Too high for too long?

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?

The acceleration towards a multipolar world

In a detailed podcast, Philip Saunders argues that much of the current geopolitical malaise is the result of the rise of China – one of the five major structural macro themes identified in our ‘Road to 2030’ analytical series – its scale, its ‘all-state’ characteristics and America’s response to it.

Global Insights 2023

2023 has been a year of defining change, with much of the world adapting to higher interest rates. See below for key takeaways from the sessions with our portfolio managers.

Capital Market Assumptions - October 2023

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.

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.

Bonds back in focus

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

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.

Anatomy of a fall

Sahil Mahtani, Head of Macro Research, discusses how a growth scare in the context of an almighty positioning unwind should not detract from what is still likely to be a soft landing.

Multi Asset Strategy Quarterly - June 2024

The MA Quarterly for the three months to June. The multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the Strategy itself, underlying asset classes and how they have been, and may be, affected by various factors.

Gold a key hedge for Trump 2.0

Iain Cunningham, Head of Multi-Asset Growth, discusses why structural trends, growing US fiscal risk and the increasing prospect of Trump 2.0 could provide tailwinds for the price of gold in the coming years.

Credit spotlight: Structured credit

Analyst Rondeep Barua and Portfolio Specialist Jared Cook explain what structured credit (specifically, the collateralised loan obligation market) is, and consider how credit investors can benefit from its distinct and dynamic behaviour.

Beyond correlations: Real considerations for alternatives

Correlation, or the relationship between two assets, is often seen as the holy grail of investors – when one asset goes up, the other goes down, providing investors with a measure of protection. However, as Ellie Clapton and Jason Borbora-Sheen discuss in this video, a singular focus on correlation can be misguided.

Capital Market Assumptions - March 2024

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 2024

Ninety One’s multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the strategy, various asset classes and how they have been, and may be, affected by various factors.

A new capex supercycle: driving powerful and transformative growth

Over the next decade a combination of the energy transition, nearshoring, geopolitics, demographics, technology, and public investment spending could trigger a capex supercycle that would see capex growing 2-3 percentage points faster than global GDP.

Multi Asset Strategy Quarterly - January 2024

The MA Quarterly for the three months to December. The multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the strategy, various asset classes and how they have been, and may be, affected by various factors.

China: Structural and cyclical challenges present opportunities

We discuss some of the structural and cyclical aspects of the Chinese economy and why we currently see attractive investment opportunities in the region.

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.

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.

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?

The acceleration towards a multipolar world

In a detailed podcast, Philip Saunders argues that much of the current geopolitical malaise is the result of the rise of China – one of the five major structural macro themes identified in our ‘Road to 2030’ analytical series – its scale, its ‘all-state’ characteristics and America’s response to it.

Global Insights 2023

2023 has been a year of defining change, with much of the world adapting to higher interest rates. See below for key takeaways from the sessions with our portfolio managers.

Capital Market Assumptions - October 2023

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.

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.

Bonds back in focus

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

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.

Anatomy of a fall

Sahil Mahtani, Head of Macro Research, discusses how a growth scare in the context of an almighty positioning unwind should not detract from what is still likely to be a soft landing.

Multi Asset Strategy Quarterly - June 2024

The MA Quarterly for the three months to June. The multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the Strategy itself, underlying asset classes and how they have been, and may be, affected by various factors.

Gold a key hedge for Trump 2.0

Iain Cunningham, Head of Multi-Asset Growth, discusses why structural trends, growing US fiscal risk and the increasing prospect of Trump 2.0 could provide tailwinds for the price of gold in the coming years.

Credit spotlight: Structured credit

Analyst Rondeep Barua and Portfolio Specialist Jared Cook explain what structured credit (specifically, the collateralised loan obligation market) is, and consider how credit investors can benefit from its distinct and dynamic behaviour.

Beyond correlations: Real considerations for alternatives

Correlation, or the relationship between two assets, is often seen as the holy grail of investors – when one asset goes up, the other goes down, providing investors with a measure of protection. However, as Ellie Clapton and Jason Borbora-Sheen discuss in this video, a singular focus on correlation can be misguided.

Capital Market Assumptions - March 2024

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 2024

Ninety One’s multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the strategy, various asset classes and how they have been, and may be, affected by various factors.

A new capex supercycle: driving powerful and transformative growth

Over the next decade a combination of the energy transition, nearshoring, geopolitics, demographics, technology, and public investment spending could trigger a capex supercycle that would see capex growing 2-3 percentage points faster than global GDP.

Multi Asset Strategy Quarterly - January 2024

The MA Quarterly for the three months to December. The multi-asset team provides high level comment on the macro-economic environment, various thematic issues, the strategy, various asset classes and how they have been, and may be, affected by various factors.

China: Structural and cyclical challenges present opportunities

We discuss some of the structural and cyclical aspects of the Chinese economy and why we currently see attractive investment opportunities in the region.

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.

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.

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?

The acceleration towards a multipolar world

In a detailed podcast, Philip Saunders argues that much of the current geopolitical malaise is the result of the rise of China – one of the five major structural macro themes identified in our ‘Road to 2030’ analytical series – its scale, its ‘all-state’ characteristics and America’s response to it.

Global Insights 2023

2023 has been a year of defining change, with much of the world adapting to higher interest rates. See below for key takeaways from the sessions with our portfolio managers.

Capital Market Assumptions - October 2023

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.

Too high for too long?

John Stopford

Too high for too long?

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The Big Picture Podcast​

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Authored by

John Stopford

Portfolio Manager

Multi-Asset – latest insights

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

Bonds back in focus

Has inflation bottomed?

Anatomy of a fall

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