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2018 Long-Term Capital Market Expectations
Our capital market expectations are intended to provide annualized seven-year return expectations. We believe global stocks have greater performance potential than global bonds in an environment of reform measures and stimulative fiscal policy.
Property Markets: The Quarter in Review - Q3 2018
In this market review, Franklin Real Asset Advisors explores the macroeconomic environment and notable real estate sectors in the United States, Europe and Asia over the third quarter of 2018,identifying where they see opportunities across the landscape.
Notes on Global Fixed Income Investing - October 2018
Our investment convictions remain largely unchanged, despite the escalation in EM risk aversion in recent months. Many of the countries that we believed were undervalued earlier this year became even more undervalued during the recent “risk-off” cycle. Longer termwe continue to have a positive outlook on a number of local-currency markets that we believe are fundamentally stronger than markets have been indicating. We also continue to expect rising rates in the US and depreciations of the euro and yen against the US dollar.
Investment Strategy and Research Committee Allocation Views - October 2018
Major Themes that frame our tactical asset allocation as at October 2018: Market Divergence Can Be Sustained…For Now, Moderate Inflation but Risks Are Mainly to the Upside and Liquidity Developments Are Not an Immediate Concern—Remain Optimistic about Growth.
Global Economic Perspective - September 2018
Our portfolio managers from around the world share their perspectives on:
- Positive domestic fundamentals could sustain US economy’s strong momentum
- Few signs of emerging-market volatility affecting other markets as yet
- Growing risks to UK and EU economies make agreement on Brexit deal more likely
US rates are rising. What’s next for Emerging Market Bonds?
Emerging markets have changed tremendously since 1998, and so has the market in EM bonds. Correlations with US Treasury yields are lower than in the past for several reasons: local-currency issuance now dominates over hard-currency in EM bond markets and there is a thriving universe of corporate bonds. Blending hard-currency and local-currency EM bonds lowers a portfolio’s correlation with core fixed-income markets. An active approach, rather than simply following EM bond indices, can lead to further improvements.
Investment Strategy and Research Committee Allocation Views - September 2018
Major Themes that frame our tactical asset allocation as at September 2018: Global Growth Moderates, Modest Inflation Pressures and Strong Corporate Fundamentals.
Fixed Income: Is the Economic Cycle Changing?
Many investors fear the US economy may shift into recession, as all good things must come to an end. We don’t share their near-term pessimism, but we do see rising market volatility on the global horizon. We think a cautious approach to inflation and the aging credit cycle can still be profitable for long-term investing.