Content (244)
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White papersTrade is not the only drag on growth
Entering 2019, our main expectations were for slower growth, easier monetary policy globally and continuing pressure on bond yields. At a high level, that is how the year played out. But the path to those outcomes has at times surprised us.
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White papers
Rich in opportunity
Events in emerging markets over the last couple of years have borne out our conviction that, over the long term, growth stocks in these markets will outperform value.
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White papers
A supportive environment for investment grade credit
The macro environment we face is one of low economic growth, low inflation, and loose monetary policy. That can be considered something of a sweet spot for investment grade credit. Corporate earnings are strong enough for the moderate leverage in the asset class, and investors’ search for high-quality yield supports bond prices.
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White papers
Emerging market debt rally set to moderate
Emerging market (EM) debt started 2019 at attractive valuations. This followed a nine-month slide as the US Federal Reserve moved to normalise monetary policy and raise interest rates, which naturally strengthened the dollar and increased EMs’ funding costs.
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White papers
Building on 2019’s green bond resurgence
In almost whatever country you care to mention, climate change and social inequality are exploding into the public consciousness. Extinction Rebellion in the UK or the Gilets Jaune in Paris are just two of the more high-profile signs. Yet in the financial markets, too, green, social and sustainability bonds are growing in number and sophistication.
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White papers
Quality is key in a slow economy
The outlook for Europe’s high yield market was getting darker as we moved into 2019. Third quarter earnings reports at the end of 2018 had mostly missed expectations, industrial activity was slowing and world markets had just suffered a sharp sell-off. Like most others, we were expecting returns for 2019 to be only moderately positive or even flat.
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White papers
Identifying 2020’s successful challengers
Europe is still growing, if slower than expected. And so, looking ahead, there are exciting opportunities – for example in challenger brands or new business models disrupting the old guard.
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White papers
Improving outlook for risk assets
The downturn in industrial output is bottoming out and corporate earnings – powered by rate cuts in the US and Europe – are about to accelerate.
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White papers
Managing the carbon footpath
Whether transport, energy or utilities, Europe’s infrastructure is set to play an essential part in the transition to a greener environment and better society. Just as new “green” infrastructure is being built, so too old “dirty” infrastructure providing essential services must be decarbonised.
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White papers
Demand grows for high-quality ESG analytics
After the buzz comes the reality. As we look towards 2020, the key responsible investment (RI) themes are already evident. Technology, regulatory changes, enhanced analytics, active use of voting rights and thematic issues (eg, climate change or the sustainable development goals) are key elements of this and are set to be the focus in the RI field.
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White papers
Looking through the Brexit clouds
Looking ahead to 2020, we are full of hope for a conclusion to Brexit. As investors, our approach to property investment remains constant, mitigating specific risk to suit the economic environment. However, Brexit is clouding the investment landscape and has created a stasis across most home-grown markets
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White papers
Adapting 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.
