This visual summary of Wellington Management’s 2023 Outlook captures insights on economic and market forces shaping investment results from specialists from across our investment platform.
The market is currently priced for continued cyclical convergence, which assumes that the historical pattern we’ve seen since the late 1990s will go on.
Discover why we disagree and believe that macroeconomic cycles are likely to be more extreme, frequent, and compressed going forward.
For illustrative purposes only.
Despite current market pricing, many of the factors that contributed to macroeconomic convergence over the past three decades may have ended or started to reverse.
Uncover three assumptions from the last few decades that could face challenges going forward and consider the potential effects of growing divergence between countries and central banks and their implications for active investors.
While global growth has changed or slowed in many parts of the world, it seems to be accelerating in developing Asia.
Understand why our experts believe that Asia will likely record the world’s strongest growth this year and next.
Today finds fixed-income markets healing from last year’s strain. This year, to date, most sectors in the bond market have posted positive excess returns relative to duration-equivalent government bonds. Learn more about fixed-income opportunities in 2023 and beyond.
For example, understand why, after 13 years of relative underperformance, there’s now a quiet bull market in emerging markets (EM) local debt.
Global venture market deal activity has fallen almost 65%, from US$188.2 billion in late 2021 to US$67.4 billion in the first quarter of 20231 — the lowest point in nearly a decade.
However, we’ve seen opportunities in the market grow over the past nine months. Discover the reason for this apparent contradiction.
1 Source: Preqin Q1 2023 Venture Capital Update. Data as of 31 March 2023.For illustrative purposes only.
As investors adapt to a new macroeconomic regime, they may begin to favor US equities with different characteristics than the handful of tech-sector companies that have dominated for the past several years — a period of low market breadth.
Dive deeper into the state of equity markets today and discover how higher market breadth could reinforce the case for active management.
For illustrative purposes only.Republication or redistribution of Refinitiv content, including by framing or similar means, is prohibited without the prior written consent of Refinitiv. Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions taken in reliance on such content. Refinitiv’s logo is a trademark of Refinitiv and its affiliated companies. www.refinitiv.com
www.wellington.com
