Russell Investments

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The good, the bad and the alternative

May 2019
With the current late cycle market environment, investors are becoming more and more interested in seeking returns from non-traditional assets. This article discusses where to find value in unlisted assets and how to avoid the tripwires.

The good, the bad and the alternative

May 2019
With the current late cycle market environment, investors are becoming more and more interested in seeking returns from non-traditional assets. This article discusses where to find value in unlisted assets and how to avoid the tripwires.

Confessions of a portfolio manager

May 2019
Lessons from the GFC, how to prepare for surprises, and what it’s like to be responsible for investing hundreds of millions of other people’s money.

Confessions of a portfolio manager

May 2019
Lessons from the GFC, how to prepare for surprises, and what it’s like to be responsible for investing hundreds of millions of other people’s money.

Market commentary: monthly update

May 2019
Here is a summary of investment markets for the month of April 2019

Market commentary: monthly update

May 2019
Here is a summary of investment markets for the month of April 2019

Words create worlds: Shift the conversation & potentially deliver better outcomes

May 2019
It's no surprise that we believe the best advisers take a holistic approach to their clients' investments--that the best advisers focus on long-term outcomes instead of beating short-term benchmarks. Even these advisers often struggle to prove their value. Let's change that.

Words create worlds: Shift the conversation & potentially deliver better outcomes

May 2019
It's no surprise that we believe the best advisers take a holistic approach to their clients' investments--that the best advisers focus on long-term outcomes instead of beating short-term benchmarks. Even these advisers often struggle to prove their value. Let's change that.

Words create worlds: Shift the conversation & potentially deliver better outcomes

May 2019
It's no surprise that we believe the best advisers take a holistic approach to their clients' investments--that the best advisers focus on long-term outcomes instead of beating short-term benchmarks. Even these advisers often struggle to prove their value. Let's change that.

Time to focus on China

April 2019
From trade wars with the U.S., to the widely publicised slowdown in gross domestic product (GDP) growth, China has rarely been out of the news in the past 18 months. Unfortunately, those taking the headlines at face value may be missing out on long-term opportunities available within this economic powerhouse.

Time to focus on China

April 2019
From trade wars with the U.S., to the widely publicised slowdown in gross domestic product (GDP) growth, China has rarely been out of the news in the past 18 months. Unfortunately, those taking the headlines at face value may be missing out on long-term opportunities available within this economic powerhouse.

Market commentary: quarterly update

April 2019
Here’s a summary of investment markets for the three months ending 31 March 2019

Market commentary: quarterly update

April 2019
Here’s a summary of investment markets for the three months ending 31 March 2019

Multi-asset review Q1 2019

March 2019
Our multi-asset team, discusses Russell Investments' performance in the March quarter and the outlook for the remainder of 2019.

Multi-asset review Q1 2019

March 2019
Our multi-asset team, discusses Russell Investments' performance in the March quarter and the outlook for the remainder of 2019.

Market commentary: monthly update

March 2019
Here is a summary of investment markets for the month of February 2019.

Market commentary: monthly update

March 2019
Here is a summary of investment markets for the month of February 2019.

Three tips to help you close more business

March 2019
Keeping clients engaged when you’re presenting an important, data-heavy analysis can be a challenge. For many investors, the numbers, complex illustrations and jargon can be intimidating. And yet, these conversations are important—both from a regulatory and a relationship-building point of view. So, what can you do to make the conversation productive?

Three tips to help you close more business

March 2019
Keeping clients engaged when you’re presenting an important, data-heavy analysis can be a challenge. For many investors, the numbers, complex illustrations and jargon can be intimidating. And yet, these conversations are important—both from a regulatory and a relationship-building point of view. So, what can you do to make the conversation productive?

Market commentary: monthly update

February 2019
Here is a summary of investment markets for the month of January 2019.

Market commentary: monthly update

February 2019
Here is a summary of investment markets for the month of January 2019.

What do I do if I have a complaint?

February 2019
Dispute resolution

We take great pride in providing exceptional service to you, so we always take any inquiry or complaint very seriously. To this end we have created a very simple and straightforward dispute resolution process to help if you're dissatisfied.

What do I do if I have a complaint?

February 2019
Dispute resolution

We take great pride in providing exceptional service to you, so we always take any inquiry or complaint very seriously. To this end we have created a very simple and straightforward dispute resolution process to help if you're dissatisfied.

ENGAGE - Enhance your client service offering

January 2019

The relationship between an adviser and their client requires an in-depth understanding of an individual’s entire personal and financial situation to help ensure you get it right.

It also takes time and knowledge. Being efficient with your time and having access to the right insights and expertise is critical in ensuring you and your clients reach their desired outcomes.


ENGAGE - Enhance your client service offering

January 2019

The relationship between an adviser and their client requires an in-depth understanding of an individual’s entire personal and financial situation to help ensure you get it right.

It also takes time and knowledge. Being efficient with your time and having access to the right insights and expertise is critical in ensuring you and your clients reach their desired outcomes.


Sustainability pillar #3: Delivering client satisfaction

January 2019
Sustainability pillars 1 & 2 have focused on the importance of having a manageable number of clients and enterprise risk. This pillar focuses on delivering client satisfaction.

Sustainability pillar #3: Delivering client satisfaction

January 2019
Sustainability pillars 1 & 2 have focused on the importance of having a manageable number of clients and enterprise risk. This pillar focuses on delivering client satisfaction.

Sustainability pillar #4: Building a robust operational model

January 2019
Sustainability pillars 1, 2 & 3 have focused on the importance of having a manageable number of clients, enterprise risk and delivering client satisfaction. This pillar focuses on building a robust operational model.

Sustainability pillar #4: Building a robust operational model

January 2019
Sustainability pillars 1, 2 & 3 have focused on the importance of having a manageable number of clients, enterprise risk and delivering client satisfaction. This pillar focuses on building a robust operational model.

Sustainability pillar #2: Understanding your enterprise risk

January 2019
In the first pillar we discussed the importance of managing the number of clients in your business. Now, in the second pillar of sustainability we focus on: understanding your enterprise risk.

Sustainability pillar #2: Understanding your enterprise risk

January 2019
In the first pillar we discussed the importance of managing the number of clients in your business. Now, in the second pillar of sustainability we focus on: understanding your enterprise risk.

Annual market update

January 2019
Here is a summary of investment markets for the year to 31 December 2018.

Annual market update

January 2019
Here is a summary of investment markets for the year to 31 December 2018.

Sustainability pillar #1: Business Sustainability

January 2019
The key question: How many clients can you effectively serve?

The serviceable number of clients is different for all advisers. It is often complex and depends on several factors such as: client AUM and revenue, operational efficiency, technology integration, team structure, and the adviser’s service model.

Sustainability pillar #1: Business Sustainability

January 2019
The key question: How many clients can you effectively serve?

The serviceable number of clients is different for all advisers. It is often complex and depends on several factors such as: client AUM and revenue, operational efficiency, technology integration, team structure, and the adviser’s service model.

Russell Investments quarterly update

January 2019
Here’s a summary of investment markets for the three months ending 31 December 2018

Russell Investments quarterly update

January 2019
Here’s a summary of investment markets for the three months ending 31 December 2018

Russell monthly update

December 2018
Here is a summary of investment markets for the month of November 2018.

Russell monthly update

December 2018
Here is a summary of investment markets for the month of November 2018.

Russell monthly update

November 2018
Here is a summary of investment markets for the month of October 2018.

Russell monthly update

November 2018
Here is a summary of investment markets for the month of October 2018.

Investors facing volatile markets need skill, scale and discipline

October 2018
It’s hard to correctly time the exit at the top and the re-entry at the bottom of the market. Oftentimes, reversals are quick and unpredictable and the market has picked up steam again by the time nervous investors feel confident that everything has settled and it’s an appropriate time to re-enter.

Standing at the crossroads: An investor's choice of response after market turmoil

October 2018
This article shows the dramatic impact of an investor's choice of response during market turmoil on their future wealth balance.

Standing at the crossroads: An investor's choice of response after market turmoil

October 2018
This article shows the dramatic impact of an investor's choice of response during market turmoil on their future wealth balance.

Investors facing volatile markets need skill, scale and discipline

October 2018
It’s hard to correctly time the exit at the top and the re-entry at the bottom of the market. Oftentimes, reversals are quick and unpredictable and the market has picked up steam again by the time nervous investors feel confident that everything has settled and it’s an appropriate time to re-enter.

Adviser social media: Put yourself out there!

October 2018
Total engagement is a goal we all strive for as financial professionals serving clients. While many advisers are capable of and achieve total engagement when in client meetings, we believe the best advisers display total engagement beyond face-to-face meetings by leveraging service models and sharing content and though leadership via social platforms, including LinkedIn.

Adviser social media: Put yourself out there!

October 2018
Total engagement is a goal we all strive for as financial professionals serving clients. While many advisers are capable of and achieve total engagement when in client meetings, we believe the best advisers display total engagement beyond face-to-face meetings by leveraging service models and sharing content and though leadership via social platforms, including LinkedIn.

Russell quarterly update

October 2018
Here’s a summary of investment markets for the three months ending 30 September 2018

Russell quarterly update

October 2018
Here’s a summary of investment markets for the three months ending 30 September 2018

Building your personal brand

October 2018
You’ve heard it before: Financial advice is a relationship business. Your clients aren’t just buying insurance and investments—they’re paying to work with you and access your expertise. Building your personal brand is key to your success. In this article, we’ll highlight 10 principles of creating a personal advice brand.

Building your personal brand

October 2018
You’ve heard it before: Financial advice is a relationship business. Your clients aren’t just buying insurance and investments—they’re paying to work with you and access your expertise. Building your personal brand is key to your success. In this article, we’ll highlight 10 principles of creating a personal advice brand.

Russell monthly update

September 2018
Here is a summary of investment markets for the month of August 2018.

Russell monthly update

September 2018
Here is a summary of investment markets for the month of August 2018.

Investing is a house

August 2018
If you’re like me, looking to build a house on your own, then the following should come as no surprise: In order to construct a new home, I first off have to know my strengths—and areas where I need to rely on experts and specialists instead.

Investing is a house

August 2018
If you’re like me, looking to build a house on your own, then the following should come as no surprise: In order to construct a new home, I first off have to know my strengths—and areas where I need to rely on experts and specialists instead.

Russell monthly update

August 2018
Here is a summary of investment markets for the month of July 2018.

Russell monthly update

August 2018
Here is a summary of investment markets for the month of July 2018.

Annual market update

July 2018
Here's a summary of investment markets for the financial year ending 30 June 2018.

Annual market update

July 2018
Here's a summary of investment markets for the financial year ending 30 June 2018.

Russell quarterly update

July 2018
Here is a summary of investment markets for the three months ending 30 June 2018

Russell quarterly update

July 2018
Here is a summary of investment markets for the three months ending 30 June 2018

The Grind – a key ingredient for adviser success

July 2018
We often get many questions from advisers about perspectives on the market, the future of this business, the next big financial shift or trend... However, one question we do not often get is “What traits do you think an adviser needs to be successful in this business?

The Grind – a key ingredient for adviser success

July 2018
We often get many questions from advisers about perspectives on the market, the future of this business, the next big financial shift or trend... However, one question we do not often get is “What traits do you think an adviser needs to be successful in this business?

Russell monthly update

June 2018
Here is a summary of investment markets for the month of May 2018

Russell monthly update

June 2018
Here is a summary of investment markets for the month of May 2018

Netwealth US Study Tour 2018 – Adviser panel

May 2018
At Russell Investments, we are known for our global investment capability and the people we have ‘on the ground’ in over 20 locations researching managers and sharing local market insights.

Netwealth US Study Tour 2018 – Adviser panel

May 2018
At Russell Investments, we are known for our global investment capability and the people we have ‘on the ground’ in over 20 locations researching managers and sharing local market insights.

Russell monthly update

May 2018
Here is a summary of investment markets for the month of April 2018

Russell monthly update

May 2018
Here is a summary of investment markets for the month of April 2018

Russell quarterly update

April 2018
Here is a summary of investment markets for the three months ending 31 March 2018

Russell quarterly update

April 2018
Here is a summary of investment markets for the three months ending 31 March 2018

Dividend Opportunities

April 2018
Semi-annual Index Reconstitution
Russell Investments High Dividend Australian Shares ETF (RDV)

Dividend Opportunities

April 2018
Semi-annual Index Reconstitution
Russell Investments High Dividend Australian Shares ETF (RDV)

Five answers to help investors ride out market uncertainty

March 2018
Uncertainty and volatility are increasingly ruling the 2018 investment landscape. To help investors find the best way forward, we answer some of the most common questions being asked by investors, based on recent comments from its experts.*

Five answers to help investors ride out market uncertainty

March 2018
Uncertainty and volatility are increasingly ruling the 2018 investment landscape. To help investors find the best way forward, we answer some of the most common questions being asked by investors, based on recent comments from its experts.*

Russell monthly update

March 2018
Here is a summary of investment markets for the month of February 2018

Russell monthly update

March 2018
Here is a summary of investment markets for the month of February 2018

Russell monthly update

February 2018
Here is a summary of investment markets for the month of January 2018

Russell monthly update

February 2018
Here is a summary of investment markets for the month of January 2018

Russell quarterly update

January 2018
Here’s a summary of investment markets for the three months ending 31 December 2017

Russell quarterly update

January 2018
Here’s a summary of investment markets for the three months ending 31 December 2017

Currencies: Don’t be tempted by yield

December 2017
Despite offering higher interest rates than most of their developed-market counterparts, the U.S. dollar (USD) and the New Zealand dollar (NZD) were the two worst performers among Group of Ten (G10) currencies in 2017. We would not bet on a reversal of that trend. The story is different with emerging markets (EM) currencies, which are still appealing despite a tentative recovery this year.

Executive Summary

December 2017
Markets have turned optimistic, but it’s late in the cycle and central banks are becoming hawkish. The challenge ahead is to safely navigate between euphoria and danger.

Outlook 2018: Running with the bulls

December 2017
2017 delivered better-than-expected global equity returns, but the cycle is old and the Fed is set to step up the pace of rate hikes. The current bullish momentum will face strengthening headwinds as 2018 progresses.

Executive Summary

December 2017
Markets have turned optimistic, but it’s late in the cycle and central banks are becoming hawkish. The challenge ahead is to safely navigate between euphoria and danger.

Currencies: Don’t be tempted by yield

December 2017
Despite offering higher interest rates than most of their developed-market counterparts, the U.S. dollar (USD) and the New Zealand dollar (NZD) were the two worst performers among Group of Ten (G10) currencies in 2017. We would not bet on a reversal of that trend. The story is different with emerging markets (EM) currencies, which are still appealing despite a tentative recovery this year.

Outlook 2018: Running with the bulls

December 2017
2017 delivered better-than-expected global equity returns, but the cycle is old and the Fed is set to step up the pace of rate hikes. The current bullish momentum will face strengthening headwinds as 2018 progresses.

United States: Too much of a good thing?

December 2017
Global growth has lifted the U.S. economy and multinational earnings to their strongest position in years. But with an eight-year-old U.S. expansion, imbalances gradually building, and expensive market valuations, we believe some caution is warranted for U.S. equities. We forecast lackluster U.S. equity market returns in 2018 and view end-of-cycle risks as becoming elevated thereafter.


Russell monthly update

December 2017
Here is a summary of investment markets for the month of November 2017

United States: Too much of a good thing?

December 2017
Global growth has lifted the U.S. economy and multinational earnings to their strongest position in years. But with an eight-year-old U.S. expansion, imbalances gradually building, and expensive market valuations, we believe some caution is warranted for U.S. equities. We forecast lackluster U.S. equity market returns in 2018 and view end-of-cycle risks as becoming elevated thereafter.


Russell monthly update

December 2017
Here is a summary of investment markets for the month of November 2017

Is a recession on the horizon?

November 2017
Andrew Pease, Global Head of Investment Strategy, recently presented his three potential market scenarios in our UK Annual Investment Summit this month. Here’s a summary.

Is a recession on the horizon?

November 2017
Andrew Pease, Global Head of Investment Strategy, recently presented his three potential market scenarios in our UK Annual Investment Summit this month. Here’s a summary.

Super changes

November 2017
Some important super rules changed on 1 July 2017.

Super changes

November 2017
Some important super rules changed on 1 July 2017.

Super changes

November 2017
Some important super rules changed on 1 July 2017.

Russell monthly update

November 2017
Here is a summary of investment markets for the month of October 2017

Russell monthly update

November 2017
Here is a summary of investment markets for the month of October 2017

U.S. stocks in second longest rally since 1936: where to from here?

November 2017
With U.S. stocks seemingly setting new all-time highs every few days, it can be easy to overlook the fact that just nine years ago, markets the world over were roiled by intense market volatility. This memory prompted us to evaluate the status of the current bull market from a historical perspective: How does this rally compare to past U.S. expansions?

U.S. stocks in second longest rally since 1936: where to from here?

November 2017
With U.S. stocks seemingly setting new all-time highs every few days, it can be easy to overlook the fact that just nine years ago, markets the world over were roiled by intense market volatility. This memory prompted us to evaluate the status of the current bull market from a historical perspective: How does this rally compare to past U.S. expansions?

Umbrellas for a rainy day: Why options can be better than cash to manage downside risks

October 2017
Markets are now in the 9th year of the global bull run since the global financial crisis troughs in March 2009. As equity markets continue rising to increasingly extreme valuations, more and more investors are employing downside protection strategies to manage the risk of loss. This article explains why Russell Investments believes options and other derivatives should be used as part of a broad palette of portfolio management tools, in addition to cash and physicals, to deal with different market conditions.

Umbrellas for a rainy day: Why options can be better than cash to manage downside risks

October 2017
Markets are now in the 9th year of the global bull run since the global financial crisis troughs in March 2009. As equity markets continue rising to increasingly extreme valuations, more and more investors are employing downside protection strategies to manage the risk of loss. This article explains why Russell Investments believes options and other derivatives should be used as part of a broad palette of portfolio management tools, in addition to cash and physicals, to deal with different market conditions.

28% of financial advisers surveyed are considering real return funds

October 2017
More than a quarter of the 200 financial advisers we surveyed are considering more sophisticated options, in particular real return funds when reviewing clients’ portfolios, given the current market environment.

28% of financial advisers surveyed are considering real return funds

October 2017
More than a quarter of the 200 financial advisers we surveyed are considering more sophisticated options, in particular real return funds when reviewing clients’ portfolios, given the current market environment.

Russell quarterly update

October 2017
Here’s a summary of investment markets for the three months ending 30 September 2017

Russell quarterly update

October 2017
Here’s a summary of investment markets for the three months ending 30 September 2017

Momentum Investing: Buying Winners and Selling Losers

October 2017
Russell Investments believes that high momentum stocks will generate higher returns than low momentum stocks over a market cycle. To capture this momentum premium, Russell Investments’ equity funds are typically exposed to an allocation of high momentum stocks through a market cycle. But momentum portfolios can be subject to “momentum crashes”. Russell Investments therefore dynamically manage allocations to these high momentum stocks looking at three broad indicators - cycle, valuation and sentiment.

Momentum Investing: Buying Winners and Selling Losers

October 2017
Russell Investments believes that high momentum stocks will generate higher returns than low momentum stocks over a market cycle. To capture this momentum premium, Russell Investments’ equity funds are typically exposed to an allocation of high momentum stocks through a market cycle. But momentum portfolios can be subject to “momentum crashes”. Russell Investments therefore dynamically manage allocations to these high momentum stocks looking at three broad indicators - cycle, valuation and sentiment.

Missing the Forest for the Trees: Why Valuation Matters

October 2017
We know it’s easy to be tempted by short-term focus and market momentum. Sentiment and cycle urge us to jump on board, to hitch our wagons to today’s sky-high U.S. equities. But we believe it’s not worth it. We believe that a significant, short-lived market pullback could occur in the near future, given current valuations and the current market complacency.

You can’t see the forest for the trees: It’s a saying as old as time. The thinking goes that you’re so focused on a few things in front of you that you can’t take a step back and see the bigger picture.
In 2017, the trees are U.S. equities—and make no mistake, they’re giant ones, standing tall front and center. The forest is a significant portion of your portfolio.
Yes, U.S. stocks are high. And their related indexes are, in some cases, higher than they’ve ever been. The problem? They’re obscuring investors from peering deeper in—from seeing beyond a short-term time horizon into what else could thrive in their portfolios. Blame it on sentiment and cycle.


Missing the Forest for the Trees: Why Valuation Matters

October 2017
We know it’s easy to be tempted by short-term focus and market momentum. Sentiment and cycle urge us to jump on board, to hitch our wagons to today’s sky-high U.S. equities. But we believe it’s not worth it. We believe that a significant, short-lived market pullback could occur in the near future, given current valuations and the current market complacency.

You can’t see the forest for the trees: It’s a saying as old as time. The thinking goes that you’re so focused on a few things in front of you that you can’t take a step back and see the bigger picture.
In 2017, the trees are U.S. equities—and make no mistake, they’re giant ones, standing tall front and center. The forest is a significant portion of your portfolio.
Yes, U.S. stocks are high. And their related indexes are, in some cases, higher than they’ve ever been. The problem? They’re obscuring investors from peering deeper in—from seeing beyond a short-term time horizon into what else could thrive in their portfolios. Blame it on sentiment and cycle.


Momentum vs Asymmetry: Why downside management strategies are even more important now

October 2017
This article explores the implications of Russell Investments' latest strategist outlook for investors and their portfolios.

Momentum vs Asymmetry: Why downside management strategies are even more important now

October 2017
This article explores the implications of Russell Investments' latest strategist outlook for investors and their portfolios.

Momentum vs Asymmetry: Why downside management strategies are even more important now

October 2017
This article explores the implications of Russell Investments' latest strategist outlook for investors and their portfolios.

Markets bounceback after shocks

October 2017
History suggests that periods of sharp declines have often been followed by periods of some of the most favourable returns. Figure 1 shows the strong returns of U.S. markets during the 12 – 24 month periods following some of the sharpest declines of the past 40+ years. Even after the severe market falls (including the Oil Shock in the 1970s, stock market crash in 1987, ‘Tech Bubble’ in the early 2000s and the global financial crisis) where stocks lost up to half of their value over a short period of time, markets have bounced back to new highs after each shock.

Standing at the crossroads: An investor's choice of response after market turmoil

October 2017
This article shows the dramatic impact of an investor's choice of response during market turmoil on their future wealth balance.

Markets bounceback after shocks

October 2017
History suggests that periods of sharp declines have often been followed by periods of some of the most favourable returns. Figure 1 shows the strong returns of U.S. markets during the 12 – 24 month periods following some of the sharpest declines of the past 40+ years. Even after the severe market falls (including the Oil Shock in the 1970s, stock market crash in 1987, ‘Tech Bubble’ in the early 2000s and the global financial crisis) where stocks lost up to half of their value over a short period of time, markets have bounced back to new highs after each shock.

Standing at the crossroads: An investor's choice of response after market turmoil

October 2017
This article shows the dramatic impact of an investor's choice of response during market turmoil on their future wealth balance.

Harvard Goes Multi-Asset

October 2017
If you’ve followed the news, you’ve seen that over the last few months, my alma mater, Harvard University, has gone through several changes at their endowment—the largest academic endowment in the world. After years of middling returns and a well below peer return of (gasp!) 8% last year, Harvard has brought in a new CEO of the Harvard Management Company. His first change: to move from a portfolio of asset class sleeves to a generalist investment model in which all members of the investment team take ownership of the entire portfolio. We see this approach clearly as multi-asset.

Harvard Goes Multi-Asset

October 2017
If you’ve followed the news, you’ve seen that over the last few months, my alma mater, Harvard University, has gone through several changes at their endowment—the largest academic endowment in the world. After years of middling returns and a well below peer return of (gasp!) 8% last year, Harvard has brought in a new CEO of the Harvard Management Company. His first change: to move from a portfolio of asset class sleeves to a generalist investment model in which all members of the investment team take ownership of the entire portfolio. We see this approach clearly as multi-asset.

Executive Summary

September 2017
The monetary policy tide is heading out, putting upward pressure on government bond yields. Momentum can drive equity markets higher, but we believe extremely stretched U.S. equity valuation makes the market vulnerable to any unwelcome news.

Asia-Pacific: Riding the wave of momentum?

September 2017
The developed Asia-Pacific economies have been firming, while the developing economies continue to ride the wave of positive momentum. China’s 19th National Congress (due to begin in late October) will be the focus for the region, while geopolitical risks with North Korea will likely remain. Valuations remain slightly expensive, although we note that Japan is looking more attractive than the rest of the region.

Executive Summary

September 2017
The monetary policy tide is heading out, putting upward pressure on government bond yields. Momentum can drive equity markets higher, but we believe extremely stretched U.S. equity valuation makes the market vulnerable to any unwelcome news.

Currencies: Euro rally pauses but has legs

September 2017
Everyone seems to love the euro, so much so that it may have become a crowded trade. In the near term, too much optimism could dampen the rally. However, the likely tapering of bond purchases by the European Central Bank in 2018 and the revival of centrist governments will support the euro in the medium term.

The eurozone: The euro versus everything else

September 2017
From the perspective of financial markets, the third quarter of 2017 is best described as "the euro versus everything else." Tailwinds in the form of continued strong economic growth, favourable politics and robust earnings were neutralised by a single headwind: a rising euro exchange rate. Looking ahead, we expect the balance between these two forces to tilt back in favour of the fundamentals, supporting eurozone assets.

Investment Strategy Outlook

September 2017
Moderate growth, low inflation and easy monetary policy appear to provide a positive backdrop for investment portfolios as we look toward the fourth quarter of 2017. We still want to buy dips and sell rallies. Expensive U.S. equity valuation remains our main concern. Cyclical forces are moving in favour of higher government bond yields. We believe the euro has upside and that the U.S. dollar's (USD) downtrend should be arrested by early 2018.

The eurozone: The euro versus everything else

September 2017
From the perspective of financial markets, the third quarter of 2017 is best described as "the euro versus everything else." Tailwinds in the form of continued strong economic growth, favourable politics and robust earnings were neutralised by a single headwind: a rising euro exchange rate. Looking ahead, we expect the balance between these two forces to tilt back in favour of the fundamentals, supporting eurozone assets.

United States: Secondhand growth

September 2017
Cyclical strength in Europe and the emerging markets has rippled back into the U.S. market, helping large-cap businesses beat earnings expectations for two consecutive quarters. However, domestic fundamentals still look mediocre.

Asia-Pacific: Riding the wave of momentum?

September 2017
The developed Asia-Pacific economies have been firming, while the developing economies continue to ride the wave of positive momentum. China’s 19th National Congress (due to begin in late October) will be the focus for the region, while geopolitical risks with North Korea will likely remain. Valuations remain slightly expensive, although we note that Japan is looking more attractive than the rest of the region.

United States: Secondhand growth

September 2017
Cyclical strength in Europe and the emerging markets has rippled back into the U.S. market, helping large-cap businesses beat earnings expectations for two consecutive quarters. However, domestic fundamentals still look mediocre.

Currencies: Euro rally pauses but has legs

September 2017
Everyone seems to love the euro, so much so that it may have become a crowded trade. In the near term, too much optimism could dampen the rally. However, the likely tapering of bond purchases by the European Central Bank in 2018 and the revival of centrist governments will support the euro in the medium term.

Investment Strategy Outlook

September 2017
Moderate growth, low inflation and easy monetary policy appear to provide a positive backdrop for investment portfolios as we look toward the fourth quarter of 2017. We still want to buy dips and sell rallies. Expensive U.S. equity valuation remains our main concern. Cyclical forces are moving in favour of higher government bond yields. We believe the euro has upside and that the U.S. dollar's (USD) downtrend should be arrested by early 2018.

Russell monthly update

September 2017
Here is a summary of investment markets for the month of August 2017

Russell monthly update

September 2017
Here is a summary of investment markets for the month of August 2017

Keep calm in volatile markets: The cycle of market emotions

September 2017
When things are great, we feel that nothing can stop us. And when things go bad, we look to take drastic action. Because emotions can be such a threat to an investor's financial health, it is important to be aware of them. This awareness can then protect you from the negative consequences of impulsive and irrational reactions to them.

Why downside protection may matter more than upside growth

September 2017
The global macroeconomics and geopolitical outlook remains uncertain, suggesting that an environment of low rate, low growth, and high valuations may linger.

Keep calm in volatile markets: The cycle of market emotions

September 2017
When things are great, we feel that nothing can stop us. And when things go bad, we look to take drastic action. Because emotions can be such a threat to an investor's financial health, it is important to be aware of them. This awareness can then protect you from the negative consequences of impulsive and irrational reactions to them.

Why downside protection may matter more than upside growth

September 2017
The global macroeconomics and geopolitical outlook remains uncertain, suggesting that an environment of low rate, low growth, and high valuations may linger.

The search for returns: the low-return imperative

September 2017

We believe the search for returns for the remainder of 2017 and beyond is not going to get any easier against a backdrop of high U.S. equity prices, narrow credit spreads and low bond yields.


The search for returns: the low-return imperative

September 2017

We believe the search for returns for the remainder of 2017 and beyond is not going to get any easier against a backdrop of high U.S. equity prices, narrow credit spreads and low bond yields.


The search for returns: the low-return imperative

September 2017

We believe the search for returns for the remainder of 2017 and beyond is not going to get any easier against a backdrop of high U.S. equity prices, narrow credit spreads and low bond yields.


Russell Investments annual update

July 2017
Here's a summary of investment markets for the financial year ending 30 June 2017.

Russell Investments annual update

July 2017
Here's a summary of investment markets for the financial year ending 30 June 2017.

Russell Investments quarterly update

July 2017
Here’s a summary of investment markets for the three months ending 30 June 2017.

Russell Investments quarterly update

July 2017
Here’s a summary of investment markets for the three months ending 30 June 2017.

Investment Strategy Outlook

June 2017
We still want to buy dips and sell rallies against the backdrop of an expensive U.S. equity market, a broadly neutral earnings outlook, and sentiment indicators that point to complacency. Europe and, to a lesser extent, Japan and emerging markets (EM) have better cycle support. Government bonds are expensive, but a lack of global inflation pressure should keep yields in a range.

Currencies: European renaissance

June 2017
The political risks to the eurozone project are fading after elections in France, Austria and the Netherlands put centrists into power. A pro-euro, pro-globalization reform agenda could make the single European currency more appealing in the longer term.

United States: Strike three on inflation?

June 2017
The U.S. economy still looks resilient but mediocre. Incoming data during the second quarter proved consistent with our below-consensus growth forecast for 2017. The bigger surprise has come from the sharp slowdown in core inflation. We think this should put a halt to further Fed funds rate hikes this year. The lack of pricing power also poses a medium-term threat to corporate profitability.

Investment Strategy Outlook

June 2017
We still want to buy dips and sell rallies against the backdrop of an expensive U.S. equity market, a broadly neutral earnings outlook, and sentiment indicators that point to complacency. Europe and, to a lesser extent, Japan and emerging markets (EM) have better cycle support. Government bonds are expensive, but a lack of global inflation pressure should keep yields in a range.

Quantitative modeling insights: repeat performance

June 2017
Our modeling inputs appear stuck in neutral for 2017, offering no reason to change our outlook on equities or recession risk.

Currencies: European renaissance

June 2017
The political risks to the eurozone project are fading after elections in France, Austria and the Netherlands put centrists into power. A pro-euro, pro-globalization reform agenda could make the single European currency more appealing in the longer term.

Quantitative modeling insights: repeat performance

June 2017
Our modeling inputs appear stuck in neutral for 2017, offering no reason to change our outlook on equities or recession risk.

Asia-Pacific: tortoise and the hare?

June 2017
The developing Asia-Pacific economies are powering ahead like the speedy hare in the classic fable, although we are less optimistic on the outlook for some of the more developed regional countries that plod along like the fable’s tortoise. Resilient global trade continues to be a tailwind, and AsiaPacific equities currently appear slightly expensive after a strong secondquarter performance.

The eurozone: Markets are closing the gap

June 2017
In the past quarter, eurozone markets started to close the gap between strong fundamentals and weak relative performance. A "good news" show coming from the economy, political developments, earnings growth and monetary policy pushed markets higher. Although this rally has stretched near-term sentiment, we expect the eurozone to continue to do well in the medium term.

Executive Summary

June 2017
We still want to buy dips and sell rallies against the backdrop of an expensive U.S. equity market, a broadly neutral earnings outlook, and sentiment indicators that point to complacency. Europe and, to a lesser extent, Japan and emerging markets (EM) have better cycle support. Government bonds are expensive, but a lack of global inflation pressure should keep yields in a range.

United States: Strike three on inflation?

June 2017
The U.S. economy still looks resilient but mediocre. Incoming data during the second quarter proved consistent with our below-consensus growth forecast for 2017. The bigger surprise has come from the sharp slowdown in core inflation. We think this should put a halt to further Fed funds rate hikes this year. The lack of pricing power also poses a medium-term threat to corporate profitability.

The eurozone: Markets are closing the gap

June 2017
In the past quarter, eurozone markets started to close the gap between strong fundamentals and weak relative performance. A "good news" show coming from the economy, political developments, earnings growth and monetary policy pushed markets higher. Although this rally has stretched near-term sentiment, we expect the eurozone to continue to do well in the medium term.

Asia-Pacific: tortoise and the hare?

June 2017
The developing Asia-Pacific economies are powering ahead like the speedy hare in the classic fable, although we are less optimistic on the outlook for some of the more developed regional countries that plod along like the fable’s tortoise. Resilient global trade continues to be a tailwind, and AsiaPacific equities currently appear slightly expensive after a strong secondquarter performance.

Executive Summary

June 2017
We still want to buy dips and sell rallies against the backdrop of an expensive U.S. equity market, a broadly neutral earnings outlook, and sentiment indicators that point to complacency. Europe and, to a lesser extent, Japan and emerging markets (EM) have better cycle support. Government bonds are expensive, but a lack of global inflation pressure should keep yields in a range.

Russell Investments monthly update

June 2017
Here is a summary of investment markets for the month of May 2017

Russell Investments monthly update

June 2017
Here is a summary of investment markets for the month of May 2017

Has the US market overshot? Bet against mean reversion at your peril

May 2017
We’ve all heard and readily accept the investment axiom, buy low and sell high. But have you ever thought about the market forces that makes this true? Robert Shiller has. He won a Nobel Prize for this thinking.

Has the US market overshot? Bet against mean reversion at your peril

May 2017
We’ve all heard and readily accept the investment axiom, buy low and sell high. But have you ever thought about the market forces that makes this true? Robert Shiller has. He won a Nobel Prize for this thinking.

Monthly update

May 2017
Here is a summary of investment markets for the month of April 2017

Monthly update

May 2017
Here is a summary of investment markets for the month of April 2017

Quarterly update

April 2017
Here’s a summary of investment markets for the three months ending 31 March 2017

Quarterly update

April 2017
Here’s a summary of investment markets for the three months ending 31 March 2017

Executive Summary

March 2017
Equities have rallied on better global growth and expectations for theTrump administration’s economic stimulus in the U.S. market. We worry that expectations are running ahead of reality.

Executive Summary

March 2017
Equities have rallied on better global growth and expectations for theTrump administration’s economic stimulus in the U.S. market. We worry that expectations are running ahead of reality.

Currencies: U.S. dollar has limited upside

March 2017
Interest rates still give the U.S. dollar (USD) an advantage over other developed-market currencies, but the 25% appreciation predicted as a result of the so-called border tax is not in the cards.

Currencies: U.S. dollar has limited upside

March 2017
Interest rates still give the U.S. dollar (USD) an advantage over other developed-market currencies, but the 25% appreciation predicted as a result of the so-called border tax is not in the cards.

Asia-Pacific: power without glory

March 2017
Economies in the Asia-Pacific region are motoring on, with our expectation for full-year 2017 real GDP growth at just under 5%. That’s just a slight acceleration on 2016, as trade continues to improve and as business conditions firm. In our view, Asia-Pacific equity markets are fairly priced, while interest rates are facing upward pressures as global reflation returns.

Asia-Pacific: power without glory

March 2017
Economies in the Asia-Pacific region are motoring on, with our expectation for full-year 2017 real GDP growth at just under 5%. That’s just a slight acceleration on 2016, as trade continues to improve and as business conditions firm. In our view, Asia-Pacific equity markets are fairly priced, while interest rates are facing upward pressures as global reflation returns.

The eurozone: Reflation is winning

March 2017
Eurozone economic growth has been strong and its financial markets have started to rebound. In the broader context of continued monetary stimulus, we think it is becoming ever more certain that reflation is winning. When markets see the same, we expect the rebound will accelerate and the gap with strong fundamentals will close.

The eurozone: Reflation is winning

March 2017
Eurozone economic growth has been strong and its financial markets have started to rebound. In the broader context of continued monetary stimulus, we think it is becoming ever more certain that reflation is winning. When markets see the same, we expect the rebound will accelerate and the gap with strong fundamentals will close.

United States: Newton’s cradle in motion

March 2017
Market psychology has swung dramatically over the last 12 months. In early 2016, investors were worried about the risks of secular stagnation and a U.S. recession, but the narrative has veered in recent months toward the awakening of animal spirits. We continue to argue that the truth falls in the middle of these two extremes — that the U.S. economy is resilient but mediocre. This view has underpinned our "buy the dips and sell the rallies" investment strategy. As the market pendulum swings closer to euphoria, a more cautious strategy seems warranted.

United States: Newton’s cradle in motion

March 2017
Market psychology has swung dramatically over the last 12 months. In early 2016, investors were worried about the risks of secular stagnation and a U.S. recession, but the narrative has veered in recent months toward the awakening of animal spirits. We continue to argue that the truth falls in the middle of these two extremes — that the U.S. economy is resilient but mediocre. This view has underpinned our "buy the dips and sell the rallies" investment strategy. As the market pendulum swings closer to euphoria, a more cautious strategy seems warranted.

Investment Strategy Outlook

March 2017
Undue pessimism about global growth has given way to excessive optimism. Equity markets are overbought and a correction should create a buying opportunity. U.S. Treasuries are now fairly valued at around 2.5%, but we expect yields will be under upward pressure from rising inflation and Fed tightening.

Investment Strategy Outlook

March 2017
Undue pessimism about global growth has given way to excessive optimism. Equity markets are overbought and a correction should create a buying opportunity. U.S. Treasuries are now fairly valued at around 2.5%, but we expect yields will be under upward pressure from rising inflation and Fed tightening.

Quantitative modelling insights: holding pattern

March 2017
Our model for U.S. equities versus U.S. fixed income, continues to show a neutral preference as of March 15, 2017, without much change since our annual outlook report.

Quantitative modelling insights: holding pattern

March 2017
Our model for U.S. equities versus U.S. fixed income, continues to show a neutral preference as of March 15, 2017, without much change since our annual outlook report.

Active & Passive Investing

March 2017
Why we believe the smart money takes a total-portfolio approach.

Active & Passive Investing

March 2017
Why we believe the smart money takes a total-portfolio approach.

Russell monthly update

February 2017
Here is a summary of investment markets for the month of January 2017

Russell monthly update

February 2017
Here is a summary of investment markets for the month of January 2017

Russell quarterly update

January 2017
Here’s a summary of investment markets for the three months ending 31 December 2016.

Russell quarterly update

January 2017
Here’s a summary of investment markets for the three months ending 31 December 2016.

January 2017

January 2017

Executive summary: investment tourism

December 2016
Brexit and U.S. President-elect Donald Trump make a complicated late-cycle outlook even less predictable. Investors will need to navigate stretched valuations in 2017 and a potentially more aggressive U.S. Federal Reserve (Fed) as they work out the policy direction of the new U.S. administration.

Executive summary: investment tourism

December 2016
Brexit and U.S. President-elect Donald Trump make a complicated late-cycle outlook even less predictable. Investors will need to navigate stretched valuations in 2017 and a potentially more aggressive U.S. Federal Reserve (Fed) as they work out the policy direction of the new U.S. administration.

Quantitative modeling insights: holding pattern

December 2016
Our model for U.S. equities versus U.S. fixed income, which had slightly favored equities through much of 2016, shows a neutral preference as of November 25, 2016.

Quantitative modeling insights: holding pattern

December 2016
Our model for U.S. equities versus U.S. fixed income, which had slightly favored equities through much of 2016, shows a neutral preference as of November 25, 2016.

Currencies: will Trumponomics echo Reaganomics?

December 2016
The U.S. dollar has surged since the unexpected victory of Donald Trump in November’s U.S. presidential elections. If the greenback’s ascent continues apace, it could rival the overshoot of the dollar during Ronald Reagan’s first term as president in the 1980s. However, we don’t think such an overshoot is a likely scenario.

Currencies: will Trumponomics echo Reaganomics?

December 2016
The U.S. dollar has surged since the unexpected victory of Donald Trump in November’s U.S. presidential elections. If the greenback’s ascent continues apace, it could rival the overshoot of the dollar during Ronald Reagan’s first term as president in the 1980s. However, we don’t think such an overshoot is a likely scenario.

The eurozone: trust in fundamentals

December 2016
It is hard to stick to an investment process when financial markets seem to ignore everything it is built on. However, it is precisely in times like these that we have to remind ourselves that an investment process aims to not only identify investment opportunities, but also prevent investors from making behavioral mistakes. We believe giving up on the favorable fundamentals in the eurozone would be such a mistake. And we continue to trust they will lift eurozone financial markets.

The eurozone: trust in fundamentals

December 2016
It is hard to stick to an investment process when financial markets seem to ignore everything it is built on. However, it is precisely in times like these that we have to remind ourselves that an investment process aims to not only identify investment opportunities, but also prevent investors from making behavioral mistakes. We believe giving up on the favorable fundamentals in the eurozone would be such a mistake. And we continue to trust they will lift eurozone financial markets.

Global Market Outlook 2017: The new abnormal

December 2016
Political uncertainty dominates the 2017 outlook as markets adjust to the new realities of President-elect Trump and Brexit.

Global Market Outlook 2017: The new abnormal

December 2016
Political uncertainty dominates the 2017 outlook as markets adjust to the new realities of President-elect Trump and Brexit.

Are we there yet? The search for global inflation

October 2016
As many a parent setting off on a long road trip with children has heard all too often, there is the familiar question of “Are we there yet?” Most commonly this question is initially asked just as the family car “pulls out of the garage” and is re asked every 15-30 minutes. So what does a family road trip have to do with bond markets?

Are we there yet? The search for global inflation

October 2016
As many a parent setting off on a long road trip with children has heard all too often, there is the familiar question of “Are we there yet?” Most commonly this question is initially asked just as the family car “pulls out of the garage” and is re asked every 15-30 minutes. So what does a family road trip have to do with bond markets?

Concentration risk and the Australian share market

October 2016
We look at why franking credits should not be the only consideration for For-Purpose organisations

Concentration risk and the Australian share market

October 2016
We look at why franking credits should not be the only consideration for For-Purpose organisations

Emerging markets: Poised for a rally?

October 2016
One of our multi-asset experts examines emerging markets as part of a multi-asset investment strategy in light of our latest global market outlook.

Emerging markets: Poised for a rally?

October 2016
One of our multi-asset experts examines emerging markets as part of a multi-asset investment strategy in light of our latest global market outlook.

Finding opportunity in volatile times

August 2016
Volatility is expected to continue throughout the remainder of 2016. Helping clients to focus their attention on the factors they can control can be both useful and rewarding.

Finding opportunity in volatile times

August 2016
Volatility is expected to continue throughout the remainder of 2016. Helping clients to focus their attention on the factors they can control can be both useful and rewarding.

‘7-point plan’ for staying patient: Diversify … but do it intelligently

August 2016
Some of the world’s safest investments have now become (thanks to their extreme valuations) some of the riskiest. What does that do to a portfolio that is half bonds and half the ‘conventional’ risky asset – equities? Should such a portfolio still be considered diversified?

‘7-point plan’ for staying patient: Diversify … but do it intelligently

August 2016
Some of the world’s safest investments have now become (thanks to their extreme valuations) some of the riskiest. What does that do to a portfolio that is half bonds and half the ‘conventional’ risky asset – equities? Should such a portfolio still be considered diversified?

‘7-point plan’ for staying patient: Get real … you MUST make the mental adjustment’

July 2016
News of late - be it in the political or economic arena - has been rather downbeat. Politics aside, economic growth outlook in both developed and emerging economies is uninspiring.

‘7-point plan’ for staying patient: Get real … you MUST make the mental adjustment’

July 2016
News of late - be it in the political or economic arena - has been rather downbeat. Politics aside, economic growth outlook in both developed and emerging economies is uninspiring.

‘7-point plan’ for staying patient: Understand the ‘lay of the board’

July 2016
Over the past few weeks, the global community has been coming to terms with the fact that an unlikely event, namely victory for the Leave camp in the UK, did actually take place. Media outlets around the world made the most of the story. Financial markets reacted decisively on the day – dumping the pound, retreating from European shares, especially the vulnerable banking sector, and elevating sovereign bonds, and the Yen, to new highs. Brexit was another episode of volatility, and with the wide-ranging consequences it could have for Europe and beyond, we think volatility is here to stay. It is hard to imagine the global economy churning through the mounting challenges and surprising us on the upside any time soon. We stand by our view that good investment returns will be hard to come by, at least in the near term.

‘7-point plan’ for staying patient: Understand the ‘lay of the board’

July 2016
Over the past few weeks, the global community has been coming to terms with the fact that an unlikely event, namely victory for the Leave camp in the UK, did actually take place. Media outlets around the world made the most of the story. Financial markets reacted decisively on the day – dumping the pound, retreating from European shares, especially the vulnerable banking sector, and elevating sovereign bonds, and the Yen, to new highs. Brexit was another episode of volatility, and with the wide-ranging consequences it could have for Europe and beyond, we think volatility is here to stay. It is hard to imagine the global economy churning through the mounting challenges and surprising us on the upside any time soon. We stand by our view that good investment returns will be hard to come by, at least in the near term.

The three step process to developing an ‘all weather’ financial strategy

July 2016
Developing a financial strategy that will succeed in good and bad economic environments is a challenge for all business and investment professionals. However, this challenge can be particularly acute for many For-Purpose organisations due to the long term (often perpetual) nature of their objectives and their need to balance the competing objectives of regularly drawing an income whilst preserving the capital base of their investment portfolio.

The three step process to developing an ‘all weather’ financial strategy

July 2016
Developing a financial strategy that will succeed in good and bad economic environments is a challenge for all business and investment professionals. However, this challenge can be particularly acute for many For-Purpose organisations due to the long term (often perpetual) nature of their objectives and their need to balance the competing objectives of regularly drawing an income whilst preserving the capital base of their investment portfolio.

Spotlight on: Russell Investments’ equity ETFs

June 2016
At the end of May 2016, Russell Investments’ Portfolio Managers, James Harwood and Robert Moore, held a briefing on the recent ETF reconstitution. Each of the ETFs underwent some changes to ensure they maintain the correct positioning to achieve their end desired outcomes.

Below is an overview of the EQUITY component of the briefing.

Spotlight on: Russell Investments’ equity ETFs

June 2016
At the end of May 2016, Russell Investments’ Portfolio Managers, James Harwood and Robert Moore, held a briefing on the recent ETF reconstitution. Each of the ETFs underwent some changes to ensure they maintain the correct positioning to achieve their end desired outcomes.

Below is an overview of the EQUITY component of the briefing.

7 things successful investors do in volatile times

June 2016
If you and your clients are feeling a little bombarded by news about US and Australian elections, ‘Brexit’ fallout, global growth, government debt, record low interest rates (negative in some parts of the globe), high valuations, declining earnings, Chinese data releases, commodity price weakness, see-sawing currencies – and wondering what to make of it all, I have some news for you. Take comfort… you are not alone!

In fact, investors everywhere are grappling with the same big question:

7 things successful investors do in volatile times

June 2016
If you and your clients are feeling a little bombarded by news about US and Australian elections, ‘Brexit’ fallout, global growth, government debt, record low interest rates (negative in some parts of the globe), high valuations, declining earnings, Chinese data releases, commodity price weakness, see-sawing currencies – and wondering what to make of it all, I have some news for you. Take comfort… you are not alone!

In fact, investors everywhere are grappling with the same big question:

Spotlight on: Russell Investments’ bond ETFs

June 2016
At the end of May 2016, Russell Investments’ Portfolio Managers, James Harwood and Robert Moore, held a briefing on the recent ETF reconstitution. Each of the ETFs underwent some changes to ensure they maintain the correct positioning to achieve their end desired outcomes.

Below is an overview of the BOND component of the briefing.

Spotlight on: Russell Investments’ bond ETFs

June 2016
At the end of May 2016, Russell Investments’ Portfolio Managers, James Harwood and Robert Moore, held a briefing on the recent ETF reconstitution. Each of the ETFs underwent some changes to ensure they maintain the correct positioning to achieve their end desired outcomes.

Below is an overview of the BOND component of the briefing.

Market Update - Fed rate decision

June 2016
Steady as it goes. For now

In the end there really wasn’t much suspense. U.S. Federal Reserve chair Janet Yellen had made it pretty clear in a speech she gave on 6 June that the Fed intended to keep interest rates steady at its June Open Market Committee (FOMC) meeting. And that’s exactly what happened. So for now, the U.S. federal funds rate remains unchanged at between 25 to 50 basis points.

Market Update - Fed rate decision

June 2016
Steady as it goes. For now

In the end there really wasn’t much suspense. U.S. Federal Reserve chair Janet Yellen had made it pretty clear in a speech she gave on 6 June that the Fed intended to keep interest rates steady at its June Open Market Committee (FOMC) meeting. And that’s exactly what happened. So for now, the U.S. federal funds rate remains unchanged at between 25 to 50 basis points.

Executive Summary

May 2016
The 2016 Russell Investments/ASX Long-term Investing Report underscores the danger of Australian investors relying on local asset classes, and traditional ‘do-it- yourself’ approaches, to achieve their long-term investment goals.

Executive Summary

May 2016
The 2016 Russell Investments/ASX Long-term Investing Report underscores the danger of Australian investors relying on local asset classes, and traditional ‘do-it- yourself’ approaches, to achieve their long-term investment goals.

Federal Budget 2016 – Superannuation update

May 2016
We provide a summary of how the announcements in the 2016 Federal Budget will impact on superannuation

Federal Budget 2016 – Superannuation update

May 2016
We provide a summary of how the announcements in the 2016 Federal Budget will impact on superannuation

Asia-Pacific: Waiting on hopes and fears

January 2016
2016: Stumblin’ in

We expect Asia-Pacific economies to respond to monetary stimulus, to currency devaluations, and to recovery in the U.S. and Europe. Equity markets lack momentum, but offer acceptable value. Bond markets across the region remain vulnerable.

Investment strategy outlook: The Fed Awakens

January 2016
Investment strategy outlook: The Fed Awakens

United States: Life after liftoff

January 2016
Show me the earnings

The U.S. economy has come a long way from the depths of the crisis: The unemployment rate has been slashed in half from 10% to 5% as of November 2015, the housing market has turned from a source of vulnerability to a source of growth, and the consumer is fundamentally supported by healthy employment growth and lower energy prices. The strength and cumulative progress of the economy is what prompted Janet Yellen and the Federal Open Market Committee (the Fed) to hike interest rates off of zero for the first time in seven years at their December meeting. Naturally, the market’s attention is now shifting squarely from the initial timing to the future pace of hikes.

Investment strategy outlook: The Fed Awakens

January 2016
Investment strategy outlook: The Fed Awakens

The eurozone: Maintain your enthusiasm Gas in the tank

January 2016
Eurozone risk assets have had a good year. In local currency terms, which we continually point out as an important consideration in our investment decision, the Russell Eurozone Index returned 17.2% as of Nov 30, 2015. Government bonds have done well too, with the periphery gaining 4% to 7%5 versus the core gaining 2%. Obviously, these healthy returns move up the starting point for eurozone assets, making it harder for them to continue to outperform. However, we believe there is enough gas left in the tank to keep the eurozone going for another year, albeit at a slower pace in terms of outperformance.

United States: Life after liftoff

January 2016
Show me the earnings

The U.S. economy has come a long way from the depths of the crisis: The unemployment rate has been slashed in half from 10% to 5% as of November 2015, the housing market has turned from a source of vulnerability to a source of growth, and the consumer is fundamentally supported by healthy employment growth and lower energy prices. The strength and cumulative progress of the economy is what prompted Janet Yellen and the Federal Open Market Committee (the Fed) to hike interest rates off of zero for the first time in seven years at their December meeting. Naturally, the market’s attention is now shifting squarely from the initial timing to the future pace of hikes.

The eurozone: Maintain your enthusiasm Gas in the tank

January 2016
Eurozone risk assets have had a good year. In local currency terms, which we continually point out as an important consideration in our investment decision, the Russell Eurozone Index returned 17.2% as of Nov 30, 2015. Government bonds have done well too, with the periphery gaining 4% to 7%5 versus the core gaining 2%. Obviously, these healthy returns move up the starting point for eurozone assets, making it harder for them to continue to outperform. However, we believe there is enough gas left in the tank to keep the eurozone going for another year, albeit at a slower pace in terms of outperformance.

FX Outlook 2016: The peak in the U.S. dollar

January 2016
The dollar bull cycle is maturing. In Chart 1, we see the trade-weighted real U.S. dollar (USD) exchange rate index against 27 developed country currencies (the narrow index), as calculated by the Bank for International Settlements. A high real exchange rate may signal overvaluation and a low rate suggests undervaluation.

Asia-Pacific: Waiting on hopes and fears

January 2016
2016: Stumblin’ in

We expect Asia-Pacific economies to respond to monetary stimulus, to currency devaluations, and to recovery in the U.S. and Europe. Equity markets lack momentum, but offer acceptable value. Bond markets across the region remain vulnerable.

Executive summary: Outlook 2016 - Curb your enthusiasm

January 2016
In our 2015 Annual Global Market Outlook we talked about how the bar for generating investment returns was rising as a result of stretched equity valuations, low bond yields and narrow credit spreads. This reality hit home in 2015. Global equities and fixed income barely posted positive returns for the year and anything related to emerging markets (EM) fared worse. Looking ahead to 2016, the bar keeps rising, and we believe it will likely be another year of limited upside potential for investment returns.

Executive summary: Outlook 2016 - Curb your enthusiasm

January 2016
In our 2015 Annual Global Market Outlook we talked about how the bar for generating investment returns was rising as a result of stretched equity valuations, low bond yields and narrow credit spreads. This reality hit home in 2015. Global equities and fixed income barely posted positive returns for the year and anything related to emerging markets (EM) fared worse. Looking ahead to 2016, the bar keeps rising, and we believe it will likely be another year of limited upside potential for investment returns.

FX Outlook 2016: The peak in the U.S. dollar

January 2016
The dollar bull cycle is maturing. In Chart 1, we see the trade-weighted real U.S. dollar (USD) exchange rate index against 27 developed country currencies (the narrow index), as calculated by the Bank for International Settlements. A high real exchange rate may signal overvaluation and a low rate suggests undervaluation.

2016 begins with a global market shock from China

January 2016
Déjà vu: Global markets once again spooked by economic news from China

2016 begins with a global market shock from China

January 2016
Déjà vu: Global markets once again spooked by economic news from China

2016 begins with a global market shock from China

January 2016
Déjà vu: Global markets once again spooked by economic news from China
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