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2023 Mid-year Global Investment Outlook
August 01, 2023
2023 Mid-year Global Investment Outlook
Welcome to SLC Management’s investment outlook for mid-year 2023. In this report, our investment teams and solutions providers share their insights, analyses and perspectives on public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.
After a rebound in most financial markets in the first half of 2023, our investment specialists from SLC Management, BentallGreenOak, InfraRed and Crescent Capital look to what could be ahead for the global economy, and for traditional and alternative investments.
A letter from Steve Peacher
Major central banks are facing the challenge of moderating inflation without igniting a severe recession.
Fixed income: investment grade:
Robust economic indicators may have shifted policy expectations from the Bank of Canada.
Fixed income: below investment grade:
Examining the effect of past changes in policy direction of the U.S. Federal Reserve on high yield and bank loan assets.
Private credit: investment grade:
Continued resilience in private credit could yield attractive investment opportunities for investors with a long-term horizon.
Private credit: below investment grade:
A potential pickup in merger-and-acquisition volumes could lead to increased private credit-fueled buyouts and refinancings.
Canadian housing market may be key to whether or not the domestic economy gets a soft landing.
An increased focus on monetary policy, sustainability issues and general demand drivers could serve as catalysts for infrastructure investments.
Insurance asset management:
Yield increases have shifted insurer asset allocations toward fixed income.
Retirement plan solutions:
Increasing fixed income diversification has become a growing focus for plan sponsors.
“Conditions at the beginning of this year presented considerable opportunities for fixed income investors to pick up yield, and a similarly fertile investment environment is expected to continue to some extent going forward. At the same time, investors searching for additional sources of yield are increasingly looking at non-traditional investments.”
Steve Peacher President SLC Management
Steve Peacher President SLC Management
Dec Mullarkey Managing Director, Investment Strategy and Asset Allocation SLC Management
Randall Malcolm Senior Managing Director, Portfolio Manager, Public Fixed Income SLC Fixed Income
John Fekete Managing Director and Head of Capital Markets Crescent Capital Group
Andrew Kleeman Senior Managing Director, Head of Corporate Private Placements SLC Fixed Income
Elaad Keren Senior Managing Director, Portfolio Manager and Head of Mid-Market Private Debt SLC Fixed Income
Gary Greaves Managing Director, Private Fixed Income SLC Fixed Income
Chris Wright Managing Director and Head of Private Markets Crescent Capital Group
Chris Wang Managing Director, Crescent Credit Solutions Crescent Capital Group
Phil Stone Principal, Head of Canada Research BentallGreenOak
Michael Andrews Managing Partner, Portfolio Manager BentallGreenOak
Ashwin Gopwani Managing Director, Head of Canadian Client Solutions SLC Management
Steve Guignard Senior Director, Client Solutions SLC Management
Nitin Chhabra Managing Director, Head of Insurance Client Relationships and Solutions SLC Management
Richard Crawford Partner, Head of Energy Income Funds InfraRed
Edward Hunt Partner, Head of Core Income Funds InfraRed
Stephane Kofman Partner, Head of Capital Gain Funds InfraRed
SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate.
Sun Life Capital Management (Canada) Inc. is a Canadian registered portfolio manager, investment fund manager, exempt market dealer and in Ontario, a commodity trading manager. Sun Life Capital Management (U.S.) LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser and is also a Commodity Trading Advisor and Commodity Pool Operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act and Members of the National Futures Association.
BentallGreenOak, InfraRed Capital Partners (InfraRed) and Crescent Capital Group (Crescent), and Advisors Asset Management are also part of SLC Management.
BentallGreenOak is a global real estate investment management advisor and a provider of real estate services. In the U.S., real estate mandates are offered by BentallGreenOak (U.S.) Limited Partnership, who is registered with the SEC as an investment adviser, or Sun Life Institutional Distributors (U.S.) LLC, an SEC registered broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) . In Canada, real estate mandates are offered by BentallGreenOak (Canada) Limited Partnership, BGO Capital (Canada) Inc. or Sun Life Capital Management (Canada) Inc. BGO Capital (Canada) Inc. is a Canadian registered portfolio manager and exempt market dealer and is registered as an investment fund manager in British Columbia, Ontario and Quebec.
InfraRed Capital Partners is an international investment manager focused on infrastructure. Operating worldwide, InfraRed manages equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners Ltd. is authorized and regulated in the UK by the Financial Conduct Authority.
Crescent Capital Group is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe, and invests in high-yield bonds and broadly syndicated loans.
Securities will only be offered and sold in compliance with applicable securities laws.
AAM is an independent U.S. retail distribution firm that provides a range of solutions and products to financial advisors at wirehouses, registered investment advisors and independent broker-dealers.
The content of this website is intended for institutional investors only. It is not for retail use or distribution to individual investors. All investments involve risk including the possible loss of capital. This website is for informational and educational purposes only. Past performance is not a guarantee of future results.
The information contained in this website is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. Investors should consult with their professional advisors before acting upon any information contained on this website. The assets under management (AUM) represent the combined AUM of Sun Life Capital Management (Canada) Inc., Sun Life Capital Management (U.S) LLC, BentallGreenOak, InfraRed Capital Partners, and Advisors Asset Management.
AUM as of June 30, 2023. Total firm AUM includes approximately $42B in cash, other, unfunded commitments, and Advisors Asset Management equity. Total firm AUM excludes $49.8 billion in assets under administration by AAM.
Currency conversion rate: USD $1.00 CAD $1.3236 as of June 30th, 2023.
UK Tax Strategy - InfraRed (UK) Holdco 2020 Limited
InfraRed (UK) Holdco 2020 Ltd is the UK holding company of InfraRed Partners LLP and a subsidiary of Sun Life (U.S.) Holdco 2020 Inc, which has its headquarters in the U.S. The company was incorporated to purchase InfraRed Partners LLP and acts solely as a passive holding company. The Tax Strategy for the InfraRed Holdco Group sets out our approach to the management of InfraRed Holdco Group UK tax affairs in supporting business activities in the UK.
This UK tax strategy is published in accordance with the requirements set out in Schedule 19 of Finance Act 2016. The strategy, which has been approved by the Board of Directors of InfraRed (UK) Holdco 2020 Ltd, is effective for the period ending 31 December 2023. It applies to InfraRed (UK) Holdco 2020 Ltd and its dormant subsidiary Sun Life (UK) Designated Member Ltd, referred to as the “InfraRed Holdco Group”. InfraRed Holdco Group.