Viewpoints

Despite policy shifts and global uncertainty, markets remain in a ‘Goldilocks’ state—resilient growth without recession. Positive returns remain across major asset classes, while AI-driven investment and structural megatrends signal opportunity.

Tight spreads meet elevated all‑in yields as policy uncertainty, AI capex, and uneven growth set the stage. We see selective opportunities across High Yield, CLOs, IG Credit, and EM Debt—with 2026 shaping up as a year for rigorous credit picking.

Direct lending isn’t fading—it’s evolving. In this Q&A, Orla Walsh shares her insights on growth, competition, and what disciplined managers need to know as the market matures.

The market is shifting toward one where value is led by real estate fundamentals, but it's important to “spend time in the tails” as structural changes introduce a broader range of potential outcomes.

Europe has managed to weather various geopolitical storms this year, but the hoped for recovery in property investment has stalled. With property pricing also treading water, the opportunity to enter at the start of a new property cycle has been extended.

High yield continues to be a credible source of income and diversification in today’s environment—but broad market beta is unlikely to deliver outsized returns, making security selection and disciplined positioning paramount.

High yield bonds and loans continue to offer attractive income in a world where uncertainty remains a constant—and in today’s highly uncertain environment, a balanced approach that looks across fixed and floating-rate assets can help mitigate volatility while preserving upside potential.

U.S. policy uncertainty means Europe might now be going from stagnant economic laggard to a potential oasis of calm for investors. Revisions to German spending plans should help to deliver a growth boost to the bloc in 2026 and beyond.

The U.S. real estate market held steady in the first quarter as solid underlying fundamentals provide a foothold for rising tariff headwinds.