XxX | Feature
Contents
Editorial
ASIA: EASTERN PROMISES
More people in Europe have celebrated their 65th birthday than ever before, while its hospitals are delivering fewer babies. Add in that its economies are generating little growth, if any at all, and the investment case for the region has looked better. The outlook for the US is more attractive. The country is home to the tech stocks that excite consumers and investors alike, while the IMF expects the economy to expand by 1.6% this year. However, this is down from the 2.1% recorded in 2022 and is around a quarter of India’s projected growth this year. The West’s status as the world’s economic engine room appears to have ended with most of the globe’s growth set to be generated by the East in the coming years, fuelled by a younger workforce. This month’s cover story discusses if long-term investors should look to the East as a primary source of growth and income. From page 16, you can read our take on why China, India, Taiwan, Singapore and South Korea could one day be institutional inves- tors’ largest exposures, if they are not already. Stable and recuring income is needed now more than ever considering that we are liv- ing through a time of low growth and high inflation. Infrastructure is an asset class which could offer that, so why are allocations lower than expected? We take a look from page 46.
Elsewhere, private credit has emerged as an institutional asset class thanks to banks withdrawing from certain markets. Our coverage on what investors need to know starts on page 20. Also emerging in importance for the British pensions market is defined contribution. We brought trustees, consultants and an asset manager together to discuss investment strategy following such a challenging 2022. Read what they had to say from page 34. Investing is not just about closing the deal. Engagement to improve a corporate’s oper- ations, especially on issues of sustainability, is now a big part of the process. Tackling inequality is one such issue, which includes deciding how much an executive is paid. We put the issue under the microscope from page 30. Finally, Joe McDonnell, the new chief investment officer of Border to Coast, explains why he wants to work with people who see the world differently, while Mahesh Roy at the Institutional Investors Group on Climate Change discusses some of his concerns about the fight to protect our planet.
Mark Dunne Editor
m.dunne@portfolio-institutional.co.uk
Issue 126 | September 2023 | portfolio institutional | 3
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