Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Thematic Investing: Geopolitics, Defense and Security: A discussion of some potential drivers of Defense stocks including the geopolitical risk environment, the global defense budget, individual company operating performance, risk-on/risk-off sentiment, the evolving nature of war and the role that private and smaller companies are playing in the investable universe.
  
  
• Market View — Falling Global Fertility Rates and the Implications for Investors: Record-low fertility rates and rapidly ageing populations have driven social, economic and fiscal stress globally.
  
  
• Thought of the Week — The Reports of the Death of the 60/40 Portfolio Are Greatly Exaggerated: At current nominal and inflation-adjusted rates, Fixed Income continues to serve its function.