CIO reading list: Febraury 2025

"Capitalism in its current form is dysfunctional"

The heading above isn’t just a catchy phrase written to attract attention—it’s a view held by Thomas Friedberger, co-CIO of Tikehau Capital. You’ll find his full thinking below, alongside plenty more opinions regarding the current state of markets and economies from other industry participants.

For CIOs

Global Equities in an America First World (Invesco)

Investors should expect Trump to enter his second term turbocharged by a clearer, stronger mandate than in his first, more eager and better prepared to enact radical reform.

Active Fixed Income Perspectives Q1 2025: A Real Deal (Vanguard)

For compliance reasons, this paper is only accessible in the United States

Relative to history, markets are back to a more normal fixed income regime. Investors should recognize that there is a real deal in bonds.

Digital Assets – Evolution and Correlations with Other Asset Classes (FTSE Russell)

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

Since the arrival of Bitcoin in 2009 and Ethereum in 2015, Digital Assets have gained significant attention from retail and institutional investors alike.

A New Era of Private Markets Data Confidence (State Street)

Institutional investors are most likely to increase their private markets investment by reducing public markets allocations.

Diversifying with Hedge Funds (UBS AM)

By adding hedge fund portfolios to a traditional stock/bond portfolio, investors have the potential to increase their returns and reduce the volatility in their portfolio.

What Does Slower Private Asset Distributions Mean for a CIO? (PGIM)

Pooled distributions provide a good overview of the total slow-down of private asset distributions. However, in practice, CIOs have exposure to a collection of vintages.

From CIOs

CIO Letter – 10 Trends That Will Shape the Coming Decades (Tikehau Capital)

Globalized capitalism in its current form is dysfunctional to the point that it is threatening the human life on this planet.

Global Investment Views - February 2025 (Amundi)

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

Amundi's Global CIOs provide their latest views on the direction of markets and economies from around the world.

Oaktree Credit Quarterly: The LME Wave (Oaktree)

A surge in liability management exercises has manifested from a potent combination of weak credit documentation, elevated debt costs, and other key developments.