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Articles
- Q4 Multi-Asset Perspectives: Proceeding with care
- The future of AT1s: “If it ain’t broke, don’t fix it”
- EMD’s Gravity Shift: Why investors are pulling ‘satellite’ emerging market debt into the core of portfolios
- Methane under Fire: How the EU’s bold regulations aim to confront supercharged emissions
- From outflows to opportunity: China equity today
- The Asia ex-Japan rally has further to run
- European financial green bonds: yield and impact go hand in hand
- Seeking more nuance in our thematic exposure
- Capitalising on global divergence, structural shifts and technical tailwinds
- Can the new administration drive Japan’s economic growth?
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Find out moreOur Thinking
Investment Opinions
Q4 Multi-Asset Perspectives: Proceeding with care
07 January 2026 | Julian Howard
Julian Howard, GAM’s Chief Multi-Asset Investment Strategist, outlines his latest multi-asset views, exploring how market invincibility is flying in the face of uncertainty and slowing growth thanks to strong secular trends. Continued participation in any market progress going into 2026 will demand a structurally disciplined approach to accompanying diversification, whatever the New Year brings.
Investment Opinions
The future of AT1s: “If it ain’t broke, don’t fix it”
05 January 2026 | Romain Miginiac
The European Central Bank’s latest recommendations have rekindled debate over Additional Tier 1 (AT1) bonds. While authorities may question AT1s’ effectiveness in absorbing losses in times of market stress, legislative practicalities and the need to maintain AT1s’ market viability could limit the scope for change. With significant reforms unlikely, investors may instead focus on managing volatility, risk and opportunity in an environment of historically tight spreads in AT1 Contingent Convertible Bonds.
Investment Opinions
EMD’s Gravity Shift: Why investors are pulling ‘satellite’ emerging market debt into the core of portfolios
19 December 2025 | Philip Meier
A return to inflows and strong performance in 2025 reflect how emerging market debt has refined its role, moving from a niche satellite allocation to become a core portfolio component. While developed market government bonds labour amid fiscal strain and supply pressures, strong fundamentals, central bank credibility and attractive real yields are opening investors’ eyes to the long-term opportunities in emerging market bonds.
