Market views

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The road ahead: 2025 private markets outlook
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2025 global outlook: Touchdown?
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Deglobalisation: Private markets in a more diverging world
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US election: themes and implications
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Real estate reset: The case for UK property
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The road less travelled
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Rates, politics and asymmetric opportunities
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2024 private credit outlook: A question of balance

Private credit performed well in 2023, with low default rates and plenty of market activity. Will this continue into 2024?
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Category: Outlook

2024 Real Assets outlook: A brave new world?

In his annual outlook, Global Head of Investment Strategy & Research Rob Martin considers long-term performance as the combination of structural tailwinds and cyclical opportunities.

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CIO 2024 outlook: Skirting risks, harvesting yields

As inflation and growth dynamics vie with political risk for investor attention next year, we anticipate fresh volatility – and opportunity – in this higher-rate environment.
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UK real estate: Performance after repricing

We remain cautious on near-term performance at the all-property level, given persistent upward pressure on yields, but some of this pressure has reduced as inflation has decelerated. UK real estate appears closer to the end of its re-pricing journey than in other geographies
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Category: Outlook

Investing amid an AI inflection point – our CIO autumn update
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The Inflation Reduction Act and Europe’s response

The US Inflation Reduction Act (IRA) will unleash billions of dollars of funding for climate and clean energy over the next decade. Europe has been under pressure to come up with a similar package - but how will it respond?
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Waiting for the storm: private credit outlook

In this outlook, we assess why private credit has generally been resilient for the first half of 2023. But as we head into the second half of the year what’s behind the growing divergence between defensive and cyclical issuers?

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Category: CIO Outlook

CIO spring update: Stress test

During the passage from winter to spring, markets have continued to be swayed by the same drama that dominated investor attention in 2022: central bankers’ high-stakes efforts to rein in inflation, without sabotaging financial stability.
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Highly rated private credit – unsung heroes?
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Renewable energy returns

As the macroeconomic environment shifts from one of low to higher interest rates, Marija Simpraga assesses how this may affect returns for investors in renewable energy projects.
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UK real estate review:recession, recovery, renewal

As 2023 unfolds there remain several plausible outcomes for the performance of UK real estate. In our view, the repricing seen over 2022 positions the sector relatively favourably.
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Private credit outlook: all about the yield

While a recessionary backdrop may mean private credit investors stay cautious in the short term, we believe there are grounds for optimism in 2023, not least higher starting yields.

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Propelling the UK to self-reliance

Brexit, the pandemic and the Ukraine conflict have all disrupted supply chains and marked turning points in the priority that European policymakers place on their own self-reliance.
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Clean energy investments: a new addition to the investors’ inflation toolkit?

While investors have typically looked to commodities as an inflation hedge, a lack of income, coupled with volatile prices, has resulted in low risk-adjusted returns. Can direct energy investments help investors guard against rising prices?
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Category: Outlook

Taking the temperature of the private markets: mid-year outlook
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Category: Outlook

Private credit: mid-year outlook

In our market outlook at the start of the year, we noted that investors should prepare for the unexpected, since we believed the road ahead was unlikely to be smooth. We were correct in our thinking, but not in the way we envisaged.
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Private credit: mid-year outlook

What might happen in the second half of 2022 in European private credit markets?
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CIO outlook: The Russia-Ukraine war: Long-term implications for investors

In addition to precipitating a devastating humanitarian crisis, Russia's invasion of Ukraine has sent ripples across markets and raised significant questions for investors over the long term.

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Private credit 2022 market outlook
Real estate outlook 2022

Real Assets 2022 outlook: all change

The growth in private markets, helped by institutional participation, has been one of the most prominent investment themes of the past decade.
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Real Estate: Recovery themes

In this report we focus on consumer-facing sectors as the economy recovers. Understanding trends in consumer behaviour and how they interact with different elements of the real estate universe remains key to positioning investments and favours selected parts of leisure and retail warehousing.
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Real estate must prove its worth

As we emerge from the latest lockdown, the extent to which real estate as an investment asset class will be permanently changed is unclear.
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Real Estate Forecasts 2021-2025: Performance and Polarisation

Based on our current expectations for the progression of the pandemic and the associated economic and financial impacts, our central case for all property returns is 5.2% p.a. over the 2021-2025 horizon.

UK Real Estate View: Looking beyond COVID-19

Forecasting the economy and property markets remains very challenging, but since our last update we know more about the economic damage caused by the first wave of the Covid-19 virus

UK Real Estate View - The emergence from lockdown

UK Real Estate View - the impact of Covid-19

Unprecedented circumstances mean high uncertainty

Real Estate: Challenging convention

Those who choose not to embrace this shift could be left behind. Those who challenge convention, embrace technology and change their mindsets to a service oriented model will likely deliver better outcomes for owners and occupiers alike.