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2023 Global Investment Outlook
January 31, 2023
2023 Global Investment Outlook
We are pleased to present SLC Management’s investment outlook for 2023. This report reflects the diverse viewpoints of our investment teams and solutions providers, with analyses of public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.
Our investment professionals across SLC Management, BentallGreenOak, InfraRed and Crescent Capital provide invaluable insights into what lies ahead for traditional and alternative investments, as well as for the global economy. Panel discussion followed by Q&A.
Following a challenging 2022, our investment professionals across SLC Management, BentallGreenOak, InfraRed and Crescent Capital provide invaluable insights into what lies ahead for traditional and alternative investments, as well as for the global economy.
A letter from Steve Peacher
Inflation across most developed economies is expected to moderate, but concerns persist over global economic growth.
Fixed income: investment grade:
Movements in the Canada yield curve suggest investor confidence that inflation has been contained, though current expectation levels might be overly optimistic.
Fixed income: below investment grade:
With increased default rates already priced into markets, there may be attractive entry points in below-investment grade bonds in 2023.
Private credit: investment grade:
Volatility is expected to continue into 2023, but the deal pipeline may be building up, driven in part by issuers who remained on the sidelines in 2022 coming back into the market.
Private credit: below investment grade:
The macroeconomic and policy backdrop has resulted in a shift in the market favoring lenders over borrowers, providing opportunities for investors to benefit from higher yields on more attractive terms.
Amid recession risks, the operating fundamentals of Canadian real estate remain sound, and specific subsectors such as food-anchored retail, multi-family rentals and logistics properties could exhibit particular resilience.
Amid the various risks and opportunities present in the asset class, the ongoing movement toward global sustainability represents a strong secular theme favoring green infrastructure.
Insurance asset management:
Institutional investors are in a rare position to take advantage of much improved core yields, with expectations that credit spreads will widen as 2023 progresses.
Retirement plan solutions:
Funded status levels for defined benefit plans improved in 2022 amid the past year’s volatility, which has driven de-risking activity among plan sponsors.
Steve Peacher President SLC Management
“The year ahead will not be without its risks, from central banks responding to data surprises, to liquidity concerns in some asset classes, to possible economic contractions more serious than forecast. This underscores the importance of perspective and insight, which can help us see beyond near-term worries and focus on the historical resilience of financial markets.”
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, 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, 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 Retirement Solutions SLC Management
Nitin Chhabra Managing Director, Head of Insurance Relationships & Solutions SLC Management
Richard Crawford Director, Infrastructure 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.