Ninety One | The Big Picture podcast

Has inflation bottomed?

Inflation in the UK has ticked up, while in the US it has edged lower. Though some may see this as a halt in inflation's decline, Jason Borbora-Sheen disagrees, even suggesting continued disinflation is possible. Central bank reactions remain a key focus for market participants, and all eyes will be on the US Fed come 18 September.

Credit market labels need a refresh

Now more than ever, it is worth revisiting old perceptions and taking a fresh look at the world of emerging market credit.

Too high for too long?

The performance of developed economies and the action of central banks recently caused acute financial market tensions and volatility. What really happened, why, and was it avoidable?

Climate adaptation for the next generation

Financial innovation to manage extreme-weather risk.

11 minutes

Emerging Market Debt Indicator September 2024

Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.

Macroscope: US yield curve dis-inversion: what does it mean and how to trade it

Alex Holroyd-Jones, portfolio manager in the Multi-Asset team, discusses whether the current US yield curve is a predictor of an upcoming recession or a stronger outlook, and why it should continue steepening.

Q3 in review

Despite significant volatility at the start of August, the third quarter of 2024 proved to be a strong one for global markets, across both equities and fixed income. This was driven by several central banks, including the US Federal Reserve and the European Central Bank, cutting interest rates, while US economic data proved to be more resilient than feared. An exception to the trend was oil markets, which saw prices fall over the period.

Why now for Emerging Market Corporate Debt?

Five reasons to consider the asset class.

Notes from the road – Brazil’s corporate credit market

While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.

Making nature count: an investor’s perspective

The way that companies impact nature is becoming increasingly recognised as an investment risk and opportunity. Portfolio Manager Stephanie Niven discusses a new way of managing nature risks from the earliest stages of construction and infrastructure projects.

13 minutes

Bonds back in focus

Ellie Clapton and Jason Borbora-Sheen explore the resurgence of bonds as a viable investment class.

Picture this: dislocation and distress in high-yield debt

The combination of historically expensive valuations (tight credit spreads) and elevated levels of distress makes the high-yield corporate debt market an unattractive destination today. Investors can find a much better risk-reward trade-off in other credit markets.

Powering the AI revolution: a superscale clean-tech opportunity?

Artificial intelligence is accelerating demand for clean and efficient energy. As a result, the growth opportunity across the clean-tech value chain is multiplying.

Emerging Market Debt Indicator August 2024

Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.

EM equities: a decade of transformation

Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. The team discusses how this evolution has transformed the investment landscape.

EM equities: five factors point to a rebound

Over recent years, the EM equity asset class has seemed to reach a turning point on more than one occasion, only for hopes to be dashed. After several false dawns, this analysis assesses the critical factors that could support EM returns relative to developed markets.

India: a powerhouse in the spotlight

India, alongside China, now represents nearly half of the EM equity universe. While structural trends favour Indian equities in the long term, higher equity valuations mean a selective approach is more crucial than ever.

August in review

The month began with a sharp selloff in equities due to poor US employment data and a surprise rate hike in Japan, causing turmoil in currency carry trades. However, markets recovered as central bankers in the US and Japan signalled dovish policies, boosting global bonds and equities on expectations of aggressive rate cuts.

US election | how a Trump or Harris victory will shape markets

The conventions are over, the banners banished, and the balloons have popped. Now Kamala Harris and Donald Trump get serious in the run-up to November 5th. Without picking sides, Philip Saunders analyses this most tight of political struggles and speculates on market reaction to both possible eventualities.

Why now for Emerging Market Hard Currency Debt?

Three reasons to allocate.

Has inflation bottomed?

Inflation in the UK has ticked up, while in the US it has edged lower. Though some may see this as a halt in inflation's decline, Jason Borbora-Sheen disagrees, even suggesting continued disinflation is possible. Central bank reactions remain a key focus for market participants, and all eyes will be on the US Fed come 18 September.

Credit market labels need a refresh

Now more than ever, it is worth revisiting old perceptions and taking a fresh look at the world of emerging market credit.

Too high for too long?

The performance of developed economies and the action of central banks recently caused acute financial market tensions and volatility. What really happened, why, and was it avoidable?

Climate adaptation for the next generation

Financial innovation to manage extreme-weather risk.

11 minutes

Emerging Market Debt Indicator September 2024

Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.

Macroscope: US yield curve dis-inversion: what does it mean and how to trade it

Alex Holroyd-Jones, portfolio manager in the Multi-Asset team, discusses whether the current US yield curve is a predictor of an upcoming recession or a stronger outlook, and why it should continue steepening.

Q3 in review

Despite significant volatility at the start of August, the third quarter of 2024 proved to be a strong one for global markets, across both equities and fixed income. This was driven by several central banks, including the US Federal Reserve and the European Central Bank, cutting interest rates, while US economic data proved to be more resilient than feared. An exception to the trend was oil markets, which saw prices fall over the period.

Why now for Emerging Market Corporate Debt?

Five reasons to consider the asset class.

Notes from the road – Brazil’s corporate credit market

While opportunities abound for investors, Kevan Flynt Salisbury finds that selectivity is increasingly key in this evolving investment landscape.

Making nature count: an investor’s perspective

The way that companies impact nature is becoming increasingly recognised as an investment risk and opportunity. Portfolio Manager Stephanie Niven discusses a new way of managing nature risks from the earliest stages of construction and infrastructure projects.

13 minutes

Bonds back in focus

Ellie Clapton and Jason Borbora-Sheen explore the resurgence of bonds as a viable investment class.

Picture this: dislocation and distress in high-yield debt

The combination of historically expensive valuations (tight credit spreads) and elevated levels of distress makes the high-yield corporate debt market an unattractive destination today. Investors can find a much better risk-reward trade-off in other credit markets.

Powering the AI revolution: a superscale clean-tech opportunity?

Artificial intelligence is accelerating demand for clean and efficient energy. As a result, the growth opportunity across the clean-tech value chain is multiplying.

Emerging Market Debt Indicator August 2024

Our EM Debt team provides an update across the investment universe and shares the latest outlook and current top-down positioning.

EM equities: a decade of transformation

Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. The team discusses how this evolution has transformed the investment landscape.

EM equities: five factors point to a rebound

Over recent years, the EM equity asset class has seemed to reach a turning point on more than one occasion, only for hopes to be dashed. After several false dawns, this analysis assesses the critical factors that could support EM returns relative to developed markets.

India: a powerhouse in the spotlight

India, alongside China, now represents nearly half of the EM equity universe. While structural trends favour Indian equities in the long term, higher equity valuations mean a selective approach is more crucial than ever.

August in review

The month began with a sharp selloff in equities due to poor US employment data and a surprise rate hike in Japan, causing turmoil in currency carry trades. However, markets recovered as central bankers in the US and Japan signalled dovish policies, boosting global bonds and equities on expectations of aggressive rate cuts.

US election | how a Trump or Harris victory will shape markets

The conventions are over, the banners banished, and the balloons have popped. Now Kamala Harris and Donald Trump get serious in the run-up to November 5th. Without picking sides, Philip Saunders analyses this most tight of political struggles and speculates on market reaction to both possible eventualities.

Why now for Emerging Market Hard Currency Debt?

Three reasons to allocate.

Has inflation bottomed?

Inflation in the UK has ticked up, while in the US it has edged lower. Though some may see this as a halt in inflation's decline, Jason Borbora-Sheen disagrees, even suggesting continued disinflation is possible. Central bank reactions remain a key focus for market participants, and all eyes will be on the US Fed come 18 September.

Credit market labels need a refresh

Now more than ever, it is worth revisiting old perceptions and taking a fresh look at the world of emerging market credit.

Too high for too long?

The performance of developed economies and the action of central banks recently caused acute financial market tensions and volatility. What really happened, why, and was it avoidable?

Climate adaptation for the next generation

Financial innovation to manage extreme-weather risk.

11 minutes

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Latest insights

Emerging Market Debt Indicator September 2024

Macroscope: US yield curve dis-inversion: what does it mean and how to trade it

Q3 in review

Why now for Emerging Market Corporate Debt?

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