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Sunset over rocky landscape and lake
Outlook Category: Outlook

Q1 Outlook: False dawn?

In their latest investment outlook, our Asset Allocation team explain why they worry that hopes of a ‘soft landing’ for the world economy may prove ephemeral – and what this means for how they are positioning.

CIO-Outlook-2023

CIO 2023 outlook: In search of silver linings

Lewis Pugh LGIM redseaswim
CIO Outlook Category: CIO Outlook

CIO autumn update: To COP and beyond

As delegates gather at COP27, they confront the same long-term challenge posed by climate change as they did last year. But the context has changed dramatically: in light of the war in Ukraine, governments need to balance net-zero goals with a new imperative for energy security.

Beach at sunset
Outlook Category: Outlook

Q4 Outlook: It’s darkest before dawn

In their latest investment outlook, our Asset Allocation team discuss their positioning and investment views for the coming months, in light of rising recession risks, flaring geopolitical tensions and ebbing market liquidity.

Skyscrapers emerging through the clouds
Outlook Category: Outlook

Q3 outlook: Central bankers strike back

The more policymakers worry about inflation, the less investors need to. We’re willing to buy into further market weakness – and have done so in the past weeks. But we’re also likely to dial down our stance should the prospects of a recession grow.

Ropes tied together
Outlook Category: Outlook

Geopolitical rupture in Europe: long-term investment implications

Ukraine flag hanging outside a building
Outlook Category: Outlook

Q2 Asset allocation: Tackling inflation and recession risk

In their latest investment outlook, our Asset Allocation team explain why in light of the evolving macroeconomic environment, they now favour selling into strength

Looking up at a boat mast and sail
Outlook Category: Outlook

Q1 outlook: New year, new narrative

Even though 2022 has begun with an abrupt change in the macro narrative, stoked by the Fed, we hold the line on our bullish outlook for risk assets.

Wave Crashing
Outlook Category: Outlook

Active Strategies Outlook UK

Q4 2021 - An introduction to Active Strategies

Cars pushing through bottlenecks
Outlook Category: Outlook

Q4 outlook: Pushing through bottlenecks

We are marginally more cautious as the Chinese economy becomes unsettled and supply-chain issues persist, but retain our belief that we are in the middle of the cycle, not approaching the end.

LGIM Q3 Outlook

Q3 Outlook: Summertime for investors?

We continue to favour staying long equities, and are prepared to increase our exposure in a dip, as investors bask in the sunshine of a global economy in mid-cycle.

2022 outlook
CIO Outlook Category: CIO Outlook

2022 outlook: Gathering pace

Woman hiking

Q2 Outlook 2021: Staying the course

With record amounts of stimulus still gushing through global markets, and the economic cycle at a relatively early stage, we remain positive on risk assets.

Q4 Outlook - Reasons to believe

Q1 Outlook 2021: Rays of light

We remain long risk assets, and are minded to increase this stance, as economic normalisation is on the horizon and policymakers remain supportive.

CIO Outlook Category: CIO Outlook

CIO Outlook: Time for healing

Despite the ongoing challenges, we see next year as a time for healing – for the economy, environment and society.

The concentration conundrum

The Concentration Conundrum

Q4 Outlook - Reasons to believe

Q4 Outlook: Reasons to believe

As we enter the final months of 2020, we outline why we have become more inclined to buy dips in the equity markets.

Countdown to 2021

Countdown to 2021

The 10 themes our Asset Allocation team will be mulling over before welcoming 2021.

CIO autumn update Category: CIO autumn update

CIO autumn update: Endurance test

The more things stay the same…

Fixed income Category: Fixed income

Fixed Income Outlook Q3 2020

Q3 Outlook: Taking stock

Outlook Category: Outlook

Q3 Outlook 2020: Optimism versus reality

We believe there is a striking disconnect between market pricing and the real economy, especially with regard to expected company earnings.

Year of change.jpg
All Category: All

CIO outlook: Year of change

CIO Outlook Category: CIO Outlook

CIO outlook: Recovery positions

In this outlook, teams from across LGIM offer answers to some of the biggest questions for investors raised by COVID-19.

All Category: All

Inequality: the issue set to dominate the investment agenda

Our survey responses have revealed that inequality is an underlying, long-term thread weaving through many apparently shorter-term issues.

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All Category: All

CIO outlook: Opportunities in adversity

In this outlook, we bring together teams from across LGIM to answer the key macro and market questions for our clients over different time horizons.

market-insights-q3-2019.jpg
Outlook Category: Outlook

The signals and the noise

Compass-factoring.jpg
Multi- Asset Category: Multi- Asset

Factoring in volatility: building a defensive factor portfolio

Nervy investors are eyeing top-heavy market-cap indices with suspicion. But how can they use factors to navigate the trade-off between diversification and concentration risk?

Chinese-laterns-GettyImages-926181758.jpg
Outlook Category: Outlook

Remaining bullish as the cycle goes on

We stay bullish on risk assets as we believe the medium term outlook for markets has actually improved

Squeezing-a-lime.jpg
CIO Outlook Category: CIO Outlook

Brace for a credit squeeze

Unfortunately for markets, our bearish outlook for 2018 came to pass. For 2019, the key question is how tightening financial conditions will impact heavily indebted borrowers – and whether this raises the risk of recession.

Stay invested
Multi-asset Category: Multi-asset

Keeping calm and staying invested

No-image.jpg
Multi-asset Category: Multi-asset

Emerging markets lead the way

The global risk asset rally continued in early 2017, with emerging market investments the star performers.

skyline.jpg
Outlook Category: Outlook

Q4 outlook: Gathering clouds

M2399 OUTLOOK Mind the traps.jpg
Outlook Category: Outlook

Q1 Outlook: Mind the traps

We remain cautious overall as risks of the US election, trade with China, unpredictable geopolitical events and Brexit continue to smoulder.

Good-growth-poor-politics.jpg
Multi-Asset Category: Multi-Asset

Good growth, poor politics

Developments in trade tensions, emerging markets and European politics may determine the trajectory of markets over the coming months.

usa-flag.jpg
Multi-Asset Category: Multi-Asset

America first… but for how long?

Whether you’re looking at equities, bond yields, currencies or economic strength, it’s the US that’s been leading the charge. Is this likely to continue?

us-midterms.jpg
All Category: All

US midterms: three scenarios for investors

market_insights_2019_outlook_investing.jpg
Outlook Category: Outlook

Investing in the twilight zone

The economic expansion of the last decade has been a consistent tailwind for financial assets. We see next year as the start of the twilight zone between expansion and an eventual downturn that will likely mark the end of the cycle.

Outlook Category: Outlook

Q2 Outlook: Safety first

In our last quarterly outlook, we flagged our cautious posture on risk assets, taken due to a number of smouldering risks on the horizon. One risk we did not highlight, however, was that a pandemic would break out, causing untold human suffering and economic damage.

CIO Outlook Category: CIO Outlook

Expect the bumpy journey to continue

Investors have been buffeted by a large number of negative headlines in 2018. We remain of the view that tightening global liquidity conditions are likely to exacerbate market volatility.

The World Cup
Multi-asset Category: Multi-asset

Multi-Asset World Cup 2018: The finals

The World Cup
Multi-asset Category: Multi-asset

Multi-Asset World Cup 2018: The knock out round

Battling Biases
Multi-asset Category: Multi-asset

Battling Behavioural Biases

The World Cup
Multi-asset Category: Multi-asset

Multi-Asset World Cup 2018: The group stage

Artificial Intelligence
Multi-asset Category: Multi-asset

10 investment biases (you didn’t know you had)

Index Category: Index

Why voting matters for index investors

The ‘one share, one vote’ standard has been in place since 1940 but the number of companies with unequal voting rights is on the rise.

monetary-policy.jpg
Fixed income Category: Fixed income

The monetary policy squeeze

stone-age.jpg
Multi-asset Category: Multi-asset

What the Stone Age can teach investors

A brief discussion of some of the behavioural biases that can explain factor premia.

boom-bust.jpg
Multi-asset Category: Multi-asset

Boom then bust?

Can cyclical tailwinds paper over the structural cracks? And what’s the outlook for global trade, China and equity investors?

chess_april_2018.jpg
Fixed income Category: Fixed income

EMD: Stronger fundamentals are first line of defence in trade war

While trade tensions have escalated in recent months, we believe the case for emerging markets remains compelling - if investors know where to look.

overcrowding.jpg
Index Category: Index

Overcrowding and capacity in factor-based investing

Many investors combine concerns over overcrowding in factors with capacity fears. We want to help separate these terms and provide some clarity over the current state of factors.

MiFID_II_image.jpg
All Category: All

Why we shouldn't be too miffed with MiFID II

While the financial reforms pose risks to trading, we can take heart from the benefits of greater transparency, says Ed Wicks, Head of Trading at LGIM.

union-jack.jpg
Active equities Category: Active equities

UK equities: On the brink of a new era

Credit-outlook-2018.jpg
Fixed income Category: Fixed income

Credit Outlook 2018

Are market expectations too good to be true?

EM-outlook.jpg
Fixed Income Category: Fixed Income

EM Outlook 2018

Looking into 2018, US policies will remain one of the biggest focal points for EM assets, even if it has felt like ‘waiting for Godot’.

Turnaround-story.jpg
Active Equities Category: Active Equities

Active Voice: Turnaround stories

Companies that have seen their share price depreciate sharply in the face of self-inflicted wounds, structural challenges, or cyclical headwinds, represent potential ‘turnaround stories’. In this article we look at the attraction of investing in these businesses, and evaluate the risks or opportunities they present.

Tightrope.jpg
Multi Asset Category: Multi Asset

Walking a tightrope in 2018

CIO-outlook-dec17.jpg
CIO Outlook Category: CIO Outlook

CIO Investment Outlook

The consequences of monetary tightening will define the 2018 investment landscape.

Planes.jpg
Multi-asset Category: Multi-asset

Steady and synchronised

In this quarterly outlook we outline our asset allocation views and address three key questions on equities, US monetarypolicy and emerging markets.

Feather.jpg
Index Category: Index

Can including fallen angels enhance returns?

What is a fallen angel? In theological terms, a fallen angel is one who has rebelled and been exiled from heaven.

UK-yields-to-stay-low.jpg
Fixed Income Category: Fixed Income

UK yields to stay low?

Investors currently buying UK government bonds are doing so in the knowledge that they are accepting a yield which is lower than the rate of inflation, i.e. the real yield.

Polling_sign.jpg
Multi-asset Category: Multi-asset

Hung parliament - Minority Report

In a surprising result, the general election has ended in a hung parliament. At the time of writing, the Conservative party has won approximately 318 seats.

Tactics.jpg
Fixed Income Category: Fixed Income

In Defence of Discipline

French_pres.jpg
Multi-asset Category: Multi-asset

Le Pen is mightier than the sword, but not Emmanuel Macron

In a largely anticipated result, Emmanuel Macron has won the French presidential election.

Rally_racing.jpg
Fixed Income Category: Fixed Income

Taper Tantrum 2: The Fed and the Furious

Monetary support is being tapered despite significant risks. Pressure is building steadily and we think that recent resilience is going to be tested.

China_USA.jpg
Multi-asset Category: Multi-asset

Should investors be worried about US-China relations?

A rising China creates the potential for tension between itself and the leading world superpower, the United States. Investors should pay attention to the shifting of global power structures.

The-Vanishing-Cycle.jpg
Fixed Income Category: Fixed Income

The vanishing cycle

No-image.jpg
Multi-asset Category: Multi-asset

Markets under the macroscope

In this quarterly outlook we outline our asset allocation views and address four key questions on wages, sterling, trade and rates.

Scales.jpg
Fixed Income Category: Fixed Income

Emerging market debt ratios - opportunities and risks

It’s tempting to think otherwise, but not all emerging market debt is created equal. In this piece we examine the public, private and external debt profiles of individual emerging markets.

Multi-Pet Discount Terms and Conditions

This is not a consumer advertisement. It’s intended for professional financial advisers and should not be relied upon by private investors or any other persons.

The value of investments and any income from them may fall as well as rise, and investors may get back less than they invest. Past performance is not a guide to future performance. Changes in exchange rates or medium to long-term interest rates may cause the value of an investment to fall.

Legal & General (Unit Trust Managers) Limited. Registered in England and Wales No. 1009418. Registered office: One Coleman Street, London EC2R 5AA. Authorised and regulated by the Financial Conduct Authority.

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