Perspectives

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

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.

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.

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.

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.

China Emerging as Global Biotechnology Player

Evolving from its fast follower approach, an expanding number of Chinese biotech companies are licensing new compounds to multinational pharmaceutical firms.

AOR Update: Flexing the Edge

Global Infrastructure Income Strategy May Commentary

Tariffs are unlikely to have a meaningful impact on utility earnings given they service domestic catchments with electricity, gas and water, and are not directly exposed to international trade.

Global Infrastructure Value Strategy May Commentary

Listed infrastructure delivered strong absolute gains in May, participating well in a global equity rally in a month in which a series of trade deals and de-escalations in U.S. trade policy drove a more positive sentiment for growth and risk assets.

Developed Markets Infrastructure Income Model May Commentary

Among listed infrastructure, a brighter trade outlook helped GDP-sensitive infrastructure such as airports, rails and toll roads outperform.

Global Growth Strategy May Commentary

Global equities delivered broad gains in May as a potential détente in U.S. trade policy and the tailwinds of policy stimulus outside the U.S. lifted shares. North America was the only region to outperform the 5.14% return in local currency of the benchmark MSCI All Country World Index.