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.

More lights are turning green for listed real estate in 2025

Guy Barnard discusses the alignment of multiple supportive factors for listed REITs in 2025.

Secular growth drivers align for emerging market equities

Daniel Graña sees a compelling case for long-term investors to maintain an allocation to emerging market equities.

Can global small caps take big steps in 2025?

Nick Sheridan highlights the appeal of global small caps in 2025 for portfolio diversification, growth potential and attractive valuations.

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.

Milky Way on Ice Lake in Winter Grassland

Resilient emerging markets debt faces US policy uncertainty in 2025

The emerging markets debt hard currency team explore how the asset class performed in Trump 1.0 and if there are any lessons to be learned for 2025.

Divergence creates opportunities in global investment grade in 2025

James Briggs and Tim Winstone explore how active bond investors can position for divergence and uncertainty across economies amid tight credit spreads.

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.

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.

Alternatives – all potential outcomes are on the table for 2025

Should investors consider allocating more to liquid alternatives in an era where disruption might become the norm?

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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