Market insights

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Our CIO and our portfolio management teams present their macro environment and asset class outlooks for 2024.

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Following a period of disappointment due to convertible bonds underperforming equity indices, a growing opportunity set and high stock market volatility gives strong reason to expect a sharp reversal of this trend. Hence, some investors are looking for new entry points into the asset class.

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Emerging markets are increasingly maturing into truly emancipated states and now often meet their developed peers as equals. As newly emerged middle powers, they act as connector countries in the reshaping of global supply chains, for example.

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Volatility is back hitting the stock markets, and convertible bonds once again provide investors with an interesting alternative to be more resilient, while remaining invested in growth. Additionally, they offer access to megatrends such as AI and healthcare spending.

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Global corporate bonds are offering attractive returns, while their valuations are not as high as it may appear at first glance. Technical factors offer good support, but a somewhat more defensive positioning in the second half of the year seems prudent.