In the 1990s and 2000s, investors were largely able to ignore the macro picture. But macro forces have reawakened and matter more than ever for portfolios to succeed in meeting client goals in the years ahead.

All markets are embedded in a web of human relations, values and norms. We must rethink the relationship between market and civil society to return to a more secure and stable economic plane.

With attractive valuations and global investors underweight the asset class, the case for a dedicated Emerging Market Debt allocation is growing ever stronger.

Style matters when constructing portfolios, but there are other characteristics in a manager that are as - if not more - important in generating consistent returns over the long term.

Private debt essential to modern investment portfolios. If the end objective is an attractive risk-adjusted return, then private debt is the means to get there.

We need to consider an expanded set of solutions including hedge funds and private markets so portfolios are truly the ends to the means.

Portfolio construction practitioners have access to a broader array of investment research, strategies and tools than ever before - yet obstacles to meeting clients' long-term financial goals are equally numerous.

There is no point in building wealth for the future if that future is one of frequent and catastrophic climate events that undermine our way of life.

In retirement, investors seek to convert their savings into a sustainable salary replacement with access to growing capital. The metric for success must also shift to accommodate these trade-offs.

Total return portfolios can support retiree spending strategies while removing the temptation to increase risk - in the end, producing better outcomes for retirees.

As the Baby Boomer generation continues to transition to retirement and life expectancies rise, portfolio construction practitioners must ensure retirement solutions meet client goals right to the end of their days.

Companies that are solving the world's greatest challenges - environmental or humanitarian – often have near term imperfections that see them starved of capital. A pragmatic approach embraces imperfections and focusses on the potential for positive societal impact.

Uncertainty around the inflation outlook is at an extreme – yet a view on inflation is a critical input to building portfolios capable of achieving client goals out into the future.

Three economists describe and debate three plausible, forward-looking economic and market scenarios that have a reasonable probability of occurring during the next two to three years.

Infrastructure plays a key role in the move towards decarbonisation and net-zero emissions. Government policy support and the unprecedented amount of capital required to achieve these targets should change how you think about investing in infrastructure.

Will current elevated levels be sustained? Not likely. Post Covid-19, secular factors such as debt levels and demographics provide even stronger headwinds against inflation than the preceding decade ever did.

Capital markets will be shaped profoundly as the economy transitions from a depletive economic model to a more sustainable one. Such transitions will inevitably create winners and losers.

Practitioner education focuses heavily on developing technical investment skills, often to the detriment of knowledge and skills that enable better engagement and understanding of the most important aspect of any portfolio – the client!

Our hypothetical Investment Committee considers three relevant economic and market scenarios which have a reasonable probability of occurring, and the asset allocation implications of each.

Investors should consider the real-world impact of their investments and build portfolios aligned with the UN Sustainable Development Goals as a means to building clients' wealth, and improving well-being.