Mid-Year 2018

Global Market Outlook

Weatherproof Your Portfolio

With greater uncertainty and volatility, the time is right to actively prepare for foul weather.


From the CIO

Weatherproof Your Portfolio

Our mid-year Global Market Outlook highlights attractive opportunities in the second half of 2018, with a backdrop of greater uncertainty and volatility ahead.  

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In This Issue

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The opposing forces of US fiscal stimulus and trade tensions will dominate the macro picture for the remainder of the year, while strong corporate earnings should provide a favorable backdrop for risk assets.

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There are enough uncertainties still around geopolitics, trade protectionism and inflation risk for us to adopt a more defensive approach and deploy our teams’ stock-picking skills to identify attractive, late-cycle opportunities.

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While credit availability is still good, investors may wish to be more selective about their fixed income exposure as interest rates tick upwards

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While EM outperformance over DM has melted away in the first half of 2018, we believe both EM debt and equity markets continue to offer value, though investors need to be more discerning.


About the Global Market Outlook

As investment challenges grow more complex, our Global Market Outlook is designed to alert investors to portfolio risks and opportunities in the coming year, based on the research of our investment teams.

Research around near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome-oriented portfolios we create for clients, drawing on the full range of our beta and alpha solutions as well as our asset allocation expertise.