Perspectives

AOR Update: U.S. Labor Market Bending, Not Broken

Global Value Improvers Strategy Commentary August

As valuations have recovered and market expectations have risen, the focus remains on finding idiosyncratic opportunities where structural improvement is underappreciated and can persist irrespective of macroeconomic outcomes.

Global Infrastructure Income Strategy Commentary August

Infrastructure delivered positive returns in August, slightly trailing global equities on a U.S. dollar basis in a month of gains across most equity indexes.

Global Infrastructure Value Strategy Commentary August

Passenger traffic lifted airports, gas utilities benefited from strong fundamentals, while higher bond yields and some idiosyncratic drivers weighed on renewables and communications towers.

Developed Markets Infrastructure Income Model Commentary August

We remain somewhat defensively positioned with an emphasis on utilities, which have very strong growth profiles, particularly in the U.S., driven by AI data centre power demand, industry decarbonisation and resiliency spending.

Global Growth Strategy Commentary August

Global equities delivered mostly positive performance in August, boosted by the prospect of the U.S. joining other developed economies in reducing interest rates.

AOR Update: Clarity Coming Into View

Midyear U.S. Equity Outlook: Looking Toward 2026 for Upside

While we are neutral on stocks near-term due to tariff uncertainty and valuations, multiple catalysts could drive an earnings acceleration in 2026 as current risks dissipate.

The Long View: Push-Pull

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.