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Positioning the Pieces: GMO Implementation Guide

Amid an ever-changing landscape, the importance of “Positioning the Pieces” is key. At State Street Global Advisors, we weigh multiple factors within the macroeconomic environment to assess how they converge in order to refine our outlook and portfolio views. Our Implementation Guide aims to highlight the exposures investors should consider as they seek to put investment ideas into action.

We see fixed income as a bright spot for investors in 2024 given current yield levels, slowing growth, and continued disinflation. Amid heightened volatility and global fragility, we remain cautious on risk assets and favor quality stocks in equity markets. We believe emerging markets will remain vulnerable given the global landscape, but do see pockets of opportunity within emerging market debt and select emerging market equities.

In challenging markets, it is critical to strike the appropriate balance, get portfolio implementation right, and retain flexibility to respond as clearer signals develop. We explore these themes and more in our 2024 Global Market Outlook. And in this Implementation Guide, we look at how institutional investors can consider gaining exposure to the key themes unfolding over the coming year and beyond.

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