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25 March 2025

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Whitepapers:

1-100 out of 490 results.

A new approach to identifying global small cap opportunities

The world is in a state of flux as geopolitical risks escalate around the globe. In this context, investors could benefit from adopting a value-driven strategy and identifying compelling opportunities at the company level.

Quality: Building a resilient portfolio

This paper sets out the foundations of quality investing and compares its performance and risk to other identifiable investing ‘factors’ using over 25 years of history. Quality, like other factors, behaves differently during different economic regimes.

Trump, tariffs and trade

This paper examines tariffs from the American perspective, looks at China’s leading role in the ongoing trade war and discusses the macro and market consequences and implications for investors.

Towards a retirement income philosophy

This paper draws on the expertise of five leading advisers to provide an introduction to the unique challenges and opportunities within retirement planning, emphasizing the need for evolving philosophies to meet the demands of today’s environment.

Analyst survey 2025

Fidelity's annual Analyst Survey shares insights on artificial intelligence, China, and the new administration in the White House, along with compelling investment ideas from Fidelity International's more than 100 analysts across the world.

Gold Demand Trends: Full Year 2024

Gold demand hit a new record in 2024 on the back of central bank buying, continued growth in AI adoption, investment and gold bar purchasing, while annual jewellery consumption was down reflecting cost-of-living pressures.

Extreme concentration and its implications for equity investors

Concentration in equity markets has reached unprecedented levels, particularly in the US. A select few mega-cap stocks now dominate market indices, reflecting a convergence of technological innovation, speculative enthusiasm, and the allure of generative AI.

Ten stockmarket themes for 2025 and beyond

Schroders' QEP investment team considers some of the potential beneficiaries of a change in market leadership should the giant US technology stocks struggle to extend their outperformance.

2025 Investment Outlook

Capital Group's 2025 Investment Outlook offers insights into how key market forces — a buoyant U.S. economy, significant opportunities in artificial intelligence, and the renewed appeal of fixed income — are likely to shape portfolios in the year ahead.

Next Generation: Rewriting the rules of engagement

The next generation is starting to rewrite the rules of engagement in the financial services industry. Advisers who can demonstrate expertise in emerging investment vehicles, sustainable investing and digital engagement will be better positioned to serve this new generation of investors.

Schroders Equity Lens: your go-to guide to global equity markets

US equities’ returns have exceeded 20% in five of the past six years, leaving others in their wake, but can this continue? Duncan Lamont looks back and to the future of US stock market performance.

Viewpoint: Priced to perfection

Markets appear to be taking an optimistic view on the year ahead, pricing in a ‘lot of good news’. VanEck's recent outlook provides analysis of the global macroeconomic landscape, noting several challenges that investors should note which overshadow this market positivity.

The Future of Investing: 2024/25 Edition - Overview

This series presents survey findings across four overlapping areas: the future of money, asset management, portfolios and advice. This report provides a high-level overview of the key findings, and links to a series of short articles, unpacking each dimension of our industry’s future.

International equities: Asset allocation outlook 2025

VanEck’s latest portfolio compass dissects its observations on inflation, policy rates, economic growth and exogenous risks. While the US appears fully priced, there looks to be opportunities in equities at the sector, regional, market capitalisation and stock levels.

Gold Outlook 2025: Navigating rates, risk and growth

As we look to 2025, all eyes are focused on what Trump’s second term may mean for the global economy. Thrill-seeking investors may benefit from an early wave of risk-on flows, but potential trade wars and inflationary forces may spill over into an expected subpar economic growth.

Outlook 2025: The divergence dividend

Fidelity's 2025 Annual Outlook examines the different macro scenarios that could play out in 2025 and provides an insight into how they are looking to position across the world's major asset classes as we head into a new year.

Pinnacle 2024 Year in Review

Pinnacle Investment Management has released its annual year in review report. The 17 charts from 17 Pinnacle Group Affiliates provides a succinct overview of their insights through 2024.

A deep dive into profitability

This report examines the characteristics and trend of a well-known measure of quality - Profitability. It discusses the reasons why it is a useful measure and why it might be persistent through time.

Small Caps: To Index or Not to Index

Small caps are the most passively managed among all equity size categories, yet we believe they offer a highly contoured and target-rich landscape for active stock selection.

Allocating to private assets: an essential guide

This Schroders guide explains the role private assets can play in portfolios, the key considerations before investing, and the options available to investors.

Gold Demand Trends, Q3 2024

Total gold demand gained 5% y/y to 1,313t. This strength was reflected in the gold price, which reached a series of new record highs during the quarter. The value of demand jumped 35% y/y to exceed US$100bn for the first time ever.

Infrastructure: Has Net Zero gone nuclear?

Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture. We estimate that the rollout of renewable energy has enabled ~80% of the net zero pathway for utilities to be understood and in progress.

Global Investor Insights Survey 2024

This year’s Global Investor Insights Survey from Schroders highlights the broad range of factors that are shaping investment decisions today, from political and macroeconomic risks to the continued appeal of global and thematic equities and private markets.

A practitioner's guide to investing in the energy transition

Constructing a carbon neutral economy – quickly – can seem so complex that it raises the question: where do you even start? Investors face the same conundrum. This guide offers some clarity by looking at what the transition means in practical terms as an investment theme.

Risk Speedometers: What are allocators buying and selling?

Vanguard's 'Risk Appetite Speedometers' gauge the level of risk taken by investors in open-end mutual funds and exchange-traded funds by analyzing cash flows into and out of asset categories. 

An introduction to catastrophe bonds

Franklin Templton Senior Analyst, Jordan Strah explains this unique asset class, the benefits and risks to investors and why now might be an opportune time to add them to a portfolio.

Comparing evergreen and traditional fund returns in private equity

As the landscape of private equity investing continues to evolve, evergreen funds have emerged as an alternative to traditional funds utilising capital calls and distributions.

Australian Industrial & Logistics Outlook

Australia’s industrial and logistics property market is poised for accelerated value growth, supported by strong economic conditions, resilient  demand, and long-term structural drivers, providing a solid foundation for recovery and expansion.

Three Reasons for Optimism about Asia ex-Japan Equities

After their post-Covid underperformance, Asia ex-Japan equities are poised for a turnaround. Key catalysts include anticipated Fed easing, China's policy reforms, and a burgeoning AI technology cycle, all aligning for potential outperformance.

Private debt: Few facts behind the fears

Despite a rising tide of negative media coverage, we believe that private debt still has tremendous potential to deliver attractive risk-adjusted returns for investors.

How global equities performed in prior Federal Reserve easing cycles

As the Federal Reserve gears up for a rate cut, Franklin Templeton Institute’s Chris Galipeau and Lukasz Kalwak revisit their asset-market performance study. This time, they focus on the global equity market impact.

Credit and Fixed Income Portfolio Compass 2024

Covering local and international markets, VanEck's new report on credit and fixed income investing analyses the current state of play across relevant asset classes in light of expected rate movements in Australia and the US.

Deep waves Longevity: the undertow to the demographic wave

Franklin Templeton Institute’s Kim Catechis suggests longer life expectancy around the world is a blessing but calls for preparation. This includes financial services firms that can develop longer client relationships by placing extra emphasis on building trust with aging investors.

Letter to Investors FY25

In his latest letter to investors, John Abernethy says that while the doomsayers fill the media with stories of despair, the world economy pushes forward relentlessly – and it will do so again.

AI and Electricity Demand: The Very Hungry Caterpillar

This paper explores how power constraints will impact the progress of AI, what the electricity demand boom means for the commodities market, as well as the implications for investors exposed to utilities and infrastructure investments.

Schroders CIO Lens Q3 2024

Investors have found plenty to worry about in recent newspaper headlines, creating a complex environment to negotiate. Being able to cut through the noise, and focus on what’s most material for markets, is essential.

Gold Demand Trends Q2 2024

Global gold demand was up 4% y/y by the end of June, led by healthy OTC demand, record central bank purchases and improved ETF flows. In Australia, record gold prices, a strong AUD and economic pressures led to a 25% fall in gold consumption in Q2, though ETF investment remained stable.

Electric vehicles: Running out of power or just a bump in the road?

The Templeton Global Equity Group draws upon the power of its global reach and local analyst presence to argue that, despite recent investor pessimism, the case for many aspects of the electric vehicle supply chain remains compelling.

Investment Horizons: Key themes shaping future returns

This report explores why it makes sense to step back from current conditions and assess the medium-term outlook for growth, earnings, interest rates and valuations, and to consider secular forces likely to produce solid investment returns over time.

Global Equities Investor Letter 2024

Despite varying economic cycles, equity markets have achieved impressive gains. This paper provides valuable insights into the drivers of these gains and how they are positioning the portfolios to take advantage of emerging growth patterns and industry trends.

The Waiting Game

Every percentage point outside of consensus, and every basis point change has been thrilling markets. It’s what lies beneath that markets are waiting for.

Where in the world should investors look for earnings?

For investors seeking a combination of future earnings potential and favorable valuations, the Franklin Templeton Institute suggests looking toward emerging markets. While US stocks have historically dominated in performance and earnings growth, the landscape could be shifting.

New anchors reshaping supply chains: Opportunities for investors.

Eastspring's pulse survey across North America, Europe and Asia reveals that supply chain rebalancing is among the top priorities for businesses. As global supply chains evolve, businesses are rebalancing to not only mitigate risks but also capture opportunities.

The power of being defensive and different

Recent years have been volatile as investors have tried to forecast the trajectory for inflation, interest rates, and global growth. Conditions are looking up for equity investors now, but material uncertainty remains.

Why Australia has missed out on the “small cap effect”

The "small cap effect" suggests smaller companies offer higher risk-adjusted returns, but in the Australian market, small caps haven't matched these expectations, and investing broadly across the ASX may be better.

The Super Retirement Approach

Most people recognise the importance of having superannuation, which makes them feel more secure about their future, but acknowledge that it should not be the only source of funding for a comfortable retirement.

Securitized credit: More relatable and connected to daily life than you think

Securitisations are all around our daily lives, so why do they strike most of us as a complex, financially engineered labyrinth? This paper explains why securitisations exist, what opportunities they offer, and the benefits securitised credit offers a multi-asset portfolio.

The demographic wave: The tide is going out

For investors, demographics are a driver of country risk, and they can impact productivity, economic growth, sovereign financials and debt ratings. Demographics are not destiny, but they do set parameters.

The US November 2024 Election: Implications for Investors

This paper examines the key policy implications of the Biden vs. Trump rematch, particularly regarding trade, tariffs, taxes, and energy, as well as for the Fed, industrial policy, deregulation, and defense, as well as their implications for investors.

Gold Demand Trends Q1 2024

Global gold demand was up 3% y/y, led by long and speculative investment from the OTC market, persistent central bank buying, and higher demand from Asian buyers. Australia was an outlier in the Asia region, recording its lowest quarter on record for gold consumption, though ETF holdings remained relatively stable.

Electric Vehicles hit a speed bump

Electric vehicles (EVs) are seen as a key technology for reducing emissions. Following a period of exponential growth, the outlook for EV manufacturers has recently become more challenging. Where do we see the opportunities?

Australian Equities Outlook April 2024

VanEck's Australian equities outlook, published April 2024, dissects its views on inflation, policy rates, economic growth, external risks and market implications as the lagged effect of one of the sharpest RBA rate hike cycles hits hardest this year.

Walking, not running, the last mile of inflation

The US economy shows strength, with a tight job market and solid wage growth, while the European economy remains stagnant, and both central banks are looking for continued evidence of lower inflation before starting their easing cycle.

ViewPoint: Divergence

‘Divergence’ is the key theme for VanEck's latest update as 2024 heralds a distinct de-syncing of central banks, which had more or less been following a similar approach to monetary policy for the last few years.

Health care: a sector under the weather?

Health care stocks underperformed significantly in 2023, with the US elections this year potentially causing further headwinds. However, there are plenty of reasons for optimism as we enter a ‘golden era’ of health care innovation.

Why gold in 2024? Safeguarding investment portfolios

With the soft-landing narrative on the ascendancy, optimism is high within capital markets today. But challenges are on the horizon. As such, we believe that investors should look closely at the portfolio benefits gold can bring.

Fiscal dominance: Emerging markets’ upper-hand

Most investors remain under-allocated to emerging market (EM) bonds despite hard currency EM bonds having outperformed developed market bonds over the past 20 years.

Social and Regulatory Risks of AI

While we have a high conviction in the structural growth tailwinds of AI, as investors, understanding the risks and opportunities associated with this new technology is vitally important.

ETF quarterly report - December 2023

The Australian ETF market attracted $5.3 billion in net inflows in Q4. Australian investors flocked to bond ETFs in 2023 as rising interest rates made fixed income allocations more attractive.

Infrastructure positioned to outperform in 2024

Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers, especially utilities which are benefiting from energy transition.

David beats Goliath: A story of private equity

In this piece, Schroders looks at the 'liquidity problem' facing large superannuation and private equity funds, and highlights the performance they’re missing out on in the small and middle markets.

Vanguard's submission to the Superannuation in retirement consultation

Vanguard Australia's contribution to the Federal Government’s Superannuation in retirement consultation shares its views on how the super system can best provide retirement confidence and security for Australians.

Private Credit Is gaining steam - Where do we go from here

This paper discusses the remarkable rise of private credit; the factors that, in our view, will shape its evolution; and its potential to continue delivering attractive risk-adjusted returns for selective investors.

Gold Demand Trends Full Year 2023

Another year of blistering central bank buying, together with resilient jewellery consumption, offset substantial annual ETF outflows. Sizable OTC investment was evident in gold’s price strength last year.

2024 Asset Allocation Outlook

Views on inflation, policy rates, economic growth and exogenous risks following the sharp rate hikes of last year. On balance, Australia and US should avoid a recession without the need for central bank policy rate cuts to smoothen the landing.

An introduction to utilities

Regulated utilities are known for their ability to generate predictable returns regardless of market conditions. For this reason, we often describe utility stocks as the ‘lead in the keel’ of our infrastructure portfolios. They allow us to navigate volatile global equity markets with confidence.

ViewPoint: Wash, Rinse, Repeat

How do investors approach 2024? The investment playbook is to approach risk assets selectively. A good start is to focus on leverage i.e. balance sheets and cash flow. We could see the US dollar come off further and gold continue to shine.

Regime shift: Characteristics of the ‘next’ economy and implications for Fixed Income

Fixed Income Outlook 2024 - Bonds suffered a rapid repricing in 2022 and 2023, but according to Schroder's Head of Fixed Income Stuart Dear, yields are now the best they’ve been in a decade.

Sunrise on Venus: Preparing for the investing environment of the next decade

Using long-term data, this paper looks at how we got here, which equities are at risk, why the investing world is changing, and how investors can prepare for the decade ahead.

Regime shift: Characteristics and investment implications of the ‘Next’ economy

Multi-Asset Outlook 2024 - Investors are looking for good news in 2024. Schroder Australia’s Head of Multi-Asset Sebastian Mullins identifies the corners of the market where he’s found it in this two-part series.

The state of investment and wealth management in 2023-2024

Reflections from Franklin Templeton’s latest Industry Advisory Services Annual Survey, which aims to help investors understand how the wealth and investment management industry is changing and better prepare them for the future.

Global Investment Outlook: Flexibility, resilience and opportunity

Trees are an appropriate metaphor for investing. When nurtured, they grow gradually but inexorably. Upon maturity they yield their bounty—shade, nuts and sweet fruit. Yet some trees withstand adversity better than others.

Redefining the office flight to quality: a Sydney CBD case study

On face value, it’s easy to see why the 'Premium is best' narrative has emerged – but there’s more to the story! Greater diversity of spaces is needed to support focused work, collaboration, and flexibility, with implications for building layouts and landlord-led fitouts.

Economic outlook: A mixed picture for global growth in 2024

Under the weight of elevated inflation and high interest rates, the world’s major economies are diverging. Surprising resilience in the US, Japan and India is helping to boost the global economic outlook for 2024, while ongoing signs of weakness in Europe and China are tempering expectations for the new year.

The Capital Reinvestment Story

What is the purpose of a firm? The generally accepted answer is something along the lines of “maximize the value of the business for its owners,” which in the case of a publicly traded company is the stockholders. But what does that answer really mean in practice?

AI is the New Macro Part II: An AI Powered Productivity Boom

Part II of our series examines productivity, which has been the primary determinant of our prosperity and welfare. In turn, since at least Gutenberg, technologies like AI have been the critical driver of productivity.

Quarterly ETF report September 2023

The Australian ETF industry continues to grow year on year despite global market and economic uncertainty, recording $153 billion in AUM as at the end of September 2023. The last 10 years has seen AUM increase almost 18-fold, growing from A$8.9 billion in September 2013.

Energy transition: Accelerating investment opportunities

Arguably, humanity’s greatest current challenge is the need to shift to low and net-zero carbon in a little less than 30 years. These challenges create investment opportunities as investors have a critical role given the capital required to fund this transition.

Asset Allocation Committee Outlook 4Q 2023

Higher for Longer, Longer the Stronger. “Savings depletion and weakness among small-cap and regional bank stocks suggest that the U.S. economy may not be as strong as it seems.”

AI is the New Macro: Implications for the Labor Market

Generative AI is destined to be the key driver of equity markets over the next decade or so. Part I of a four part series identifies four key areas that could be impacted – labor, productivity, sector concentration and free cash flow generation.

The ins and outs of SMSF pensions

Superannuation is ultimately about saving for retirement. But even once you retire, you don’t have to take all your money out of super. Often the best way to manage it in the long term, is to start a 'superannuation income stream' or 'pension' within your SMSF.

The 3 pillars of Active Management outperformance

Over recent decades, equity markets have favoured index / index-hugging funds, with indices benefitting from a range of tailwinds, including falling yields, favourable fiscal policies, and relatively stable geopolitics. But those days appear to be over with these factors now creating major headwinds for markets.

Magellan Minutes on AI and Energy

Summaries of two "Magellan Minutes" video insights: developments and opportunities in Artificial Intelligence (AI); and opportunities from the energy transition and companies that may benefit from this transition.

Fixed Income Investment Outlook 4Q 2023

Slowing growth could still be enough to avoid a hard landing, but in a higher-for-longer rate environment yields may provide the bulk of near-term total returns.

ViewPoint: A habit of higher

VanEck's latest outlook for global and Australian markets for the rest of the year concludes that inflation should rise, gold could glow, and puts liquidity and balance sheets in focus.

Fixed Income Views: Soft landing? Central banks trying to thread the needle

Franklin Templeton's Fixed Income team no longer expects a technical recession in the US and believes the trajectory of disinflation in both the US and euro area will flatten. Thus, central banks are likely to keep rates higher for longer.

Investors can assess nature now

Investors need well-functioning economies and societies to create stable markets. Given our economies are dependent on nature and we cannot get to net zero without nature, it is in investors’ interests to limit nature loss and protect the ecosystems.

Private debt themes leading into a recessionary environment

Private debt investors have recently benefited from the rising rate environment in the form of higher returns both from base rates, together with an adjustment to credit margins reflecting the current more challenging macroeconomic environment.

A resilience recipe for what comes next

Resilience begins with being aware of where you have come from compared to where you are now and adjusting portfolios accordingly. This means moderating return expectations and eschewing more risk to make up for the reduced market beta.

It’s always darkest before dawn: Why the stage is set for small caps to shine

This piece discusses the best environments for small caps outperformance, the rare valuation and earnings opportunity on offer today in small caps; and three emerging tailwinds set to drive small cap outperformance over the next 12-24 months.

Gold Demand Trends Q2 2023

Latest Gold Demand Trends report shows gold continued to perform globally as central bank buying hit a first half record. Australian consumption fell 37% in Q2 as AUD gold prices hover at all-time high levels.

Macro Perspectives: A changing inflation and growth climate

Although inflation will continue to be an issue for the next 6–12 months and the global economic recovery is uneven, there are investment opportunities ahead.

Ten for 2023 - Midyear Update

Last November, the heads of our four investment platforms identified the key themes they expected to be prominent in the markets during 2023. We revisited these concepts to see how they’ve played out so far and assess our outlook for the remainder of 2023.

Our take on AI (American Infrastructure)

First Sentier's global infrastructure team recently spent a couple of weeks in the US and Canada, meeting with management teams from the railroads, utilities and energy midstream sectors, as well as with regulators. This paper details their findings.

ViewPoint: Navigating landings

Market movements during the second quarter have been unpredictable and narrowly focused. The Fed’s fight against inflation still weighs on markets. A pivot in central bank policy may only happen if the order of magnitude changes significantly. This is true for both the Fed and the RBA.

Gold mid-year outlook 2023: Between a soft and a hard place

Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets.

Demystifying Debt video series

Metrics Credit Partners have published a new 'Demystifying Debt' video series of ten short (2-minute) clips seeking to debunk common myths about investing in private debt.

The relevance of gold for Australian Self-Managed Super Funds

Gold, in Australian dollars, delivered positive returns in 2022 and this has continued so far in 2023. It has attracted attention: not only have global central banks continued to buy gold, but Australia’s sovereign wealth fund has also added gold to its portfolio.

The Real Decarbonisers – Why you need to focus on avoided emissions

Simply screening out companies with high reported emissions risks underestimating the true impact the companies are making toward the decarbonisation ambitions of the world. By considering avoided emissions, we can gain a more complete understanding of a company’s true impact on the environment.

Mid-year 2023 global outlook: Time to engage more fully

For this mid-year outlook, the theme continues to be the attractiveness of investments beyond cash including fixed income, equities and alternatives.

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16 ASX stocks to buy and hold forever, updated

This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now. 

UniSuper’s boss flags a potential correction ahead

The CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.

2025-26 super thresholds – key changes and implications

The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.  

Is Gen X ready for retirement?

With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?

Why the $5.4 trillion wealth transfer is a generational tragedy

The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.

What Warren Buffett isn’t saying speaks volumes

Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.

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