Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
Takeaways from China’s NPC Meeting & upcoming drivers for Greater China equity market
In addition to the recent breakthroughs in AI and humanoid robot development, we observe other positive catalysts that further support the region’s market.
2025 Outlook Series: Global Semiconductors
From an investment perspective, we believe a diverse, global portfolio of high conviction, quality companies in these target industries offers an attractive, long-term risk-return profile underpinned by robust fundamentals, significant tailwinds, structural demand growth and earnings visibility.
Risk Diversification
There is no free lunch. But Risk Diversification comes close in investing. A diversified portfolio was shown to optimize returns with lower volatility in the long run.
Takeaways from China’s NPC Meeting & upcoming drivers for Greater China equity market
In addition to the recent breakthroughs in AI and humanoid robot development, we observe other positive catalysts that further support the region’s market.
2025 Outlook Series: Global Semiconductors
From an investment perspective, we believe a diverse, global portfolio of high conviction, quality companies in these target industries offers an attractive, long-term risk-return profile underpinned by robust fundamentals, significant tailwinds, structural demand growth and earnings visibility.
Risk Diversification
There is no free lunch. But Risk Diversification comes close in investing. A diversified portfolio was shown to optimize returns with lower volatility in the long run.