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

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.

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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

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.

Picture of a long straight road with the route heading towards a mountain range

High yield bonds outlook: Taking the scenic route in 2025

Brent Olson and Tom Ross view high yield bonds as offering a comfortable drive for now but expect more difficult terrain later 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

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?

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View all Alternatives insights

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

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.