All Alternatives articles – Page 48
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White papersAdapting to a low-yield, high-regulation environment
Global insurance markets are a tale of two halves. The European and US markets are mature, with assets under management likely to remain flat for the foreseeable future. Asia is different: the market is boasting strong, sometimes double-digit growth. Insurance companies are injecting a lot of the expertise from their European or US businesses into growth areas, thus achieving higher valuation multiples, because a fast-growing business is more attractive from an M&A point of view.
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White papersFixed Expense Investing
Low and even negative yields have turned some fixed income investing into “fixed expense” investing—but there are still good reasons to hold negative-yielding bonds.
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White papersDecember Macro Dashboard
The announced Phase One trade deal between the U.S. and China, as well as the Conservatives increasing their majority in the U.K. election, has tempered two of the biggest political risks hanging over the global economy. At least temporarily, sentiment is turning optimistic.
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White papersCommitment on Climate
Our Sustainable Equity team explores a recent engagement on measurement of carbon emissions.
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White papersFixed Income: Back To Core - Charts And Views
The ongoing slowdown in global trade will weaken global GDP growth further in 2020 – especially in advanced economies skewed towards the manufacturing sector – but a full-blown recession is unlikely, in our view. This situation will encourage policymakers to finally add fiscal stimulus to the policy mix, possibly extending the economic and credit cycles. Monetary policy is unlikely to become much more accommodative and market expectations will have to adjust, likely driving bond volatility higher with a possible bottoming out of core bond yields.
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White papersGlobal Emerging Markets: ESG Materiality, Q3 2019
Welcome to the Hermes Global Emerging Markets’ ESG Materiality commentary – a quarterly publication that demonstrates our engagement activity with portfolio companies and showcases holdings that are creating positive impact aligned to the Sustainable Development Goals. In addition, we explore an environmental, social and governance theme and its implications for the asset class.
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White papers2020: Risks, Opportunities & Predictions (Part 1/2)
In Part 1 of our 2-part series, Barings’ investment professionals touch on topics from politics to trade wars to economic growth—and offer their perspectives on why EM currencies, international equities and EM local debt might outperform in 2020.
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White papers2020: An Inflection Point for EM Currencies?
With the financial crisis more than a decade behind us, the global financial system seems poised to begin re-leveraging. This process, which would likely take years to play out, would provide a source of funding for EM currencies, and represent a significant tailwind.
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White papersThe Continued Democratization of Private Equity
Private equity is an asset class that has traditionally been available only to very large, sophisticated institutional investors. But this is changing rapidly—a trend we expect to accelerate in 2020.
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White papersHow Crucial is a Weaker Dollar in Supporting an EM Rally?
As concerns of a near-term recession seem to have dissipated, we think—in what may be somewhat of a contrarian call—riskier assets look well-positioned to potentially outperform in the year ahead.
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White papersSustainable investing is here to stay
Sustainable investing was once viewed as a trade-off between value and ‘values’. Yet today, it’s something investors can no longer afford to ignore. What has changed? More granular data, more sophisticated analysis and shifting societal understanding of sustainability, as well as growing awareness that certain factors – often characterised as environmental, social and governance (ESG) – can be tied to a company’s long-term growth potential.
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White papers
2020 Investment Outlook - Be Agile To Cope With Diverging Scenarios
After enjoying stellar performance this year, moving into 2020, investors will increasingly ask whether the global economy will proceed towards a trade war-engineered recession or whether growth will stabilise at a low level and potentially rebound, meaning the cycle could extend even further. In our view, the retreat in global trade is causing a major change in the structure of growth, but does not point to a full-blown recession, especially at a time when cumulative loose policies are gearing up and a partial deal between the US and China is in sight. Monetary and fiscal policy combination, a prominent theme going forward, may extend the current cycle further. While the noise on trade-related issues will be high, a material escalation is unlikely given the upcoming US elections in 2020. However, the path for investors will not be linear. In the short term, market expectations for policy actions have gone too far and need to be adjusted.
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White papersInitial Margin Landscape
Neil Murphy, business manager of triResolve, discusses what the regulatory initial margin landscape changes mean to the market and how in-scope firms for phase 5 and 6 may decide to take an alternative approach to IM compliance.
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White papersStewardship: the 2020 vision
We call for a seismic change in the way the investment management industry operates: from one that has for too long focused on short-term returns, at the expense of sustainable wealth creation. In our view, successful stewardship needs to be at the heart of business purpose and inextricably linked to investment decision-making. In order for this to happen, we need a “new normal” in the relationship between asset manager and the companies in which they invest.
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White papersTotal Portfolio Impact
The investment management industry is experiencing a fundamental change as two long-running trends converge: first, a belief that material environmental, social and governance (ESG) characteristics can be a driver of better long-term investment performance, and second, a demand from clients to understand the social and environmental impact of their portfolio alongside investment performance.
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White papersHow The Dollar Explains the State of the World
The global economy may be changing more slowly than you might think. How the dollar continues to serve as the global currency standard and what it tells is about the economy and the world.
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White papersComing of age: 15 years of stewardship services with Hermes EOS
In the 15 years since Hermes EOS was launched, stewardship has travelled from the fringes to the mainstream, with the benefits of engaging with companies on environmental, social and governance (ESG) risks and opportunities now more widely recognised by investors and regulators.
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White papersLiquidity Dilemma Needs A Regulatory Response
A few high-profile fund suspensions have recently driven the focus back to market liquidity and how this can affect the ability of funds to meet certain redemption scenarios. Despite ample liquidity at the macro level, some areas of strain remain at the micro level and could worsen in case of a material deterioration of economic conditions, a recession or a spike in volatility.
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White papersSustainable infrastructure: it’s not just about clean energy
Decarbonising existing infrastructure will reduce greenhouse gas emissions and reinforce investment returns
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White papersForecasting Combination: An Application For Exchange Rates
This paper tries to forecast exchange rates by comparing forecasting methods that take into account cointegration and methods that do not. The first finding is that taking into account cointegration provides better forecasting results.
