Perspectives

AOR Update: Clarity Coming Into View

Global Value Improvers Strategy Commentary July

Global equities posted modest gains in July, supported by signs of economic resilience across regions and as numerous U.S. trade partners signed deals reducing trade uncertainty.

Global Infrastructure Income Strategy Commentary July

Renewables was the standout sector in the month in our universe, driven by increased policy certainty as well as continued demand from hyperscalers for clean power to support the rapid growth of data centres.

Global Infrastructure Value Strategy Commentary July

Utilities, renewables and communication towers performed well in our listed infrastructure universe, while European utilities were weaker.

Developed Markets Infrastructure Income Model Commentary July

July delivered a month of positive returns for most listed infrastructure sectors, trailing but participating well in the continued equity rally.

Global Growth Strategy Commentary July

Global equities saw mixed results in July as a progress on trade deals with the U.S. was tempered by profit taking in some regions after a strong stretch to end the second quarter.

The Long View: Push-Pull

AI Rally Buoys Global Growth Stocks

Q2 2025 Global Growth Strategy Commentary
Strategy outperformance was boosted by communication services and AI-indexed holdings and across the U.S., Europe Ex U.K. and emerging markets.

European Infrastructure Sees Capital Inflows

Q2 2025 Global Infrastructure Value Strategy Commentary
In Europe, GDP-sensitive toll roads and airports were key contributors, while rate cuts and policy support were positive for utilities.

Resilience with Upside in a Volatile Quarter

Q2 2025 Global Infrastructure Income Strategy Commentary
Listed infrastructure was resilient during the market volatility in April, strongly outperforming the broader market, and remained steady through May and June while equities recovered from the selloff.

Global Improvers At Heart of Converging Trends

Q2 2025 Global Value Improvers Strategy Commentary
A weakening U.S. dollar and a repatriation of capital from the U.S. by overseas investors bolstered strong performance in international industrials and IT sectors.

Developed Markets Infrastructure Income Model Commentary June

Markets bounced back from a first-quarter correction and survived tariff, growth and geopolitical scares to deliver solid gains in the second quarter of 2025.