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1、Its complicated Fund selectors look to balance challenging markets and evolving client needs2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEY1 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYAfter riding out two years of a global pandemic with relative ease(and double-digit returns),markets and inv
2、estors around the world faced a rude awakening in 2022.Inflation shot to a 40-year high,interest rates spiked to a 15-year high,and markets around the world respond-ed with the worst losses many had seen since the 2008 global financial crisis.Results from a recent survey of 441 fund selectors at lea
3、ding wealth management,private bank,and in-surance platforms in 28 countries call for more of the same in 2023.Except now 62%globally,and 65%in EMEA,believe recession will be absolutely necessary in order to get inflation under control.Where the risks lie Looking at the year ahead,inflation(70%)and
4、interest rates(63%)continue to rank at the top of portfolio con-cerns,and as policy makers plan more hikes in 2023,a central bank error(52%)ranks as the biggest economic risk.One year into Russias war on Ukraine,geopolitics also factor prominently in the economic picture.Almost half of fund selector
5、s(49%)see the specter of war as a pressing economic risk.Almost the same number see US/China relations(48%)as a risk as trade and Taiwan policies intersect.The risks all come at a time in which the wealth man-agement business is facing dramatic changes:Investors want more comprehensive financial pla
6、nning services from wealth managers,and the firms themselves are working to tailor their offerings to meet the evolving needs of higher net worth clients and deliver a more consistent investment experience.As a result,selectors not only have to address the market challenges ahead,but also deliver ne
7、w investment choices to an anxious client base.Success in 2023 will come down to how well they perform in three critical areas:1.Reading the market:After last years losses,selectors are relatively optimistic about the prospects for 2023,with 73%going so far as to say they will maintain or increase a
8、verage return assumptions of 8.8%.2.Shoring up client portfolios:While few believe they will need to make wholesale changes to portfolio strategy,many will adjust bond holdings to better yield potential,equity weightings to capture the upside of market dislocations,and turn up the risk management po
9、tential of alternatives.3.Refining the product offering:With 48%of investors saying they want advisors to deliver financial planning services,1 firms are looking to model portfolios to streamline client accounts,and separately managed accounts and direct indexing to enhance customization and tax eff
10、iciency.It all begins with navigating an uncertain economic and market environment.3 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYFund selectors have the responsibility for screening investments for some of the largest wealth management platforms across the globe.67PRIVATE BANKS AND BANK-TRUST
11、ORGANIZATIONS41FUND-OF-FUNDS MANAGERS42INSURANCE/ANNUITY PLATFORMS87 INDEPENDENT WEALTH ADVISORY FIRMS28 TAMPS 41 FAMILY OFFICES50WIREHOUSE FIRMS59REGISTERED INVESTMENT ADVISORS8OTHER18DEFINED CONTRIBUTION PLANS441 fund selectors oversee$30 trillion in investable client assets4 I 2023 NATIXIS GLOBAL
12、 FUND SELECTOR OUTLOOK SURVEYAnother year of inflation rates and volatility and now recession After a decade of low inflation,low rates,and high growth,the global economic environment changed dramatically in 2022.For the first time in decades,high inflation became a pressing threat a problem that wa
13、s only aggravated by geopolitical turmoil as Russia invaded Ukraine and energy prices spiked.In the wake of all this change,six out of ten globally and 70%in EMEA believe that recession is inevitable.Its important to note that sentiment on the prospects for recessions differs widely by region.Signif
14、icantly fewer in the UK(57%)and Asia(56%)see recession as inevitable.Fewer still in North America(53%)believe recession is a foregone conclusion for 2023,but that number could be lower because one-third(32%)believe the economy was already in a recession at the end of last year.Regardless of when rec
15、ession concerns are realized,recovery is already on the minds of fund selectors.Professional sentiment suggests investors should buckle up for the long haul:Many(53%)believe that markets may be underestimating how long recession could last,a sentiment that runs strongest in Asia(67%).Even as 60%anti
16、cipate recession,it appears to be too early for selectors to accurately project how it all turns out.Out of our 441 respondents only 45%believe a safe land-ing is possible.However,when they are forced to choose between a safe landing and a crash,66%favored safe,which indicates sentiment favors a les
17、s painful outcome.Inflation will remain stubbornly elevated Inflation continues to be a primary concern.Central banks have been on the case for most of the past year,imple-menting a series of rate hikes aimed at quelling inflationary threats.In the US,the Fed has implemented seven rate hikes taking
18、the fed funds rate from 0.25%in January of 2022 to 4.5%in December,the highest rate since 2007s 5.25%.Similarly,the Bank of England undertook aggressive action that included eight rate hikes in the same period.While rising rates can stymie markets,fund selectors see a significant upside for clients.
19、Three-quarters believe rising rates will usher in a resurgence in traditional fixed income.Despite the efforts,72%believe central banks cannot curb inflation on their own.Maybe they cant,but bankers are still seen as an essential piece in the puzzle:More than half say the biggest economic threat in
20、the year ahead will be a central bank error.Overall,53%believe inflation will remain stubbornly elevated in the next 12 months.The scenario which began playing out at the end of 2022 illustrates what stubborn could look like.In December,after six con-secutive months of declines,markets were buoyed t
21、o learn that inflation in the US had moderated to 6.5%in December.Inflation trending steadily lower from its high-water mark of 9.1%is certainly reason to breathe a sigh of relief,but its important to note that headline CPI at 6.5%is still well above the Feds target rate of 2%.Recession and growth c
22、oncerns are not limited to inflation-related factors.Changing trade practices are also weighing on their minds,as 62%of fund selectors worry that the move from global trade to more domestic production and friend-shoring will hinder growth.60%of fund selectors anticipate recession,but it still appear
23、s to be too early for selectors to accurately project how it all turns out.MARKET OUTLOOK5 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYGeopolitical risks are on the rise Fund selectors also see significant geopolitical risks in 2023.War(49%)and US/China relations(48%)both rank among their top
24、economic risks though it should be noted the threat is felt greatest where the issue hits closest to home.Those with a front seat to the Russian war with Ukraine,including EMEA(57%)and UK(52%),feel the threat of war most acutely,while those in Asia(63%)and EMEA(61%)are most concerned with US/China r
25、elations.Fewer in the UK(37%)and North America(38%)are as concerned about the threat posed by US relations with China.Consumer spending(32%)and global trade(27%)round out the five greatest economic threats.It should be noted that the impact of war in Europes breadbasket,related energy shortages,and
26、natural disasters in the agriculturally rich US West leaves almost one-quarter(23%)to worry about the threat posed by a potential food or natural resource crisis.Currency will also factor in their minds,as 84%believe the US dollar will maintain its global dominance while more than half(55%)believe t
27、he GBP will remain at historic lows.Similar to inflation,US dollar dominance is seen in varying degrees.After a year in which the dollar led,63%of selectors globally still see it weakening in 2023.Those in Asia(74%)and EMEA(70%)are most likely to project the dollar weakening,while only 48%in the UK
28、agree,a number lower than even the six in ten in North America.52%CENTRAL BANK POLICY ERROR49%WAR 48%US/CHINA RELATIONS 32%CONSUMER SPENDING 27%GLOBAL TRADEMARKET OUTLOOKTop 5 Economic Threats for 20236 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYSector outlook favors those with shorter-term c
29、ash flows Inflation may hurt sectors that have longer-term cash flows,but financials may look attractive to fund selectors because their cash flows tend to be short-term.That,and they also benefit from higher interest rates.Despite seeing energy prices come back down to earth recently,many believe t
30、he sector is still likely to outperform the broad market,suggesting they may anticipate additional disruption to fossil fuel supplies as the Russian war enters its second year.Big tech is one area where they anticipate at least a turnaround.After seeing big tech take a battering in 2022,more than ha
31、lf of selectors(52%)are bullish on the sector.With losses adding up,it may be that many see the sector as coming back in line with market returns(33%)or exceeding the market average(38%).But few believe big tech will continue to underperform in 2023.Recession concerns may impact the view on performa
32、nce of many selectors:They reserve their harshest outlook for the interest-rate-sensitive real estate sector,where 56%of those surveyed believe the sector will underperform the markets.The outlook is at the convergence of two significant trends in post-pandemic markets:A rising rate environment does
33、nt bode well for the performance of residential properties,and the view for commercial real estate may be further compounded by the uptick in companies adopting permanent remote work policies.Some data does not add up to 100%due to rounding.53%37%10%51%36%13%57%25%18%38%33%29%37%42%21%29%32%39%28%49
34、%23%26%51%23%25%56%19%23%50%28%15%30%56%SECTOR CALLS FOR 2023Outperform Market Average UnderperformEnergyHealthcareFinancialsInformation TechnologyConsumer Staples Consumer DiscretionaryUtilitiesMaterialsCommunication ServicesIndustrialsReal EstateMARKET OUTLOOK7 I 2023 NATIXIS GLOBAL FUND SELECTOR
35、OUTLOOK SURVEY51%of fund selectors project that stock market volatility will increase over the next 12 months.72%of fund selectors call for active management to outperform passive investments this year.Inflation is a common denominator across market views,but it is also a trigger for a range of conc
36、erns in 2023.Inflation itself may present the top risk,but the knock-on effects of rate hikes(63%)implemented by central banks to curb inflation,and volatility(49%)driv-en by anxious investors,round out the top portfolio risks for fund selectors.The outlook in Asia is slightly different.Fund selecto
37、rs there still see these as the top three portfolio risks,but they are most concerned with volatility(65%),then interest rates(56%),and then inflation(51%).Not only will fund selectors need to consider these prime risks in client portfolios,but they acknowledge a number of secondary concerns includi
38、ng valuations(28%),liquid-ity(26%),and currency fluctuations(22%)that will influ-ence investment and business decisions in 2023.Among these secondary concerns,valuations are top-of-mind.After watching the bull market run up over the past ten years,65%of fund selectors worry that the markets do not r
39、eflect the fundamentals.They will be watching closely to see if current volatility will change the circumstances,as 77%believe markets will finally realize that fundamentals matter.Volatility likely to continue Volatility was one of the key outcomes of economic and market shifts in 2022,and fund sel
40、ectors see more of the same in 2023.Even after last years uptick,more than half(51%)project that stock market volatility will increase over the next 12 months.Bonds were also historically volatile in 2022,and while only 37%expect bond volatility to increase in 2023,almost the same number(35%)expect
41、the same level of volatility in the year ahead.As a result of elevated volatility,selectors will be watching a number of key indicators:Dispersion,or the difference in returns among securities,was elevated in 2022,and while four in ten(42%)believe it will remain the same,almost the same number(41%)a
42、re looking for disper-sion of returns to be even higher in 2023.This is one clear reason that 72%of fund selectors globally call for active management to outperform passive investments this year.MARKET OUTLOOKActive management stands out in an uncertain market As they contemplate the reality of a re
43、cession,fund selectors are looking to active investments as a criti-cal tool for managing client portfolios.In fact,80%of these professional investors say active management is necessary to find alpha during a recession.After a year in which 56%say active investments out-performed the passive investm
44、ents on their platform,71%of selectors believe markets will favor active man-agement in 2023.Six out of ten go so far as to say they will increase the number of active funds on their plat-form this year.Recent product innovations give selectors choices.For example,half of those surveyed believe ac-t
45、ive ETFs will revolutionize how they build portfolios.Many fund selectors(54%)anticipate that a recession will reveal key inadequacies of passive investments.More than half(67%)worry that large flows in and out of passive investments exacerbate already high lev-els of market volatility.The same numb
46、er(55%)worry that passive distorts relative risk-return tradeoffs.An-other 65%see even greater problems and worry that the popularity of passive has increased systemic risk.6 out of 10fund selectors say they will increase the number of active funds on their platform this year.MARKET OUTLOOK9 I 2023
47、NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYJob one:Shoring up client portfolios?As the individuals responsible for$30 trillion in assets,the primary job of fund selectors in 2023 is to ensure client portfolios are positioned for a more volatile and uncertain market and shored up against recession.Gi
48、ven a wide range of risks,they will need to start with adjusting allocation strategy and then move on to how they allocate within specific asset classes.Given all that is on their plate in 2023,fund selectors are remarkably optimistic about what they can deliver for clients.Overall those surveyed sh
49、are an average long-term return assumption of 8.8%.Few will reduce their expectations this year while 44%will maintain their assumptions.Three in ten go so far as to say they will increase their assumptions.Regionally,those in Asia set highest expectations at an average of 10.2%.Fund-of-funds platfo
50、rms(10.1%),registered investment advisors(9.7%),and wealth managers(9.1%)all share high assumptions for investment returns,while the lowest can be found with investment divisions of insurance(7.3%).The moderate risk portfolio benchmark The best place to gauge how selectors will adapt their portfolio
51、 strategy to address the economic threats and market risks is the go-to moderate risk portfolio,which represents a large number of clients at each firm.Overall selectors report that they will make only small adjustments in their allocations for these clients.But these small shifts are significant in
52、 scope.Most telling among the data are North American fund selectors,who appear to be positioning client portfolios to capture the yield advantage presented by higher interest rates.Their plans show that they will increase allocations to fixed income,while dialing back those in alternative assets wh
53、ere they turned for yield replacement.This strategy is clearly backed up by how they are adjusting bond allocations.2022202344%32%16%7%1%45%34%15%5%1%EquitiesFixed incomeAlternativesCashOtherMODERATE RISK PORTFOLIO ALLOCATIONSPORTFOLIO STRATEGY10 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEY PO
54、RTFOLIO STRATEGYBonds are back Fund selectors may see inflation as a portfolio key risk,but they also see a potential opportunity in the interest rate hikes that come with it.After seeing numerous rate hikes in 2022,54%believe interest rates will continue to rise.This is good news to fund selectors,
55、as three-quarters believe that rising interest rates will usher in a resurgence in bonds.In the short term,more than 55%say they are bullish on bond market prospects for 2023.This is a significant turning point for income-oriented investors.After experiencing historically low rates since the global
56、financial crisis,many had turned to higher-risk alternative investments to enhance their yield potential.After 15 years on the hunt,62%believe investors are taking on too much risk in pursuit.Bond allocation calls show that selectors are prepared to up investments in bonds of all types.Most prominen
57、tly,51%globally will increase invest-ments in government bonds.Another 46%say they will also increase allocations to investment grade corporates and 33%will up their high yield bond holdings.It appears these moves represent the beginning of lasting sea change in bonds as 55%project long duration to
58、outperform short.Government SameAddTrimUS equitiesFIXED INCOME 51%46%33%28%22%46%35%40%42%49%58%46%14%15%24%23%20%7%Investment GradeEmerging Market DebtHigh YieldSecuritized DebtGreen BondsRATES NEEDED TO RECOMMEND LENGTHENING DURATIONDoing it already4.004.254.254.504.504.754.755.005.00+Does not app
59、ly16%9%17%20%16%15%7%23%9%9%23%9%19%7%13%7%18%21%24%12%5%16%10%16%22%12%20%5%17%11%22%12%15%8%15%GlobalAsiaEMEAN.AmerUKThe sweet spot for lengthening durations When to lengthen duration is a critical consideration.While a small number(16%)say they are already lengthening duration,others are waiting
60、for rates to climb higher.For now,the sweet spot that will lead most selectors to move is somewhere between 4.25%and 5.0%.In the US,where the fed funds rate hit in the middle of that range(4.5%)in December,20%say they will be waiting for 5%before they lengthen duration.In Asia,where interest rates r
61、ange from-0.1%in Japan to 3.65%in China to 4.25%in Hong Kong,almost one-quarter of selectors(23%)say they have already seen enough to lengthen duration.In the UK,where rates now stand at 3.5%,it will take another 100 basis points before half of fund selectors will have lengthened duration.11 I 2023
62、NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYValuations matter again Despite the challenges,fund selectors appear to be rel-atively optimistic for equities in 2023.Almost six in ten(59%)are bullish on stocks a full 10%more than in-stitutional investors who were surveyed about a month earlier.But views
63、 vary widely by region.Two-thirds of those in EMEA say they are bullish while the same number in Asia are bearish on stocks.After a long bull market run in which low rates helped lift stock prices virtually all around,almost two-thirds of fund selectors(65%)are convinced that current valuations do n
64、ot reflect company fundamentals.Now,as they antici-pate elevated volatility and increased dispersion,they will likely turn to active managers,as 86%believe the market will recognize that valuations matter again.In looking at the opportunities,61%believe large-caps will outperform small-caps,and proj
65、ect developed markets(64%)to outperform emerging markets.Overall,selectors are prepared to increase allocations first to US equities(45%)over emerging markets(37%),Europe(34%)and APAC(30%),indicating that they find opportunity in the volatility that plagued major markets across the globe in 2022.Tha
66、t may be the global average,but selectors in Asia are the biggest outliers.Large numbers here are prepared to trim from European(54%)and US(23%)equities,while significantly more will add to APAC(54%).One reason for the optimism may be the loosening of the tight restrictions that came with Chinas zer
67、o-Covid policy.After posting a relatively low growth rate of 3%in 2022,relaxed restrictions have led even the Chinese government to up 2023 GDP estimates from 4.7%to 5.2%.23Emerging Markets Chinas ability to meet its GDP goal is likely to have a significant impact across emerging markets.In fact,two
68、-thirds of those surveyed(66%)believe emerging market investing is overly dependent on China.This gives some reason to pause,as eight in ten(81%)say regulatory uncertainties make China less attractive and 76%say Chinas geopolitical ambitions limit its investment appeal.In the long run many wonder if
69、 those ambitions will result in a bifurcated world in which China and the US become the dominant economic spheres an idea that can already be seen in the concerns of the 48%of selectors who worry about the risks presented by US/China relations in 2023.Beyond China,selectors worry about the impact of
70、 inflation in general,and food inflation in particular,on emerging economies.More than three-quarters(77%)globally think elevated food prices are an underestimated risk for emerging markets,a concern that is even greater in Asia where almost nine in ten(88%)think the risk is not fully appreciated.Ad
71、dEmerging MarketsLatAmAPACEuropean EquitiesUS EquitiesTrimSameEQUITIES 45%34%30%14%37%37%38%48%61%44%18%28%22%25%20%PORTFOLIO STRATEGY12 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYAlternative:New reasons to believe Fund selectors alternative allocation calls show that while rising rates may l
72、ead them to trim certain invest-ments,the inherent risks presented by an uncertain market are giving them new reasons to believe.Almost six in ten say they are recommending increased alloca-tions in alternative investments,thanks to higher levels of risk.Risk views run so strong that 63%say they bel
73、ieve alternative investments belong in retiree portfolios to help mitigate their exposures.When it comes down to it,64%believe portfolios com-posed of 60%equities,20%bonds,and 20%alternatives will outperform the traditional 60/40 portfolio in 2023.Mitigating risk with alternatives A strong indicatio
74、n of their conviction is that world-wide,fund selectors are twice as likely to increase allocations to absolute return strategies(32%)rather than trim(13%),with the remainder maintaining current allocations.The sentiment is even stronger in North America where 37%will increase compared to only 8%who
75、 will trim.Options-based strategies,such as hedged equity,show similar sentiment both globally(25%add/9%trim)and in North America(33%add/6%trim).Of all alternatives,selectors are most likely to add to infrastructure investments both globally(48 add/6%trim)and in North America(46%add/4%trim).Six in t
76、en investors in Asia agree and will increase their allocations as well.Maximizing yield with alternatives Plans here may be twofold.On one hand,certain infra-structure can mitigate risk by providing a steady long-term return stream.On the other,infrastructure has been gaining a toehold in portfolios
77、 as selectors looked to enhance yield while rates were low.Thats also a likely motivation now,as 58%say their firm is recommending alternative investments as a yield replacement.Despite better news on bonds,selectors appear to still be worried about their ability to generate yield.In fact,they are m
78、ore likely to say they will add to private debt investments globally(31%add/17%trim)and in North America(39%add/15%trim).The popularity of private assets is not limited to debt.Globally,selectors are more likely to add to private equity/venture capital investments both globally(43%add/13%trim)and in
79、 North America(46%add/9%trim).The same number(46%)in the UK plan to in-crease allocations to these assets.Real EstateAbsolute ReturnPrivate Equity/VCPrivate DebtCommoditiesGold/PreciousInfrastructureHedge FundsCryptocurrencyOptions-Based Managed FuturesDecreaseMaintainIncrease 55%55%44%52%51%51%46%5
80、8%56%66%62%16%13%13%17%22%20%6%17%25%9%11%29%32%43%31%28%29%48%26%19%25%26%ALTERNATIVES PORTFOLIO STRATEGY13 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYPORTFOLIO STRATEGYA new rationale for real estate Real estate investing presents some of the biggest questions for selectors in 2022.Clearly
81、rising rates can create a headwind for real estate values,leading 56%to anticipate that real estate will lag the broad market.This fact alone may make it surprising to learn that selectors plan to add to their holdings.Globally,29%say they will add and 35%in North America will do the same.Only those
82、 in EMEA plan to trim,where 24%say theyll dial back exposures.However,rising rates are just one of a multitude of portfolio challenges they need to address.Its likely they are looking to real estates ability to hedge inflation with predictable long-term cash flows.14 I 2023 NATIXIS GLOBAL FUND SELEC
83、TOR OUTLOOK SURVEYThe long-range product plan Fund selectors may face tough portfolio choices in 2023,if they are going to address the wide-ranging risks clients face with their investments this year.But in the long run,selectors also need to be thoughtful about the types of products that will offer
84、 clients for both today and many years down the road.Product calls show that they are actively managing their offering to ensure they can meet these key objectives.In some cases,they will need to adapt their offering to meet new regulatory requirements.Such is the case with sustainable investments.W
85、hile 61%overall say they will add to their sustainable offer-ing,the highest level of respondents who said theyll add(71%)hail from EMEA,where MIFID iii requires all financial advisors to ask their clients about interest in sustainable investments.Meanwhile in North America,only 37%say theyll add to
86、 their offering.In other instance,selectors show they are backing up their convictions by increasing their offering in areas such as active investments.Projecting more volatile markets with greater dispersion in which they think valuations will matter more,its not surprising that 72%believe active i
87、nvestments will outperform passive.It should also be no surprise that,given their view,six in ten(59%)say they will increase the number of active funds on their platforms.Why private assets retain their luster Interest in private assets has been growing steadily as interest rates hovered in the low
88、to negative range across the globe during the past decade.Even now,as the yield picture begins to change,50%say they will add to their private investments offering.One key factor in this decision may be that they see a new reason to in-vest,as 44%believe private assets will provide a safe haven for
89、investors.As a result of this continued popularity,fund selectors are able to report that their firms offer a wide range of invest-ment choices.On the equities side,funds of funds(52%),infrastructure(48%),and venture capital(36%)are cited most frequently.For private debt,direct lending(43%)and co-in
90、vesting(33%)top the list of offerings.Many are also looking to private assets to enhance their offering of sustainable investments,as 44%say they will increase their ESG(environmental,social and gov-ernance)offerings and 30%will turn to private markets for impact investing.22%Mezzanine Financing 21%
91、LBO 23%24%22%Secondaries 21%Secondaries 28%Co-investment Fund 31%Direct Co-investment 52%Fund of Funds 36%Venture Capital 34%Growth Capital 48%Infrastructure 19%Distressed Debt 1%Other 26%MezzanineSpecial SituationsVenture Debt 33%Co-investment 43%Direct LendingPRIVATE EQUITYPRIVATE DEBT 19%Secondar
92、ies 11%Lower Market 16%M&As 20%Large Market 20%Co-investment 44%ESG 22%Direct Deals 21%Middle Market 30%ImpactTRYING TO MAKE AVAILABLE IN 2023PRODUCT OFFERINGS15 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYModels make for a more consistent investment experienceAnother key consideration for fir
93、ms is how to best im-plement effective portfolio management that can deliv-er a consistent experience for thousands of clients.In recent years,many have implemented model portfolio programs to help unify their investment offering.Among the 441 selectors included in the 2023 Natixis Outlook survey,79
94、%report that their firm offers some sort of model program.Most frequently these firms re-port they offer models because they can deliver a more streamlined approach to investing,and a more consis-tent investment experience as noted.But they are find-ing a wide range of other benefits.One of the key
95、benefits they find models afford their cli-ents is that using models can give advisors more time to address client needs(76%).This can be critical,as in-vestors told us in 2021 the two services they want most from their advisor are financial planning(48%)and re-tirement income planning(40%).3 Both e
96、xercises require that advisors are able to work with clients on complex issues while still meeting their investment needs.In addition,firms note that giving their client base a more consistent experience helps manage their own risk exposure(76%).Selectors also find that models help make it easier to
97、 implement unified managed accounts(UMAs)for clients.UMAs are becoming important tools for managing the often-complicated assets of high net worth investors.The accounts provide clients a comprehensive wealth man-agement solution by combining a range of investments(stocks,bonds,mutual funds,etc.)in
98、a single,profession-ally managed account.In the end,regular reporting pro-vides clients with a more holistic view of their wealth.PRODUCT OFFERINGSTop 5 benefits of models 76%MANAGING FIRMS RISK EXPOSURE 76%ABILITY TO SPEND MORE TIME ADDRESSING CLIENT NEEDS 78%MORE EFFICIENT WAY OF IMPLEMENTING UMAS
99、 82%GIVES A MORE CONSISTENT INVESTMENT EXPERIENCE 86%PROVIDES A MORE STREAMLINED APPROACH16 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYUse of third-party providers growing As selectors look to grow their model offerings,they are turning to third-party managers to enhance their offering.In fac
100、t,our past surveys show that selectors self-reported use of third-party managers has more than doubled in three years,rising from 11%in 2021 to 24%in 2023.With wider use come clear expectations for third-party managers.Given the current market conditions and the desire to deliver consistency,its no
101、surprise to see that a managers ability in active risk management(47%)is the first thing selectors are concerned with even before fees(40%).Beyond that,they are look-ing for third-party managers who can develop models that are customized to meet firm needs(38%).They also want to be assured that mana
102、gers can implement tactical asset allocations,again a key consideration in uncertain and unsettled markets.And as firms look to deliver on ESG demand,one-third said they are looking for managers who can deliver model solutions.47%40%38%Active risk managementCompetitive fee structureAbility to custom
103、ize for firm needsTactical asset allocationESG integrationWHAT DIFFERENTIATES THIRD-PARTY MODEL PROVIDERS?1234537%33%PRODUCT OFFERINGSFIRMS ARE EXPANDING THEIR THIRD-PARTY OFFERINGProprietary modelsThird-party modelsWhite label20232022202168%24%8%76%19%5%84%11%5%5417 I 2023 NATIXIS GLOBAL FUND SELEC
104、TOR OUTLOOK SURVEYAdding new strategies ESG model capabilities will come into the spotlight in 2023,as almost half(49%)of fund selectors say their firms plan to add these types of portfolios to their offering.Most significantly,MIFID iii,along with other factors,is leading 61%of those in Europe to a
105、dd more ESG models to their offering,as are 57%in the UK and 55%in Asia.In North America,the top candidate for addition to model platforms is high net worth models that combine the model structure with enhanced tax management and other customized features.The option is on the planning grid for 38%of
106、 selectors worldwide.Many firms(38%global and 43%in North America)are also setting their sights on income-oriented models,an especially timely choice as a rapidly growing retiree population converges with a more robust set of income investments.With more firms recommending alternative investments,42
107、%of selectors in North America and 33%globally will look to streamline the process by adding alternative sleeves to their model offerings.49%38%38%35%33%23%PLANNED ADDITIONS TO MODEL PLATFORMS IN 2023ESG ModelsHigh Net WorthIncomeThematic SleevesAlternative SleevesTax-Managed44%33%33%33%31%29%WHY FI
108、RMS OFFER SMAsCustomizationLower feesOperational efficiencyBetter serve HNW clientsPremium offeringTax efficiencyPRODUCT OFFERINGSSeparately managed accounts for customization The need to deliver for higher net worth clients is top of mind for wealth managers around the world.Along with building mor
109、e robust model portfolio platforms,firms have also intensified their focus on separately managed accounts.Because clients own the underlying securities in these accounts,there are greater opportunities to customize the investment while providing a professionally managed portfolio.In fact,the ability
110、 to customize(40%)is the top reason selectors say their firms are offering SMAs.They also believe SMAs provide greater operational efficiency(33%),a key consideration when trying to deliver for a wide range of clients with wide-ranging needs.The same number also point to lower fees and the ability t
111、o better serve high net worth clients.Selectors in North America were most likely to say the tax efficiency(38%)of owning the securities and their underlying cost basis is another important consideration.18 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYIts complicated,but manageableFund selector
112、s have genuine concerns about what 2023 will bring to their clients.They anticipate elevated levels of inflation,rising rates,and increased market volatility.Only this year,they anticipate it will all end in recession.The scenario will clearly put many clients on edge,and selectors will have to insu
113、late portfolios for a market scenario that has become unfamiliar to many after a decade of solid gains.Allocation calls show they will actively manage clients portfolios to better position them for this new reality.They see rising rates as a resurgence for bonds and are reallocating clients to both
114、government and investment grade corporate bonds along with almost every other flavor of traditional fixed income.On the equity side,they are bullish and believe that higher volatility,broader dispersion of returns and a renewed focus on fundamentals favor active managers.Alts will continue to factor
115、 into the equation,but they will rely on alts to help mitigate while continuing to look at these investments to help boost yields.In the long run,they will continue to implement products that will first enhance the investment experience for clients and also deliver a higher level of customization.Th
116、ey recognize that it may be a complicated world in 2023.But they give every indication that they believe its all manageable.19 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEYAbout the surveyNatixis Investment Managers,Global Survey of Fund Selectors conducted by CoreData Research in November and
117、December 2022.Survey included 441 respondents in 28 countries throughout North America,Latin America,the United Kingdom,Continental Europe,Asia and the Middle East.About the Natixis Center for Investor InsightThe Natixis Center for Investor Insight is a global research initiative focused on the crit
118、ical issues shaping todays investment landscape.The Center examines sentiment and behavior,market outlooks and trends,and risk perceptions of institutional investors,financial professionals and individuals around the world.Our goal is to fuel a more substantive discussion of issues with a 360 view o
119、f markets and insightful analysis of investment trends.Meet the team:Dave Goodsell Executive DirectorStephanie Giardina Program ManagerErin Curtis Assistant Program ManagerJessie Cross AVP,ContentLearn more20 I 2023 NATIXIS GLOBAL FUND SELECTOR OUTLOOK SURVEY Additional Information:1.2021 Natixis Gl
120、obal Survey of Individual Investors,conducted March-April 2021,included 8,550 individuals in 24 countries.2.“Global Outlook:Chinas Zero-Covid U-Turn.”Economist Intelligence Unit,19 Dec.2022,https:/ Natixis Global Survey of Individual Investors,conducted March-April 2021,included 8,550 individuals in
121、 24 countries.4.Natixis Investment Managers,Global Survey of Professional Fund Buyers,con-ducted by CoreData Research in November and December 2020.Survey included 400 respondents in 21 countries.5.Natixis Investment Managers,Global Survey of Fund Selectors conducted by Core-Data Research in Novembe
122、r and December 2021.Survey included 436 respondents in 25 countries.The views and opinions expressed may change based on market and other condi-tions.This material is provided for informational purposes only and should not be construed as investment advice.There can be no assurance that developments
123、 will transpire as forecasted.Actual results may vary.All investing involves risk,including the risk of loss.No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.The data shown represents the opinion of those surveyed,and may change ba
124、sed on market and other conditions.It should not be construed as investment advice.Unlike passive investments,there are no indexes that an active investment attempts to track or replicate.Thus,the ability of an active investment to achieve its objectives will depend on the effectiveness of the inves
125、tment manager.Alpha is a measure of the difference between a portfolios actual returns and its ex-pected performance,given its level of systematic market risk.A positive alpha indi-cates outperformance and negative alpha indicates underperformance relative to the portfolios level of systematic risk.
126、Equity securities are volatile and can decline significantly in response to broad mar-ket and economic conditions.Fixed income securities may carry one or more of the following risks:credit,interest rate(as interest rates rise bond prices usually fall),inflation and liquidity.Alternative investments
127、 involve unique risks that may be different from those asso-ciated with traditional investments,including illiquidity and the potential for amplified losses or gains.Investors should fully understand the risks associated with any in-vestment prior to investing.An index fund is a type of mutual fund
128、with a portfolio constructed to match or track the components of a financial market index.Sustainable investing focuses on investments in companies that relate to certain sustainable development themes and demonstrate adherence to environmental,so-cial and governance(ESG)practices;therefore the univ
129、erse of investments may be limited and investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.This could have a nega-tive impact on an investors overall performance depending on whether such invest-ments are in or out of favo
130、r.You cannot invest directly in an index.Indexes are not investments,do not incur fees and expenses and are not professionally managed.Volatility management techniques may result in periods of loss and underperfor-mance,may limit the Funds ability to participate in rising markets and may increase tr
131、ansaction costs.This document may contain references to copyrights,indexes and trademarks that may not be registered in all jurisdictions.Third party registrations are the property of their respective owners and are not affiliated with Natixis Investment Managers or any of its related or affiliated
132、companies(collectively“Natixis”).Such third party own-ers do not sponsor,endorse or participate in the provision of any Natixis services,funds or other financial products.The index information contained herein is derived from third parties and is provided on an“as is”basis.The user of this informati
133、on assumes the entire risk of use of this information.Each of the third party entities involved in compiling,computing or creating index information disclaims all warranties(including,without limitation,any warranties of originality,accuracy,completeness,timeliness,non-infringement,mer-chantability
134、and fitness for a particular purpose)with respect to such information.The views and opinions expressed may change based on market and other condi-tions.This material is provided for informational purposes only and should not be construed as investment advice.There can be no assurance that developmen
135、ts will transpire as forecasted.Actual results may vary.All investing involves risk,including the risk of loss.No investment strategy or risk man-agement technique can guarantee return or eliminate risk in all market environments.Outside the United States,this communication is for information only a
136、nd is intend-ed for investment service providers or other Professional Clients.This material must not be used with Retail Investors.This material may not be redistributed,published,or reproduced,in whole or in part.Although Natixis Investment Managers believes the information provided in this materi
137、al to be reliable,including that from third par-ty sources,it does not guarantee the accuracy,adequacy or completeness of such information.In the EU(ex UK):Provided by Natixis Investment Managers S.A.or one of its branch offices listed below.Natixis Investment Managers S.A.is a Luxembourg management
138、 company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered un-der n.B 115843.Registered office of Natixis Investment Managers S.A.:2,rue Jean Monnet,L-2180 Luxembourg,Grand Duchy of Luxembourg.France:Natixis Invest-ment
139、 Managers Distribution(n.509 471 173 RCS Paris).Registered office:43 avenue Pierre Mends France,75013 Paris.Italy:Natixis Investment Managers S.A.,Suc-cursale Italiana(Bank of Italy Register of Italian Asset Management Companies no 23458.3).Registered office:Via Larga,2-20122,Milan,Italy.Germany:Nat
140、ixis Invest-ment Managers S.A.,Zweigniederlassung Deutschland(Registration number:HRB 88541).Registered office:Im Trutz Frankfurt 55,Westend Carre,7.Floor,Frankfurt am Main 60322,Germany.Netherlands:Natixis Investment Managers,Nederlands(Registration number 50774670).Registered office:Stadsplateau 7
141、,3521AZ Utrecht,the Netherlands.Sweden:Natixis Investment Managers,Nordics Filial(Registration number 516405-9601-Swedish Companies Registration Office).Registered office:Kungsgatan 48 5tr,Stockholm 111 35,Sweden.Spain:Natixis Investment Managers,Sucursal en Espaa.Serrano n90,6th Floor,28006 Madrid,
142、Spain.In Switzerland:Provided by Natixis Investment Managers,Switzerland Srl,Rue du Vieux Collge 10,1204 Geneva,Switzerland or its representative office in Zurich,Schweizergasse 6,8001 Zrich.In the UK:Provided by Natixis Investment Managers UK Limited,autho-rized and regulated by the Financial Condu
143、ct Authority(register no.190258).Reg-istered Office:Natixis Investment Managers UK Limited,One Carter Lane,London,EC4V 5ER.In the DIFC:Distributed in and from the DIFC financial district to Profes-sional Clients only by Natixis Investment Managers Middle East(DIFC Branch)which is regulated by the DF
144、SA.Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC,and qualify as Professional Clients as defined by the DFSA.Registered office:Office 603-Level 6,Currency House Tower
145、2,PO Box 118257,DIFC,Dubai,United Arab Emirates.In Singapore:Provided by Natixis Invest-ment Managers Singapore(name registration no.53102724D),a division of Ostrum Asset Management Asia Limited(company registration no.199801044D).Registered address of Natixis Investment Managers Singapore:5 Shenton
146、 Way,#22-05 UIC Building,Singapore 068808.In Taiwan:Provided by Natixis Investment Managers Securities Investment Consulting(Taipei)Co.,Ltd.,a Securities Invest-ment Consulting Enterprise regulated by the Financial Supervisory Commission of the R.O.C.Registered address:16F-1,No.76,Section 2,Tun Hwa
147、South Road,Taipei,Taiwan,Da-An District,106(Ruentex Financial Building I),R.O.C.,license number 2017 FSC SICE No.018,Tel.+886 2 2784 5777.In Japan:Provided by Natixis Invest-ment Managers Japan Co.,Ltd.,Registration No.:Director-General of the Kanto Local Financial Bureau(kinsho)No.425.Content of Bu
148、siness:The Company conducts discretionary asset management business and investment advisory and agency business as a Financial Instruments Business Operator.Registered address:1-4-5,Roppongi,Minato-ku,Tokyo.In Hong Kong:Provided by Natixis Investment Manag-ers Hong Kong Limited to institutional/corp
149、orate professional investors only.Please note that the content of the above website has not been reviewed or approved by the HK SFC.It may contain information about funds that are not authorized by the SFC.In Australia:Provided by Natixis Investment Managers Australia Pty Limited(ABN 60 088 786 289)
150、(AFSL No.246830)and is intended for the general information of financial advisers and wholesale clients only.In New Zealand:This document is intended for the general information of New Zealand wholesale investors only and does not constitute financial advice.This is not a regulated offer for the pur
151、poses of the Financial Markets Conduct Act 2013(FMCA)and is only available to New Zealand investors who have certified that they meet the requirements in the FMCA for wholesale investors.Natixis Investment Managers Australia Pty Limited is not a registered financial service provider in New Zealand.I
152、n Latin America:Provided by Natixis Investment Managers S.A.In Colombia:Provided by Natixis Investment Man-agers S.A.Oficina de Representacin(Colombia)to professional clients for informa-tional purposes only as permitted under Decree 2555 of 2010.Any products,ser-vices or investments referred to her
153、ein are rendered exclusively outside of Colombia.In Mexico:Provided by Natixis IM Mexico,S.de R.L.de C.V.,which is not a regulated financial entity or an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores)and is not registered with the Comisin Nacional Bancar
154、ia y de Valores(CNBV)or any other Mexican authority.Any products,services or investments referred to herein that require authorization or license are rendered exclusively outside of Mexico.Natixis Investment Managers is an entity organized under the laws of France and is not authorized by or registe
155、red with the CNBV or any other Mexican authority to operate within Mexico as an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores).Any use of the expression or reference contained herein to“Investment Managers”is made to Natixis Investment Managers and/or an
156、y of the investment management subsid-iaries of Natixis Investment Managers,which are also not authorized by or registered with the CNBV or any other Mexican authority to operate within Mexico as invest-ment managers.In Uruguay:Provided by Natixis Investment Managers Uruguay S.A.,a duly registered i
157、nvestment advisor,authorized and supervised by the Central Bank of Uruguay.Office:San Lucar 1491,oficina 102B,Montevideo,Uruguay,CP 11500.The above referenced entities are business development units of Natixis Investment Managers,the holding company of a diverse lineup of specialized investment man-
158、agement and distribution entities worldwide.The investment management subsid-iaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized.Their services and the products they manage are not available to all investo
159、rs in all jurisdictions.In the United States:Provided by Natixis Distribution,LLC,888 Boylston St.,Boston,MA 02199.Natixis Investment Managers includes all of the investment manage-ment and distribution entities affiliated with Natixis Distribution,LLC and Natixis Investment Managers S.A.This material should not be considered a solicitation to buy or an offer to sell any prod-uct or service to any person in any jurisdiction where such activity would be unlawful.5424182.1.1