Special Report

Highlights We update our long-range forecasts of returns from a range of asset classes – equities, bonds, alternatives, and currencies – and make some refinements to the methodologies we used in our last report in November…

Special Report

Highlights MLPs’ one-of-a-kind legal structure offers investors gaudy distribution yields and tax-saving advantages. They boomed alongside fracking, enjoying spectacular growth between 2009 and 2014. MLPs used to exhibit a high…

Special Report

Highlights As investors increasingly look at allocating assets based on environmental, social, and governance (ESG) considerations, these strategies are becoming less niche. We look at different ESG investing strategies, in both…

Special Report

Highlights Investors looking for equity upside, along with fixed-income-like downside protection, coupled with a hedge against rising rates, should consider convertible bonds. As we near the end of the business cycle, the attractions…

Highlights Recommended Allocation  We don't see any change over the next six to 12 months to the current trends of strong U.S. growth, continuing Fed hikes, rising long-term interest rates, and an appreciating dollar. We…

Special Report

Highlights Investors have piled into private equity (PE) in recent years, pushing assets under management (AUM) up to an all-time high of $3 trillion. However, there are increasing concerns about the outlook for the asset class…

Special Report

Highlights In an environment where both interest rates and inflation are low but rising at a time of stretched equity valuations, what can investors do to enhance risk-adjusted portfolio returns? In this report, we investigate the…

Special Report

Dear Client, I am travelling in Europe this week visiting clients. Instead of our Weekly Report, we are sending you a Special Report written by my colleague Xiaoli Tang of BCA's Global Asset Allocation. The report examines three…

Recommended Allocation  Risks to equities and credit are now evenly balanced. We downgrade both to neutral. We are worried that desynchronized growth will further push up the dollar, damaging emerging markets, especially since U.…

Special Report

Highlights Private debt raised a record $115 billion through 158 funds in 2017. Aggregate AUM has grown from $244 billion in 2007 to $664 billion in 2017. Private debt enjoys a higher yield and return, along with lower defaults, than…