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The impacts of the pandemic and the war in Ukraine have interrupted the positive performance trajectory of a diversified allocation, penalising both equity and bond markets. While markets are likely to remain highly dependent, in the short term, on changes in economic data (inflation and growth), we believe that investors can once again rely on attractive yields for a longer investment horizon with greater peace of mind.

More and stronger forces are accelerating the move to a Circular Economy. For example, geopolitical tensions remind us that raw material security is at stake. Most importantly, Circularity is nothing short of a requirement to meet, or even approach, carbon emission goals. Accelerando!

Allegro… ma non troppo. Geopolitical tensions and the potential energy supply shock raised questions about the energy transition path. Company investment in clean technologies could be delayed by higher costs and interest rates, but energy transition is still on the agenda. The current environment can be an opportunity to accelerate toward Net Zero, through investing in sustainable bonds – but selectivity is key!

Last year India became the fifth largest economy in the world and the country’s GDP exceeded USD 3 trillion. In 2022 and 2023, India is the only major economy expected to deliver a robust real GDP growth of about 7%, accounting for about 22% of global growth. Is India at the cusp of delivering long term sustainable growth and how can investors participate?