Start the year with key insights on debt and stock markets

Explore timely perspectives on the forces that are likely to shape both fixed income and stock markets in 2025 from the likes of Robeco, the BIS, Wellington Management, and PIMCO.

European Securitisation: Translating Ambition into Reality (PGIM Fixed Income)

Expanding access to funding sources and credit are critically important objectives as Europe seeks to maintain its competitiveness in the global economy.

Managing Credit’s Pricing of Perfection (MFS)

For compliance reasons, this paper is only accessible in certain geographies

Given where spreads are, it is unlikely that spread compression will act as a major contributor to credit total returns.

Design Choices, ML, and the Cross-Section of Stock Returns (Robeco)

This paper adds to the growing body of research focused on how machine learning can aid stock selection.

Beyond the Benchmark: Redesigning EM Debt Allocations (Franklin Templeton)

For compliance reasons, this paper is only accessible in the EMEA region

Emerging market debt has become a staple allocation for investors looking to enhance diversification and yield.

Capitalizing on the Inverse Stock-Bond Relationship (PIMCO)

In multi-asset portfolios, investors can seek higher risk-adjusted returns by stepping out of cash and onto the yield curve, adding to duration exposure.

When Tariffs Hit: Stocks, Bonds, & Vol (CFA Institute Research & Policy Center)

Data shows that the effect of tariff announcements on large-cap stocks is highly significant, while the effect on small-cap stocks is less so.

Asset Allocation Insights – December 2024 (FTSE Russell)

For compliance reasons, this paper is only accessible in certain geographies

Uncertainty from contrasting growth and rate paths, geopolitical tensions, and fiscal challenges is deepening disparities in performance between asset classes.

Concentrated Markets & Multi-Manager Capital Allocation (Wellington Management)

Active strategies designed for breadth struggle with market concentration—use less-concentrated benchmarks (or create them).

Time-Varying Drivers of Stock Prices (Alpha Architect)

Stock price variations are primarily driven by two factors: subjective cash flow expectations and subjective discount rate expectations.

Sovereign Green Bonds: A Catalyst for Sustainable Debt Market Development? (BIS)

Sustainable bond markets, largely driven by green bond issuance, have grown rapidly in recent years.

Why Invest outside of the U.S.? the Benefits of EAFE Large Cap (Mawer IM)

AI in healthcare R&D promises faster drug discovery, optimizing early-stage processes and reducing costs, benefiting companies with strong R&D cultures.

The Art of Fading the Trump Trade (City of London Investment Group)

Some of Trump 2.0’s potential policies will help U.S. companies, while others will hinder them. Here is how to spot the winners.

Is Goldman Sachs’ 3% Annual Return Forecast Data-based? (Allocate Smartly)

It appears that Goldman Sachs changed its recent methodology for calculating market concentration. Is this change justified?