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COVID-19 UPDATE

As the COVID-19 outbreak intensifies and market volatility increases, get our latest insights.

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Featured White Papers

Our Journey to a Sustainable Future

As investors and advisors who focus on our clients' long-term success, sustainability is central to how we assess the risks and opportunities facing our clients. Read More (PDF)

Diagnosing the Future of Healthcare

Thomas A. Sternberg, CFA, Partner

For some time now I have been discussing a few key areas in which the healthcare landscape could change, including gene therapy and liquid biopsy. Then COVID-19 struck, and we saw the landscape change, with growth accelerating in many other areas. Hospitals are increasing ICU capacity to address pandemic preparedness, for example, and tech giants […]

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3 Opportunities in a Crowded World

Brian Singer, CFA, Partner

Trades seem to be getting more and more crowded, and some investors are concerned that a bubble is being or already has been created. They are wondering whether focus should be shifted away from areas that have seen unusually large appreciations in the recent few quarters and toward less crowded exposures. To start, we believe […]

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Brazil Rate Hike: A Sign for Emerging Markets?

Lewis Jones, CFA, FRM

Last week the Central Bank of Brazil kicked off a rate-tightening cycle following a sharp rise in inflation in recent months, making it the second major emerging market (EM) to raise interest rates since the start of the COVID-19 pandemic. What happened—and is it is sign of things to come across EMs? Turkey was the […]

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Connected Commerce: Beyond Bricks and Clicks

Jayesh Kannan, CFA

The world is not just being recreated click-by-click instead of brick-by-brick; it’s being reimagined. In the second installment of our Convergence series, which examines five growth themes that are shaping the future of investing, Hugo Scott-Gall spoke with Global Research Analyst Jay Kannan, CFA, about what we call “connected commerce,” which covers the entire architecture […]

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Emerging Markets Debt Well Supported

Marcelo Assalin, CFA

After an extremely challenging 2020—a year that will go down in history as one of the most difficult periods in modern times—we expect a strong global economic recovery in 2021, as already indicated by the rapid rise of Purchasing Managers’ Indices (PMIs). While the recovery has been led by robust economic growth in advanced economies […]

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Bullish on Emerging Markets Equities

Todd McClone, CFA, Partner

As we get further into 2021, we are more bullish on emerging markets (EM) equities than at any point in the past decade. After bouts of volatility in early 2020 caused by disruptions related to the COVID-19 pandemic—and a subsequent rapid recovery—we see room for strong growth in developing markets in 2021. Several factors are […]

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2021: The Strongest Growth in a Generation?

Olga Bitel, Partner

Charles Dickens’s timeless quote—“It was the best of times, it was the worst of times”—may come to characterize the global economy of the early 2020s quite accurately. The COVID-19 pandemic wreaked havoc on the global economy. The brunt of the decline occurred in the second quarter everywhere except in China, where activity declined mostly in […]

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Emerging Markets Roar Into the 20s

Stephanie Braming, CFA, Partner

Emerging markets (EM) equities and debt suffered along with other assets when the COVID-19 pandemic set off a global economic shock. As we look ahead, it is important to understand where we are—a global economy in the midst of a pandemic, but also one with significant opportunity and hope. In 2020, the human race faced […]

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Active Perspectives on Global Utilities

Alaina Anderson, CFA, Partner

Global utility stocks are typically considered defensive in nature because the dependable reoccurring cash flows they generate make them somewhat bond-like. Watch the video or read the recap below. Stocks in global utilities are typically thought to be quite defensive in nature because the dependable reoccurring cash flows they generate make them somewhat bond-like. Global […]

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Industrials Resilient Amid COVID-19

Yan Krasov, CFA, Partner

The COVID-19 pandemic has caused sudden and widespread disruption of activity across many sectors previously thought to be economically resilient. Watch the video or read the recap below. The COVID-19 pandemic has caused sudden and widespread disruption of activity across many sectors previously thought to be economically resilient. However, the executives running companies within the […]

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Convergence: 5 Growth Themes Shaping the Future

Hugo Scott-Gall, Partner
Ken McAtamney, Partner

The world is rapidly changing: Enabling technologies are becoming less expensive and more powerful, innovative business models are capturing growing markets by offering value-added products and services, and in turn, societal norms are evolving in response. But what does it mean for investors and how does it affect our investment mindset? We wanted to know, […]

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The Case for Local Currency Emerging Markets Debt

Lewis Jones, CFA, FRM

We expect emerging markets (EM) debt issues in local currency to outperform other fixed-income asset classes in coming quarters, and several factors underpin this positive forecast. Watch the video or read the recap below. Investors have two primary options when it comes to investing in EM sovereign debt. They can choose dollar-denominated bonds or those […]

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Luck of the Draw

The Active Share
The Active Share Podcast

Is success the luck of the draw? Tune in as Hugo speaks with Michael Sandel, a professor of political philosophy at Harvard University. Michael has authored several books, including “What Money Can’t Buy: The Moral Limits of Markets,” “Justice: What’s the Right Thing to Do?” and most recently, “The Tyranny of Merit: What’s Become of […]

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How COVID-19 Changes China

Vivian Lin Thurston, CFA, Partner

We have consistently been attracted to three investment themes in China—healthcare, consumer, and technology—and believe COVID-19 enhances the opportunities they present. Watch the video or read the recap below. We have consistently been attracted to three investment themes in China: consumer, healthcare, and technology. All three themes are further enhanced by COVID-19 developments. Consumer. As […]

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What's Ahead for Emerging Markets Debt?

Marcelo Assalin, CFA

The overall picture for emerging markets debt (EMD) remains clouded by uncertainty around COVID-19, yet we remain constructive on the outlook for the asset class and anticipate strong performance going into year-end. The bad news stems from COVID-19, including its impact on near-term growth and the potential for further lockdowns, particularly in the United States. […]

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Grappling With Gridlock: U.S. Election Update

Ross Hambrick, CFA

As we approach Election Day in the United States, polls and betting markets have seen some movement but the story is much the same: According to betting markets, Joe Biden has about a 60% chance of winning. If that result plays out, how will it affect our positioning? While the presidency matters for certain things, […]

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Navigating Uncertainty: Elections and COVID-19

Robert Lanphier, Partner

It’s often said that “we live in interesting times,” and that phrase certainly applies today. A U.S. presidential election is just days away. A global pandemic is strengthening in intensity, with the timing and effectiveness of promised vaccines unknown. And social unrest is bursting forth without geographic prejudice. All are legitimate concerns for investors given […]

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Untangling Misconceptions About Inflation

Olga Bitel, Partner

Investors are preoccupied with inflation for good reason: It affects interest rates, public-equity valuations, private-equity access to capital and, ultimately, stock-price multiples. The recent policy change announced by U.S. Fed Chairman Jerome H. Powell to allow inflation to run at an average rate of 2% over time, rather than setting that figure as a strict […]

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ESG Resilient Amid COVID-19 Crisis

Romina Graiver

The commitment of companies and investors to environmental, social, and governance (ESG) factors has been stress-tested during the COVID-19 crisis, but has shown resilience. Watch the video or read the recap below. Investment demand for ESG integration has accelerated over recent years, with a special focus on environmental issues given rising risks of climate change. […]

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Active Perspectives on Global Real Estate

Alaina Anderson, CFA, Partner

Global real-estate stocks have performed poorly given uncertainty surrounding the dependability of cash flows as we navigate the COVID-19 pandemic. But as crisis forces adaptation, we look for innovation from well-capitalized and thoughtful real-estate operators as well as consolidation across property types. Watch the video or read the recap below. Global real estate stocks have […]

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COVID-19 Accelerates Trends in Emerging Markets Corporate Debt

Luis Olguin, CFA

As an asset class, emerging markets corporate debt has shown quite a bit of resiliency. Longer term, we think the COVID-19 crisis will likely accelerate trends that were already underway.

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Navigating the Macro Environment

Lotta Moberg, Ph.D., CFA

The current environment opens up a number of opportunities for managers who look at fundamental value, but it also forces navigation. Watch the video or read the recap below. The current environment certainly opens up a lot of opportunities for fundamental value, and it also forces a lot of navigation. Take, for example, emerging markets, […]

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Part 3: COVID-19 Science and Economics

The Active Share
The Active Share Podcast

In the third installment of our COVID-19 series, our moderator, Hugo Scott-Gall, co-director of research on the Global Equity team, checks back in with our in-house COVID experts, Research Analyst Camilla Oxhamre Cruse, Ph.D., and Global Strategist Olga Bitel, on why cases are rising in some areas and declining in others, where we are on […]

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Sportswear: Sweet Success Amid COVID-19?

Kwesi Smith, CFA

As a discretionary good, sportswear may seem an unlikely winner in the wake of COVID-19. But the category—which includes athletic apparel and footwear—has some unique characteristics that make us think it will emerge just fine. In fact, for stronger companies, we believe COVID-19 will be an accelerant as the companies leverage their connections with consumers […]

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Digital Payments and Aerospace—Diverse Growth Opportunities

Ken McAtamney, Partner

New-economy digital business models proved resilient and defensive amid the pandemic-induced collapse in economic activity, and this widening performance differential is particularly interesting to us as investors in industry-leading growth companies. We are also interested in some of the more compelling structural growth companies in cyclical industries that have been particularly affected by the economic […]

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Outlook for Sovereign Debt Restructurings

Daniel Wood
Jared Lou, CFA

Historically, a combination of high yield and minimal default risk has led emerging markets debt (EMD) investors to enjoy strong returns—but the impact of COVID-19 has called into question the potential for such favorable returns in the future. Historically speaking, however, markets have overestimated the probability of default and underestimated eventual recovery rates. Defaults Priced […]

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Plant-Based Protein: More Than a Fad?

Rita Spitz, CFA, Partner

Earlier this year, a major global food and agriculture company announced the launch of private-label plant-based meat products, which will help retail food and foodservice businesses more easily capture a share of the growing plant-based protein market. That said, the company has also invested $7 billion in animal protein over the past five years, which […]

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Small-Cap Value: Ignored but Not Forgotten

Matthew Neska, CFA

Being a value investor has been challenging over the past 13 years, and there have been echoes of “value is dead” within the marketplace. But history has shown that investors who stick with value during challenging times could be rewarded. The Case for Small-Cap Value Financial research has widely documented that within equities, value investing […]

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COVID-19 Drives ESG Demand

Blake Pontius, CFA

Investor demand for environmental, social, and governance (ESG) integration has increased rapidly across regions and asset classes in recent years and is now poised to accelerate in the wake of COVID-19. To help frame the ESG outlook from here, it is important to consider which factors contributed to greater investor adoption of sustainability objectives before […]

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10 Things the Pandemic Could Change

Ken McAtamney, Partner

Many of the long-term structural changes to the U.S. economy resulting from COVID-19 will depend on the post-pandemic assessments that are made by policymakers and the political reception of their actions. This process really has not yet begun to play out, but in the meantime, we have begun thinking about the ways the world—and investment […]

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Paths to Recovery

Olga Bitel, Partner

In determining where the current economic slowdown is likely to end up, it helps to consider the potential paths to recovery. Will the recovery be V-, W-, U-, or L-shaped? We will talk about why we are modeling the recovery the way we are, where the potential pitfalls are, and what the different bull/bear scenarios […]

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Attractive EMD Entry Point After COVID-19 Shock

Marcelo Assalin, CFA

The COVID-19 shock to the global economy has sent emerging markets debt (EMD) spreads to levels not seen since the global financial crisis. We believe this rise in EMD’s risk premium is overdone and underappreciates the fundamentals of the asset class, creating potential opportunities and an attractive entry point. A Technical Sell-Off Emerging market (EM) […]

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