- Emphasis is moving away from performance relative to benchmarks and toward investor outcomes such as income generation and avoiding large drawdowns (i.e. peak-to-trough losses.)
- The secular bull run in bonds is approaching its natural limit as government bond yields in the US, Japan, Germany and the UK move closer to zero.
- The assumptions behind the Capital Asset Pricing Model (CAPM) and Modern Portfolio Theory (MPT), two academic models that have been widely used in the investment industry, look increasingly unrealistic.
- The focus is also shifting from specific asset classes to holistic solutions to meet investors’ needs.
- Investors based in emerging markets make up a growing proportion of the industry’s client base and have different characteristics to those based in developed markets.
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