What’s covered

The year ahead could be one of macro uncertainty, but also of potential opportunities, investment ideas and renewal in certain asset classes. Check out insights from our investment specialists from SLC Management, BGO, InfraRed and Crescent Capital.

A letter from Steve Peacher

Macroeconomic outlook

Policy uncertainty has been driven by potential tax cuts and lighter regulation on one hand and tough tariffs and immigration enforcement on the other.

Fixed income: investment grade

Robust supply and higher wages could apply upward pressures on inflation and on bond yields.

Fixed income: non-investment grade

Syndicated loans and CLO liabilities could hold some potential opportunities for attractive coupon income.

Private credit: investment grade

IG private credit markets have experienced robust volume growth heading into the new year.

Private credit: non-investment grade

Asset class poised to capture potential opportunities from strengthening U.S. middle market companies, increased M&A.

Real estate

Public REIT valuations, market volumes and certain fair value proxies suggest constructive conditions for the asset class.

Infrastructure

Megatrends continue to drive the outlook for infrastructure, as digitalization and decarbonization increasingly overlap.

Insurance asset management

Fixed income has offered attractive all-in yields, presenting strong return opportunities for insurers.

Retirement plan solutions

Longer-term bond yields rising could provide an attractive entry point for mid- to long-duration fixed income.

“Sources of uncertainty remain prevalent as we head deeper into the new year. These include those of a political nature, with an incoming U.S. administration raising expectations of both growth-friendly initiatives and the more sobering impact of tariff talk. And observers are watching central banks closely, for signs of the policymakers settling into a neutral rate or adopting a more stimulative mindset.”

Steve Peacher
Executive Chair
SLC Management

Contributing authors

Steve Peacher
Executive Chair
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 Tradeable Credit
Crescent Capital Group

Andrew Kleeman
Senior Managing Director, Co-Head of Private Fixed Income
SLC Fixed Income

Elaad Keren
Senior Managing Director, Co-Head of Private Fixed Income
SLC Fixed Income

Nushi Kazemian
Managing Director, Private Fixed Income
SLC Fixed Income

Chris Wright
President and Head of Private Markets
Crescent Capital Group

Chris Wang
Managing Director
Crescent Capital Group

Phil Stone
Managing Director, Head of Canada Research
BGO

Michael Andrews
Managing Partner, Portfolio Manager
BGO

Christina Iacoucci
Managing Partner, Head of Canada and Canadian Chief Investment Officer
BGO

Ashwin Gopwani
Managing Director, Head of Retirement Solutions
SLC Management

Neil Tai-Pow
Senior Director, Client Solutions
SLC Management

Steve Guignard
Senior Director, Client Solutions
SLC Management

Nitin Chhabra
Managing Director, Head of Insurance Solutions 
SLC Management

Jack Paris
Chief Executive Officer
InfraRed

Edward Hunt
Partner, Head of Core Income Funds
InfraRed

Stephane Kofman
Partner, Head of Value Add Funds
InfraRed

Our specialty managers

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