Ninety One | The Big Picture podcast

Balance sheet strength to prove critical

The US market extends beyond megacaps. Paul Vincent delves into three sectors he will have his eye on in 2024 and highlights the importance of balance sheet strength as we approach the new year.

Tight monetary policy to hamper growth

Around the world central banks have raised interest rates in a bid to curb inflation. The consequence, as we have previously seen in China, are currently seeing in Europe and are likely to see in the US, is slowing growth. Iain Cunningham spells out what this means for markets, and investors.

It’s time to rethink fixed income

With interest rates set to remain higher for longer, investors have some thinking to do. Are the same rules that have applied for the past few decades still in play, or is a different approach needed?

What the market is getting wrong

Macro worries have created a useful entry point into natural resources equities. This part of the stock market is often misunderstood, presenting value opportunities for selective investors.

A crisis of global integration

We are arguably living through a fourth systemic crisis. The end result will be a vastly different economy. Understanding the investment implications is what this iteration of our Road to 2030 research is about.

The Rise of China revisited

China’s economic rise to the world’s second largest economy has been spectacular and exerts substantial geopolitical influence in the current landscape.

Positioning for the next cycle

A radical reset in borrowing costs has changed the rules of the game for investors. Philip Saunders and Sahil Mahtani assess the outlook for 2024 and beyond, and discuss where to invest for a new market cycle.

Emerging markets: favourable currents strengthening beneath choppy waters

At a global level, the path immediately ahead could be choppy. But beneath the surface, currents that favour emerging markets are gathering force, explain Victoria Harling, Varun Laijawalla and Grant Webster.

Finance’s evolving role in achieving net zero

The Paris Agreement of 2015 inspired widespread action to reduce forecasts of future warming. Arguably, this is not enough. Ninety One’s Chief Sustainability Officer, Nazmeera Moola, discusses the investment industry’s roles and responsibilities when it comes to driving the transition to net zero.

Volatility is creating opportunities

Environmental equities have been hit by a downturn in market sentiment. This is creating new opportunities to get exposure to parts of the economy expected to grow fast as the energy transition progresses. Deirdre Cooper and Graeme Baker assess the outlook for investors in decarbonisation.

Embrace the contrarian opportunity

Sustainable investing has had a difficult year. Stephanie Niven explains why investors have an opportunity to benefit from an allocation to companies with sustainable drivers of structural growth.

Great conditions for dynamic ‘go anywhere’ credit investors

Historically high yields across global credit markets underpin a positive outlook for the asset class. With significant and rising dispersion, look out for plenty of compelling bottom-up opportunities, but also some no-go areas for investors.

Are the dark clouds starting to part?

With 2023 falling short of expectations in terms of a recovery for emerging markets equities, Archie Hart explains the need for caution in the coming months, but remains optimistic on a 1- or 2-year view, given that the building blocks for a turnaround are beginning to fall in place.

A good backdrop for EM bonds, but build resilience from the bottom up

Improving global growth and inflation dynamics are supportive for the asset class, but risks remain and a bottom-up approach will be vital for capturing the opportunities and building resilient portfolios.

Opportunities for sustainable emerging markets equity investors

Market volatility is presenting opportunities to gain exposure to powerful structural trends in emerging economies. The near-term economic outlook may be uncertain, but companies enabling financial and digital inclusion should have a long growth runway ahead.

Company strength, country collaboration and attractive income

Many debt-issuing companies across emerging markets have positioned themselves well for the ‘higher-for-longer’ rates environment. EM economies are also on solid footing, and profitable cross-country collaboration is making EM corporate debt an exciting place to be.

A structural investment theme poised for lift-off

Despite the higher cost of capital, healthy levels of transition-related activity are continuing in emerging markets. This translates into a growing opportunity set for investors.

China may emerge from the doldrums

After a challenging year, Wenchang Ma sees brighter prospects for Chinese equities in 2024, with weak sentiment providing an entry point to invest in some of the world’s most attractive companies.

Sentiment disconnect creates opportunities

After a challenging year and against a backdrop of positive but slower economic growth, perceptions have become disconnected from reality. This is creating compelling valuations in parts of China’s fixed income market, but patience remains the watchword.

Fundamentals to be the differentiator

Clyde Rossouw explains why he believes that the market will broaden out from its narrow leadership, and stocks that deliver consistent earnings and free cash flow growth could be 2024’s winners.

Balance sheet strength to prove critical

The US market extends beyond megacaps. Paul Vincent delves into three sectors he will have his eye on in 2024 and highlights the importance of balance sheet strength as we approach the new year.

Tight monetary policy to hamper growth

Around the world central banks have raised interest rates in a bid to curb inflation. The consequence, as we have previously seen in China, are currently seeing in Europe and are likely to see in the US, is slowing growth. Iain Cunningham spells out what this means for markets, and investors.

It’s time to rethink fixed income

With interest rates set to remain higher for longer, investors have some thinking to do. Are the same rules that have applied for the past few decades still in play, or is a different approach needed?

What the market is getting wrong

Macro worries have created a useful entry point into natural resources equities. This part of the stock market is often misunderstood, presenting value opportunities for selective investors.

A crisis of global integration

We are arguably living through a fourth systemic crisis. The end result will be a vastly different economy. Understanding the investment implications is what this iteration of our Road to 2030 research is about.

The Rise of China revisited

China’s economic rise to the world’s second largest economy has been spectacular and exerts substantial geopolitical influence in the current landscape.

Positioning for the next cycle

A radical reset in borrowing costs has changed the rules of the game for investors. Philip Saunders and Sahil Mahtani assess the outlook for 2024 and beyond, and discuss where to invest for a new market cycle.

Emerging markets: favourable currents strengthening beneath choppy waters

At a global level, the path immediately ahead could be choppy. But beneath the surface, currents that favour emerging markets are gathering force, explain Victoria Harling, Varun Laijawalla and Grant Webster.

Finance’s evolving role in achieving net zero

The Paris Agreement of 2015 inspired widespread action to reduce forecasts of future warming. Arguably, this is not enough. Ninety One’s Chief Sustainability Officer, Nazmeera Moola, discusses the investment industry’s roles and responsibilities when it comes to driving the transition to net zero.

Volatility is creating opportunities

Environmental equities have been hit by a downturn in market sentiment. This is creating new opportunities to get exposure to parts of the economy expected to grow fast as the energy transition progresses. Deirdre Cooper and Graeme Baker assess the outlook for investors in decarbonisation.

Embrace the contrarian opportunity

Sustainable investing has had a difficult year. Stephanie Niven explains why investors have an opportunity to benefit from an allocation to companies with sustainable drivers of structural growth.

Great conditions for dynamic ‘go anywhere’ credit investors

Historically high yields across global credit markets underpin a positive outlook for the asset class. With significant and rising dispersion, look out for plenty of compelling bottom-up opportunities, but also some no-go areas for investors.

Are the dark clouds starting to part?

With 2023 falling short of expectations in terms of a recovery for emerging markets equities, Archie Hart explains the need for caution in the coming months, but remains optimistic on a 1- or 2-year view, given that the building blocks for a turnaround are beginning to fall in place.

A good backdrop for EM bonds, but build resilience from the bottom up

Improving global growth and inflation dynamics are supportive for the asset class, but risks remain and a bottom-up approach will be vital for capturing the opportunities and building resilient portfolios.

Opportunities for sustainable emerging markets equity investors

Market volatility is presenting opportunities to gain exposure to powerful structural trends in emerging economies. The near-term economic outlook may be uncertain, but companies enabling financial and digital inclusion should have a long growth runway ahead.

Company strength, country collaboration and attractive income

Many debt-issuing companies across emerging markets have positioned themselves well for the ‘higher-for-longer’ rates environment. EM economies are also on solid footing, and profitable cross-country collaboration is making EM corporate debt an exciting place to be.

A structural investment theme poised for lift-off

Despite the higher cost of capital, healthy levels of transition-related activity are continuing in emerging markets. This translates into a growing opportunity set for investors.

China may emerge from the doldrums

After a challenging year, Wenchang Ma sees brighter prospects for Chinese equities in 2024, with weak sentiment providing an entry point to invest in some of the world’s most attractive companies.

Sentiment disconnect creates opportunities

After a challenging year and against a backdrop of positive but slower economic growth, perceptions have become disconnected from reality. This is creating compelling valuations in parts of China’s fixed income market, but patience remains the watchword.

Fundamentals to be the differentiator

Clyde Rossouw explains why he believes that the market will broaden out from its narrow leadership, and stocks that deliver consistent earnings and free cash flow growth could be 2024’s winners.

Balance sheet strength to prove critical

The US market extends beyond megacaps. Paul Vincent delves into three sectors he will have his eye on in 2024 and highlights the importance of balance sheet strength as we approach the new year.

Tight monetary policy to hamper growth

Around the world central banks have raised interest rates in a bid to curb inflation. The consequence, as we have previously seen in China, are currently seeing in Europe and are likely to see in the US, is slowing growth. Iain Cunningham spells out what this means for markets, and investors.

It’s time to rethink fixed income

With interest rates set to remain higher for longer, investors have some thinking to do. Are the same rules that have applied for the past few decades still in play, or is a different approach needed?

What the market is getting wrong

Macro worries have created a useful entry point into natural resources equities. This part of the stock market is often misunderstood, presenting value opportunities for selective investors.

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