Global Insights

The dual purpose of "impact investing" has always seemed to imply that positive social and environmental outcomes necessarily come at the expense of financial performance. In this paper, we document that it is precisely the societal goals of the impact investor – diversity and inclusion, environmental sustainability, responsible governance – that increasingly generate the above-market returns sought by the market as a whole. As traditional financial efficiencies have become more fully…

Of the myriad questions on investors’ minds entering 2020, the five below are likely to prove to be the most consequential for markets.

History teaches investors to think in terms of cycles, but some macroeconomic phenomena are structural in nature and therefore more enduring.  The paper looks at the causes of the structural decline in interest rates and implications for the investment environment.

After a decade of robust returns, uninterrupted global economic growth (despite some regional stumbles), and a seemingly inexorable rise in valuations across virtually all asset classes, investors have become focused on the endgame. Questions regarding the timing of this cycle’s inevitable turn for the worse are certainly worth pondering, but they are hardly the only ones worth asking, nor are they likely to prove to be the most consequential to portfolio performance. Instead, it is the…