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page
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Insight Article
• 23-dic-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 period of change in bond markets.
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2025-outlooks
page
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2025 Outlooks
• 20-dic-2024
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Mark van der Zwan, Jarrod Quigley
We believe that hedge funds are poised to capitalize on what could be a rapidly changing environment, while delivering a source of uncorrelated return and diversification within portfolios.
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2025-outlooks
page
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2025 Outlooks
• 18-dic-2024
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Tony Charles
As the global macro-economic environment continues to improve, the case for real estate investing has become more compelling. After a period of moderation and stabilization in 2024, we believe that 2025 will see a transition into the next upcycle for real estate. Inflation is trending down, interest rates are falling, and valuations are troughing.
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2025-outlooks
page
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2025 Outlooks
• 18-dic-2024
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David Miller
Discover why we believe robust private equity activity has a potential to bolster private credit with growth across a diverse landscape.
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edge
page
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EDGE
• 18-dic-2024
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Counterpoint Global
Counterpoint Global’s Disruptive Research revisits their 2017 paper on Autonomous Vehicles, highlighting key developments, challenges, and opportunities around trucking and robotaxis.
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2025-outlooks
page
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2025 Outlooks
• 18-dic-2024
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David Miller
Discover why we believe that, as venture-backed companies stay private for longer, there is an increased need for growth equity and hybrid capital.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 17-dic-2024
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Broad Markets Fixed Income Team
Cosa significano i cambiamenti nell’economia globale e l’incertezza politica per i mercati obbligazionari nel 2025? Nel nostro ultimo video discutiamo di come questi fattori possano influenzare i mercati e delle misure che stiamo adottando per affrontare nel prossimo anno la crescente complessità.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 17-dic-2024
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Broad Markets Fixed Income Team
How will bond markets decipher the true state of economy and the scale of the incoming administration's polies? The Broad Market Fixed Income Team explores.
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carons-corner
audio
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Caron's Corner
• 16-dic-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
• 13-dic-2024
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Amy Oldenburg
Eight years ago, Saudi Arabia initiated an ambitious plan to transform its economy and reshape its global identity by 2030. Amy Oldenburg, Head of Emerging Markets Equity, looks at the Kingdom’s progress to date.
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beat
page
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The BEAT
• 11-dic-2024
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Portfolio Solutions Group
The investment environment to start the new year is quite interesting. The Portfolio Solutions Group looks at five key themes going into 2025.
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global-multi-asset-viewpoint
page
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Global Multi Asset Thought of the Week
• 9-dic-2024
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Cyril Moulle-Berteaux
Markets are bullish on Trump’s second term, hoping for tax cuts and better growth. We expect no net stimulus and a decent size hit from tariffs and immigration. This should be bullish for bonds as the Fed continues cutting, but could be a disappointment for frothy stocks.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 5-dic-2024
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Andrew Slimmon
"In his December TAKE, Senior Portfolio Manager Andrew Slimmon details why he believes the “optimism phase” of the bull market is commencing right on cue and what that holds for 2025."
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consilient-observer
page
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Consilient Observer
• 5-dic-2024
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Michael Mauboussin, Dan Callahan
We publish some of our favorite charts that have gone unused or overlooked. We place the pictures in five categories: overall valuation, empirical regularities, capital intensity of big energy versus big technology, corporate performance, and investment management. Some challenge conventional wisdom, others address empirical observations that remain unexplained, and a handful compel a nuanced view.
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beat
page
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Monthly
• 4-dic-2024
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Portfolio Solutions Group
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.
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carons-corner
audio
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Caron's Corner
• 4-dic-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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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 why the availability of semi-liquid vehicles is rising across the alternative investment space, with the largest increase in private credit solutions.
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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
|
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
|
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
video
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Global Fixed Income Bulletin
• 22-nov-2024
|
Broad Markets Fixed Income Team
Nel suo videobollettino di novembre, il Chief Investment Officer Michael Kushma spiega che direzione che potrebbero prendere i mercati obbligazionari ora che sono noti gli esiti delle presidenziali statunitensi. Scoprite perché ha puntato su tre temi principali: Trumponomics 2.0, irripidimento delle curve e aree di opportunità per gli investitori obbligazionari.
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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
Il team Broad Markets Fixed Income analizza l’impatto delle elezioni statunitensi sugli investitori obbligazionari.
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page
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Insight Article
• 18-nov-2024
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Emerging Markets Debt Team
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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Articolo di approfondimento
• 18-nov-2024
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Emerging Markets Debt Team
La conferenza autunnale del FMI rivela prospettive globali sfaccettate, sottolineando il ruolo critico dei fondamentali di un Paese nei mercati emergenti. Leggi il nostro rapporto fatto sul campo per i punti salienti e le analisi principali.
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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
|
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
|
Caron's Corner
• 11-nov-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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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
|
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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Mensile
• 5-nov-2024
|
Portfolio Solutions Group
Utilizziamo il ‘’The BEAT’’ come risorsa a cui attingere per comprendere il mercato nel corso del mese. Ogni edizione offre idee e approfondimenti che illustrano come affrontare l’attuale contesto d’investimento.
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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-ott-2024
|
Nic Sochovsky
I beni di consumo primari sono ai minimi degli ultimi 25 anni in termini di valutazione relativa e il loro peso all’interno dell’indice MSCI World è il più basso dall’inizio del secolo. Il settore ha tuttavia evidenziato una certa resilienza nonostante un quadriennio eccezionalmente turbolento. Le società di questo settore hanno una crescita trainata dai ricavi ricorrenti generati dai prodotti che vendono ogni giorno e sono capaci di resistere durante le fasi di ribasso economico. Di conseguenza, le società che mostrano agilità, capacità di innovazione ed elevati livelli di investimento nei propri marchi, rivestono un ruolo fondamentale all’interno dei nostri portafogli.
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alternatives
page
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Alternatives
• 30-ott-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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carons-corner
audio
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Caron's Corner
• 28-ott-2024
|
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-ott-2024
|
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-ott-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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page
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Articolo di approfondimento
• 25-ott-2024
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Broad Markets Fixed Income
Le banche centrali stanno abbassando i tassi, ma il ritmo e l’entità dei tagli variano a seconda del mercato di riferimento. Albert Giroux spiega quali sono le implicazioni future dei diversi percorsi di politica monetaria per gli investimenti obbligazionari.
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alternatives
page
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Alternatives
• 24-ott-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-ott-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-ott-2024
|
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
|
Global Fixed Income Bulletin
• 18-ott-2024
|
Broad Markets Fixed Income Team
L’ottimismo dei mercati sui tassi è esagerato? Scopri perché l’elevato potenziale di volatilità e gli spread ristretti ci rendono più esigenti riguardo alle obbligazioni.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 18-ott-2024
|
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-ott-2024
|
Broad Markets Fixed Income Team
Il team Broad Markets Fixed Income analizza l’impatto sugli investitori obbligazionari dei tagli dei tassi operati dalla Fed a settembre.
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beat
page
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Webinar
• 15-ott-2024
|
Il trimestre che ci aspetta e le migliori idee di asset allocation dei nostri specialisti d’investimento, moderati da Thomas Chaussier, Head of Investment Management Francia.
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consilient-observer
page
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Consilient Observer
• 15-ott-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-ott-2024
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Bruno Paulson
Dopo la turbolenza estiva, nei mercati è tornata la calma, ma la flessione ha rappresentato un buon banco di prova per i nostri portafogli globali, che si sono dimostrati resilienti nonostante i timori, crescendo addirittura dell’1%, mentre l’MSCI World è sceso del 7%. Ora che viene nuovamente scontata una prospettiva ottimistica, come se i timori non si fossero mai presentati, un portafoglio che genera utili resilienti a valutazioni ragionevoli può costituire uno strumento di difesa di alta qualità, come è accaduto quest’estate.
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video
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Insight Video
• 14-ott-2024
|
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
|
Caron's Corner
• 14-ott-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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video
|
Insight Video
• 14-ott-2024
|
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-ott-2024
|
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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alternatives
page
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Alternatives
• 11-ott-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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page
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Insight Article
• 10-ott-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-ott-2024
|
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-ott-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-ott-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-ott-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
|
Caron's Corner
• 3-ott-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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|
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 2-ott-2024
|
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
|
Alternatives
• 26-set-2024
|
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
|
Global Fixed Income Bulletin
• 24-set-2024
|
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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global-fixed-income-bulletin
video
|
Global Fixed Income Bulletin
• 24-set-2024
|
Broad Markets Fixed Income Team
Quando la Fed parla di tagli, gli investitori si chiedono “Quanto saranno profondi?” Scopri le nostre idee sull’evoluzione dei tassi e le nostre prospettive sul mercato creditizio e sul dollaro statunitense.
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page
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Media Appearance
• 24-set-2024
|
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
|
Alternatives
• 20-set-2024
|
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-set-2024
|
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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page
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Insight Article
• 19-set-2024
|
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
|
Video di approfondimento
• 18-set-2024
|
Brad Godfrey
Il co-head di Emerging Markets debt Brad Godfrey spiega i vantaggi potenziali di diversificazione, reddito e rendimento di una classe di attivi in crescita e solida.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 18-set-2024
|
Broad Markets Fixed Income Team
L’obbligazionario registrato un’altra solida performance ad agosto, nonostante la volatilità senza precedenti delle prime due settimane. Analisi del team Broad Markets Fixed Income.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 17-set-2024
|
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
|
Caron's Corner
• 16-set-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
|
Media Appearance
• 10-set-2024
|
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-set-2024
|
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
|
Caron's Corner
• 5-set-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 4-set-2024
|
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
|
Caron's Corner
• 26-ago-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
|
Global Equity Observer
• 26-ago-2024
|
Richard Perrott
Sebbene gran parte delle società partecipate siano aziende di grandi dimensioni con marchi consolidati e conosciuti, la nostra esperienza ci insegna che è possibile trovare anche ottime aziende e opportunità d’investimento prendendo in considerazione operatori che si concentrano su nicchie specializzate, in particolare quelli che svolgono un ruolo cruciale nell'ambito di un determinato mercato e che vantano stretti rapporti con i clienti. Queste aziende, ingiustamente, ma non sorprendentemente, spesso non attirano l'attenzione del mercato e possono essere ignorate dagli analisti sell-side.
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alternatives
page
|
Alternatives
• 23-ago-2024
|
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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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 15-ago-2024
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Amy Oldenburg, Eric Carlson, Ravi Jain
Teetering on the edge of bankruptcy as the Berlin Wall came down, Poland defied expectations to become a critical manufacturing hub for western Europe. In this video, Amy Oldenburg, head of Emerging Markets Equity, explores how Poland transformed its economy and became one of the most successful nations to emerge from the former Soviet bloc.
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page
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Insight Article
• 15-ago-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-ago-2024
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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
video
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GLOBAL FIXED INCOME BULLETIN VIDEO
• 15-ago-2024
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Broad Markets Fixed Income Team
Scopri le ultime aspettative della Fed sui tagli dei tassi, i motivi per monitorare le elezioni negli Stati Uniti e le ragioni per cui continuiamo a prediligere il credito a breve duration.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12-ago-2024
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Broad Markets Fixed Income Team
Nonostante la riluttanza delle banche centrali a impegnarsi preventivamente sui percorsi di politica monetaria, l’ottimismo degli investitori obbligazionari è aumentato. Analisi del team Broad Market Fixed Income.
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carons-corner
audio
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Caron's Corner
• 12-ago-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
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Market Alert
• 12-ago-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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Articolo di approfondimento
• 9-ago-2024
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Frank Famiglietti
Il processo di democratizzazione degli investimenti alternativi consente oggi agli investitori individuali di accedere a strategie di investimento che possono offrire una maggiore performance e diversificazione.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 7-ago-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-ago-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-ago-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
|
Caron's Corner
• 5-ago-2024
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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global-equity-observer
page
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Global Equity Observer
• 29-lug-2024
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Bruno Paulson, Laura Bottega
Il mercato sembra essere dominato da una duplice convinzione: l’invulnerabilità dell’economia statunitense e l’impatto massiccio dell’intelligenza artificiale generativa. Questo non è certo il contesto più facile per una filosofia d’investimento che punta a individuare vincitori affermati capaci di generare utili resilienti in tempi difficili. Tuttavia, aspettative generalmente elevate, e in maniera sempre più accentuata per una società in particolare, ci spingono a rimanere cauti nei confronti delle prospettive di mercato. Rimaniamo fedeli al nostro processo di qualità e ci concentriamo sul compounding assoluto e a lungo termine.
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carons-corner
audio
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Caron's Corner
• 29-lug-2024
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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alternatives
page
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Alternatives
• 25-lug-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-lug-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
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GLOBAL FIXED INCOME BULLETIN VIDEO
• 23-lug-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-lug-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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global-fixed-income-bulletin
video
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GLOBAL FIXED INCOME BULLETIN VIDEO
• 23-lug-2024
|
Broad Markets Fixed Income Team
Vishal Khanduja, Co-Head del team Broad Markets Fixed Income, discute la probabilità di un atterraggio morbido negli Stati Uniti, l’accresciuta incertezza politica e il modo in cui gli investitori dovrebbero riflettere sul posizionamento per la volatilità.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 23-lug-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-lug-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-lug-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-lug-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-lug-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-lug-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-lug-2024
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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-lug-2024
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William Lock
Gestione attiva o passiva? Questo annoso interrogativo è mal posto. Un’opzione non per forza esclude l’altra. Riteniamo anzi che una coesistenza in portafoglio di investimenti indicizzati e investimenti a gestione attiva sia assolutamente proficua. I fondi passivi offrono non solo un’esposizione ad ampio spettro e la possibilità di accedere agilmente e in modo conveniente a temi tattici, ma anche l’opportunità di operare in modo selettivo, soprattutto se si considerano gli orientamenti degli indici. Quando i prezzi delle azioni si disconnettono dai fondamentali, gli stock picker più abili possono approfittarne, se hanno la fortuna di disporre di un orizzonte temporale più lungo e di poter contare sulla prosecuzione di un rialzo trainato dai multipli.
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video
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Video di approfondimento
• 10-lug-2024
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Dónal Kinsella
Il gestore di portafoglio Dónal Kinsella illustra tre aree chiave che gli investitori obbligazionari high yield dovrebbero prendere in considerazione e perché un approccio discrezionale alla selezione del credito è fondamentale.
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beat
page
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Mid-Year
• 3-lug-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-lug-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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sustainable-investing
page
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Sustainable Investing
• 30-giu-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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page
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Media Appearance
• 28-giu-2024
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Jim Caron
In a discussion with InvestmentNews, Jim Caron, Chief Investment Officer of the Portfolio Solutions Group, explains why he believes U.S. stocks may suffer a setback before year-end and that Japanese equities are currently his highest conviction overweight, one that offers attractive upside.
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page
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Insight Article
• 26-giu-2024
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Kara O'Halloran
Learn why our Hedge Fund Team believes the shift in the alternative investment space has evolved alpha, and how multiple ARP strategies are critical components of systematic liquid alternatives.
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global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 25-giu-2024
|
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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global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 25-giu-2024
|
Broad Markets Fixed Income Team
Il mercato sconta tagli dei tassi negli Stati Uniti, mentre le altre banche centrali nel resto del mondo si muovono verso l’allentamento. Gli investitori stanno correndo troppo? La Federal Reserve rimane prudente e i dati reali suggeriscono un rinvio dei tagli. I mercati rivedranno i loro giudizi? La Fed cambierà registro? E l’incertezza dei tassi inciderà sulle opportunità offerte dall’obbligazionario globale?
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carons-corner
audio
|
Caron's Corner
• 24-giu-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 14-giu-2024
|
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-giu-2024
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Broad Markets Fixed Income Team
Nonostante la crescita e l’inflazione rimangano a livelli elevati (rispetto agli obiettivi fissati), gli investitori obbligazionari hanno iniziato a nutrire ottimismo sulle future politiche della Fed. Qual è l’impatto sui mercati obbligazionari? Il Team Broad Markets Fixed Income illustra la situazione.
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sustainable-investing
engagement-report
page
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Engagement Report
• 13-giu-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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page
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Insight Article
• 12-giu-2024
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Morgan Stanley Real Estate Investing
While the fundamentals and investment thesis for senior housing are compelling, the subtleties of different care segments and the service-oriented nature of caring for elderly residents create operational risk, requiring a nuanced investment strategy and dedicated operating expertise.
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alternatives
page
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Media Appearance
• 11-giu-2024
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David Miller
David Miller, Morgan Stanley Investment Management's Head of Global Private Credit & Equity, speaks on "Markets Today" from SuperReturn International. David speaks to some of the concern around the rapid growth of private market investments and explains why it's important to look upon that growth in the context of overall public market caps.
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page
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Insight Article
• 10-giu-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-giu-2024
|
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
|
Caron's Corner
• 5-giu-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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consilient-observer
page
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Consilient Observer
• 4-giu-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-giu-2024
|
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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audio
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Media Appearance
• 31-mag-2024
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Rohanjit Chaudhry
Rohanjit Chaudhry, Executive Director of Morgan Stanley Capital Partners, joined BDO Private Equity PErspectives podcast to discuss how private equity continues to approach economic challenges, like the current high cost of capital, through a lens of cautious optimism
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video
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Media Appearance
• 29-mag-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-mag-2024
|
Anton Kryachok
In un mercato ossessionato dalla ricerca della "next big thing", ci assicuriamo che le valutazioni delle società siano giustificate dai fondamentali sottostanti, costruendo un portafoglio di quelle rare società in grado di moltiplicare gli utili con un rendimento elevato e sostenibile nel lungo periodo, poiché sebbene i multipli abbiano contribuito per l’85% ai rendimenti questo trimestre, su un arco di 20 anni questa percentuale scende al 4%. Nel frattempo, la crescita degli utili conta molto di più: nell'arco di 20 anni ha contribuito per il 71%. Il compounding richiede disciplina e pazienza.
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carons-corner
audio
|
Caron's Corner
• 28-mag-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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big-picture
page
|
Big Picture
• 21-mag-2024
|
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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page
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Media Appearance
• 17-mag-2024
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Lauren Hochfelder
Lauren Hochfelder discusses real estate opportunities and supply chain on CNBC's The Exchange.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 13-mag-2024
|
Broad Markets Fixed Income Team
Il mutamento delle aspettative riguardo ai tagli dei tassi è stato avvertito in tutto il mondo con i rendimenti che sono saliti sia nei mercati sviluppati che in quelli emergenti. Il team Broad Markets Fixed Income analizza le conseguenze di questi sviluppi sugli investitori.
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page
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Articolo di approfondimento
• 9-mag-2024
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Portfolio Solutions Group
In questo articolo, il Portfolio Solutions Group spiega l’approccio di gestione adottato per affrontare l’impatto negativo di questo nuovo regime sui rendimenti, mirando a conseguire rendimenti stabili.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 7-mag-2024
|
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
|
Caron's Corner
• 6-mag-2024
|
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-mag-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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global-equity-observer
page
|
Global Equity Observer
• 30-apr-2024
|
Bruno Paulson
La combinazione di effervescenza e concentrazione sui mercati crea un difficile contesto di investimento, in particolare in termini relativi. Il team International Equity ritiene occorra continuare a ragionare in termini assoluti, a essere rigorosi per quanto riguarda sia la qualità che le valutazioni, nonché a puntare sul compounding nel lungo periodo.
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sustainable-investing
page
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Sustainable Investing
• 30-apr-2024
|
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-apr-2024
|
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
|
Consilient Observer
• 23-apr-2024
|
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
|
Tales From the Emerging World
• 22-apr-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
|
Caron's Corner
• 22-apr-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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page
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Media Appearance
• 16-apr-2024
|
Lauren Hochfelder
Lauren Hochfelder on Yahoo Finance: Morgan Stanley's Top Real Estate Investing 'Megatrends'
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carons-corner
audio
|
Caron's Corner
• 15-apr-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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global-fixed-income-bulletin
page
|
Global Fixed Income Bulletin
• 10-apr-2024
|
Broad Markets Fixed Income Team
L’obbligazionario risulta molto più interessante ora di quanto non fosse a inizio gennaio, secondo il Team Broad Markets Fixed Income.
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big-picture
page
|
Big Picture
• 8-apr-2024
|
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
|
Market Monitor
• 8-apr-2024
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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market-monitor
page
|
Market Monitor
• 8-apr-2024
|
Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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|
|
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big-picture
video
|
Big Picture
• 8-apr-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-apr-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
|
Caron's Corner
• 2-apr-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
|
Insight Article
• 1-apr-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-apr-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
|
Sustainable Investing
• 1-apr-2024
|
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-mar-2024
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William Lock
Dal saper scegliere le aziende migliori al segreto della longevità nel mondo degli investimenti, William Lock ci illustra 10 lezioni apprese in 30 anni trascorsi a investire in società di alta qualità e con capacità di compounding sostenibile nel lungo periodo, offrendo ai clienti interessanti rendimenti a lungo termine.
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carons-corner
audio
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Caron's Corner
• 25-mar-2024
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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big-picture
video
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Big Picture
• 21-mar-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 Ten Key Themes for 2024.
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audio
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Insight audio
• 19-mar-2024
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Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Investment Wars to discuss major disruptions and trends in the commercial real estate market.
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page
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Insight Article
• 14-mar-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-mar-2024
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Broad Markets Fixed Income Team
A febbraio i rendimenti sono generalmente aumentati a livello globale, in quanto gli operatori di mercato hanno rettificato le attese relative al taglio dei tassi d’interesse per l’anno in corso. Il team Broad Markets Fixed Income analizza le conseguenze di questi sviluppi sui mercati.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 7-mar-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
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Caron's Corner
• 5-mar-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
• 1-mar-2024
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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-mar-2024
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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-feb-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-feb-2024
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Bruno Paulson, Alistair Corden-Lloyd
Il compounding è una forza vincente, ma cosa ci fa capire se un’azienda può essere una compounder di alta qualità? Ci concentriamo sulla redditività del capitale operativo impiegato (ROOCE) e sui margini lordi. Le aziende con un ROOCE elevato presentano generalmente un’operatività con margini elevati e ridotto impiego di risorse, mentre i margini lordi elevati rispecchiano solitamente il potere di determinazione dei prezzi. Questi attributi ci fanno capire quali aziende meritano di essere esaminate più attentamente e in quali dovremmo investire il nostro tempo per comprendere la longevità della loro attività.
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carons-corner
audio
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Caron's Corner
• 20-feb-2024
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 20-feb-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-feb-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-feb-2024
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Broad Markets Fixed Income Team
Dopo la straordinaria performance segnata nel quarto trimestre dal mercato obbligazionario, il rialzo dei rendimenti non ha costituito una sorpresa. Quali potrebbero essere gli sviluppi futuri? Analisi del Team Broad Market Fixed Income.
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page
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Insight Article
• 15-feb-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-feb-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-feb-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-feb-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-feb-2024
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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big-picture
page
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Big Picture
• 5-feb-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-feb-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-feb-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-feb-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-feb-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-feb-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-gen-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-gen-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
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Caron's Corner
• 29-gen-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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global-equity-observer
page
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Global Equity Observer
• 29-gen-2024
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Bruno Paulson
Dopo un anno apparentemente trascorso all’insegna del “nessuno sa niente”, iniziamo il 2024 con buone argomentazioni in favore sia della tesi ottimista sia di quella pessimista. E anche se non ci è dato di sapere con certezza se l’economia mondiale chiuderà su una nota triste o allegra, il mercato sta chiaramente scontando il prezzo di una nota allegra. Dati i multipli elevati, ciò crea un’asimmetria sfavorevole con margini di rialzo limitati, da un lato, e ampi margini di ribasso, dall’altro. Quando i mercati accusano un colpo, il trucco, come sempre, consiste nel tenersi aggrappati ai solidi rendimenti assoluti a lungo termine.
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video
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Insight Video
• 29-gen-2024
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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-gen-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
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Media Appearance
• 17-gen-2024
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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-gen-2024
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Jim Caron
Our shift to a “Goldilocks” soft-landing view continues, supported by recent macro data releases, moderately slowing growth and rising confidence that inflation will move lower, allowing policy relief. Read why we believe this supports our view of maintaining positive equities.
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page
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Insight Article
• 16-gen-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-gen-2024
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Broad Markets Fixed Income Team
La straordinaria performance segnata a dicembre dal mercato obbligazionario chiude in bellezza un anno di forti alti e bassi. Ora, però, inizia la parte più difficile. Il Team Broad Markets Fixed Income illustra la situazione.
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market-monitor
page
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Market Monitor
• 9-gen-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-gen-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-gen-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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alternatives
page
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Article Reprint
• 3-gen-2024
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Lauren Hochfelder
In this article, originally published by PERE, Lauren Hochfelder, co-chief executive officer for Morgan Stanley Real Estate Investing, says logistics will remain a favorite asset class. But she predicts there will be less of a rising tide lifting all boats now.
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carons-corner
audio
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Caron's Corner
• 2-gen-2024
|
Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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global-equity-observer
page
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Global Equity Observer
• 28-dic-2023
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Nic Sochovsky, Helena Miles
Gli agonisti del GLP-1 sono stati decretati gli innovatori nel trattamento dell’obesità e i produttori di questi farmaci gli immediati vincitori del mercato, mentre i titoli statunitensi dei settori medtech e alimentari/bevande, i vinti. Il team International Equity ritiene che gli impatti nel medio e lungo termine di questi sviluppi saranno probabilmente minimi e si mantiene ottimista sul loro effetto complessivo nei portafogli.
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page
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Insight Article
• 28-dic-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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page
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Prospettive 2024
• 21-dic-2023
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Marshall Stocker, Kyle Lee
“Privilegiamo l’esposizione ai tassi d’interesse, alle valute e agli spread societari locali, mentre manteniamo una posizione più neutrale negli spread sovrani” spiega il team Emerging Markets Debt parlando delle prospettive per il 2024.
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page
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Prospettive 2024
• 19-dic-2023
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Vishal Khanduja, Brian Ellis
Scoprite perché il nostro team Broad Markets vede delinearsi un contesto interessante per i mercati obbligazionari nel 2024, nonostante i fattori macroeconomici in gioco siano molteplici.
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carons-corner
audio
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Caron's Corner
• 18-dic-2023
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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alternatives
page
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Media Appearance
• 14-dic-2023
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Lauren Hochfelder
Watch Lauren Hochfelder on Bloomberg's "Wall Street Week" explain why she is so bullish on the commercial real estate sector heading into 2024.
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consilient-observer
page
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Consilient Observer
• 13-dic-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-dic-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-dic-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-dic-2023
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Jim Caron
Jim Caron, Co-Lead Global Portfolio Manager e Co-Chief Investment Officer, Global Balanced Risk Control Team, illustra i suoi giudizi tematici macro sui principali fattori di sostegno dei mercati.
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page
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Prospettive 2024
• 6-dic-2023
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William Lock and Bruno Paulson
"Le aziende di altissima qualità, dotate di un management competente e di forti attività immateriali come marchi, brevetti e reti, mantengono i propri clienti e i margini nei periodi di contrazione dei mercati” sostiene il team International Equity nelle sue prospettive per il 2024."
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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 è stato un mese storico per il mercato obbligazionario. La domanda è: cosa succederà ora?
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consilient-observer
page
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Consilient Observer
• 24-ott-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-set-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-set-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-ago-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-ago-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-ago-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-ago-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-lug-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-lug-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-giu-2023
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Marcus Watson and Richard Perrott
Nel mondo delle fusioni e acquisizioni, non tutti gli acquirenti sono uguali. Il team International Equity osserva un atteggiamento prudente nei confronti delle fusioni e acquisizioni che, in genere, rappresentano una scelta ad alto rischio per quanto riguarda l’allocazione di capitale di una società. Ma ci sono società – alcune delle quali presenti in portafoglio – con un track record di acquisizioni a rischio relativamente basso che hanno contribuito in misura molto positiva ai rendimenti per gli azionisti. I buoni acquirenti sono una specie rara, ma le loro strategie presentano caratteristiche comuni tali da far pensare che si tratti di un processo ripetibile.
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video
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Insight Video
• 16-giu-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-giu-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-apr-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-apr-2023
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David Richman
Scopri come queste dinamiche possono contribuire a conversazioni più significative.
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consilient-observer
page
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Consilient Observer
• 22-mar-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-mar-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-mar-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-mar-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-feb-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-feb-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-dic-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-dic-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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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-ott-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-set-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-ago-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-ago-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-lug-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-lug-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-lug-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-giu-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-giu-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-mag-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-apr-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-apr-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-mar-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-gen-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-dic-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-ott-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-set-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-ago-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-lug-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-giu-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-mag-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-feb-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-feb-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-set-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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page
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Press Release
• 13-ago-2020
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Aaron Sack,
David N Miller
Manna Pro Products, a St. Louis-based manufacturer and marketer of pet care and nutrition, has agreed to acquire Doggie Dailies, a family-owned and operated online pet brand that offers premium nutritional supplements and wellness products for dogs.
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page
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Press Release
• 6-ago-2020
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John Moon,
David N Miller
Presidio Investment Holdings LLC (“Presidio Petroleum”) announced today that it has completed the acquisition of substantially all of the oil and natural gas producing properties of Templar Energy LLC and certain affiliates in the Anadarko Basin (“Templar”). Presidio Petroleum is a leading oil and gas efficiency company founded to acquire, operate, and optimize producing oil and natural gas properties in the Anadarko Basin and other established U.S. onshore basins.
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consilient-observer
page
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Consilient Observer
• 4-ago-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-giu-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-mag-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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page
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Press Release
• 21-mag-2020
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Pete Chung,
David N Miller
Ecwid, a leading global software-as-a-service (SaaS) e-commerce company, today announced a funding round of $42 million led by Morgan Stanley Expansion Capital and PeakSpan Capital. Ecwid provides online selling solutions for small businesses and enables them to establish a digital storefront in a matter of hours.
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consilient-observer
page
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Consilient Observer
• 20-mag-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-apr-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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page
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Press Release
• 3-apr-2020
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Aaron Sack,
David N Miller
TSG Consumer Partners, a leading private equity firm focused exclusively on the branded consumer and retail sectors, today announced that it has acquired a majority stake in Pathway Vet Alliance LLC from investment funds managed by Morgan Stanley Capital Partners. As part of the transaction, Pathway management will continue to lead the Company and retain a significant minority stake. Financial terms of the transaction were not disclosed.
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consilient-observer
page
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Consilient Observer
• 20-mar-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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page
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Press Release
• 26-feb-2020
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Pete Chung,
David N Miller
cPacket Networks, a leading provider of network-aware application and security assurance solutions, announced it has completed a $15 million round of funding by Morgan Stanley Expansion Capital. The investment will be used to accelerate cPacket’s focus on product innovation and deployment of its broad range of high-performance network visibility products for the cloud, data center, and branch offices.
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page
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Press Release
• 12-feb-2020
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Aaron Sack,
David Thompson,
David N Miller
Funds advised by Apax Partners today announced they have reached an agreement to acquire Cadence Education, a leading provider of early childhood education in North America, from investment funds managed by Morgan Stanley Capital Partners (MSCP). The transaction is expected to complete in March 2020. Financial terms of the transaction were not disclosed.
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page
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Press Release
• 5-feb-2020
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Aaron Sack,
James Howland,
David N Miller
Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle market focused private equity team within Morgan Stanley Investment Management, announced recently that they have completed an investment in World 50, Inc., a leading provider of private peer communities. MSCP partnered with the current management, led by CEO David Wilkie, who will remain CEO and continue to drive organic growth and acquisitions during the investment.
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page
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Press Release
• 30-gen-2020
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Pete Chung,
David N Miller
OpsRamp, service-centric AIOps platform for hybrid enterprise IT operations, today announced the closing of its latest round of investment led by Morgan Stanley Expansion Capital, and with new investor Hewlett Packard Enterprise (HPE). OpsRamp will use the investment to grow and scale the industry’s first cloud-based platform for discovery, monitoring, and automation of hybrid, multi-cloud, enterprise environments.
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page
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Press Release
• 27-gen-2020
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Aaron Sack,
James Howland,
David N Miller
Comar, a premier plastic packaging, dispensing, and medical device provider serving the Medical, Pharmaceutical, Consumer Healthcare, Personal and Home Care, Food and Beverage, and other niche market segments is thrilled to announce the acquisition of iMARK Molding, a custom contract manufacturer focused on serving the medical device industry.
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page
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Press Release
• 19-ago-2019
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Pete Chung,
Melissa Daniels,
David N Miller
Alternative Behavior Strategies (ABS), a leading provider of services to children with autism spectrum disorders, announced today it has received funding from private equity platform Morgan Stanley Expansion Capital along with Petra Capital Partners, investing in the next stage of ABS’ growth.
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page
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Press Release
• 30-lug-2019
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David N Miller
SAFE Fertility Centre Co., Ltd announced that North Haven Thai Private Equity L.P., a fund managed by Morgan Stanley, has invested an undisclosed amount in the Company for a minority stake.
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page
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Press Release
• 29-lug-2019
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Pete Chung,
David N Miller
Investment funds managed by Morgan Stanley Expansion Capital announced the sale of their interest in HighQ Solutions Limited, a leading collaboration platform for legal and regulated industries, to Thomson Reuters. HighQ provides secure cloud-based business collaboration, workflow automation and client engagement software to over 400 customers, including more than half of the top 100 global law firms.
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page
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Press Release
• 24-lug-2019
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Aaron Sack,
Adam Shaw,
David N Miller
CoAdvantage, one of the nation’s top privately held professional employer organizations (PEO) and a leading national provider of strategic human resource (HR) solutions for small to mid-sized companies, announced today a definitive agreement to be acquired by Aquiline Capital Partners, a private equity firm investing in financial services and technology. CoAdvantage is being acquired from investment funds managed by Morgan Stanley Capital Partners (MSCP), which have owned the company since 2015.
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page
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Press Release
• 23-lug-2019
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John Moon,
David N Miller
Presidio Investment Holdings LLC announced today that it has completed its acquisition of all the oil and natural gas producing properties in the western Anadarko Basin of Texas, Oklahoma, and Kansas from Apache Corporation and its affiliates (NYSE: APA). Presidio Petroleum is a portfolio company majority owned by investment funds managed by Morgan Stanley Energy Partners, the energy private equity business of Morgan Stanley Investment Management.
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page
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Press Release
• 8-lug-2019
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Pete Chung,
David N Miller
Investment funds managed by Morgan Stanley Expansion Capital today announced that they have entered into a definitive agreement to sell their interest in DocuWare GmbH, a leading global provider of content services software, to Ricoh (TYO:7752). Expansion Capital invested in Founder-backed Docuware in June 2012 in a transaction designed to accelerate Docuware’s growth, recapitalize select holders and position the company for future growth.
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page
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Press Release
• 17-giu-2019
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Aaron Sack,
James Howland,
Steve Rodgers,
David N Miller
Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle market focused private equity team within Morgan Stanley Investment Management, announced today that they have completed an investment in Ovation Fertility. MSCP partnered with the current management team and physician shareholders, led by Nate Snyder, who will remain CEO and continue to drive organic and acquisitive growth.
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page
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Press Release
• 11-giu-2019
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Aaron Sack,
James Howland,
David N Miller
Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle market focused private equity team within Morgan Stanley Investment Management, announced today that they have completed an investment in Impact Fitness, a leading Planet Fitness franchisee with 29 clubs across the United States and Canada. MSCP partnered with the current management team, led by CEO Adam Willaeys, as well as founder Chris Klebba, who will remain as Executive Chairman.
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page
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Press Release
• 4-giu-2019
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Aaron Sack,
James Howland,
David N Miller
Manna Pro Products, a St. Louis-based manufacturer and marketer of pet care and nutrition, has agreed to acquire Dallas-based Hero Pet Brands, a company that provides solutions to pet owner needs including nutrition, grooming, waste pickup and cleanup.
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page
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Press Release
• 20-mag-2019
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Thomas Cahill,
Pedro Teixeira,
David N Miller
Tikehau Capital Advisors, Tikehau Capital SCA’s main shareholder, today announced that it has secured from institutional partners firm and irrevocable commitments of €195m in new equity as part of a share capital increase of at least €300m.
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page
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Press Release
• 11-apr-2019
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Pete Chung,
David N Miller
SolarWinds (NYSE:SWI), a leading provider of powerful and affordable IT management software, today announced that it has signed an agreement to acquire Samanage, a highly reviewed and highly rated IT service desk solution company based in Cary, NC. Over the past 7 years, Samanage has built a strong, well-respected product guided by a customer-centricity that aligns well with SolarWinds’ mission and commitment to the technology professional community.
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page
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Press Release
• 25-gen-2019
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Aaron Sack,
James Howland,
Steve Rodgers,
David N Miller
Investment funds managed by Morgan Stanley Capital Partners (“MSCP”), the Private Equity team within Morgan Stanley Investment Management, announced today that they have completed an investment in Clarity Software Solutions. MSCP is partnering with the current management team led by founder Sean Rotermund, who will remain CEO and continue to drive organic growth and product development during the investment.
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page
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Press Release
• 4-dic-2018
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Pete Chung,
David N Miller
EZ Texting, the leader in mobile marketing for business, announced it is consolidating all its communication brands, including CallFire, under EZ Texting. This move reflects the growing importance of text messaging as a business communications solution and supports the rapid growth of the company's flagship text messaging platform used by small and medium-sized businesses to more effectively reach their customers.
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page
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Press Release
• 11-ott-2018
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Pete Chung,
David N Miller
EcoIntense merges its products and businesses into a single, global brand identity: With the release of version 11.0 on October 11th, the HSE and CSR software EcoWebDesk and the associated NordSafety app are rebranded under the uniform name Quentic. EcoIntense and NordSafety are now also operating as Quentic.
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page
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Press Release
• 25-giu-2018
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Pete Chung,
Melissa Daniels,
David N Miller
Clinipace, a global full-service contract research organization (CRO), expands its leadership team and launches a new brand identity to support its future growth as a midsized CRO. To better serve its clients, Clinipace is committed to taking a personal approach that focuses on service supported by top CRO talent and technologies.
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edge
page
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EDGE
• 15-mag-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
page
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Global Multi-Asset Viewpoint
• 30-apr-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
page
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EDGE
• 31-ago-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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page
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Press Release
• 5-giu-2017
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Morgan Stanley Capital Partners
Fisher Container, a portfolio company majority owned by investment funds managed by Morgan Stanley Capital Partners, completes the acquisition of Packaging Products Corporation.
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edge
page
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EDGE
• 30-apr-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
page
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EDGE
• 31-gen-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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page
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Press Release
• 6-set-2016
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Morgan Stanley Capital Partners
Morgan Stanley Private Equity announces an investment in Cadence Education, Inc., one of the United States’ leading providers of early childhood education.
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page
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Press Release
• 23-ago-2016
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Morgan Stanley Energy Partners
Morgan Stanley Energy Partners ("MSEP") and Midland, TX-based XRI Holdings, LLC (“XRI Blue”), announce a strategic partnership whereby MSEP has made a majority equity investment in XRI Blue.
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page
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Press Release
• 23-ago-2016
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces an investment in Pathway Partners Vet Holding LLC, a leading veterinary hospital owner and operator founded by Dr. Jasen Trautwein in Austin, TX and led by CEO Shawn McVey.
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page
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Press Release
• 3-mar-2016
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Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners announces that it has raised $3.6 billion for North Haven Infrastructure Partners II (NHIP II).
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page
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Press Release
• 1-mag-2015
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Morgan Stanley Infrastructure Partners announces that it has agreed to sell Southern Star Central Corp. (Southern Star) to a consortium consisting of affiliates of GE Energy Financial Services and Caisse de dépôt et placement du Québec.
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page
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Press Release
• 22-apr-2015
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Morgan Stanley Infrastructure Partners announces the sale of Madrileña Red de Gas ("MRG") to a consortium formed by EDF Invest, Gingko Tree Investment Ltd, and Dutch pension fund manager PGGM.
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page
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Press Release
• 6-mar-2015
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Morgan Stanley Infrastructure Partners announces an agreement to sell Montreal Gateway Terminals to a consortium led by Fiera Axium Infrastructure.
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Press Release
• 11-feb-2015
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces the completion of the sale of its majority interest in EmployBridge, a leading provider of specialty staffing services, to The Select Family of Staffing Companies, a national provider of workforce management services.
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Press Release
• 16-set-2014
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Morgan Stanley Infrastructure Partners announces an agreement to acquire in stages co-control ownership of Eureka Hunter Holdings, LLC, a natural gas gathering system situated in the Marcellus and Utica shale basins in the Appalachian region of the United States.
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Press Release
• 5-mag-2014
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Morgan Stanley Capital Partners
Morgan Stanley Global Private Equity today announced it has completed the sale of its majority interest in Learning Care Group (U.S.) Inc.
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Press Release
• 6-mar-2014
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces the completion of the sale of its majority interest in Accelerate Acquisitions Limited, the parent company of Zenith, to HgCapital, a UK-based private equity fund.
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Press Release
• 23-ago-2012
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Morgan Stanley Infrastructure Partners announces an increased ownership stake to 100 percent of the Common Equity of Southern Star Central Corp., parent company of Southern Star Central Gas Pipeline (Southern Star).
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Press Release
• 21-mar-2012
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David N Miller
Morgan Stanley Private Equity Asia announces the closing of a strategic partnership with Tianhe Chemicals Group, a leading specialty chemicals company in China.
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Press Release
• 11-ago-2011
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Morgan Stanley Energy Partners
Morgan Stanley Private Equity and Denver-based Sterling Energy Company announce a strategic partnership whereby Morgan Stanley Private Equity has made a majority equity investment in Sterling Energy.
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Press Release
• 16-set-2010
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Morgan Stanley Energy Partners
Morgan Stanley Private Equity and the group of Trinity companies (“Trinity”) announce a strategic partnership whereby Morgan Stanley Private Equity has made a majority equity investment in Trinity.
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Press Release
• 13-ago-2010
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces that is has agreed to acquire a 60 per cent stake in Zenith Vehicle Contracts Group Limited, a provider of vehicle outsourcing and management services to the UK corporate sector, from funds advised by Barclays Private Equity and Zenith management.
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Press Release
• 2-giu-2009
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Morgan Stanley Energy Partners
Morgan Stanley Private Equity and Charleston, WV-based Triana Energy announce a strategic partnership whereby Morgan Stanley Private Equity has made a majority equity investment in Triana Energy.
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Press Release
• 26-giu-2008
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners announces the completion of an agreement to acquire a 60 percent stake in Learning Care Group, the U.S. subsidiary of A.B.C. Learning Centres Limited (“ABC”).
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Press Release
• 18-giu-2008
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Morgan Stanley Capital Partners
Morgan Stanley Capital Partners and BAST Investment Group agree to acquire an equity stake in Breitenfeld AG from the majority shareholders of the Austrian specialty steel producer, Fides Privatstiftung and Fortis Privatstiftung.
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