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Andrew Balls

CIO Global Fixed Income

Mr. Balls is PIMCO's CIO Global Fixed Income. Based in the London office, he oversees the firm’s European, Asia-Pacific, emerging markets and global specialist investment teams. He manages a range of global portfolios and is a member of the Investment Committee. Previously, he oversaw European portfolio management, and was a global portfolio manager in the Newport Beach office and the firm’s global strategist. Prior to joining PIMCO in 2006, he was an economics correspondent and columnist for the Financial Times in London, New York and Washington, DC. He has 24 years of investment and economics/financial markets experience and holds a bachelor's degree from Oxford and a master's degree from Harvard University. He was a lecturer in economics at Keble College, Oxford. Mr. Balls was nominated by Morningstar in 2013 for European Fixed-Income Fund Manager of the Year. He is a director of Room to Read, a nonprofit that promotes literacy and gender equality in education in low-income countries.

Latest Insights

Emerging Markets: Positioned for Growth
03 May 2021
As the cyclical upswing takes hold, emerging markets are likely to benefit from the recovery. Andrew Balls, CIO Global Fixed Income, explains PIMCO’s view.
Portfolio Implications for Investing in the Recovery
27 January 2021
With the global economic recovery underway, we chart the portfolio implications for the year ahead across a range of asset classes, including rates, credit and emerging markets.
Economic and Market Commentary
Rude Awakenings
30 May 2018
We expect a more difficult market environment will surprise many investors as the post-crisis era ends. It’s time to position for the opportunities ahead.
Economic and Market Commentary
Dealing With Disruption
29 May 2019
Major secular drivers could disrupt the global economy and financial markets over the next three to five years. We share our views on risks and opportunities ahead.
Economic and Market Commentary
Age of Transformation
Investors should prepare to navigate unfamiliar terrain as the macroeconomic landscape undergoes dramatic transformations over the secular horizon.
Economic and Market Commentary
Escalating Disruption
The pandemic has amplified long-term disruptors, making credit selection and alpha generation increasingly important.
Economic and Market Commentary
Reaching for Resilience
Volatility, inflation, and geopolitical strain have countries and businesses focusing on defense. We argue for building resilience in portfolios in this fragmenting world, and delve into risks and opportunities we foresee over the next five years.
Economic and Market Commentary
Dealing With an Inflation Head Fake
The global economy is poised for a strong rebound, but investors should beware of market volatility stemming from pronounced inflation fears.
Economic and Market Commentary
Inflation Inflection
We expect growth and inflation to peak in 2021 in developed economies, and we are focused on liquidity and flexibility in our portfolios.
Economic and Market Commentary
The Beginning of the End?
The global expansion is either nearing its demand-driven peak or in the early stages of a supply-driven renaissance. We share our assessment and portfolio positioning.
Economic and Market Commentary
Prevailing Under Pressure
With yields now higher, we believe bonds offer compelling value in this challenging macro environment.
Economic and Market Commentary
Investing in a Fast-Moving Cycle
A long-term approach can help investors position for opportunities in a volatile and rapidly advancing business cycle.
Economic and Market Commentary
Active management and risk awareness may help investors navigate a global economy where inflation becomes “too hot” and growth “too cold.”
Economic and Market Commentary
Bounded Optimism on the Global Economy
Vaccinations and fiscal support should lift the global economy in 2021, but several risks call for careful portfolio positioning.
Economic and Market Commentary
From Hurting to Healing
Our baseline economic forecast is a U-shaped global recovery, but substantial unknowns remain.
Economic and Market Commentary
Growing, But Slowing
25 September 2018
We see growth slowing, but not an imminent recession. We invest accordingly.
Economic and Market Commentary
Seven Macro Themes for 2020
07 January 2020
The outlook for the global economy has improved over the past three months, but there may be less capacity to combat a recession when it comes. We discuss seven key macroeconomic themes we expect in 2020 and implications for investors.
Economic and Market Commentary
Flatlining at The New Neutral
21 March 2019
We believe short-term interest rates in the U.S. are now anchored in The New Neutral, as global growth keeps synching lower.
Economic and Market Commentary
Window of Weakness
26 September 2019
The global economy is about to enter a period of vulnerability. Will it end in recession or recovery?
Cyclical Outlook Key Takeaways: Strained Markets, Strong Bonds
High quality fixed income investments can help center portfolios while offering attractive yield potential amid a likely recession in 2023.
Secular Outlook Takeaways: Escalating Disruption
The COVID shock has amplified disruptive trends, but we see global investment opportunities in the volatility ahead.
Key Takeaways From PIMCO’s Secular Outlook: Dealing With Disruption
In our latest Secular Outlook, we discuss our baseline long-term view for the global economy and share ideas for how investors can deal with disruptions. Here are the key takeaways.
Cyclical Outlook Takeaways: Bounded Optimism on the Global Economy
Global output and demand are likely to rebound strongly in 2021, but we see risks that call for careful portfolio positioning.
Cyclical Outlook Key Takeaways: Dealing With an Inflation Head Fake
The global economy is poised for a strong recovery. Inflation is likely to spike temporarily, but we forecast that much of this rise will reverse later this year.
Secular Outlook Takeaways: Age of Transformation
A radically different macro environment should yield good opportunities for investors able to navigate the difficult terrain.
Cyclical Outlook Key Takeaways: Inflation Inflection
Economic growth and inflation will likely peak in 2021 and then moderate in 2022 as fiscal and monetary policy support recede.
Anti-Goldilocks: Key Takeaways From the Cyclical Outlook
Significant uncertainty clouds the outlook as the global economy confronts a shock that is negative for growth and will likely spur further inflation. Recession risks have increased.
Cyclical Outlook Key Takeaways: Prevailing Under Pressure
The economic outlook remains challenging, but we believe higher yields contribute to a compelling case for bonds.
Cyclical Outlook Key Takeaways: Investing in a Fast-Moving Cycle
A long-term focus and a rigorous approach to portfolio construction may help investors navigate uncertainty as the mid-cycle expansion advances.
Secular Outlook Key Takeaways: Reaching for Resilience
We believe shorter business cycles, elevated volatility, and diminished policy responses warrant a focus on portfolio resilience over reaching for yield.
Economic and Market Commentary
Synching Lower
13 December 2018
We see a synchronized global slowdown in 2019. We position cautiously but anticipate opportunities ahead.
Economic and Market Commentary
Strained Markets, Strong Bonds
Resilient assets with attractive yields can help portfolios stay centered in 2023, when we expect inflation to moderate, central bank policy to steady, and a recession to take hold.

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