What to buy?Historical soft landing or global economic train wreck? Positioning for a range of outcomes
Stefan Löwenthal
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Managing Director, Chief Investment Officer — Global Multi Asset Team
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Stefan Löwenthal
Managing Director, Chief Investment Officer — Global Multi Asset Team
Stefan Löwenthal is the Chief Investment Officer for Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, Löwenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).
Jürgen Wurzer
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Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
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Jürgen Wurzer
Senior Vice President, Deputy Head of Portfolio Management— Global Multi Asset Team
Jürgen Wurzer is the Deputy Head of Portfolio Management for Macquarie Asset Management’s Global Multi Asset team, a role he assumed in April 2018. He is responsible for designing and managing multi asset strategies, overseeing quantitative research and modelling, as well as analyzing global equity markets. He initially joined Macquarie in
January 2007, focusing on multi asset solutions. Prior to re-joining Macquarie in April 2018, he was part of the multi asset management team at Erste Asset Management from September 2016 to March 2018. He graduated from University of Applied Sciences Wiener Neustadt with a master’s degree. Wurzer is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.
Igor Kovacic
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Senior Investment Manager — Global Multi Asset Team
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Igor Kovacic
Senior Investment Manager — Global Multi Asset Team
Igor Kovacic joined Macquarie in May 2015 as an investment manager. For the Global Multi Asset team, he covers global credit markets with a special focus on the high yield space. Prior to joining Macquarie, he was a credit research analyst at Raiffeisen Bank International. Kovacic holds a Master’s degree in business administration and applied economics from Vienna University of Economics and Business.
Aaron D. Young
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Senior Vice President, Portfolio Manager
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Aaron D. Young
Senior Vice President, Portfolio Manager
Aaron D. Young is a Portfolio Manager for Ivy Investments, now part of Macquarie Asset Management’s Delaware Management Company. He joined Macquarie Asset Management (MAM) as part of the firm’s April 30, 2021 acquisition (Transaction) of the investment management business of Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company (IICO), the former investment advisor of the Transaction Funds. He joined IICO in 2005 as a fixed income analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team at IICO as an investment analyst in 2007. He had served as an assistant portfolio manager for investment companies managed by IICO (or its affiliates) since 2012 and has been a portfolio manager on the multi-asset investment team since 2016. He earned a bachelor's degree in philosophy from the University of Missouri and holds an MBA with an emphasis in finance and strategy from the Olin School of Business at Washington University.
By
Stefan Löwenthal,
Jürgen Wurzer,
Igor Kovacic,
Aaron D. Young
December 19, 2022
With recessions forecast and the US Federal Reserve still tightening, it’s time to position portfolios for a range of potential scenarios. The Macquarie Global Multi Asset Team compares several attractive asset types in anticipation of an ongoing challenged environment, including real assets, European equities, US small caps, and both US and emerging market (EM) bonds.
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