct. 2024
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Broad Markets Fixed Income
Central banks are lowering policy rates, but the pace and magnitude varies by market. The Broad Markets Fixed Income team explains what the variable policy paths could mean for fixed income investing ahead.
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alternatives
page
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Alternatives
• 11 oct. 2024
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Morgan Stanley Private Equity Solutions Team
Within the private alternatives universe, private equity is one of the most rapidly growing asset classes. With a range of strategies, private equity investing offers distictive qualitative characteristics that differentiate the asset class.
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beat
page
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Webinar
• 10 oct. 2024
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The quarter ahead and top asset allocation ideas from our investment specialists moderated by Thomas Chaussier, Head of Investment Management France.
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page
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Insight Article
• 10 oct. 2024
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AIP Hedge Fund Team
The MSIM Hedge Fund Team explores the ways in which hedge funds may directly benefit from a higher cash yield environment making them compelling options as sources of returns and diversification.
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page
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Media Appearance
• 10 oct. 2024
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Vishal Khanduja
Vishal Khanduja joined CNBC Squawk Box Asia to discuss his view that the U.S economy is on track for a soft landing and how that impacts his fixed-income strategy.
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market-monitor
page
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Market Monitor
• 10 oct. 2024
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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market-monitor
page
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Market Monitor
• 10 oct. 2024
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Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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market-monitor
page
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Market Monitor
• 4 oct. 2024
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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carons-corner
audio
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Caron's Corner
• 3 oct. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 2 oct. 2024
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Amay Hattangadi, Uday Tharar, Aayushi Kukreja
After four years of political turmoil, Malaysia’s recent stability is paving the way for the government to implement critical reforms, ultimately making the country’s prospects promising. Amay Hattangadi, Uday Tharar and Aayushi Kukreja explain.
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alternatives
page
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Alternatives
• 26 sept. 2024
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Morgan Stanley Private Credit
Direct lending continues to offer compelling relative value compared to other asset classes and offers attractive diversification alternative to public fixed income. Further, when considered in the context of public markets, direct lending has significant room to grow.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 24 sept. 2024
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Broad Markets Fixed Income Team
When the Fed says "cut," investors ask "How deep?" Find out where we stand on current rate forecasts, plus our outlook for the credit market and the US dollar.
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page
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Media Appearance
• 24 sept. 2024
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Craig Brandon
Craig Brandon, Co-Head of Municipals at Morgan Stanley Investment Management, joins CNBC The Exchange to discuss how rate cuts will affect municipal bonds, how the election and tax rates could impact municipals, and more.
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alternatives
page
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Alternatives
• 20 sept. 2024
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Pamela Fung
With Indian public markets having experienced a strong run-up since 2020, global allocators have been turning to Indian private equity. In this paper, we aim to examine the promising performance potential of Indian private equity.
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page
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Insight Article
• 20 sept. 2024
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Laurel Durkay, Mona Benisi
The MSIM Global Listed Real Assets Team explores why investing sustainably matters in real estate, who is setting the priorities for sustainability, how we integrate ESG into real estate investing and where we see sustainability trends evolving.
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2024-outlooks
page
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2024 Outlooks
• 19 sept. 2024
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Mark van der Zwan, Jarrod Quigley
Our hedge fund team discusses their outlook and the opportunities they are seeing for the remainder of 2024.
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video
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Insight Video
• 18 sept. 2024
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Brad Godfrey
Co-head of emerging market debt Brad Godfrey shares the potential diversification, income and return advantages of a growing and powerful asset class.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 18 sept. 2024
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Broad Markets Fixed Income Team
Malgré une volatilité sans précédent au cours des deux premières semaines d’août, les obligations ont de nouveau enregistré d’excellentes performances durant le mois. Les explications de l’équipe Broad Markets Fixed Income.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 17 sept. 2024
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Andrew Slimmon
"In his September TAKE, Senior Portfolio Manager Andrew Slimmon discusses why, like in previous US Presidential election years, this time of equity market volatility is a period to be a patient and intentional investor, in preparation for a likely strong finish to 2024."
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carons-corner
audio
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Caron's Corner
• 16 sept. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Media Appearance
• 10 sept. 2024
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Craig Brandon
Craig Brandon, Co-Head of Municipals at Morgan Stanley Investment Management, joins Bloomberg Surveillance Radio to discuss the muni market, its focus on infrastructure, the opportunity in high yield munis right now and how sectors such as commercial real estate may impact the municipal market.
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audio
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Insight audio
• 6 sept. 2024
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Mark van der Zwan
Mark van der Zwan, Chief Executive Officer for Morgan Stanley Investment Management's Hedge Fund team, appears on Resonanz Spotlight to explore the past, present, and future of hedge fund investing
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carons-corner
audio
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Caron's Corner
• 5 sept. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 4 sept. 2024
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Jitania Kandhari, Saumya Jain
Assembly lines worldwide are humming with activity, signaling a promising revival of the manufacturing sector after decades of sluggishness. In emerging markets, this capital expenditure revival is being supported by governments and better macro conditions. Jitania Kandhari and Saumya Jain explain.
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carons-corner
audio
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Caron's Corner
• 26 août 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
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Global Equity Observer
• 26 août 2024
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Richard Perrott
Si nos portefeuilles regorgent de grands groupes possédant des marques solides et reconnues, nous savons par expérience qu’il est aussi possible d’identifier de très bonnes opportunités d’investissement en ciblant des entreprises intervenant sur des segments de niche, en particulier celles jouant un rôle majeur sur un marché spécifique et entretenant d’étroites relations avec leurs clients. Malheureusement, même si cela n’est pas très surprenant, ces entreprises se retrouvent rarement sur le radar des investisseurs et passent fréquemment entre les mailles du filet de l’analyse sell-side.
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alternatives
page
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Alternatives
• 23 août 2024
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Kara O'Halloran
Discover why the current market is conducive to market-neutral strategies, with the ability to generate alpha on both the long and short sides of portfolios.
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page
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Insight Article
• 15 août 2024
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Laurel Durkay
Given the Fed is expected to start cutting interest rates in 2H24, we believe now is an excellent time to consider an allocation to REITs.
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global-fixed-income-bulletin
video
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GLOBAL FIXED INCOME BULLETIN VIDEO
• 15 août 2024
|
Broad Markets Fixed Income Team
Explore the latest expectations for Fed rate cuts, reasons to closely watch the US elections, and why we continue to favor short-duration credit.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12 août 2024
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Broad Markets Fixed Income Team
Malgré la réticence de la Fed à s’engager sur une trajectoire monétaire spécifique, les investisseurs obligataires ont repris confiance. Les explications de l’équipe Broad Markets Fixed Income.
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carons-corner
audio
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Caron's Corner
• 12 août 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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market-alert
audio
|
Market Alert
• 12 août 2024
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Andrew Slimmon
Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.
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page
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Aperçu de l'article
• 9 août 2024
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Frank Famiglietti
La « démocratisation » des actifs alternatifs a permis à de nombreux investisseurs d’accéder à des stratégies d’investissement susceptibles d’améliorer la performance et d’accroître la diversification de leurs portefeuilles.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 7 août 2024
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Paul Psaila
In a remarkable twist of events, South African President Cyril Ramaphosa turned a potentially career-ending electoral defeat into a victory that may reshape the nation's political and economic landscape. Paul Psaila explains.
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alternatives
audio
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Media Appearance
• 6 août 2024
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Jeff Levin, Ashwin Krishnan
Jeff Levin and Ashwin Krishnan discuss private credit, its outlook and where they see opportunities, on InsuranceAUM’s podcast.
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alternatives
audio
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Media Appearance
• 6 août 2024
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Aaron Sack
Head of Morgan Stanley Capital Partners, Aaron Sack, discusses how to build a successful middle market buyout strategy, and the role of private equity in market growth.
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carons-corner
audio
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Caron's Corner
• 5 août 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
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Global Equity Observer
• 29 juil. 2024
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Bruno Paulson, Laura Bottega
Le marché semble dominé par deux croyances, celle de l’invulnérabilité de l’économie américaine et celle de l’impact massif de l’IA générative. Un tel environnement n’est pas des plus favorables pour une philosophie d’investissement qui recherche des gagnants bien établis dont les bénéfices résistent durant les périodes difficiles. Toutefois, les attentes globalement élevées et de plus en plus fortes à l’égard d’une entreprise en particulier, nous rendent nerveux quant aux perspectives du marché. Nous restons fidèles à notre processus de qualité et nous nous concentrons sur la capitalisation absolue à long terme.
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carons-corner
audio
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Caron's Corner
• 29 juil. 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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alternatives
page
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Alternatives
• 25 juil. 2024
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AIP Hedge Fund Team
In recent years, multi-manager platforms (Multi-PMs) have completely transformed the hedge fund world. In this FAQ, we answer fundamental questions about these Multi-PMs. What are they and why are they attracting so many investors?
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consilient-observer
page
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Consilient Observer
• 24 juil. 2024
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Michael Mauboussin, Dan Callahan
Consilient Research considers the phenomenon of companies that both issue and retire shares around the same time. This behavior may fail the central goal of capital allocation, which is to buy low and sell high. Which one is it?
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global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 23 juil. 2024
|
Broad Markets Fixed Income Team
Co-Head of Broad Markets Fixed Income Vishal Khanduja discusses the probability for a U.S. soft landing, the heightened political uncertainty and how investors should think about positioning for volatility.
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page
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Insight Article
• 23 juil. 2024
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Laurel Durkay, Simon Robson Brown, Christopher Freemantle
Historically, the trough in European listed real estate NAV discounts has preceded the trough in values and NAVs by around six to nine months. We think this time is no different, and that now we’re at—or very close to—trough NAV for the sector.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 23 juil. 2024
|
Andrew Slimmon
In his July TAKE, Senior Portfolio Manager Andrew Slimmon reiterates the rational behavior of the stock market so far this year given corporate fundamentals and stock performance appear closely aligned. And discusses why, in spite of nearer term volatility, the market could finish the year higher still.
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market-monitor
page
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Market Monitor
• 16 juil. 2024
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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market-monitor
page
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Market Monitor
• 16 juil. 2024
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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page
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Insight Article
• 16 juil. 2024
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Andrew Szczurowski, Gregory Finck
The impressive performance of corporate credit markets to start the year has prompted many investors to begin seeking out alternative sources of yield and total return in the global fixed income markets.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 16 juil. 2024
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Fixed Income
June was a mixed month for fixed income. Lower US yields were supported by weaker-than-expected inflation and increased market expectations of further rate cuts.What was the impact on fixed income markets? The Broad Markets Fixed Income team explains.
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market-monitor
page
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Market Monitor
• 16 juil. 2024
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Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 11 juil. 2024
|
Steven Quattry
Small emerging and frontier market countries have weathered crises this decade, but are implementing reforms based on orthodox economic policies. Despite massive currency depreciations, the equity markets in many of these countries, such as Argentina and Pakistan, have generated stronger earnings per share—in dollar terms—compared to the broader MSCI EM Index. Steven Quattry explains why these countries merit a closer look.
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global-equity-observer
page
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Global Equity Observer
• 11 juil. 2024
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William Lock
Si le débat entre gestion active et gestion passive est bien connu, il ne s'agit pas nécessairement d'une décision binaire. Nous pensons que la coexistence de l'investissement indiciel et de la gestion active dans les portefeuilles est tout à fait justifiée. Si les fonds indiciels offrent une large exposition et un accès flexible et bon marché à des thématiques tactiques, il existe toujours une opportunité d'être davantage sélectif, en particulier si l’on considère les biais présents dans les indices. Lorsque les cours des actions sont déconnectés des fondamentaux, les bons sélectionneurs de valeurs peuvent en tirer parti, à condition de disposer d'un horizon temporel plus long et d’une dynamique haussière alimentée par une expansion excessive des multiples.
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video
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Insight Video
• 10 juil. 2024
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Dónal Kinsella
Portfolio Manager Dónal Kinsella explains three key areas that high yield bond investors should consider and why a discerning approach to credit selection is key.
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beat
page
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Mid-Year
• 3 juil. 2024
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Portfolio Solutions Group
The second half of 2024 will be impacted by interest rates, inflation and the U.S. presidential election, among other factors. The Portfolio Solutions Group reveals our key themes for the second half of 2024.
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carons-corner
audio
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Caron's Corner
• 3 juil. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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sustainable-investing
page
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Sustainable Investing
• 30 juin 2024
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Calvert Research and Management
Morgan Stanley’s 2024 Annual Sustainable Finance Summit brought together some of Investment Management’s leading thinkers, research analysts and portfolio managers to discuss and debate topical issues related to sustainability.
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global-fixed-income-bulletin
video
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GLOBAL FIXED INCOME BULLETIN VIDEO
• 25 juin 2024
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Fixed Income Team, Broad Markets Fixed Income Team
The market is pricing in rate cuts for the U.S., as global central banks move to ease policy. But are investors getting ahead of themselves? The Federal Reserve remains cautious, and hard data suggests rate-cut delays – not cuts. Will markets reassess their views? Will the Fed change tact? And will rate uncertainty affect opportunities within global fixed income?
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carons-corner
audio
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Caron's Corner
• 24 juin 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 14 juin 2024
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Andrew Slimmon
In his June TAKE, Senior Portfolio Manager Andrew Slimmon discusses earnings revisions as a major driver of stock performance this year and talks about the importance of using highly active managers and avoiding closet indexers.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 14 juin 2024
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Broad Markets Fixed Income Team
Malgré une croissance soutenue et une inflation encore élevée (par rapport aux objectifs), les investisseurs obligataires se montrent plus optimistes concernant la trajectoire de la politique de la Fed. Quel est l’impact sur les marchés obligataires ? Les explications de l’équipe Broad Markets Fixed Income.
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sustainable-investing
engagement-report
page
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Engagement Report
• 13 juin 2024
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Eric Carlson, Dana Phillips, Candy Chao, Harrison Jamin
Our Emerging Markets Equity annual stewardship report illustrates our proactive engagement with portfolio companies to navigate operating landscapes and assist them in their growth. Discover how we initiate progress in the global energy transition, tackle regulatory challenges and encourage greater corporate transparency and disclosures, especially with regards to executive compensation issues.
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2024-outlooks
page
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2024 Outlooks
• 10 juin 2024
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Adam Swinney, Greg Liebl
What's the outlook for commodity markets and what factors are driving commodity trends?
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video
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Insight Video
• 7 juin 2024
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International Equity
Many of the companies that our International Equity team owns aren’t just resilient, but they develop products and services that help other companies build their resilience.
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carons-corner
audio
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Caron's Corner
• 5 juin 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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consilient-observer
page
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Consilient Observer
• 4 juin 2024
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Michael Mauboussin, Dan Callahan
Stock market concentration has risen sharply over the past decade, creating a tough environment for active managers. In this report, we look at concentration over the past 75 years to see where we stand. We review which companies have been the largest and how that has changed. We ask if there is a correct level of concentration by studying other global markets and by presenting the possibility it was too low before. We then examine whether corporate performance supports the current increase.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 3 juin 2024
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Eric Carlson, Ravi Jain
Poland, on the verge of bankruptcy when the Berlin Wall came down, has defied expectations to become a crucial manufacturing hub for western companies in Europe. Eric Carlson and Ravi Jain explore how the country became one of the most successful economies to emerge from the former Soviet bloc.
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video
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Media Appearance
• 29 mai 2024
|
Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Bloomberg Surveillance to discuss her outlook on commercial real estate and sectors where she sees potential opportunity.
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global-equity-observer
page
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Global Equity Observer
• 28 mai 2024
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Anton Kryachok
Alors que le marché cherche à tout prix à identifier la prochaine grande innovation, nous veillons à ce que les valorisations des entreprises soient justifiées par leurs fondamentaux sous-jacents et construisons un portefeuille composé des rares entreprises capables de capitaliser à un rythme élevé et durable. En effet, si les multiples ont représenté 85% des performances ce trimestre, sur 20 ans ce pourcentage tombe à 4%. En revanche, la croissance des bénéfices compte beaucoup plus - jusqu’à 71% sur 20 ans. Le processus de capitalisation exige rigueur et patience.
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carons-corner
audio
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Caron's Corner
• 28 mai 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 23 mai 2024
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Fixed Income Team
In this piece, fixed income managers investing across the duration spectrum outline strategies for seeking higher current income and capital appreciation during this unusual yield curve inversion.
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big-picture
page
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Big Picture
• 21 mai 2024
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Jitania Kandhari
In this updated report, read how Emerging Markets are driven by more than just China. Emerging Market Equities look attractive with higher growth, reduced debt, and lower inflation. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group and Head of Macro & Thematic Research, Emerging Markets explains.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 13 mai 2024
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Broad Markets Fixed Income Team
L'évolution des anticipations des baisses de taux a été ressentie dans le monde entier et les rendements ont augmenté tant sur les marchés développés que sur les marchés émergents. L’équipe Broad Markets Fixed Income nous explique l’impact probable sur les investisseurs.
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page
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Insight Article
• 9 mai 2024
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Portfolio Solutions Group
In this paper, the Portfolio Solutions Group explains how they counter adverse impact to returns in this new regime through a new management approach with the goal of achieving stable target returns.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 7 mai 2024
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Amay Hattangadi, Leon Sun, Jerry Peng
As Chinese corporations navigate the complexities of post COVID growth, Beijing is actively encouraging companies to increase dividend payments and embrace share buybacks, as part of government measures to make the capital markets more resilient. The focus on investor-friendly initiatives provides an opportunity for another look at Chinese stocks.
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carons-corner
audio
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Caron's Corner
• 6 mai 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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carons-corner
audio
|
Caron's Corner
• 6 mai 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
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Global Equity Observer
• 30 avr. 2024
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Bruno Paulson
L’exubérance et la concentration des marchés rendent l’environnement d’investissement difficile, en particulier en termes relatifs. Dans ce contexte, l’équipe International Equity recommande toujours d’adopter une approche en termes absolus, d’être exigeant en matière de qualité et de valorisation et de chercher à jouer sur l’effet de capitalisation sur le long terme.
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sustainable-investing
page
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Sustainable Investing
• 30 avr. 2024
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Robert Walker
As the 2024 proxy season kicks off, the Morgan Stanley Investment Management Global Stewardship Team highlights three key themes: Natural Capital and Biodiversity, Workers’ Rights, and Artificial Intelligence (AI) that we believe will be high on the agenda for investors.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 29 avr. 2024
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Andrew Slimmon
In his April TAKE, Senior Portfolio Manager Andrew Slimmon discusses investor behavior as pertaining to the puzzling swell in money market fund assets, and what Applied Equity Advisors is focused on during this earnings season.
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consilient-observer
page
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Consilient Observer
• 23 avr. 2024
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Michael Mauboussin, Dan Callahan
Most investors “price” the stocks of companies by using valuation multiples instead of “valuing” them based on future cash flows and fundamentals. We address what multiples miss and why they have become less informative. We examine how the two most popular multiples, P/E and EV/EBITDA, can provide different signals about a stock’s relative attractiveness. We then take a deep look at EV/EBITDA. We do not discourage the use of multiples, but users should understand the underlying value drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 22 avr. 2024
|
Eric Carlson, Candy Chao
India is undergoing a significant transformation to strike a balance between economic growth and sustainability, revamping its environmental reputation. India’s energy security and consumption growth is a significant investment theme for the coming decade as the country adds green capacity. Eric Carlson and Candy Chao explain.
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carons-corner
audio
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Caron's Corner
• 22 avr. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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video
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Insight Video
• 16 avr. 2024
|
Fixed Income Team
How can our full spectrum of fixed income solutions and specialized teams help navigate the curve and build a tailored portfolio?
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carons-corner
audio
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Caron's Corner
• 15 avr. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 10 avr. 2024
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Broad Markets Fixed Income Team
Les obligations semblent beaucoup plus attractives qu’au début du mois de janvier. Les explications de l’équipe Broad Markets Fixed Income.
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big-picture
page
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Big Picture
• 8 avr. 2024
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Jitania Kandhari
In 2022, the 60/40 portfolio suffered its worst loss since 1937, prompting many market participants to question its value. Analyzing 200 years of data, Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group, evaluates the renewed relevance of the 60/40 portfolio.
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market-monitor
page
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Market Monitor
• 8 avr. 2024
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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market-monitor
page
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Market Monitor
• 8 avr. 2024
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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big-picture
video
|
Big Picture
• 8 avr. 2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, examines the return of the 60/40 portfolio strategy in 2024.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 4 avr. 2024
|
Amay Hattangadi, Rose Kim
Will the Korean market’s current value proposition solidify into a lasting investment theme? Amay Hattangadi and Rose Kim examine Korea’s de-rating over the past two decades to determine whether now is time to engage in the Korea “value trade.”
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carons-corner
audio
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Caron's Corner
• 2 avr. 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 1 avr. 2024
|
Aaron Dunn,
Chris Dyer
All humans have behavioral biases, those blind spots that can impact decision-making. To address investment bias, the Eaton Vance Equity Global Team has integrated proprietary Portfolio Exercises into their investment process, a differentiator in the way they manage money and an important element of their success.
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big-picture
video
|
Big Picture
• 1 avr. 2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, believes oil is an underappreciated, underinvested and undervalued commodity in 2024.
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sustainable-investing
page
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Sustainable Investing
• 1 avr. 2024
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Ian Kirwan,
Chris Dyer
The Eaton Vance Equity Global Team seeks to illustrate the merits of a "sustainable" equity investing approach.
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global-equity-observer
page
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Global Equity Observer
• 26 mars 2024
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William Lock
Qu’il s’agisse des méthodes de sélection des entreprises les plus performantes ou du secret de sa longévité dans le secteur de la gestion d’actifs, William Lock partage 10 leçons qu’il a tirées des 30 années passées à investir dans des entreprises de grande qualité et capables d’accroître durablement leur capital, afin d’offrir aux clients des performances attractives sur le long terme.
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carons-corner
audio
|
Caron's Corner
• 25 mars 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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big-picture
video
|
Big Picture
• 21 mars 2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Ten Key Themes for 2024.
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page
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Insight Article
• 14 mars 2024
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Patrick T. Egan
In periods of volatility, investors may be looking for an alternative investment which may not only provide potential mitigation from the effects of market fluctuations, but also potentially capitalize on this increase in volatility.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12 mars 2024
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Broad Markets Fixed Income Team
Les rendements ont été globalement plus élevés dans le monde entier en février, les acteurs du marché ayant révisé leurs attentes en matière de réduction des taux d’intérêt cette année. L’équipe Broad Markets Fixed Income explore l’impact sur les marchés.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 7 mars 2024
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Andrew Slimmon
In his March TAKE, Senior Portfolio Manager Andrew Slimmon shares his thoughts on recent market strength.
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carons-corner
audio
|
Caron's Corner
• 5 mars 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Media Appearance
• 1 mars 2024
|
Amy Oldenburg
Morgan Stanley Investment Management’s Head of Emerging Markets Equity Amy Oldenburg was interviewed by Barron’s for their January cover story on investing in Saudi Arabia.
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sustainable-investing
calvert
page
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Calvert
• 1 mars 2024
|
Calvert Research and Management
In the third paper of our gender diversity series, we discuss one of the top remaining global gender issues: the gap in the corporate “talent pipeline” – where gender and ethnic representation at the board and employee levels is much higher than at the executive and senior management levels.
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consilient-observer
page
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Consilient Observer
• 28 févr. 2024
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Michael Mauboussin, Dan Callahan
We examine the counterintuitive behavior of U.S. public companies in the recent regime of “easy money” marked by below-average interest rates.
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global-equity-observer
page
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Global Equity Observer
• 27 févr. 2024
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Bruno Paulson, Alistair Corden-Lloyd
La capitalisation est un atout précieux mais comment savoir si une entreprise a le potentiel d’être une valeur de capitalisation de qualité ? Nous mettons l’accent sur la rentabilité opérationnelle des capitaux employés (ROOCE) et les marges brutes. Les entreprises dont la ROOCE est élevée exercent généralement une activité générant des marges importantes et qui requiert peu d’actifs, tandis que les marges brutes élevées traduisent en principe un pouvoir de fixation des prix significatif. Ces caractéristiques nous indiquent les entreprises qui méritent d’être examinées de plus près et où nous devrions consacrer du temps à évaluer la durabilité de leur activité.
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carons-corner
audio
|
Caron's Corner
• 20 févr. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 20 févr. 2024
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Samson Hung
While geopolitical tensions and the U.S.-China chip war dominate the headlines, Taiwan’s semiconductor industry will benefit from sectors including artificial intelligence and electric vehicles. The chip industry is the silicon shield that protects Taiwan.
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sustainable-investing
page
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Sustainable Investing
• 16 févr. 2024
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Kristian Heugh, Marc Fox
The Global Opportunity team shares its annual update on integrating ESG within the investment process, the carbon intensity of the portfolios and company engagement activity.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 15 févr. 2024
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Broad Markets Fixed Income Team
Après la performance stupéfiante du marché obligataire au quatrième trimestre, la hausse des rendements obligataires n’a pas vraiment été une surprise. Et maintenant, que se passe-t-il ? Les explications de l’équipe Broad Markets Fixed Income.
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page
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Insight Article
• 15 févr. 2024
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Jarrod Quigley
Hedge fund co-investments have an important role to play in client portfolios, explains AIP Hedge Fund Solutions Team Managing Director Jarrod Quigley.
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page
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Insight Article
• 10 févr. 2024
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Srdjan Teslic,
Patrick T. Egan
In this primer, we provide a fundamental overview of managed futures investment strategies. What are managed futures and how are they differentiated from other strategies?
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 8 févr. 2024
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Andrew Slimmon
In his February TAKE, Senior Portfolio Manager Andrew Slimmon shares his thoughts as we commence 2024.
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opportunity-optimum
page
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Opportunity Optimum
• 7 févr. 2024
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Kristian Heugh, Anil Agarwal, Marc Fox, Emily Tsui
The Global Opportunity Team believes India offers an attractive hunting ground to find ideas that meet our criteria for long-term value creation and explains the broad areas where we see opportunities.
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carons-corner
audio
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Caron's Corner
• 5 févr. 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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big-picture
page
|
Big Picture
• 5 févr. 2024
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Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Key Themes for 2024.
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video
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Media Appearance
• 2 févr. 2024
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Laurel Durkay
Sometimes overlooked, but a wildly important beneficiary of advancements in the adoption of artificial intelligence, is the data center real estate sector. In fact, Laurel calls now a “transformational moment” for data centers and reveals her top investment ideas for the space on CNBC’s "The Exchange."
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sustainable-investing
engagement-report
page
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Engagement Report
• 2 févr. 2024
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Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.
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page
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Insight Article
• 1 févr. 2024
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Laurel Durkay
Head of Global Listed Real Assets Laurel Durkay, CFA, provides thoughts on 2023 REIT performance, current opportunities, and how REITs may benefit from secular themes driving demand for real estate.
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page
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Insight Article
• 1 févr. 2024
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Aaron Sack, Patrick Whitehead
In the increasingly crowded private equity sector, we believe that the middle market can be a differentiated source of alpha—especially for companies with founder involvement. But we believe that generating alpha in the middle market requires a manager with specialized capabilities, a rigorous due diligence approach, and a proven playbook for creating value in the sector. Such expertise becomes even more crucial when partnering with entrepreneurs and business founders.
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video
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Media Appearance
• 1 févr. 2024
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Laurel Durkay
Listen to Laurel Durkay, CFA, Morgan Stanley Investment Management Head of Global Listed Real Assets, discuss the compelling valuations that REITs currently offer on the Nareit REIT Report Podcast.
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consilient-observer
page
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Consilient Observer
• 30 janv. 2024
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Michael Mauboussin, Dan Callahan
Understanding the five areas of micro and macroeconomics where increasing returns applies and show their relevance to investors.
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market-monitor
page
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Market Monitor
• 29 janv. 2024
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Multi-Asset Credit Team
Analysis of global credit markets and where we see future opportunities.
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carons-corner
audio
|
Caron's Corner
• 29 janv. 2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
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Global Equity Observer
• 29 janv. 2024
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Bruno Paulson
Après une année qui a montré que personne ne savait rien, nous débutons 2024 avec des arguments solides tant pour les optimistes les plus enjoués que pour les pessimistes les plus moroses. Et bien que nous ne sachions si l’économie mondiale va connaître un atterrissage en douceur ou forcé, le marché quant à lui anticipe clairement une issue positive. Si l’on ajoute à cela les multiples de valorisation élevés, la situation actuelle se caractérise par une asymétrie défavorable, avec un potentiel de hausse limité et un potentiel de baisse important. En cas de choc de marché, l’idée consiste comme toujours à tout faire pour maintenir des performances absolues à long terme.
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video
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Insight Video
• 29 janv. 2024
|
International Equity
Resilience is the ability to adapt and recover quickly from difficulties. Hear what resilience means to our International Equity Team and how their high quality investment approach identifies resilient companies.
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sustainable-investing
page
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Sustainable Investing
• 19 janv. 2024
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Barbara Calvi, Anuj Gulati, Rachel Smith
Despite a persistent challenging environment for fixed income investors, the Sustainable Bond market remained strong in 2023.
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video
|
Media Appearance
• 17 janv. 2024
|
Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Bloomberg Television to discuss 2024 themes and trends in commercial real estate.
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path
page
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PATH
• 16 janv. 2024
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Jim Caron
Notre revirement vers le scénario idéal (« Goldilocks ») d’un atterrissage en douceur se poursuit, soutenu par les récentes statistiques macroéconomiques, le ralentissement modéré de la croissance et le regain de confiance concernant la diminution de l’inflation, ce qui va permettre aux banques centrales d’assouplir leur politique monétaire. Prenez connaissance des raisons pour lesquelles nous considérons que ces éléments corroborent nos perspectives positives à l’égard des actions.
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beat
page
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Annual
• 16 janv. 2024
|
Le contexte d'investissement en ce début d’année 2024 est très différent de celui qui prévalait il y a un an. L'inflation semble avoir atteint un pic, les taux d'intérêt vont probablement baisser et les portefeuilles équilibrés pourraient à nouveau retrouver leur rôle habituel. En soutien du Portfolio Solutions Group, le pôle Capital Markets Group dévoile nos sept thèmes clés pour 2024.
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page
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Insight Article
• 16 janv. 2024
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Andrew Peel, Digital Asset Markets
The U.S. dollar has been the prominent global currency for more than 80 years, but its dominance is coming under pressure in the face of evolving geopolitical shifts and increasing twin deficits in the United States. Digital assets such as bitcoin, stablecoins in addition to the promise of Central Bank Digital Currencies (CBDCs), have potential to significantly alter the currency landscape. These innovations, while still in their nascent stages, hold opportunities to both erode and reinforce the dollar’s hegemony in global finance, Andrew Peel of Digital Asset Markets explains.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12 janv. 2024
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Broad Markets Fixed Income Team
Les performances époustouflantes des marchés obligataires en décembre ont conclu de façon idéale une année en dents de scie. Le plus difficile est à venir. Les explications de l’équipe Broad Markets Fixed Income.
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market-monitor
page
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Market Monitor
• 9 janv. 2024
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Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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market-monitor
page
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Market Monitor
• 8 janv. 2024
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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market-alert
audio
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Market Alert
• 5 janv. 2024
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Andrew Slimmon
Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.
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carons-corner
audio
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Caron's Corner
• 2 janv. 2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
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Global Equity Observer
• 28 déc. 2023
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Nic Sochovsky, Helena Miles
Les agonistes du GLP-1 ont été présentés comme des traitements capables de changer la donne en matière de lutte contre l’obésité. Et selon les prévisions des marchés, les fabricants de médicaments en seraient les grands gagnants, contrairement aux valeurs des secteurs des technologies médicales et de l'alimentation et des boissons aux États-Unis. Comme ils l'expliquent, les membres de l'équipe Actions internationales restent optimistes quant aux conséquences globales sur leurs portefeuilles et anticipent des impacts vraisemblablement minimes à moyen et long terme.
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page
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Insight Article
• 28 déc. 2023
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Aaron Dunn, Brad Galko
We are in a new regime where “higher-for-longer” is likely and risk has a cost. We believe a diversified allocation is essential in this increasingly unpredictable environment. Our value philosophy focuses on quality, leading companies that are mispriced or misunderstood by the market and are trading at a discount to their intrinsic value.
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carons-corner
audio
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Caron's Corner
• 18 déc. 2023
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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consilient-observer
page
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Consilient Observer
• 13 déc. 2023
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Michael Mauboussin, Dan Callahan
Explore the powers and perils of pattern recognition, which investors often credit. We define it, discuss when it works better, and offer ways to improve it.
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page
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Insight Article
• 13 déc. 2023
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Fixed Income Team
The post-pandemic surge in yields represents a paradigm shift that is reshaping opportunities and risks across the fixed income landscape.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 12 déc. 2023
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Andrew Slimmon
In his December TAKE, Senior Portfolio Manager Andrew Slimmon shares a few lessons from 2023.
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carons-corner
audio
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Caron's Corner
• 11 déc. 2023
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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carons-corner
audio
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Caron's Corner
• 4 déc. 2023
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 30 nov. 2023
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Fixed Income Team
Novembre 2023 : un mois historique pour les marchés obligataires. Une question se pose désormais : à quelles perspectives faut-il s’attendre ?
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consilient-observer
page
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Consilient Observer
• 24 oct. 2023
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Michael Mauboussin, Dan Callahan
We study the sources of total shareholder return (TSR) and tie them to underlying economic principles. This is useful to assess the prospective returns of a stock and to create a framework for flagging value traps. The analysis reveals that few investors in the stocks of companies that pay dividends earned the TSR and refutes the common belief that dividends contribute to capital accumulation. This framework gives investors a checklist of drivers and the tools to assess them.
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consilient-observer
page
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Consilient Observer
• 26 sept. 2023
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Michael Mauboussin, Dan Callahan
The life cycle captures the stages of a company’s existence, from birth to growth to maturation to decline. Knowing where a company is in its life cycle is helpful for assessing capital allocation, financing costs, governance, and valuation. In this report, we use the cash flow statement to place companies in the proper stage. We then show the average characteristics of companies in each stage, their rates of transition between stages, and the past shareholder returns of each transition cohort.
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video
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Insight Video
• 12 sept. 2023
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International Equity
A portfolio of high quality, well managed American companies with something extraordinary – resilience. American Resilience. As strong as you are.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 29 août 2023
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Jitania Kandhari, Audrey Muhirwa
While U.S. residential market dynamics are favorable with strong employment and low loan delinquencies, real estate in other developed economies faces vulnerabilities. China’s struggling property market remains a drag on its economy, but in many other emerging economies increased affordability, shifts in global trade and limited supply will create opportunities explains Jitania Kandhari, Head of Macro & Thematic Research, Emerging Markets Equity Team.
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global-equity-observer
page
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Global Equity Observer
• 28 août 2023
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William Lock, Annabel Stanford
While society may be driven by immediate rewards, the International Equity team would argue that patience in investing leads to enduring results and positive long-term investment outcomes.
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edge
page
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EDGE
• 9 août 2023
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Counterpoint Global
Counterpoint Global looks back across almost two decades of dedicated research on disruption—and the ways it reinforces our long-term mindset, helps us manage risk and reduce errors of omission. Diving into studies of digital advertising, cloud computing and the approaching wave of AI, the team reviews both how we approach disruptive change research and how that research has benefited Counterpoint Global in capitalizing on unique investment opportunities.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 3 août 2023
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Steven Quattry
Nigeria's new reform minded president looks to accelerate economic growth for Africa's largest economy, leading to investment opportunities targeting the rising consumer.
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global-equity-observer
page
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Global Equity Observer
• 31 juil. 2023
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Bruno Paulson, Emma Broderick
As artificial intelligence enters its next chapter, the early winners of the “AI gold rush” have been the semiconductor and cloud computing providers. But the surge in generative AI also included two surprises: the speed of consumer adoption and the lack of barriers to entry. While the full impact of AI remains unclear, the International Equity Team continues to invest through its high-quality lens, focusing on further opportunities in cost reduction and value creation, and with an eye on risks.
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consilient-observer
page
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Consilient Observer
• 25 juil. 2023
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Michael Mauboussin, Dan Callahan
We examine the demographics of public companies and their patterns of wealth creation. We focus on the last half century in the U.S. and review the “births” and “deaths” of public companies. We also discuss changes in market composition. Nearly 60 percent of companies have failed to create value, and 2 percent have created 90 percent of the aggregate wealth. This suggests two strategies for portfolio construction: seek broad diversification or aim to own the wealth creators.
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global-equity-observer
page
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Global Equity Observer
• 29 juin 2023
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Marcus Watson and Richard Perrott
Dans le monde des fusions-acquisitions, tous les acquéreurs ne sont pas égaux. L'équipe Actions internationales fait preuve de prudence à l'égard des fusions-acquisitions, car celles-ci constituent généralement un choix risqué pour l'allocation de capital d'une entreprise. Mais il existe des entreprises - dont certaines que nous détenons en portefeuille - qui ont fait leurs preuves en matière d'acquisitions relativement peu risquées et qui contribuent de manière significative à la performance des actionnaires. Les bons acquéreurs sont rares, mais leurs stratégies partagent des caractéristiques communes qui suggèrent qu'il s'agit d'un processus reproductible.
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video
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Insight Video
• 16 juin 2023
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International Equity
Adding resilience to your portfolio means letting the companies you hold work for you. Learn how the International Equity team seeks to identify companies with earnings resilience and why this matters for long-term investors.
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consilient-observer
page
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Consilient Observer
• 6 juin 2023
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Michael Mauboussin, Dan Callahan
This report extends our analysis of the ROICs for public companies in the U.S. and updates the data to cover the years 1990 to 2022. We start by providing the latest ROIC figures, then examine the link between changes in ROICs and total shareholder returns (TSRs), and finish by reviewing elements of competitive strategy as well as persistence of ROIC by sector.
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consilient-observer
page
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Consilient Observer
• 18 avr. 2023
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Michael Mauboussin, Dan Callahan
U.S. companies are increasingly paying employees with stock-based compensation (SBC) rather than cash. We begin with data showing overall trends, then turn to the accounting issues, and wrap up by evaluating the strengths and weaknesses of SBC. Ongoing shareholders typically realize more dilution with young companies than with old ones because SBC tends to be more significant, and buybacks less significant, for young companies. Research is equivocal on the benefits commonly cited for SBC.
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advisor-institute
video
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Advisor Institute
• 8 avr. 2023
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David Richman
Discover how this framework can help you have more meaningful conversations.
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consilient-observer
page
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Consilient Observer
• 22 mars 2023
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Michael Mauboussin, Dan Callahan
Probability and confidence are distinct concepts, and we believe it is useful for investors to separate them. For example, the price of two potential investments may present the same discount to expected value, but confidence in the probabilities for one may exceed those of the other. That nuance may be relevant for determining the appropriate weighting of securities or evaluating diversification.
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page
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Insight Article
• 16 mars 2023
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Portfolio Solutions Group
Our Portfolio Solutions Group analyzes the key factors that impacted the "denominator effect" in 2022's market downturn.
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page
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Insight Article
• 15 mars 2023
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Portfolio Solutions Group
Our Portfolio Solutions Group introduces their proprietary Private Markets Asset Allocation Framework (PMAAF) designed to help investors think about how to allocate their dry powder.
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global-equity-observer
page
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Global Equity Observer
• 1 mars 2023
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Emma Broderick, Jinny Hyun
Which companies are well placed to capitalize on the long-term behavioral and lifestyle changes that a multi-stage life might bring about? The International Equity Team discusses.
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audio
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Media Appearance
• 28 févr. 2023
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Patrick Whitehead
Patrick Whitehead and Katie Lankalis with LLR Partners joined host Todd Kinney, National Relationship Director at BDO's private equity practice, to discuss value creation strategies and how to drive growth in a volatile market environment, how restrictive financing conditions could impact private equity returns and how the deal landscape could shape up in 2023.
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consilient-observer
page
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Consilient Observer
• 15 févr. 2023
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Michael Mauboussin, Dan Callahan
This is a guide to estimating the cost of capital, a measure of both expected return and the discount rate. For example, investors discount future free cash flows at the cost of capital to come up with a present value. Our goal is to find a figure that reflects opportunity cost sensibly, is economically sound, and gives the investor and businessperson a practical solution. We recommend settling on a reasonable cost of capital and then allocating the bulk of time thinking about future cash flows.
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global-equity-observer
page
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Global Equity Observer
• 23 déc. 2022
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Anton Kryachok
As higher interest rates make it harder to engineer growth through debt, we think the relative value of businesses that can grow organically should only go up. Learn how our companies are better placed to use their balance sheet resilience to enhance their competitive positions, increase the sustainability of return on operating capital employed (ROOCE) and drive steady, predictable growth.
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consilient-observer
page
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Consilient Observer
• 14 déc. 2022
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Michael Mauboussin, Dan Callahan
Capital allocation is a key job of management, but not all know how to allocate effectively. In this report, we establish the foundation by reviewing the sources and uses of capital and then show how U.S. companies have allocated capital since 1985. Next, we review the alternatives in detail, including intangible investments, and offer a guide for thinking about the prospects for value creation. We finish with a framework for assessing a company’s capital allocation skills.
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global-equity-observer
page
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Global Equity Observer
• 29 nov. 2022
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Nic Sochovsky, Alistair Corden-Lloyd
In the current climate of rising prices and a global squeeze on the cost of living, do big brands face the risk of consumers “trading down”? The International Equity Team discusses why price perception matters, and the power of cues to influence decision making.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 22 nov. 2022
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Eric Carlson, Candy Chao
Mining companies have had a terrible environmental reputation in the past, but recent efforts show how the industry can implement sustainable initiatives. Investors are now focusing on companies that have practical decarbonization pathways to help lower emissions over the next three to five years. Eric Carlson and Candy Chao explore.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 9 nov. 2022
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Steven Quattry
Vietnam’s large, young and tech-savvy middle class, makes it one of a few countries to benefit from globalizing in a deglobalizing world and usher in the next generation of investments in emerging markets. Steve Quattry and Jorge Chirino explain.
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consilient-observer
page
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Consilient Observer
• 9 nov. 2022
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Michael Mauboussin, Dan Callahan
We extend the analysis from our recent report, “Return on Invested Capital,” by adjusting ROIC for all companies to reflect intangible investment. While the median and aggregate ROIC for the adjusted figures is similar to the traditional one, the main result is that extremely high and low ROICs regress toward the mean. We believe these adjustments represent a step toward a more accurate view of the magnitude and return on investment.
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consilient-observer
page
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Consilient Observer
• 6 oct. 2022
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Michael Mauboussin, Dan Callahan
We discuss how to calculate return on invested capital (ROIC) and show how it is connected to free cash flow, economic profit, and growth. We work through the challenges in estimating it, present empirical data, review how adjusting for intangible investments can reshape the figures, and include a case study.
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consilient-observer
page
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Consilient Observer
• 15 sept. 2022
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Michael Mauboussin, Dan Callahan
We examine whether a study of market share and related concepts can help us determine if a company has a sustainable competitive advantage. This takes us on a journey that includes life cycles, market share, concentration, markups, intangibles, and "superstars". We study the link between some of these variables and return on investment and provide some analytical tools along the way. We finish with some case studies to see how these ideas apply to a handful of industries.
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big-picture
page
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Big Picture
• 22 août 2022
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Jitania Kandhari
"China’s spectacular economic growth has remade the geopolitical landscape and created tensions with the U.S. But the country’s internal and external challenges will limit Beijing’s ambitions. Investors will be on the edge," explains Jitania Kandhari, Head of Macro and Thematic Research for Emerging Markets Equity Team.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 2 août 2022
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Amay Hattangadi,
Jitania Kandhari
In India, there has been a recent change from the Gandhian principles of small is beautiful to actively incentivizing large scale manufacturing. Coupled with a healthy banking sector and high demand for housing, the stage is set for Delhi to move forward with an opportunity to shine.
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edge
page
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EDGE
• 27 juil. 2022
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Counterpoint Global
Psychedelics have the potential to fundamentally reshape how we think about and treat not only mental illness but a host of other conditions as well. Counterpoint Global investigates how psychedelic therapy works, the potential wide-spread impact of this innovative treatment, and the roadblocks to medical adoption.
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consilient-observer
page
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Consilient Observer
• 20 juil. 2022
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Michael Mauboussin, Dan Callahan
Investors must look past simple measures of profits to understand a business’s true ability to create value. The rise of intangibles means more investments are expensed versus capitalized, which makes financial statements appear distorted versus those of the past. Academics distinguish between GAAP losers, companies that have losses but a high return on investment, and real losers, or those that have expenses unrelated to investment that exceed sales. Evidence from recent decades shows GAAP losers produced attractive shareholder returns relative to the real losers and profitable companies.
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sustainable-investing
convergence
page
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Convergence
• 13 juil. 2022
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Thomas Kamei
Blockchain technologies have unique capabilities that can enable an interoperable marketplace for voluntary carbon offsets – solving a number of issues with the existing market, such as significant variance in underlying quality of offsets – and thus have an opportunity to play a role in decarbonizing the global economy.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 23 juin 2022
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Najmul Hasnain
Saudi Arabia is in the midst of an ambitious and transformative program of social and economic reforms designed to wean the economy off its dependence on the oil sector. Najmul Hasnain, Head of the Saudi Arabia Equity Team, explores.
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consilient-observer
page
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Consilient Observer
• 15 juin 2022
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Michael Mauboussin, Dan Callahan
Burgeoning industries often follow the same developmental pattern as a child’s brain, with an overproduction of options followed by a pruning of those that are not useful. This appears wasteful but is in fact an elegant solution. We discuss this pattern for companies, describe why investors should care, and offer some current examples of where this pattern of entry and exit is playing out.
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consilient-observer
page
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Consilient Observer
• 10 mai 2022
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Michael Mauboussin, Dan Callahan
The goal of capital allocation is to put resources to their best use to create long-term value per share for ongoing shareholders. The first major part of capital allocation is investing in the business. The second is transacting with mispriced securities, which introduces the potential for wealth transfers between stakeholders. Astute investors appropriately focus on a management's ability to make investments in the business, but they should also pay attention to management actions with regard to buying and selling the company’s stock.
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sustainable-investing
convergence
page
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Convergence
• 30 avr. 2022
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Counterpoint Global
Company culture is essential to unleashing the ingenuity that drives intangible investments, yet it continues to defy quantification. Counterpoint Global identified employee retention as a significant indicator of culture. They show how it correlates with attractive stock returns and how this analysis is integrated into their Sustainability Research process.
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consilient-observer
page
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Consilient Observer
• 12 avr. 2022
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Michael Mauboussin, Dan Callahan
The shift from tangible to intangible investments has complicated the ability to interpret financial statements. One solution is to record intangible investments on the balance sheet and then amortize them over their useful lives. These adjustments recast profitability for some companies and are inconsequential for others. Overall, we estimate that earnings for the S&P 500 would be about 10 percent higher with these changes. This suggests great caution in comparing earnings or valuation multiples over time.
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consilient-observer
page
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Consilient Observer
• 16 mars 2022
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Michael Mauboussin, Dan Callahan
Continuous process improvement is essential to achieving outstanding long-term outcomes. Receiving timely and accurate feedback—information used as a basis for improvement—can enhance the process and make you a better forecaster. We discuss multiple facets of process improvement, including getting the right people and helping them thrive, the role of organizational structure in fostering good decision making, and specific mechanisms to sharpen execution. We draw on principles from other fields but focus primarily on the investment management industry.
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consilient-observer
page
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Consilient Observer
• 27 janv. 2022
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Michael Mauboussin, Dan Callahan
Organisms allocate energy between growth and maintenance and repair. They stop growing when maintenance requires all of the energy. Substitute capital for energy and companies appear to follow a similar trajectory. This is important because you can anticipate a company’s growth only if you understand how much capital it spends on growth versus maintenance. Most executives and investors likely underestimate maintenance spending. Steps toward better understanding include a proper assessment of maintenance capital expenditures and a separation of SG&A into investment and maintenance components.
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edge
page
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EDGE
• 27 déc. 2021
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Counterpoint Global
After decades of development in garages and hobby shops, small drones are finally ready to make an impact in the enterprise. We discuss the evolution of enterprise drones and how the technology could disrupt small package delivery and aerial data collection. We also discuss the regulatory and societal challenges facing the enterprise drone industry today and highlight recent progress towards overcoming those challenges.
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consilient-observer
page
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Consilient Observer
• 6 oct. 2021
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Michael Mauboussin, Dan Callahan
Accounting has not kept pace with the changing economics of businesses, which has created a huge gap between what companies report in their financial statements and what an investor needs to understand a business. To better categorize activities, we suggest making adjustments within the statement of cash flows pertaining to stock-based compensation, leases, and intangible investments. We believe these adjustments substantially improve the description of a business. We share a case study of Amazon for 2020 to make the concepts more concrete.
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sustainable-investing
convergence
page
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Convergence
• 29 sept. 2021
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Counterpoint Global
Sustainability Research at Counterpoint Global has produced a method to systematically measure the potential cost of carbon emissions as well as the financial impact of a carbon tax. Our framework allows us to translate these costs into estimates of stock returns. We believe that measuring the cost of carbon emissions allows us to better understand the environmental risks for the companies in our portfolio as well as for those we do not own. We also seek to help our clients benefit from the many opportunities that a low-emissions world could create.
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consilient-observer
page
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Consilient Observer
• 3 août 2021
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Michael Mauboussin, Dan Callahan
We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.
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global-multi-asset-viewpoint
page
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Global Multi-Asset Viewpoint
• 31 juil. 2021
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Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: "Inflation Outlook – One Year Later"
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consilient-observer
page
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Consilient Observer
• 23 juin 2021
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Michael Mauboussin, Dan Callahan
The shift in investments from tangible to intangible assets has important implications for how investors should think about corporate growth rates. Companies with more intangible assets can grow faster, but they can also become irrelevant and shrink faster. Our analysis of historical sales growth rates for U.S. companies reveals both of these results: higher growth and more dispersion, on average, for companies and industries with the highest intangible asset intensity. Skillful investors may be able to identify the companies that will grow faster than expected, hence providing the potential for attractive returns.
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consilient-observer
page
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Consilient Observer
• 19 mai 2021
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Michael Mauboussin, Dan Callahan
This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.
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sustainable-investing
page
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Sustainable Investing
• 25 févr. 2021
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Vladimir Demine, Marte Borhaug
How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.
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global-multi-asset-viewpoint
page
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Global Multi-Asset Viewpoint
• 20 févr. 2021
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Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “What’s in Store for Real Rates in the U.S.?"
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consilient-observer
page
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Consilient Observer
• 15 sept. 2020
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Michael Mauboussin, Dan Callahan
The one job of an equity investor is to take advantage of gaps between expectations and fundamentals, which requires an understanding of the magnitude of investment and return on investment in order to properly anticipate free cash flows. With investments shifting more toward intangible assets, this report discusses the measurement and characteristics of intangible assets and reviews the implications of the growth of intangibles for investors.
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consilient-observer
page
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Consilient Observer
• 4 août 2020
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Michael Mauboussin, Dan Callahan
Over the past quarter century there has been a marked shift in U.S. equities from public markets to private markets controlled by buyout and venture capital firms. This change has had reverberations for asset managers, investors, executives, and policy makers.
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consilient-observer
page
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Consilient Observer
• 9 juin 2020
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Michael Mauboussin, Dan Callahan
We show how corporate valuations change as we vary assumptions about growth, return on incremental invested capital, and the discount rate.
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sustainable-investing
convergence
page
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Convergence
• 31 mai 2020
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Counterpoint Global
Counterpoint Global discusses how Sustainability Research is additive to their existing investment process and converges the pursuit of profits and purpose.
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consilient-observer
page
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Consilient Observer
• 20 mai 2020
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Michael Mauboussin, Dan Callahan
We address four myths or popular delusions in the investment industry.
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consilient-observer
page
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Consilient Observer
• 14 avr. 2020
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Michael Mauboussin, Dan Callahan
An investor’s success requires both skill and opportunity. We look at how investors can express skill and use dispersion to measure the opportunity set.
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consilient-observer
page
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Consilient Observer
• 20 mars 2020
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Michael Mauboussin, Dan Callahan
To improve your forecasting skills, try decreasing noise. Analyzing superforecasters reveals forecasters can be trained to more effectively update their views, reduce bias, and reduce noise.
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edge
page
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EDGE
• 15 mai 2018
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Counterpoint Global
Counterpoint Global examines Blockchain, the technology behind it and its potentially disruptive power.
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global-multi-asset-viewpoint
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Global Multi-Asset Viewpoint
• 30 avr. 2018
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Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment views in the latest viewpoint: “Navigating Higher Inflation: An Empirically-Based Multi-Asset Approach.”
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edge
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EDGE
• 31 août 2017
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Counterpoint Global
Counterpoint Global researches autonomous vehicles, which use a suite of sensors, actuators and a central computer to "perceive" the environment and automate the driving process. This technology could change our perception of personal transportation.
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edge
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EDGE
• 30 avr. 2017
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Counterpoint Global
Counterpoint Global examines machine learning, a new way to train computer systems to generate insights from data and apply those insights to new situations.
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edge
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EDGE
• 31 janv. 2017
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Counterpoint Global
Counterpoint Global analyzes clustered regularly interspaced short palindromic repeats (CRISPR), a tool for genetic research that could birth new industries and disrupt existing medical treatments.
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