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Newton Investment Management

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Insight

sector research

Shrinking Machine Learning
Audio

Shrinking Machine Learning

What are potential use cases for edge generative artificial intelligence (AI) and language models?

March 28, 2023
Sector research, Themes
Blog

The Future of Agriculture: Avoiding the Malthusian Trap

We imagine the farm of the future and the dining table of tomorrow.

Albert Chu
March 28, 2023
Global equities, Sector research, Themes
Breaking the System
Blog

Breaking the System

We analyze the potential consequences of tighter money supply and changing central-bank rate policy

Paul Brain
March 22, 2023
Fixed income, Macro views, Sector research, Themes
Advertisement, Adult, Female
Audio

Investigative Research: How We Do It and Why It Matters

Find out how we apply investigative skills to our investment process.

March 21, 2023
Responsible investment, Sector research, Sustainable
Blog

SVB: A New Banking Crisis?

We assess the fallout from the failure of Silicon Valley Bank and the implications for the financial sector.

Vivek Gautam
March 20, 2023
Sector research
Investing in Generative AI
Audio

Investing in Generative AI

Could future artificial intelligence chatbots produce content and generate solutions with less training data?

March 20, 2023
Sector research, Themes
Future Earth
Blog

Biodiversity’s Role in Securing a Sustainable Future

Why the financial industry has a key role to play in supporting and enhancing biodiversity

Therese Niklasson
March 9, 2023
Responsible investment, Sector research, Sustainable
Blog

Utilities and the Regulatory Arms Race  

The Inflation Reduction Act (IRA) has incited a clean-energy arms race among utilities regulators across the globe.

James A Lydotes
March 1, 2023
Global equities, Industry views, Sector research, Sustainable
The Environmental Effects of Digitalization
Blog

The Environmental Effects of Digitalization

We examine the environmental implications of the ever-expanding digital world.

Onkar Jagtap, Robert C Zeuthen
February 17, 2023
Global equities, Industry views, Sector research, Themes
The Geopolitics of Agriculture and Food
Blog

The Food Industry: What’s on the Menu for 2023?

How a focus on innovation and technology could help drive food sector returns in 2023.

Karen Miki Behr
February 14, 2023
Global equities, Sector research, Themes, US equities
Conference Notes: Technology Takeaways from CES
Blog

Conference Notes: Technology Takeaways from CES

We provide our thoughts on the latest Consumer Electronics Show conference. We believe that many advancements across industries…

Shivam Kollur
February 13, 2023
Global equities, Sector research, Themes
Artificial Intelligence: The Third Epoch of Technology
Blog

Artificial Intelligence: The Third Epoch of Technology

The release of new generative platforms underscores the disruptive potential of artificial intelligence.

Newton secular research team
February 8, 2023
Global equities, Industry views, Sector research, Themes
Blog

Retake on Double Take: Climate Adaptation

We investigate how investing in climate adaptation could help protect our planet’s future.

Jack Encarnacao, Raphael J. Lewis
February 7, 2023
Industry views, Sector research, Sustainable
Blog

Retake on Double Take: Commercial Real Estate

We examine the future of commercial real estate and its implications for employers and employees alike.

Jack Encarnacao, Raphael J. Lewis
February 2, 2023
Industry views, Macro views, Sector research
Finding opportunities for positive change and sustainable growth in emerging markets
Blog

Making Sense of Divergent Third-Party ESG Data Ratings

Third-party ESG ratings play an important role in asset management, but we believe their application needs to be…

Alexander Parkinson
January 31, 2023
Responsible investment, Sector research, Sustainable
Investing in climate adaptation
Audio

Investing in Climate Adaptation

How could scalable technology help mitigate the impacts of climate change?

January 26, 2023
Industry views, Sector research, Sustainable
Defining our approach to thematic investing
Audio

Defining Our Approach to Thematic Investing

Listen to why and how Newton uses micro and macro themes as part of its investment research.

January 26, 2023
Macro views, Sector research, Themes
Russia and China: a new world order
Blog

Geopolitical Outlook: How ‘Great Power Competition’ Will Define 2023

How the theme of ‘great power competition’ could shape the macroeconomic backdrop in 2023 and beyond.

Richard Bullock
January 26, 2023
Emerging markets & Asia, Sector research, Themes
2023 Mobility Outlook
Blog

2023 Mobility Outlook

Easing supply-chain pressures and rapid innovation should revitalize the mobility theme.

George Saffaye, Robert C Zeuthen, Frank J Goguen
January 25, 2023
Global equities, Industry views, Sector research
How to value a company during a pandemic
Blog

Financial and Sustainability Reporting – The Search for the Best Attainable Version of the Truth

We discuss the evolution of sustainability reporting.

Jeremy Stuber
January 24, 2023
Industry views, Sector research
Adapting to Climate Change
Audio

Adapting to Climate Change

Why should we be concerned about investing in climate crisis adaption today?

January 19, 2023
Industry views, Sector research, Sustainable
Blog

ADAS, on the Road to Autonomy

We explore potentially life-saving advanced driver assistance system technology.

Robert C Zeuthen, Frank J Goguen, George Saffaye
January 17, 2023
Global equities, Industry views, Sector research, Themes
Global equities: Our outlook for 2023
Blog

Global Equities: Our Outlook for 2023

We examine the current macro backdrop and where investors can potentially find pockets of growth.

John R Porter III
December 23, 2022
Global equities, Sector research
2023 Outlook for Global Infrastructure
Blog

2023 Outlook for Global Infrastructure

We believe infrastructure has exposure to themes with greater transparency that can provide some stability in uncertain times.

James A Lydotes
December 16, 2022
Global equities, Sector research
Unpacking the Future of Blockchain
Blog

Unpacking the Future of Blockchain

We discuss our 2023 outlook.

Jonathan Piskorowski
December 8, 2022
Global equities, Sector research
A Blueprint for Commercial Real Estate’s Future
Audio

A Blueprint for Commercial Real Estate’s Future

Explore how commercial real estate can build from pandemic lows as offices reopen.

December 8, 2022
Industry views, Macro views, Sector research
Agriculture, Nature, Outdoors
Blog

2023 Outlook for Global Natural Resources: Volatility and the Scarcity Economy

We believe active managers should look to global natural resources for attractive opportunities amid this multi-year commodity upcycle.

Albert Chu
December 7, 2022
Global equities, Sector research
Investment Matters
Audio

How Can a Different Approach to Equity Investment Address the New Market Regime?

How can a different approach to equity investment seek out opportunities in a radically different market regime?

December 6, 2022
Global equities, Macro views, Multi-asset, Sector research
Better income outcomes
Blog

Global Equity Income: Better Income Outcomes in 2023?

We discuss the outlook for equity income investing.

Jon Bell, Zoe Kan
November 29, 2022
Global income, Sector research, Themes
Climate Change and Agriculture
Blog

Climate Change and Agriculture

As we navigate the future of agriculture, efficient price discovery could be a key agent for positive change.

Albert Chu
November 28, 2022
Global equities, Sector research
Article

The Evolution of Our Themes

Our themes continue to evolve in line with the significant changes we are seeing across the globe.

November 10, 2022
Macro views, Sector research, Themes
2021: better income outcomes?
Blog

COP27: What Do We Want and What Might We Get?

We explain what we would like to see from the participants at this year’s climate-change event in Egypt.

Newton responsible investment team
November 7, 2022
Industry views, Responsible investment, Sector research, Sustainable
Autonomous Roadblocks
Audio

Autonomous Roadblocks

What are the barriers to safe autonomous driving?

November 7, 2022
Industry views, Macro views, Sector research
Value Opportunities in the Industrials Sector
Blog

Value Opportunities in the Industrials Sector

We discuss promising relative-value scenarios.

Newton US large cap value & income team
November 1, 2022
Industry views, Sector research, US equities
Newton Investment Management Logo
Blog

Second Time Lucky?

We assess the prospects for UK government bonds

Howard Cunningham
November 1, 2022
Defined contribution, Fixed income, Macro views, Sector research
The Importance of Water to Agriculture
Blog

The Importance of Water to Agriculture

Exploring agriculture can present one of the best indirect methods to accurately price water, a perpetually mispriced commodity.

Albert Chu
October 26, 2022
Global equities, Sector research
Retake on Double Take: A UK Winter of Discontent
Blog

Retake on Double Take: A UK Winter of Discontent

In the latest Double Take, we examine the investment implications of the continuing energy crisis enveloping the UK.

Jack Encarnacao, Raphael J. Lewis
October 25, 2022
Industry views, Macro views, Sector research
Paul Brain
Video

Opportunities in a Rising Rate Environment

Where now for global bond investors?

October 24, 2022
Fixed income, Macro views, Sector research
A UK Winter of Discontent
Audio

A UK Winter of Discontent

What opportunities and perils lie in store for investors as the energy crisis unfolds in Europe?

October 11, 2022
Industry views, Macro views, Sector research
Global infrastructure: Tangible assets for tangible returns?
Blog

Global Infrastructure: Tangible Assets for Tangible Returns?

Global infrastructure securities can hold up as a buffer in this inflationary environment.

James A Lydotes
October 5, 2022
Global equities, Sector research
Made in Vietnam?
Blog

Vietnam: Supply-Chain Superstar

Key (and sometimes surprising) findings from a recent trip to Vietnam.

Richard Bullock
October 4, 2022
Emerging markets & Asia, Fixed income, Sector research, Themes
Wristwatch, Coin, Money
Blog

Retake on Double Take: Compliant Crypto

We investigate the rapidly evolving world of cryptocurrency compliance as financial institutions plan to expand into digital assets.

Jack Encarnacao, Raphael J. Lewis
September 27, 2022
Industry views, Macro views, Sector research
The Geopolitics of Agriculture and Food
Blog

The Geopolitics of Agriculture and Food

After decades of abundant food supply, changes in the agricultural commodity equilibrium may have lasting effects for consumers.

Albert Chu
September 21, 2022
Global equities, Sector research
Investing in an era of unusual change
Blog

Genetic Medicines: A Two-Decade Revolution in Health Care?

Why we view genetic medicines as one of the most exciting developments in the health-care sector today.

Matthew Jenkin
September 13, 2022
Global equities, Industry views, Sector research, US equities
To amortise, or not to amortise, that is the question
Blog

To Amortize, or Not to Amortize, That Is the Question

We discuss the challenges of accounting for goodwill.

Jeremy Stuber
September 6, 2022
Industry views, Sector research
The Emergence of Enterprise Blockchain Applications
Blog

The Emergence of Enterprise Blockchain Applications

Blockchain solutions are rapidly evolving beyond cryptocurrencies.

Jonathan Piskorowski
September 1, 2022
Global equities, Sector research
Texture, Pattern, Rug
Blog

The Escalation of Cybersecurity’s Threat Environment

Geopolitical events have heightened the need for robust cybersecurity, potentially creating opportunities as the industry moves toward consolidation.

Robert C Zeuthen, Connor Middleton
August 24, 2022
Global equities, Sector research, Themes
Office Building, Building, High Rise
Blog

Retake on Double Take: Equity and Inclusion

Why the integration and disclosure of people with disabilities in workplaces displays good values and is economically practical.

Raphael J. Lewis, Jack Encarnacao
August 23, 2022
Industry views, Macro views, Sector research
Understanding the Shifting Agricultural Landscape
Blog

Understanding the Shifting Agricultural Landscape

The new energy crisis – food scarcity – presents challenges and opportunities as the world prepares for structural…

Albert Chu
August 22, 2022
Global equities, Sector research
Person, Human, Rug
Blog

Retake on Double Take: Diversity and Human Capital

We discuss the evolving state of diversity, human capital management, and disclosure at public companies.

Raphael J. Lewis, Jack Encarnacao
August 19, 2022
Industry views, Macro views, Sector research
Graphics, Art, Crystal
Blog

The Next Wave of Digital Transformation

The decade-old theme still points to long-term growth opportunities in differentiated areas including enterprise businesses and international markets.

Robert C Zeuthen, Maria Toneva
August 17, 2022
Global equities, Sector research, Themes
Electronics, Hardware, Electronic Chip
Blog

The New Tech Cold War

A decoupling of US and China technology ecosystems presents opportunities.

Richard Bullock, Robbie Henderson
August 12, 2022
Global equities, Sector research, Themes
How is Newton aiming to achieve net-zero carbon emissions?
Audio

How is Newton Aiming to Reach Net-Zero Carbon Emissions?

Why Newton is focused on the Science Based Targets initiative in the drive to achieve net zero.

July 29, 2022
Responsible investment, Sector research, Sustainable
Supercharging the Global Electric Vehicle Supply Chain
Blog

Supercharging the Global Electric Vehicle Supply Chain

The regionalization and localization of supply chains can amplify their resiliency and sustainability, creating potential long-term opportunities investors.

Robert C Zeuthen, Frank J Goguen, George Saffaye
July 27, 2022
Global equities, Industry views, Sector research
Compliant Crypto
Audio

Compliant Crypto

How are legacy financial institutions managing cryptocurrencies? We discuss this and more in our latest Double Take episode.

July 27, 2022
Industry views, Macro views, Sector research
Where We Find Value in Value Investing
Blog

Where We Find Value in Value Investing

The current macro environment and promising fundamentals in certain sectors bode well for US value stocks.

Newton US large cap value & income team
July 23, 2022
Industry views, Sector research, US equities
Is your multi-asset strategy fit for the future?
Blog

The Nature of Drawdown

A perspective on the nature of drawdown as an inevitable element of long-term investing.

John R Porter III
July 21, 2022
Sector research, US equities
Retake on Double Take: The Reshoring Decision
Blog

Retake on Double Take: The Reshoring Decision

We investigate the trend of deglobalization and explore why some manufacturers are bringing operations back home.

Raphael J. Lewis, Jack Encarnacao
June 30, 2022
Industry views, Macro views, Sector research
Diversity and Human Capital
Audio

Diversity and Human Capital

Is the US ahead of the curve or behind in the regulation and disclosure of human capital management?

June 30, 2022
Industry views, Macro views, Sector research
Why now for US small and mid-cap investments?
Audio

Why Now for US Small and Mid-Cap Investments?

Why now for US small and mid-caps?

June 23, 2022
Global equities, Macro views, Newton philosophy, Sector research, US equities
Streaming to success
Blog

Streaming to Success?

The music industry has returned to growth thanks to the rise of streaming. Can the momentum be maintained?

Connor Middleton
June 23, 2022
Industry views, Multi-asset, Sector research
How to value a company during a pandemic
Blog

It Was the Best of Deals, It Was the Worst of Deals

We discuss how investors assess and monitor acquisitions.

Jeremy Stuber
June 15, 2022
Industry views, Sector research
Diverging fortunes: unearthing US bond opportunities
Blog

Diverging Fortunes: Unearthing US Bond Opportunities

We examine how the theme of divergence is creating opportunities for global bond investors in the US market.

Paul Brain
June 7, 2022
Fixed income, Macro views, Sector research, Themes, Ukraine
Global Equities: Navigating a Volatile Backdrop
Blog

Global Equities: Navigating a Volatile Backdrop

We discuss how our global equity specialists are managing the volatility of today’s market landscape.

John R Porter III
June 6, 2022
Industry views, Macro views, Sector research
Retake on Double Take: A Nuclear Renaissance?
Blog

Retake on Double Take: A Nuclear Renaissance?

We discuss the potential of nuclear energy and how it may fit into the global energy transition.

Raphael J. Lewis, Jack Encarnacao
May 26, 2022
Industry views, Macro views, Sector research, Sustainable
The reshoring decision
Audio

The Reshoring Decision

Will the potential reshoring boom lead to a capital-expenditure supercycle? We discuss in our latest Double Take episode.

May 23, 2022
Industry views, Macro views, Sector research
Investment matters: Russia, China and the new world order
Audio

Russia, China and the New World Order

How the Ukraine conflict could change the geopolitical and investment landscape.

May 19, 2022
Emerging markets & Asia, Fixed income, Global equities, Macro views, Sector research, Ukraine
A nuclear renaissance?
Audio

A Nuclear Renaissance?

In our latest Double Take podcast, we explore nuclear power and its potential as a clean energy alternative.

April 21, 2022
Industry views, Macro views, Responsible investment, Sector research
Server, Computer, Hardware
Blog

Retake on Double Take: Data Privacy and Regulating Big Tech

We investigate how big tech companies are mining personal data, and how regulators and lawmakers are responding.

Raphael J. Lewis, Jack Encarnacao
April 4, 2022
Industry views, Macro views, Sector research
‘I’s on the Prize – Income, Inflation and Infrastructure Outlook
Blog

‘I’s on the Prize – Income, Inflation and Infrastructure Outlook

We discuss the outlook for infrastructure amid rising inflation and increased demand for income.

James A Lydotes
March 22, 2022
Global income, Sector research
Light, Laser, Graphics
Audio

Data Privacy and Regulating Big Tech

In our latest Double Take podcast, we investigate the massive changes happening in big tech and regulator reactions.

March 9, 2022
Industry views, Macro views, Sector research
Russian bear out in the cold
Blog

Russian Bear Out in the Cold

We assess the possible investment implications of Russia’s invasion of Ukraine.

Richard Bullock
March 3, 2022
Fixed income, Global equities, Macro views, Sector research, Ukraine
Winter of Discontent?
Blog

Winter of Discontent?

We assess the geopolitical and economic implications of China’s Winter Olympics, and the country’s priorities for 2022.

Richard Bullock
February 4, 2022
Emerging markets & Asia, Sector research
UK equities: time to keep a cool head
Blog

The Value of a Smile … It Costs Nothing but Creates Much

The importance of (and challenges with) valuing intangibles.

Jeremy Stuber
January 31, 2022
Industry views, Sector research
On the rise…
Blog

On the Rise…

We assess what the Fed’s latest monetary-policy signaling could mean for bond markets.

Paul Brain
January 28, 2022
Fixed income, Macro views, Sector research
Deal or no deal?
Blog

Deal or No Deal

How do Russia's latest demands over Ukraine impact future European security?

Richard Bullock
January 28, 2022
Emerging markets & Asia, Global equities, Sector research, Sustainable, Ukraine
Emerging giants: Can India emulate China's recent growth?
Audio

China and India: taking a sustainable approach

We discuss the importance of thematic and sustainability considerations when investing in emerging markets.

January 4, 2022
Emerging markets & Asia, Global equities, Macro views, Responsible investment, Sector research, Sustainable
Emerging giants: Can India emulate China's recent growth?
Audio

Emerging Giants: Can India Emulate China's Recent Growth?

Can India emulate China's recent growth?

December 15, 2021
Emerging markets & Asia, Macro views, Responsible investment, Sector research
Copper: strong tailwinds, although the ride could be bumpy
Blog

Copper: Strong Tailwinds, Although the Ride Could Be Bumpy

With tight supply and growing demand, we discuss the outlook for copper.

Catherine Doyle
December 8, 2021
Real Return, Sector research
Supply Chain Reaction
Audio

Supply Chain Reaction

The latest Double Take investigates the links between Covid, consumer demand, cargo, and the current supply chain crisis.

November 17, 2021
Industry views, Macro views, Sector research
Outer Space, Space, Universe
Blog

Which Areas of Accounting Need Improving?

Why we believe the IASB’s Third Agenda Consultation is a great opportunity for investors to influence its priorities.

Jeremy Stuber
October 22, 2021
Global equities, Industry views, Sector research
What’s behind the current energy crisis?
Blog

What’s Behind the Current Energy Crisis?

There’s more than meets the eye in relation to rising gas prices and their effect on the economy.

Paul Flood
October 19, 2021
Multi-asset, Sector research
Insights
Blog

Time for Taper Tantrum II?

We assess the mood in bond markets as central banks once again start to focus on tapering quantitative-easing…

Paul Brain
September 17, 2021
Fixed income, Sector research
Investment Matters
Audio

How Will We Get to Net Zero? Part II

Why cooperation on reducing carbon emissions must be truly global.

August 3, 2021
Industry views, Responsible investment, Sector research, Sustainable
Investment Matters
Audio

How Will We Get to Net Zero? Part I

Tackling climate change: How did we get here?

July 16, 2021
Industry views, Macro views, Responsible investment, Sector research, Sustainable
Outer Space, Space, Universe
Blog

Global Minimum Tax: Why It Matters

Why we believe tax is under-analyzed, and how it informs our broader view of governance.

Jeremy Stuber
June 24, 2021
Industry views, Sector research
How to value a company during a pandemic
Blog

How to Value a Company During a Pandemic

We discuss how the pandemic has distorted standard valuation measures.

Jeremy Stuber
May 14, 2021
Industry views, Sector research
Investment Matters - Episode 10
Audio

Bonds: Spotlight on sustainable fixed income

Where are the best opportunities for sustainable-bond investors?

April 21, 2021
Fixed income, Sector research, Sustainable
No longer glittering
Blog

No Longer Glittering?

With the gold price trending lower in recent months, we assess the outlook for the precious metal.

Catherine Doyle
April 12, 2021
Multi-asset, Real Return, Sector research
Blog

Turnover Is Vanity, Profit Is Sanity, but Cash Is Reality

Making the case for revisiting companies’ cash flow statements.

Jeremy Stuber
February 25, 2021
Industry views, Sector research
Bitcoin
Blog

Bitcoin – Fool’s Gold or Digital Mecca?

With the cryptocurrency increasingly in the spotlight, we consider its role in a multi-asset portfolio.

Catherine Doyle
February 4, 2021
Multi-asset, Real Return, Sector research
Return of the Cyclicals
Blog

Return of the Cyclicals

We discuss the outlook for cyclical stocks.

Paul Markham
December 17, 2020
Global equities, Sector research
Gold, Box, Treasure
Blog

Gold: Tailwinds?

We discuss the outlook for the precious metal.

Catherine Doyle
December 14, 2020
Macro views, Real Return, Sector research
Building, Factory, Refinery
Blog

A Turning Point for US Energy Policy?

We consider how Joe Biden’s election win might change the outlook for the energy sector.

Laura Sheehan
November 27, 2020
Industry views, Sector research
Fast forward: A journey to the future of investment
Blog

Tomorrow’s World: Fast Forward to a Sustainable Future

We examine how the pandemic might pave the way to a more sustainable future.

Newton responsible investment team
November 17, 2020
Responsible investment, Sector research, Sustainable, Themes
Beyond the pandemic - Podcast
Audio

Beyond the pandemic: the bonds perspective: Part II

The outlook for inflation, and a focus on sustainable fixed-incoming investing.

October 27, 2020
Fixed income, Macro views, Responsible investment, Sector research, Sustainable
Investment Matters - Podcast
Audio

Beyond the pandemic: the bonds perspective

How the monetary and fiscal response to Covid-19 is reshaping bond markets.

October 21, 2020
Fixed income, Macro views, Responsible investment, Sector research, Sustainable
Blog

The Hidden World of Cybersecurity

As cybersecurity threats continue to rise, ESG-focused investors should take note.

Catherine Doyle
September 2, 2020
Responsible investment, Sector research
Blog

Beyond Covid-19: The ‘U-Bend’ Recovery

Why we believe the post-pandemic economy will take some time to get back to pre-crisis levels.

Paul Brain
August 20, 2020
Fixed income, Macro views, Sector research, Themes
Coal, Covid-19 and the rise of renewables
Blog

Coal, Covid-19 and the Rise of Renewables

What legacy will the dwindling use of coal leave for the energy industry and investors in renewables?

Paul Flood
August 12, 2020
Multi-asset, Sector research, Sustainable
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This is a financial promotion. Issued by Newton Investment Management Limited, The Bank of New York Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England No. 01371973. Newton Investment Management is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN and is a subsidiary of The Bank of New York Mellon Corporation. Newton is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. Newton’s investment business is described in Form ADV, Part 1 and 2, which can be obtained from the SEC.gov website or obtained upon request. Material in this publication is for general information only. The opinions expressed in this document are those of Newton and should not be construed as investment advice or recommendations for any purchase or sale of any specific security or commodity. Certain information contained herein is based on outside sources believed to be reliable, but its accuracy is not guaranteed. You should consult your advisor to determine whether any particular investment strategy is appropriate. This material is for institutional investors only. Past performance is not a guide to future performance. Your capital may be at risk. The value of investments and the income from them can fall as well as rise and investors may not get back the original amount invested. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of The Bank of New York or any of its affiliates. The Bank of New York assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2006 The Bank of New York Company, Inc. All rights reserved. Securities in Canada are offered through BNY Mellon Asset Management Canada Ltd. (MAML), registered as a Portfolio Manager and Exempt Market Dealer in all provinces and territories of Canada and as an Investment Fund Manager and Commodity Trading Manager in Ontario. MAML is an indirect wholly owned subsidiary of The Bank of New York Mellon Corporation and is an affiliate of Newton’s. Unless otherwise indicated, all financial data is shown in U.S. dollars. This document has been provided in Canada by MAML for use with institutional investors only and may not be redistributed without authorization.