Market GPS

Manager
outlooks 2025

Insights for a Brighter Future

Investment team insights to help you navigate the risks and opportunities ahead. Explore asset class overviews and more focused outlooks from our portfolio manager experts.

Equities

Football in goal

Featured Outlook

A more dynamic playing field for equity investors

Heads of Equities Marc Pinto and Lucas Klein outline why a market broadening that started in 2024 could continue into the year ahead, creating opportunities for active investors.

7 min read

Sustainable Equities outlook: The future is still electric under a Trump administration

Hamish Chamberlayne revisits Trump’s first presidency, suggesting his second term presents compelling sustainable investment opportunities.

U.S. large-cap equities: Focus shifts to earnings delivery

Jeremiah Buckley explains why, in 2025, he expects the market to increasingly differentiate between companies delivering on growth expectations and those falling short.

How will China’s commitment to growth fare amid tariff headwinds in 2025?

Victoria Mio discusses why China’s recent policy pivot is signalling the market’s resilience.

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Fixed Income

Featured Outlook

Stargazing in 2025: Bond market opportunities

As shifting politics collide with economic realities, what might this mean for fixed income? Jim Cielinski, Head of Global Fixed Income, focuses the telescope on prospects for the new year.

8 min read
Milky Way on Ice Lake in Winter Grassland

Yield on the table: Why multisector may make sense in 2025

John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing in his 2025 outlook.

Going global: Short-duration bonds well positioned for economic divergence

Daniel Siluk explains why diverging policy paths may create opportunities for globally minded bond investors to generate steady income and increase diversification within broader portfolios.

Key trends driving U.S. securitized fixed income in 2025

John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in 2025.

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Multi-Asset & Alternatives

Monte Gelato waterfalls in Lazio region, Italy

Featured Outlook

Widening the aperture in a late-cycle economy

Adam Hetts, Global Head of Multi-Asset, balances the opportunities presented by the extension of the economic cycle and the risks posed by policy uncertainty and elevated valuations.

6 min read

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Featured Insights

Actively navigating change and complexity in 2025

Ali Dibadj

CEO Ali Dibadj highlights the three macro drivers that investors must navigate in 2025 and beyond, as well as the importance of actively positioning for a brighter investment future.

ESG in 2025: From moral imperatives to financial materiality

Michelle Dunstan

Michelle Dunstan, Chief Responsibility Officer, explores the trajectory of responsible investing, the integration of ESG data, and the evolving landscape of AI regulation and DEI initiatives.

Panel discussion

Our experts from across asset classes discuss their views on the route ahead and how to position accordingly.

Speakers: Matthew Bullock, Kareena Moledina, Luke Newman and Richard Clode

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Investment outlook 2025

Expert views to help you navigate markets in the coming year.

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There is no guarantee that past trends will continue, or forecasts will be realised.