Perspectives

Emerging Markets Strategy April Commentary

Emerging markets meaningfully outperformed developed markets over the month, which was mainly led by Brazil and Mexico, accompanied by recovery in China and India.

Global Growth Strategy April Commentary

Global equities delivered mixed results in April, with some regions persevering better than others through continued volatility in global economic relations as the Trump administration unveiled “Liberation Day” tariffs against all U.S. trading partners.

The Long View: Diversification for Uncharted Waters

While the U.S. has outperformed long term, international equities tend to pick up the slack when domestic markets falter.

The Rising Case for Non-U.S. Equities

Massive fiscal reforms in Europe and resolution of the Russia-Ukraine war could help close the leadership gap between the U.S. and the rest of the world.

Global Improvers Gain as Investors Look Overseas

Q1 2025 Global Value Improvers Strategy Commentary: Global value stocks rose as a rotation out of U.S. tech and the prospect of greater fiscal stimulus in Europe helped bolster returns.

International Does Heavy Lifting For a Change

Q1 2025 Global Growth Strategy Commentary: Global equities outside the U.S. outperformed as increasing policy uncertainty under the new Trump administration spurred investors to look overseas.

Infrastructure's Defensiveness Shines as Equities Unwind

Q1 2025 Global Infrastructure Income Strategy Commentary: Infrastructure’s defensive nature was rewarded in this environment, with regulated utilities leading returns, in particular in Europe and North America.

Market Turmoil Highlights Infrastructure's Stability

Q1 2025 Global Infrastructure Value Strategy Commentary: Infrastructure delivered positive returns in the first quarter, outpacing both global equities and U.S. equities, which were weaker amid higher policy uncertainty, specifically around tariffs.

Developed Markets Infrastructure Income Model March Commentary

Trump’s policy agenda has so far been more disruptive than expected, and we anticipate uncertainty will weigh on U.S. growth.

Emerging Markets Strategy March Commentary

During the quarter, we exited our positions in Chinese electric utility China Power International and Chinese toll road operator Shenzhen Expressway. 

AOR Update: As Good as It Gets?

Global Value Improvers Strategy February Commentary

Politics and trade concerns remained centre stage in February, as discussions and negotiations around tariffs by the new U.S. administration and retaliatory tariffs by trade partners weighed on global markets, driving value to outperform growth stocks.