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2022 Q4 GIC outlook:
Not out of the woods yet

Light at the end of a path in the woods

Views from the Global Investment Committee


Key takeaways

Not out of the woods yet

Saira Malik, Chief Investment Officer

Finding the path forward

Our previous outlook, “From pain to gain,” offered a cautiously optimistic view on market performance and portfolio construction amid one of the most volatile investment environments in memory. That guarded perspective and positioning yielded mostly positive results for much of the summer, but investor confidence dissipated in the face of relentless global central bankers determined to rein in historically elevated levels of inflation — even if doing so meant sacrificing economic growth.

Looking toward the balance of 2022, one thing is clear: We are not out of the woods yet. Both the global economy and global investment markets continue to be waylaid by familiar risks.

That doesn’t mean investors have to wander the woods with no trail markers. In the U.S., for example, even if the Federal Reserve’s inflation-fighting pushes the economy into recession, the combination of resilient labor markets and household balance sheets leads us to believe that any such downturn would likely be mild and relatively short-lived.

As you’ll see in this report’s detailed discussion of portfolio construction and our revised asset class “heat map,” we are focused on three primary themes:


There’s no question this has been a confounding and challenging year for markets, and we still have a way to go before we emerge from the murk of bearishness into the light of “normalcy.” In the meantime, we continue t0 seek glimmers of incremental economic progress and asset allocation ideas to help investors stay on the path toward their long-term objectives.

As Nuveen’s CIO and leader of our Global Investment Committee, Saira drives market and investment insights, delivers client asset allocation views and brings together the firm’s most senior investment leaders to deliver our best thinking and actionable investment ideas. In addition, she chairs Nuveen’s Equities Investment Council and is a portfolio manager for several key investment strategies.


Stadt Frankfurt
Bockenheimer Landstr. 24, 60323 Frankfurt, Deutschland
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