Chart of the week: the balance dance
The word is out! Fed Chair Jay Powell is considering stopping the reduction of the Federal Reserve’s balance sheet. If you think that balance sheet has slimmed down significantly after three years of quantitative tightening, you’re mistaken. Moreover, Powell is putting himself in an impossible position once again by lowering interest rates at the same time.
Morningstar: T. Rowe Price vs MFS in global EM bonds
Emerging-markets hard currency bonds have delivered positive returns for USD investors in every quarter of 2025. However, European-based investors faced negative returns in the first half of the year due to a stronger euro.
World’s top US growth manager puts faith in God, not tech-bubble prophets
The world’s number one US growth manager, according to Citywire’s manager rankings, says fundamentals still rule, even as bubble talk grows louder. He’d rather put his trust in God.
The rise of EMD is not a wave, but an upward trend
Not only this year are bonds from emerging markets an attractive alternative to the volatile debt of developed economies. European asset managers are seeing a structural shift in the financial policies of these countries. Amundi has even recently merged its emerging markets and developed markets teams.
Forget ‘superstar city’: a new look at REIT cash flows
A groundbreaking study shows that “superstar cities” systematically lag in total returns — a crucial insight for valuing REITs (real estate investment trusts). The explanation lies in lower rental yields and surprisingly low risk, which fundamentally changes how future cash flows should be assessed.
Investors struggle to price nature’s true value
Despite growing awareness, nature remains a hard sell for investors.
‘Gold could still double in price’
After years of underperformance, investors are once again paying attention to commodities. They are using gold to hedge against higher inflation but also recognize the growth potential tied to the energy transition.
Weathering the climate challenge with data
Van Lanschot Kempen uses sophisticated climate data to assess the potential impact of natural hazards on valuation and price-in the risks. How do we approach this?
The US is entering an era of ‘post-truth statistics’
In October, the US failed to deliver one of its most closely watched economic reports: the monthly jobs data. The blackout has deepened doubts over whether the world’s largest economy can still produce reliable data, even once the releases resume.
Morningstar: Aberdeen versus Invesco in global emerging markets equities
Equity markets in emerging countries extended their strong performance from the first six months of 2025 into the third quarter, led by heavyweight China, as well as Colombia, Egypt, Peru, Thailand, and South Africa.