Currency

VantagePoint: Resilience in a Time of Uncertainty

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Global inflation has been higher and more persistent than most economists anticipated. In this edition of VantagePoint, we evaluate current inflationary and deflationary crosscurrents and the implications for investors. We continue to believe that predicting the future path of inflation is difficult to do well and that the best protection is a well-constructed diversified portfolio designed to meet the asset owner’s risk tolerance, portfolio objectives, and spending needs.

Charting New Waters: What Pension Plan Sponsors Should Know About Digital Assets

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Blockchain technology and digital assets could disrupt the way many of the companies in a pension plan’s current investment portfolio do business. Pension plan sponsors can benefit from an increased understanding of blockchain technology and its potential portfolio implications. In addition to providing a general overview of how blockchain technology and digital assets investments work, this paper answers questions on related challenges and developments for plan sponsors to consider.

Decades of Data: Emerging Markets 1987–2021

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The 2021 Emerging Markets edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.

Decades of Data: Europe ex UK 1900–2021

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The 2021 Europe ex UK edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.

2022 New Zealand Outlook: Balancing the Pivot

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New Zealand’s COVID-19 containment strategy served the economy well during the early days of the pandemic. However, New Zealand equities and bonds suffered in 2021 as growth slowed to a halt late in the year due to lockdown measures and inflation moved higher due to labour market constraints. Heading into 2022, New Zealand authorities have pivoted the strategy from zero–COVID-19 to minimisation and protection, while still embarking on a monetary policy tightening cycle. Balancing both strategies will be key to supporting New Zealand’s economic growth in 2022.

Decades of Data: United Kingdom 1900–2021

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The 2021 UK edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.

Decades of Data: United States 1900–2021

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The 2021 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.