Hope and despair continue to struggle for dominance this year. Geopolitical shocks and disappointing macro data are followed by the promise of central bank intervention and improved relations around the world, with investors left wondering where it’s all headed. Our Chief Economist and Head of Macroeconomic Strategy Frances Donald assesses the growing uncertainty and discusses the risks and opportunities in the back half of 2019. Dan Janis, our head of multi-sector fixed income, looks at where we are in the credit cycle and the implications for investors.
With broad-based growth in increasingly short supply around the world, we offer insight on two areas where our teams are finding investment potential. Recep Kendircioglu, our head of private markets infrastructure investing, explores the edges of this durable asset class at this late stage in the business cycle. Veteran Portfolio Managers Kathryn Langridge and Philip Ehrmann embark on a company-specific examination of growth opportunities in emerging markets.
We also look beyond this year’s market dynamics at two investment disciplines likely to have long-term, far-reaching impact. Emily Chew, our head of ESG research and integration, surveys the frontiers of climate change and sustainable investing, while Serge Lapierre, our global head of liability-driven investment research, makes the case for how LDI can help secure a more sustainable retirement income for millions of individual investors in workplace retirement plans.
We hope you enjoy this midyear update of Global Intelligence, and we welcome your feedback.
The asset allocator’s view
Our asset allocation team’s 6–12 month views on various asset classes
Source: Asset allocation’s macro strategy team, Manulife Investment Management, June 6, 2019. Projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations are only current as of the date indicated. There is no assurance that such events will occur, and if they were to occur, the result may be significantly different than that shown here. Individual portfolio management teams may have different views and opinions that are subject to change without notice.