Top Papers: The best insights from January

Navigate today's uncertainty with the latest investment research

This collection of top-quality thought leadership explores themes that will shape markets this year and beyond. They include the second Trump presidency, the growth of data centers in the U.S., and the potential fate of emerging markets.

Uncertainty Is Certain (PIMCO)

Financial markets are pricing in a positive baseline expectation—reflected in the strength of U.S. and other equity markets in recent months. But risks remain.

Emerging Markets 2025: A Landscape of Opportunity (William Blair)

The vast majority of EMs are small, open economies whose fortunes depend on what happens in the world’s three principal demand centers: the U.S., Europe, and China.

Exploring Developments across the U.S. Electric Grid (PGIM Fixed Income)

Power demand in the U.S. is mainly coming from tech's massive AI push and the data centers need to support it.

European Leveraged Loans Outlook 2025: The Recovery Continues (M&G Investments)

For compliance reasons, this paper is only accessible in certain geographies

Following relatively subdued issuance in 2023, the European broadly syndicated loans market experienced steady growth in 2024.

Pensions in the Age of AI (CFA Institute Research & Policy Center)

Global pension assets account for more than $55.7 trillion, representing approximately 69% of GDP across 22 major economies.

3 Contrarian Investments for 2025 (Morningstar Indexes)

As investors think about portfolio positioning for 2025 and beyond, it’s important to remember that valuation is a poor timing signal.

Do GP Commitments Matter? (Institute for Private Capital)

Delegated asset management gives rise to the classic principal-agent problem. Here is one way to solve this issue.

FX Talking: Trump’s Currency, Your Problem (ING)

The combination of a stronger dollar and higher Treasury yields is crowding out financial flows to the rest of the world and is starting to cause problems.

Asset Allocations and Investment Strategies of U.S. Life Insurers (Milliman)

As of December 2023, the life industry held a carrying value of nearly $5.2 trillion in cash and invested assets with an average net yield of 4.28%.

Trump is Making a Comeback: Are Europe and China Next? (Natixis IM)

For compliance reasons, this paper is NOT accessible in the United States and Canada

The political agenda in 2024 was busy, with some scheduled elections and others that were unexpected. What will 2025 hold in store for allocators?