Content (244)

  • Trade is not the only drag on growth

    White papers

    Trade 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.

  • Rich in opportunity

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    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.

  • A supportive environment for investment grade credit

    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.

  • Emerging market debt rally set to moderate

    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.

  • Building on 2019’s green bond resurgence

    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.

  • Quality is key in a slow economy

    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.

  • Identifying 2020’s successful challengers

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    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.

  • Improving outlook for risk assets

    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.

  • Managing the carbon footpath

    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.

  • Demand grows for high-quality ESG analytics

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    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.

  • Looking through the Brexit clouds

    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

  • Low Yield High regulation enviornment

    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.