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 Trapped in a Goal Net, Close-Up

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

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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

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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

Don’t you (forget about me) – Why real estate deserves a fresh look in 2026

Strong fundamentals, improving market dynamics, and rising investor demand for diversification position real estate for a re-rating in 2026.

Election boosts Costa Rica’s “rising star” path toward investment grade

The election outcome therefore does not change already improving economic fundamentals for Costa Rica; rather, it makes the positive credit story more credible.

Enjoy the party, but watch out for the hangover

Discover why portfolio structure, not bubble timing, determines resilience. Learn how equity income strategies help investors capture AI-driven growth while reducing volatility and protecting capital during downturns.

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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.

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Thursday, December 5th at 2pm GMT

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.