2024 Midyear Investment Outlook

The Upside of Uncertainty

Question marks around the timing and strength of global policy easing and the outcome of consequential elections could roil financial markets in the second half – but the resulting volatility and pricing dislocations create rich hunting grounds for active investors.

Four key themes are driving global markets in the second half.

1

A global easing cycle may have begun – but how far will it go?

2

Growth in the US and other regions is witnessing a rare convergence.

3

Geopolitical risks take new turns.

4

Asia’s macro story could be an alpha tale.

Hear Our ‘Alternative’ Views

Hear Our ‘Alternative’ Views

In a new podcast series, members of our Alternatives platform – spanning private credit, private equity, and European real estate – discuss the divergent themes driving valuations at the midyear point.

Listen Here

Explore our key convictions for each asset class in our 2024 Midyear Investment Outlook.

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2024 Midyear Multi-Asset Outlook: Favoring Equities, Credit, and Rates – in That Order

We have a constructive-leaning view of multi-asset portfolios at midyear, with our positioning outlook boiling down to equities over credit, and credit over rates – but with opportunities in all three.

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2024 Midyear Fixed Income Outlook: Keep the Barbells, But Diversify Your Weights

In the second half of 2024, we believe investors should maintain the barbelled approach we had advocated to start the year but with an increased focus on diversifying risks at one end while looking beyond cash at the other.

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2024 Midyear Emerging Market Debt Outlook: EM Economies Flip the Script

With a favorable economic outlook for emerging relative to developed markets, we discuss the shift in EM debt from a tactical play to a core portfolio allocation.

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2024 Midyear Equity Outlook: Opportunities Amid a ‘New Normalization’

Many Covid-era trends are now resolving, including industry backlogs and supply issues, but this “new normalization” does not mark a return to the old status quo. We look at how the resulting price dislocations may create equity investment opportunities.

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Spotlight on Asia

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2024 Midyear Asia Fixed Income Outlook: Credit Selection Is Key as Uncertainties Persist

With rate cuts likely to be gradual, we believe investors should differentiate among Asia credits that have varying degrees of sensitivity to funding costs and currency risk. Learn where we see opportunities.

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2024 Midyear Asia Equity Outlook: Focusing on Select Stocks

We believe Asia continues to offer compelling opportunities for equity investors. Here we share our views on the most attractive sectors and regions in the second half.

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Disclosure

Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.

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