All Asset allocation articles – Page 21
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White papersThe Temperature’s Rising
As Treasury yields climb and assets geared to the recovery race ahead, the Asset Allocation Committee asks, Will the economy overheat, and should investors rebalance?
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White papersShifts & Narratives #1 - Do not give up on fundamental valuations
Today, most investors are at a loss regarding what to think of the notion of value and valuations and, even most importantly, how to use it in portfolio construction.
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White papersThe case for private U.S. commercial real estate In search of investment returns
The investment landscape since the Global Financial Crisis (GFC) more than a decade ago has been significantly impacted by a sea change in central bank policies, ushering in a period of unprecedented low interest rates and increased adoption of Keynesian approaches. Post-GFC, the Fed remained very deliberate in its removal of accommodative policy to ensure stronger growth and achieve its inflationary target of roughly 2%.
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White papersMarket Scenarios and Risks - April 2021
Significant progress in managing the pandemic, massive fiscal impulse in the US, and boosters in the RoW amidst accommodative monetary policies.
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White papersMacroeconomic Picture - April 2021
United States: thanks to fiscal aid and still extremely accommodative monetary policy, the US economy will likely recover much of the ground lost during 2020, returning to prepandemic levels around mid-year, while the labour market will take longer to recover fully.
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White papersAllocating to real and alternative assets: a framework for institution…
Institutional investors have significantly increased their allocation to real and alternative assets, such as private equity, real estate, infrastructure and private debt, over the past decade, with the objective of enhancing the return or the expected yield of their portfolio, as well as improving its diversification.
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White papersQ2 2021 Investment View - Some like it hot
On the ground it does not feel like it just yet, as Europe battles with a third wave of infections, but markets are fast proceeding to the Covid crisis exit door. Too fast? We do not think so and see room for further rotation.
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White papersFiorino: bond themes and late-cycle mood music: as rates go up-tempo, markets rotate
As global economies emerge from the Covid-19 doldrums, bond markets could be tiring. But late-stage fixed income dynamics can also play out well for astute investors. Fiorino conducts a brief enquiry.
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White papersAddressing climate change: why cashflow driven investors should act now
Climate-aware investing can mitigate against an emerging and significant risk factor. This is essential for investors targeting predictability of cashflows alongside high resilience to market risks.
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White papersAsset classes views: Climbing the hill
As the new decade dawns upon us, we are beginning to see the light at the end of the tunnel. The unprecedented nature of the current crisis required correctives on multiple fronts on a global scale. With many of these measures in place or in the pipeline, the much-awaited recovery is within reach, but the path forward remains arduous, nonetheless.
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White papersThe Zero: Why zero rates are increasing the appeal of private assets
Investors facing The Zero are increasingly drawn to private assets for the wide variety of value creation tools available.
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White papersMarket scenarios and risks - March 2021
This month, we maintain the probabilities and narrative of our central and alternative scenarios. We confirm our constructive medium-term view on the “financial recovery regime”, with more caution in the short-term on financial markets, given the virus-dependent news flow and inflation concerns.
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White papersRedesigning tactical asset allocation
Multi-asset teams in the asset management industry already have to contend with implementing investment strategy across numerous portfolios whose opportunity sets may vary considerably.
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White papersMarket Scenarios and Risks - February 2021
This month, we maintain the probabilities and narrative of our central and alternative scenarios. We confirm our constructive medium-term view on the “financial recovery regime”, with more caution in the short-term on financial markets, given the virus-dependent news flow.
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White papersWebinar | Asset Allocation Committee Outlook 1Q 2021: A Tentative Recovery
“Investors who can tolerate volatility for the next six months or so could take the AAC’s views as a signal to bound out of the sickbed and fully embrace risk. The rest of us may do better by continuing to give portfolios the TLC they need: taking risk judiciously and in a balanced way.”
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White papersResponsible Investing And Stock Allocation
We analyze the portfolio choices of approximately 913,000 active participants in employee saving plans in France. Looking at the cross-section of equity exposure, we find that the inclusion of responsible equity options in the menu of available funds is associated with a 2.1% higher equity allocation by plan participants.
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White papersEuropean insurers: the case for going global in the credit allocation
In the hunt for yield, some years ago European investors started to allocate part of their credit exposure to dollar assets. However, many then put a stop to this diversification due to high hedging costs. In the context of the Covid-19 outbreak, the Fed cut rates to post-Lehman lows. Consequently, euro and dollar interest rates converged significantly, reducing hedging costs and making a case for broadening the investment universe from a European to a global base more attractive.
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White papersMarket Scenarios and Risks - January 2021
This month, we update the probabilities and narrative of our central and alternative scenarios, taking into account 4Q20 developments in vaccinations, fiscal and monetary policies, and (geo)politics. We have a higher conviction on our central scenario and we are raising its probability from 65% to 75%. We are lowering the probability of our downside scenario from 25% to 15%, which remains above historical levels.
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White papers2021 global outlook reassessed
As the Q420 is now closed, we confirm the “financial recovery regime” as our central scenario for 2021 with a higher conviction than in Q320. We expect better corporate fundamentals at a global level going forward. The rebound of EPS growth will eventually validate current asset price levels in the context of low interest rates. This explains our cautious optimism for the coming quarters.
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White papersFew Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.
