Market GPS
Manager
outlooks 2025
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
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.
A US small-cap awakening: Positive momentum for 2025
Jonathan Coleman outlines why he believes renewed strength in small caps can carry over into the new year.
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.
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.
Adjusting the recipe: What’s the right mix for balanced portfolios in 2025?
In his 2025 outlook, Greg Wilensky outlines the most likely scenarios for the U.S. economy and the potential implications for major asset classes.
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.
Multi-Asset & Alternatives
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.
A US small-cap awakening: Positive momentum for 2025
Jonathan Coleman outlines why he believes renewed strength in small caps can carry over into the new year.
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?
Featured Insights
There is no guarantee that past trends will continue, or forecasts will be realised.