Expert Panel

Multi-asset benchmarks assume costless and frictionless implementation, setting a high bar for allocation funds to outperform after fees. Even so, these “one-stop-shop” solutions remain appealing for many investors.

Corporate bonds, particularly high yield bonds, had a strong 2025 but portfolio managers remain cautious going into 2026.

Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.

Sebastiaan Hooghiemstra and Marco Loria analyse fresh EU guidance on ELTIF passporting, arguing it dismantles national barriers and could unlock pan-European distribution through insurance, pension and savings wrappers.

While the average fund in the Global Large-Cap Blend Equity Morningstar category eked out a 5.8 percent gain in 2025, it was hardly an easy year for investors. Tariff turmoil, geopolitical tensions, and demanding valuations weighed on sentiment.

Risk parity investors showed renewed optimism in 2025 after several years of underperformance versus the traditional balanced portfolios.

Morningstar has refined its Japanese equity framework as persistent style dispersion forces investors to reassess growth-focused fund selection in Japan.

Prudent risk management is vital in high-yield-bond investing. As this week’s Morningstar fund comparison shows, even strategies operating in the same corner of the market can diverge sharply when stress hits.

Global flexible bond strategies cover a wide range of different approaches. Investors should tread them with caution.

According to Jan Saalfrank and Lous Vervuurt at Pinsent Masons, the Commission’s long-awaited SFDR reform introduces sharper definitions, stronger disclosures and stricter greenwashing safeguards, a step set to reverberate across Europe’s sustainable finance industry and Luxembourg.