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RBC BlueBay research: Private markets demand boom overblown according to wholesale investors

28 November 2022 (London): International wholesale investors do not expect to increase their allocation to private markets significantly from current levels, and remain positive about the case for public markets, despite recent global economic headwinds. This is according to the results of a survey1 of 800 European and US fund buyers, consultants, and wealth managers, commissioned by RBC BlueBay Asset Management (“RBC BlueBay”).


Respondents are currently allocating 22% of their portfolios to private markets, and do not expect to significantly increase this allocation over the next three to five years. Whilst just over half of respondents expect public markets to outperform private markets over the next 5-10 years.


Asked for their views on how current market volatility will affect the investment case for public equities and fixed income, 46% of intermediary investors argue that it hasn’t changed the case for investing in public markets, with the remaining respondents split in equal measure between supporters and detractors.


The case for public markets is further reinforced by respondents’ asset allocation priorities over the next three years. In fact, equities and fixed income remain the primary allocation choices for 31% and 26% of respondents respectively, ahead of other asset classes. With the preferred approach by the majority of respondents (77%) being active over passive.


Nevertheless, half of respondents agree that investors will struggle with returns due to inflation for at least the next three years - US wholesale investors are the most pessimistic of all regions with 59% expecting a drag on returns over 5 years. Most international wholesale investors (39%) expect portfolio returns to hover in the 5-6% over the next 3-5 years.



Other findings include:


  • Equity future fund selection: Appetite for value stocks is increasing, with 28% of wholesale investors currently allocating to this style, and 33% expecting to allocate to it over the next 1-3 years. There also appears to be a preference for large cap stocks versus small and mid cap (SMID), with 42% of wholesale investors planning to allocate to large caps over the next 1-3 years, versus 25% for small, and 33% for SMID.


  • Equity rally outlook: Wholesale investors expect North America (25%) and China (27%) to record the biggest equity rally over the next five years, albeit there are signs of a shift towards Europe.


  • Fixed income: Absolute return is the preferred style of fixed income investing by over a third (37%) of respondents, especially among UK-based investors (47%).


  • Emerging markets (EM): An overwhelming majority (86%) of wholesale investors believe emerging markets are poised for growth. With 58% of respondents stating they are looking to capitalize on this growth story. China is largely separate from EM allocations; and more respondents this year (41%) see China as the most investable EM country when compared to 2021 findings (36%).


  • ESG: A majority of investors (57%) regard ESG as an important consideration. This is higher amongst US respondents (68%), with the Russian invasion of Ukraine having a had great deal of influence in driving greater interest in ESG factors. Concerns around supply chains as a result of the Russian invasion of Ukraine is the biggest driver of greater interest in ESG amongst international wholesale investors (68%) followed by reducing dependence on Russian oil and gas (45%).


Commenting on the research findings, Anthony Pickering, Head of Business Development at RBC BlueBay Asset Management said, “Against a backdrop of heightened volatility, our research suggests that a majority of wholesale investors continue to favour active management, seeking greater flexibility in portfolios as they navigate these uncertain times. The research also suggests the much-anticipated boom in private markets allocations may well play out more slowly than expected, as investors first seek to address portfolio imbalances caused by market re-pricings through allocations towards public markets.”


Full paper available here, Megatrends 2022: Turmoil fails to derail long-term investment trends.



1Research methodology

The fieldwork for this survey was conducted between 1st September and 12th October 2022 by research house, Opinium Research on behalf of RBC BlueBay Asset Management. Views from 800 wholesale investors were canvassed across the UK (100 respondents), Germany (100 respondents), Italy (100 respondents), Switzerland (100 respondents), Spain (100 respondents), the Nordic countries (100 respondents), and the US (200 respondents).



Notes to Editors

Lydia Cambata: +44(0)7578 252424




About RBC BlueBay Asset Management

RBC BlueBay Asset Management, part of RBC Global Asset Management, is the asset management division of Royal Bank of Canada (RBC) in EMEA & APAC and is a provider of global investment management services and solutions to institutional and wholesale investors through separate accounts, pooled funds, hedge funds, and specialty investment strategies.


RBC BlueBay Asset Management has deep-rooted expertise across equity sub-asset classes, designed to provide investors with optimal active investment strategies specific to the asset class opportunities and which incorporate responsible investing approaches as part of their investment strategies.


It also has a specialist fixed income investment platform – BlueBay – structured to deliver outcomes tailored for investors seeking to enhance the returns of their portfolios, investing globally for clients across corporate and sovereign debt, rates and FX. This platform incorporates ESG into the investment process for applicable investment strategies, ensuring investors are well positioned to benefit from investment opportunities across all sub-asset classes and geographic regions.


RBC Global Asset Management manages approximately US$486 billion in assets and has approximately 1,500 employees.


RBC BlueBay has a global presence across the UK, US, Switzerland, Italy, Germany, Luxembourg, Japan, Hong Kong, Spain, The Netherlands, and Australia.



A summary of investor rights can be obtained in English on www.bluebay.com/investorrights. It is important to note that the Fund Management Company may terminate arrangements for marketing under new Cross-border Distribution Directive denotification process. Recipients are strongly advised to make an independent review with their own advisors and reach their own conclusions regarding the investment merits and risks, legal, credit, tax and accounting aspects of all transactions. Please refer to the prospectus of the UCITS/ AIF and to the KIID, if applicable, before making any final investment decisions.


This document is a marketing communication and it may be produced and issued by the following entities: in the European Economic Area (EEA), by BlueBay Funds Management Company S.A. (the ManCo), which is regulated by the Commission de Surveillance du Secteur Financier (CSSF). In Germany, Italy, Spain and Netherlands the ManCo is operating under a branch passport pursuant to the Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU). In the United Kingdom (UK) by BlueBay Asset Management LLP (BBAM LLP), which is authorised and regulated by the UK Financial Conduct Authority (FCA), registered with the US Securities and Exchange Commission (SEC) and is a member of the National Futures Association (NFA) as authorised by the US Commodity Futures Trading Commission (CFTC). In Switzerland, by BlueBay Asset Management AG where the Representative and Paying Agent is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The place of performance is at the registered office of the Representative. The courts at the registered office of the Swiss representative or at the registered office or place of residence of the investor shall have jurisdiction pertaining to claims in connection with the offering and/or advertising of shares in Switzerland. The Prospectus, the Key Investor Information Documents (KIIDs), where applicable, the Articles of Incorporation and any other document required, such as the Annual and Semi-Annual Reports, may be obtained free of charge from the Representative in Switzerland. In Japan, by BlueBay Asset Management International Limited which is registered with the Kanto Local Finance Bureau of Ministry of Finance, Japan. In Australia, BlueBay is exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of financial services as it is regulated by the FCA under the laws of the UK which differ from Australian laws. In Canada, BBAM LLP is not registered under securities laws and is relying on the international dealer exemption under applicable provincial securities legislation, which permits BBAM LLP to carry out certain specified dealer activities for those Canadian residents that qualify as "a Canadian permitted client”, as such term is defined under applicable securities legislation. The BlueBay group entities noted above are collectively referred to as “BlueBay” within this document. The registrations and memberships noted should not be interpreted as an endorsement or approval of BlueBay by the respective licensing or registering authorities.


In the United States, this document may also be provided by RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US"), an SEC registered investment adviser. RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes BBAM LLP, RBC GAM-US, RBC Global Asset Management (Asia) Limited and RBC Global Asset Management Inc., which are separate, but affiliated corporate entities.


The document is intended only for “professional clients” and “eligible counterparties” (as defined by the Markets in Financial Instruments Directive (“MiFID”)) or in the US by “accredited investors” (as defined in the Securities Act of 1933) or “qualified purchasers” (as defined in the Investment Company Act of 1940) as applicable and should not be relied upon by any other category of customer.


This document has been prepared solely for informational purposes and does not constitute an offer or recommendation to buy or sell any security or investment product or adopt any specific investment strategy in any jurisdiction. There are several risks associated with investing in this product. Please refer to the Prospectus of the fund and to the Key Investor Information Documents (KIID), if available, or any other relevant fund documentation on BlueBay website before making any final investment decisions. In EEA where applicable, the Prospectus is available in English and the KIIDs in several local languages and they can be accessed and obtained on BlueBay website. No BlueBay fund will be offered, except pursuant and subject to the offering memorandum and subscription materials for such fund (the “Offering Materials”). If there is an inconsistency between this document and the Offering Materials for the BlueBay fund, the provisions in the Offering Materials shall prevail.