Monica DEFEND, Viviana GISIMUNDO, Jung Hun KIM MOON, Lorenzo PORTELLI
the articles & research center news
Overview:The Asia region was the first part of the world to be hit by the Covid-19 outbreak, but it has also been the first region to navigate a way out of it, thanks to its good management of the pandemic and supported by fiscal and monetary actions. Strong fundamentals pave the way for a strong catch-up in Asia, driven by China.
Vincent MORTIER, Alessia BERARDI, Nicholas McCONWAY, Esther LAW, Claire HUANG, Hicham LAHBABI
Group Chief Investment Officer
Coronavirus is disproportionately affecting different sectors of the US commercial real estate market, and driving major short- and long-term trends that have consequences for investors. Within major subsectors of US commercial real estate, we are negative on the outlook for retail and senior housing sectors, cautious on office space, and positive on the industrial sector.
Andrew SCHIAPPA, Christine TODD, Paresh UPADHYAYA
As you construct and monitor client portfolios, we hope you find our Blue Paper informative, insightful and rather complementary to your ongoing due diligence and asset allocation endeavors – both for the balance of 2020 and in the long-run. Recognizing the presence of potential constraints you might encounter through the lens of existing investment guidelines, the composition of your benchmarks, regional exposures, or investment styles, we believe the findings of our research suggest the consideration of US equities for inclusion in either regionally or globally-focused portfolios, to help raise the odds of longer-term risk-adjusted outperformance in client portfolios. The latter is informed by our analysis and what we deem secular—rather than merely cyclical— tailwinds for US equity markets.
Craig STERLING, Marco PIRONDINI
The global outbreak of Covid-19 has brought the world and its economy to a standstill, highlighting the importance of sustainable and resilient infrastructure (healthcare, water, power, telecommunications). Countries with fragile infrastructure have less capacity to handle crises, so they will need to increase their infrastructure investments. This is especially crucial in the context of health security and rapid urbanisation.
Global Head of EM
The agreement reached among EU leaders at the end of the longest European Council in history to mobile a comprehensive package of €1 824 bn – including the Multiannual Financial Framework (MFF) and the Next Generation EU (NGEU) instrument –is a significant achievement and a net positive in the short term for EU assets.
Didier BOROWSKI, Eric BRARD, Kasper ELMGREEN, Alban de FAY, Isabelle VIC-PHILIPPE
Global Head of Research