Perspectives

A variety of timely topics and trends designed to help you learn more and inform your clients and prospects.

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MARKETS & ECONOMY

April 2018

Pass the Popcorn, Mr. President

Vincent Reinhart, Chief Economist and Macro Strategist of BNY Mellon AMNA, draws inspiration from the dramatic arts to understand the drama generated by President Donald Trump.

MARKETS & ECONOMY

April 2018

Munis in a Rising Rate Cycle

The BNY Mellon Asset Management North America Municipal Bond Team discuss how muni bonds offer a unique opportunity to investors as interest rates rise.

MARKETS & ECONOMY

Spring 2018

A Market Commentary

The market exited the first quarter of 2018 on an upward trend but was battered by sentiment and tail risks.

MARKETS & ECONOMY

April 2018

Revisiting Geo-Political Risk for Investors

The end of the Cold War ushered in a new era of global political stability that lasted for a quarter of a century. Signs suggest this hiatus has now run its course, but are investors prepared?

MARKETS & ECONOMY

April 2018

The Impact Of Political Willingness On Municipal Credit

Over the past several years, a number of rating actions have affected state and local credits. The most frequently cited reasons for negative rating actions include depressed economies, poorly...

MARKETS & ECONOMY

April 2018

Strength in Efficiency

With high levels of demand and limited access, the challenges facing India's healthcare system are similar to those of other emerging markets (EM). Here, Newton healthcare analysts...

MARKETS & ECONOMY

April 2018

Believe the Hype?

Grand visions of China's One Belt One Road (OBOR) infrastructure project continue to make headlines but for now portfolio manager Naomi Waistell, of Newton's emerging and Asian equity...

MARKETS & ECONOMY

April 2018

Emergent Emerging Markets

Investment specialists from Newton Investment Management, Insight Investment and BNY Mellon Asset Management North America (AMNA) consider the potential risk and reward emergent...

ESG

April 2018

The Municipal Market And Climate Change

The effects of climate change will continue to have broad implications for the nation’s economy, institutions and infrastructure.

ESG

April 2018

Raising The Bar

Corporate governance standards are gradually improving in the emerging markets and increased focus on environmental, social and governance (ESG) factors is expected to drive corporate...

MARKETS & ECONOMY

March 2018

The Consequences Of Tariffs

The economic consequences of the steel and aluminum tariffs are negative and the greatest risk is the potential for back-and-forth retaliation between the U.S. and its trading partners.

FIXED INCOME

February 2018

Welcome to the Job, Jay

The first week of February made for interesting on-the-job training for Federal Reserve Chair Jay Powell. Learn more here.

EQUITIES

February 2018

Watch the Skies

Newton Investment global analysts consider the growing use and potential future applications of commercial drones.

FIXED INCOME

February 2018

Bond Market Observations: Déjà Vu, All Over Again

A brief summary on the bond market from BNY Mellon Asset Management North America on GDP growth, currencies, inflation and central bank policies.

ESG

February 2018

Classifying Responsible Investment

This brief is a framework for classifying the responsible investment opportunity set.

FIXED INCOME

January 2018

The Impact Of Tax Reform On The Investment Grade Credit Market

In December, President Trump and Republican members of Congress passed the most significant changes to the U.S. tax system since the Reagan administration in 1986.

MARKETS & ECONOMY

January 2018

Impact of Tax Reform on Earnings Estimates

A discussion from our Global Investment Strategy Group on the impact of tax reform on earnings estimates.

FIXED INCOME

January 2018

The Impact of Tax Reform on the Municipal Bond Market in 2018

The Impact of Tax Reform on the Municipal Bond Market in 2018: A discussion by the Stanidsh Municipal Bond team.

MARKETS & ECONOMY

December 2017

U.S. Tax Reform Helpful for Financials

The Boston Company Asset Management explores how U.S. tax reform may be a helpful tailwind for financials.

FIXED INCOME

November 2017

What Proposed Tax Reform May Mean For Municipal Bond Investors

Since Republicans won control of both houses of Congress and the White House in last fall’s elections, investors have been anticipating the first major changes to the nation’s tax code in 30 years.

ESG

November 2017

The Next Energy Trend

The Boston Company discusses how environmental and safety performance in the Energy sector provides insight into enterprise valuation.

ESG

October 2017

New Generation

Renewable energy investment supports ongoing de-carbonization initiatives and can offer an attractive range of benefits...

MARKETS & ECONOMY

Fall 2017

A Market Commentary

After a summer marked by geopolitical tensions, investors ended the third quarter of 2017 with renewed optimism in global growth.

EQUITIES

October 2017

Virtuous Cycle

Insight Investment outlines the currency outlook across key emerging economies and the challenges they face over the next year.

ALTERNATIVES

October 2017

Grand Designs

Newton Portfolio Manager, Philip Shucksman discusses how a renewed interest in infrastructure development could bring a much-needed spur to global building projects and create fresh investment opportunities.

FIXED INCOME

September 2017

Liquidity Reimagined

It is no secret that the hunt for yield over the past decade or so has driven many investors into higher-risk areas of the credit market, such as high yield and emerging market debt.

MARKETS & ECONOMY

August 2017

Bond Market Observations: Epitaph for a Trade

Standish shares their bond market observations and why this is not the time to lean into risk.

FIXED INCOME

Summer 2017

Global Credit View: Is The Credit Cycle Over?

The combination of healthy fundamental underpinnings and positive primary market trends point to the persistence of the current high yield credit cycle.

ALTERNATIVES

August 2017

A Foundation For Growth?

The U.S. Housing Market Offers Significant Opportunity If You Know Where To Find It.

MARKETS & ECONOMY

Summer 2017

Mid-Year Market Commentary

Mid-year 2017 market commentary includes four observations on our economic outlook and three investment themes for 2017.

FIXED INCOME

July 2017

Bond Market Observations: What Color Is Your Parachute?

When planning to jump out of an airplane, it is appropriate, downright prudent, to expect the law of gravity to operate.

MARKETS & ECONOMY

July 2017

Where In The WEO Are We?

Twice a year, staff of the International Monetary Fund (IMF) rolls out forecasts for over 190 economies for the next five years.

FIXED INCOME

July 2017

For Emerging Market Debt, A Sustainable Recovery?

After several difficult years, improved fundamentals are yielding what we view as a sustainable recovery in emerging market local currency denominated debt.

MARKETS & ECONOMY

July 2017

The Time For Emerging Markets

Robert Marshall-Lee, Lead Portfolio Manager of Dreyfus Global Emeging Markets Fund, discusses the current outlook and sustainability of emerging markets.

EQUITIES

July 2017

The Mounting Case For EAFE Equities

We think the U.S. election outcome and a shift in global sentiment have created pockets of compelling investment ideas in Europe and Japan.

EQUITIES

July 2017

U.S. Equities: The Time For Value?

Value investors should embrace market uncertainty as it can create opportunities to get what we believe are great companies at fair prices...

EQUITIES

July 2017

Still Zero Weighted to Brazil

Rob Marshall-Lee, manager of the Dreyfus Global Emerging Markets Fund at Newton, discusses the long-term view on Brazil and the consequences.

MULTI ASSET

June 2017

Balancing Act

Ever since the global financial crisis, investors have been keen to flee the damaging effects of volatility; however that hasn’t abated their...

MARKETS & ECONOMY

June 2017

Outlook And Insights

In this publication, we draw on the firm’s expertise to share our current investment outlook on several key asset classes.

EQUITIES

June 2017

Emerging Markets: Trade War Victim or Growth Engine?

Newton discusses why there is reason to be positive on developing economies and what sectors could be beneficiaries of change.

FIXED INCOME

June 2017

How Trump's Tax Proposals Could Affect the Municipal Bond Market

The Trump administration's tax proposal has been greeted with indifference by the municipal bond market thus far.

FIXED-INCOME

June 2017

Key Implications of Puerto Rico Restructuring

The Puerto Rico situation bears watching closely for an additional takeaway. How will bondholder and pensioner rights be enforced.

MULTI-ASSET

June 2017

China has taken a Whack-a-Mole approach

What does uncertainty do to risks? Newton outlines what the current economic and political backdrop may mean for investors.

MARKETS & ECONOMY

May 2017

Trump’s Energy Independence

President Donald Trump has set in motion a policy intended to support the coal industry and protect jobs but closer examination reveals an industry facing inevitable...

MULTI-ASSET

June 2017

Market Moves: What Lies Beneath

Rising stock markets and positive data point to growing confidence in a global economic recovery but scratch the surface and a far darker picture emerges.

FIXED INCOME

May 2017

Dealing with Defaults and Dollar Strength

Energy sector defaults infecting other areas of the market and a strong U.S. dollar are two of the chief concerns for bond investors in 2017.

MARKETS & ECONOMY

April 2017

"Filer à l’anglaise" or Will The French Leave English Style?

On April 23, France conducted the first round of its presidential election, which has become an important referendum on the nation’s attitude toward membership in the Euro...

MARKETS & ECONOMY

April 2017

As Interest Rates Rise, Muni Bonds’ Unique Characteristics Matter More

This year, the Federal Reserve (Fed) is likely to raise interest rates at least three times.

MARKETS & ECONOMY

April 2017

Responsible Investment, Now More Than Ever

For investors concerned about changes in the earth’s climate, changes in the political climate in Washington may appear to be compounding the risks posed by carbon emissions.

EQUITIES

April 2017

Global Emerging Markets Seek to Overweight India

Newton Investment Management’s global emerging markets portfolio manager, Rob Marshall-Lee has been bullish on India for over five years but still believes it has additional room to run.

MARKETS & ECONOMY

April 2017

No Easy Way Out: Article 50 Invoked and Brexit Process Begins

Mellon Capital outlines the Brexit process and anticipates market response.

MARKETS & ECONOMY

April 2017

The Return of Value

Value stocks are at the most attractive levels we’ve seen in over a decade, and we believe now is an opportune time to embrace value.

MARKETS & ECONOMY

April 2017

Bond Market Observations: Navigating Sharp Corners

As investors, we detest sharp-cornered outcomes associated with political decisions.

FIXED INCOME

April 2017

Watching Emerging Market Debt for Value

Carl Shepherd, from Newton Investment Management’s Global Dynamic Bond team, explains why they are favoring short-dated, hard-currency emerging market debt...

MARKETS & ECONOMY

March 2017

Policy Triumvirate Accelerates Opportunity in Global Natural Resources

While our commodities-first approach focuses on supply/demand fundamentals, recent political events have accelerated a natural resources recovery.

FIXED INCOME

March 2017

Insight Absolute Return Bonds: The Big Picture

While the U.S. Federal Reserve’s (Fed) central forecasts indicate it will raise interest rates up to three times this year, Bentley is sanguine about the impact...

MARKETS & ECONOMY

March 2017

Bond Market Observations: The Wheel Goes Round And Round

Despite prodding and poking our priors, our global economic outlook remains essentially unchanged from last month.

FIXED INCOME

March 2017

Municipals And Rising Rates: A Potential Opportunity for Fixed Income Investors

This year, the U.S. Federal Reserve (Fed) is likely to raise interest rates at least two and perhaps as many as three times.

MARKETS & ECONOMY

March 2017

Fed Thoughts: The Deep End Of The Pool

The meeting is live. Rates will rise fairly soon. A rate hike will get serious consideration.

MARKETS & ECONOMY

April 2017

Will politics Trump Economics?

A disquieting gulf has opened up between the front pages and business sections of major newspapers.

MULTI-ASSET

March 2017

Tomorrow's World

Insight examines why divergent interest rate cycles and political instability increasingly drive calls for a global approach to credit investing.

MARKETS & ECONOMY

February 2017

Investment Thoughts From The Real Return Team

The year 2016 proved to be yet another roller-coaster ride in financial markets, with investors starting the year in a panic and appearing to end it in euphoria.

MARKETS & ECONOMY

February 2017

As Volatility Looms, Non-Traditional Risk Assets May Offer Opportunity

Read how Standish believes asset-backed securities and commercial real estate deserve consideration by investors seeking returns as well as protection from volatility.

MARKETS & ECONOMY

February 2017

Fed Thoughts: What A Difference A Year Makes

At this time in 2016, U.S. monetary policymakers were reeling from the reaction in financial markets wrought by the Fed’s quarter-point rate hike at its December...

MARKETS & ECONOMY

February 2017

Outlook And Insights

In this publication, we draw on the firm’s expertise to share our current investment outlook on several key asset classes. A discussion of the key elements...

EQUITIES

December 2016

The Rise Of Robots And Artificial Intelligence

Technological change creates winners and losers. Newton’s Raj Shant highlights where the best investment opportunities can be found as artificial intelligence looks...

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