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Outlook 2023: Navigating the polycrisis

By Richard Edgar Editor in Chief

11 November 2022

There’s some debate about who coined the term 'polycrisis' but it does seem to describe the situation facing investors in 2023. So we’ve made sure there are plenty of helpful steers for readers, as well as analysis from Fidelity’s leading experts in the articles below. I hope you find them useful.

There’s some debate about who coined the term 'polycrisis' but it does seem to describe the situation facing investors in 2023. So we’ve made sure there are plenty of helpful steers for readers, as well as analysis from Fidelity’s leading experts in the articles below. I hope you find them useful.

Outlook 2023: Foreword

Article Outlook 2023: Foreword

An introduction to Fidelity International's 2023 Investment Outlook from Chief Executive Anne Richards

Overview: Rates overshoot risks inflation bust

Article Overview: Rates overshoot risks inflation bust

Inflation has dogged markets this year, but there is a risk that overtightening by central banks will trigger a sharp recession, an 'inflation bust'

Asia’s shifting growth model

Article Asia’s shifting growth model

Will Asian central banks continue to dance to the Fed’s tune?

Outlook 2023: Download the assets

Article Outlook 2023: Download the assets

Find Fidelity International's full 2023 Investment Outlook here

Fidelity's CEO and CIO on how to navigate 2023

Video Fidelity's CEO and CIO on how to navigate 2023

Watch Chief Executive Anne Richards and Chief Investment Officer Andrew McCaffery discuss how investors should be approaching the next 12 months

Macro 2023: What happens next depends on the Fed

Article Macro 2023: What happens next depends on the Fed

The global economy continues to face a confluence of challenges heading into 2023. A recession is likely in the US and near certain in Europe and the UK

Multi asset 2023: Defensive until volatility subsides

Article Multi asset 2023: Defensive until volatility subsides

Volatility will remain high for some time given the complicated investment backdrop

ESG Outlook: Getting real

Article ESG Outlook: Getting real

Sustainable investing has been challenged on many fronts over the last 12 months and we expect conditions to remain volatile in 2023.

Equities 2023: Market uncertainty to remain amid tighter policy

Article Equities 2023: Market uncertainty to remain amid tighter policy

We expect a high degree of volatility for global equities in 2023. However, diverging earnings expectations will present select opportunities

Fixed income 2023: A new era for interest rates

Article Fixed income 2023: A new era for interest rates

Bond yields are finally starting to look attractive again but are they priced for the scale of the downturn ahead?

Private credit may prove a defensive option in 2023

Article Private credit may prove a defensive option in 2023

Although not immune to the wider market volatility, private credit's defensive features and positioning may prove key in 2023

Real estate 2023: Challenges ahead but with potential opportunities

Article Real estate 2023: Challenges ahead but with potential opportunities

A more difficult backdrop could herald a return to rational pricing, while sustainability only likely to become more important

More editions

ESG Analyst Survey 2023: Mind the gap

June 2023

ESG Analyst Survey 2023: Mind the gap

June 2023

The Chinese character of sustainable investing

Government regulation will drive real change in ESG

Mind the gap: Companies need to spend much more on net zero

See all 3 items

Sustainable Investing Report 2023: Nature positive

June 2023

Sustainable Investing Report 2023: Nature positive

June 2023

Overview: Nature positive

Regulation is shaping the future of sustainability

Foreword: Anne Richards, CEO

See all 4 items

Bioacoustics: Can sound solve biodiversity's data deficit?

May 2023

Bioacoustics: Can sound solve biodiversity's data deficit?

May 2023

Watch the video: Testing bioacoustics in the Borneo rainforest

Bioacoustics podcast: Can sound solve biodiversity's data deficit?

Wild for sound: how new research is plugging biodiversity’s data deficit

See all 3 items

Analyst Survey 2023: Light at the end of the tunnel

February 2023

Analyst Survey 2023: Light at the end of the tunnel

February 2023

Analyst Survey 2023: Companies sticking with ESG - but one key blindspot remains

Analyst Survey 2023: China poised to lead expansion in Asia

Analyst Survey 2023: Light at the end of the tunnel

See all 6 items

Sustainable Investing Report 2022: ESG 2.0

July 2022

Sustainable Investing Report 2022: ESG 2.0

July 2022

Active ownership at Fidelity

High impact: The pursuit of outcomes

Ratings 2.0: Fidelity’s sustainability ratings now doubly material

See all 5 items

Fidelity Analyst Survey 2022: Mind the roadblocks

February 2022

Fidelity Analyst Survey 2022: Mind the roadblocks

February 2022

Analyst Survey results and investment implications

Analysts on the headline findings

Analyst Survey 2022: China goes its own way

See all 9 items

Catch-2022: Unravelling the policy paradox

November 2021

Catch-2022: Unravelling the policy paradox

November 2021

ESG Outlook 2022: Three key priorities in sustainable investing

Rich Pickings podcast: Catch 2022 - what's in store for the year ahead

Asia’s shifting growth model

See all 10 items

Sustainable Investing Report 2021: Time to step up

July 2021

Sustainable Investing Report 2021: Time to step up

July 2021

Anne Richards on corporate responsibility and sustainable investing

Raising the bar for engagement

Impact just got real

See all 10 items

ESG Analyst Survey 2021: A world of opportunity

June 2021

ESG Analyst Survey 2021: A world of opportunity

June 2021

Key findings of Fidelity's ESG Analyst Survey explained

Analysts tell the stories behind the ESG Survey data

Many hands can make ESG work

See all 5 items

ESGenius: The case files

May 2021

ESGenius: The case files

May 2021

Anatomy of an ESG engagement: Interpump

Fidelity's engagement explained

In the weeds with one of the world’s largest pulp producers

See all 7 items

Fidelity Analyst Survey 2021: Counting down the days

March 2021

Fidelity Analyst Survey 2021: Counting down the days

March 2021

China sentiment points to sustained lead in global recovery

Deep dive on Japan: exporters bolstered by China recovery

Analyst Survey 2021: Region by region

See all 8 items

Outlook 2021: Seizing the new reality

November 2020

Outlook 2021: Seizing the new reality

November 2020

November's Rich Pickings: Outlook 2021

Asia Outlook 2021: Asian economies demonstrate resilience

Fixed income in 2021: Monetary policy to the rescue, but duration tantrums are possible

See all 10 items

Sustainability Report 2020: Sustainable capitalism in a post-Covid world

July 2020

Sustainability Report 2020: Sustainable capitalism in a post-Covid world

July 2020

Room for improvement in how investors assess real estate sustainability

Sustainability Report 2020: Fidelity CEO Anne Richards on sustainable capitalism

Engaging with investee companies across multiple themes

See all 9 items

After the virus: The new economic order

June 2020

After the virus: The new economic order

June 2020

Dislocation, dislocation, dislocation: Opportunities in UK real estate

Public equity markets are flagging when we need them the most

The end of the journey to the West: Chinese tech firms come home

See all 7 items

Coronavirus, the oil crash and market volatility

March 2020

Coronavirus, the oil crash and market volatility

March 2020

March's Rich Pickings podcasts: CIOs and portfolio managers on navigating stormy markets

China gets back to business

As gold’s surge draws wider interest, miners shine too

See all 8 items

Analyst Survey 2020: Cycle, what cycle?

February 2020

Analyst Survey 2020: Cycle, what cycle?

February 2020

Analyst Survey 2020 podcast: The findings discussed

Analyst Survey 2020: Sector by sector

Analyst Survey 2020: Region by region

See all 6 items

Outlook 2020: Soft landing, earnings returning

December 2019

Outlook 2020: Soft landing, earnings returning

December 2019

CIO Outlook video: Steve Ellis on Fixed Income

CIO Outlook video: Romain Boscher on Equities

CIO Outlook video: Andrew McCaffery on Multi Asset and Alternatives

See all 5 items

How should I allocate to China?

September 2019

How should I allocate to China?

September 2019

China’s third-pillar pension challenge

No pain, no gain: Chinese defaults are rising and recovery rates are falling

Grocery retail is the next frontier for e-commerce in China

See all 10 items

How should I allocate for income?

July 2019

How should I allocate for income?

July 2019

Why doing your research pays dividends

In charts: How demographic change is driving demand for income

Q&A: How do income and yield differ?

See all 9 items

What difference can active managers make in Sustainable Investing?

April 2019

What difference can active managers make in Sustainable Investing?

April 2019

A sustainable investor’s view on water scarcity in China

Data is helping to identify the diversity strategies that work

The challenge of investing sustainably in sovereign debt

See all 8 items

Fidelity Analyst Survey 2019

February 2019

Fidelity Analyst Survey 2019

February 2019

Region by region: Analyst Survey 2019

Podcast: Fidelity Analyst Survey 2019

ESG now pervasive in Europe and growing in China

See all 9 items

The world in 2029: How will investing change?

January 2019

The world in 2029: How will investing change?

January 2019

Bull and bear cases for China in 2029

Forecasting markets in 2029: 10 years is a long time in finance

How cost pressures will reshape the asset management industry

See all 10 items

How will demographics change my investing?

October 2018

How will demographics change my investing?

October 2018

Standing on demographic fault lines: The impact of population changes

In five charts: the demographic trends changing the world

Profiting from demographics: exploiting investment opportunities in a slow-moving world

See all 10 items

How should I allocate as market risks change?

September 2018

How should I allocate as market risks change?

September 2018

Practical approaches to getting comfortable with more risk

What is defensive this time: Building an all-weather portfolio

How to protect against black swans - if we can at all

See all 7 items

Why should I reconsider my allocation to Asia?

July 2018

Why should I reconsider my allocation to Asia?

July 2018

For and against China as a standalone allocation

China’s rising outbound flows will move global markets

The spectacular rise of Asia in 12 charts

See all 14 items

How should I combine active and passive in my portfolio?

June 2018

How should I combine active and passive in my portfolio?

June 2018

Engagement is the ESG X-factor

Combining AI and active management to make powerful investment decisions

Active and passive through the cycle - by Portfolio Managers who've seen it before

See all 7 items

ESG: Is it worth it?

April 2018

ESG: Is it worth it?

April 2018

What is and what isn't ESG: the investors' definition

ESG in real estate: How green is your castle?

China's changing environmental priorities

See all 12 items

Fidelity Analyst Survey 2018

February 2018

Fidelity Analyst Survey 2018

February 2018

Analysts lift the lid on their sectors’ optimism

Sector by sector: Fidelity Analyst Survey 2018

Region by region: Fidelity Analyst Survey 2018

See all 9 items

I can't avoid risk. How do I take it wisely?

February 2018

I can't avoid risk. How do I take it wisely?

February 2018

Currency hedging: Testing the theory

The investment world’s best writing on risk

ESG: Four underappreciated risks

See all 8 items

How should I prepare for the end of the cycle?

December 2017

How should I prepare for the end of the cycle?

December 2017

Bill McQuaker: what I learned from the last three cycles

China's tricky tightrope: High debt levels don't spell gloom but China's magic wand is gone

In depth in eight minutes: end of the cycle, explained

See all 10 items

How should I deal with a changing Central Bank environment?

December 2017

How should I deal with a changing Central Bank environment?

December 2017

The changing nature of inflation

Views from the desk: Diverging monetary policy

Easy days could soon be over: central bank policy normalisation

See all 5 items