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Nuveen Global Investment Committee

Views from the Global Investment Committee

Wheels down, elevation up: Five themes for a new economic landing

Investors will feel tension between countervailing forces in the coming year: slipstreams that help move the economy and markets forward, and crosswinds making it more difficult to land smoothly. The key is not to let fear of flying prevent you from reaching your destination, but rather to be prepared for risks and alert to opportunities.

Here are the five key portfolio construction themes we see on our radar: 

  • Relative spreads and credit selection, not risk-free rates, will drive returns in public and private debt markets.  
  • Municipals are still the borrower of choice for investors who are in it for the duration.  
  • Real estate reality: it’s at a turning point.  
  • Energy demand charges ahead of capacity, creating opportunities amid political changes. 
  • Small caps are suiting up for the big leagues

Explore our outlook

Go deeper
Saira Malik photo
Weekly commentary
Private credit looks well-positioned
09 Jun 2025
Saira Malik,
CFA®

Mountain with clouds
Weekly commentary
Labor market strength drives Treasury yields higher
09 Jun 2025
Anders Persson,
CFA®

Daniel J. Close,
CFA®

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  • Macro outlook
Global Investment Committee: (21)
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Global Investment Committee members
William Huffman
Bill Huffman Nuveen Chief Executive Officer
Donald Hall
Donald Hall Global Head of Research, Real Estate
Saira Malik
Saira Malik, CFA® Head of Equities and Fixed Income & Chief Investment Officer, Nuveen
Amy OBrien
Amy M. O'Brien Global Head of Responsible Investing
Justin Ourso
Biff Ourso, CFA® Global Head of Infrastructure
Anders Persson
Anders Persson, CFA® Chief Investment Officer, Head of Global Fixed Income
A man in glasses smiling for the camera
Mike Sales Chief Executive Officer, Real Assets
Nathan Shetty
Nathan S. Shetty, CFA®, FRM Head of Multi-Asset
Emilia Wiener
Emilia Wiener Chief Investment Officer, TIAA General Account
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