The ongoing war in Ukraine has exerted a material impact on both global economies and markets, primarily via a steep increase in commodity prices, especially energy. Europe has been particularly affected due to its geographical proximity and the resultant dependence of many of its nations on Russian fossil fuels. This chart book reviews the hit to European growth associated with the war in Ukraine.
Yes, although such investments are not for the faint of heart. As we have seen in 2022, both stocks and bonds have lost value as inflation expectations have escalated.
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
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.
Investors found little respite in April, with most asset classes suffering steep losses.
Overall, we view high oil prices as another headwind for expensive growth stocks and potentially European markets, which are more exposed via their reliance on Russian energy exports.
The US housing market has been on a tear in recent years, supported by low interest rates, favorable supply/demand dynamics, and a recent boost from the pandemic-related demand for more space. This publication provides an update on some of the macro forces supporting housing and describes different asset classes that offer exposure to US housing.
Most global assets declined in first quarter.
The outlook for oil remains highly uncertain and is dependent on various political decisions.
Thoughtfully, if at all. At this stage most investors should examine portfolio risks related to the war and monitor market developments.