Featured
Capital market assumptions
Ninety One’s Capital Market Assumptions framework focuses on the key drivers of long-term performance. We do this to better understand possible future returns, enriching discussions with our clients.
Global
Multi-Asset
Single asset-class skillsets with multi-asset mindsets.
We are real investors with a thirty-year track record of multi-asset investing.
Our aim is to build differentiated multi-asset solutions that cut through the complexities of markets.
Our fully integrated investment approach combines deep research insights with precise security selection.
We appraise ideas through a long-established, imaginative research approach that seeks to uncover insights in thought-provoking ways.
Multi-Asset – latest insights
The great transatlantic divergence
AI and the Iran conflict are pushing Europe and the US onto sharply different economic and monetary paths.
Markets test the limits of AI optimism and oil risk
Markets may be underestimating the economic impact of the Hormuz disruption even as AI optimism accelerates, creating a growing disconnect between buoyant markets, fragile consumers and geopolitical risk.
Capital Market Assumptions - April 2026
Ninety One’s Capital Market Assumptions framework focuses on the key drivers of long-term performance. We do this to better understand possible future returns, enriching discussions with our clients.
Multi-Asset Strategy Quarterly – April 2026
Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.
War in the Gulf
War in the Middle East has brought one of the market’s long-standing geopolitical fault lines into sharp focus, particularly the risk of disruption in the Strait of Hormuz. Against an already fragile backdrop, the key question is whether this episode remains contained or escalates into a shock with global economic consequences.
A steadier stride: investing in a changed China in the Year of the Horse
As China moves from the Year of the Snake into the Year of the Horse, the next animal in the 12-year Chinese zodiac cycle, investors are asking whether the horse’s association with strength and dynamism will be reflected in how China’s markets are positioned to perform.
Multi-Asset Strategy Quarterly – January 2026
Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.
Podcast | Energy, geopolitics, and markets: reflections from Miami
Sahil Mahtani, Director of Ninety One’s Investment Institute, and Paul Gooden, Portfolio Manager for Global Natural Resources, discuss Venezuela and broader energy themes following the Goldman Sachs Global Energy Conference in Miami.
Podcast | Venezuela: on the ground in Caracas with International Crisis Group
Sahil Mahtani, Director of Ninety One’s Investment Institute, and Nicolas Jaquier, EM Fixed Income Portfolio Manager, are joined by Phil Gunson, Senior Analyst at the International Crisis Group, who is based in Caracas for an on-the-ground perspective on the rapidly evolving situation in Venezuela.
Goldilocks prevails: investing in 2026
After a disorienting 12 months, investors need to recalibrate their perceptions of risk – a ‘Goldilocks’ macro environment is likely to prevail in 2026. But while conditions appear ‘just right’, thoughtful positioning is required within each asset class.
Defence remains key
2026 opens with uneven growth, elevated debt and valuations that leave little margin for error. Resilience and precision in positioning will matter more than ever.
Venezuela: scenarios and market implications
Maduro’s exit raises the chance of change, but power is likely to remain with the security state as the US opts for pressure and negotiation over regime overhaul. Markets appear ahead of reality, with any improvement in oil and debt outcomes likely to be slow and uneven.
Capital Market Assumptions - October 2025
Ninety One’s Capital Market Assumptions framework focuses on the key drivers of long-term performance. We do this to better understand possible future returns, enriching discussions with our clients.
Multi-Asset Strategy Quarterly – September 2025
Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.
The Fed’s risk-management pivot: A green light for equities
A more accommodative Fed stance is turning restrictive policy into a tailwind for equities, note Portfolio Manager Alex Holroyd-Jones and Analyst Rebecca Phillips.
Government bonds: the end of the shock absorber
Sticky inflation, rising fiscal strains and weak growth are eroding the role of bonds as a portfolio ballast, forcing investors to rethink defensive diversification, according to Sahil Mahtani, Head of Macro Research
The shrinking upside in the dollar story
Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.
Multi-Asset Strategy Quarterly – June 2025
Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.
The unstoppable dollar meets the immovable Mr Trump
Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.
Beyond the one-way trade
For years, capital has gravitated to the US. A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.