Oil and the price equation

Time for European assets to shine

Alex Holroyd-Jones, Multi Asset Portfolio Manager, discusses the evolving landscape in Europe, as investors seek to diversify away from the US and into international markets.

Rethinking diversification

Why is diversification in fixed income portfolios more important than ever, and what’s the best way to achieve it today? Ellie Clapton and Darpan Harar explore the key considerations in the current environment.

7 minutes

Capital Market Assumptions - April 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.

Trade shock accelerates China’s strategic pivot

Iain Cunningham, Head of Multi-Asset Growth, explores China’s structural shift towards a consumption-driven growth model due to ongoing trade shocks from US tariffs.

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.

Time for European assets to shine

Alex Holroyd-Jones, Multi Asset Portfolio Manager, discusses the evolving landscape in Europe, as investors seek to diversify away from the US and into international markets.

Rethinking diversification

Why is diversification in fixed income portfolios more important than ever, and what’s the best way to achieve it today? Ellie Clapton and Darpan Harar explore the key considerations in the current environment.

7 minutes

Capital Market Assumptions - April 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.

Trade shock accelerates China’s strategic pivot

Iain Cunningham, Head of Multi-Asset Growth, explores China’s structural shift towards a consumption-driven growth model due to ongoing trade shocks from US tariffs.

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.

Time for European assets to shine

Alex Holroyd-Jones, Multi Asset Portfolio Manager, discusses the evolving landscape in Europe, as investors seek to diversify away from the US and into international markets.

Rethinking diversification

Why is diversification in fixed income portfolios more important than ever, and what’s the best way to achieve it today? Ellie Clapton and Darpan Harar explore the key considerations in the current environment.

7 minutes

Capital Market Assumptions - April 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.

Trade shock accelerates China’s strategic pivot

Iain Cunningham, Head of Multi-Asset Growth, explores China’s structural shift towards a consumption-driven growth model due to ongoing trade shocks from US tariffs.

Oil and the price equation

Multi-Asset – latest insights

War in the Gulf

A steadier stride: investing in a changed China in the Year of the Horse

Multi-Asset Strategy Quarterly – January 2026

Podcast | Energy, geopolitics, and markets: reflections from Miami

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