Content (21)
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White papers2025 Outlook Insights
Our portfolio managers share their views on what opportunities and surprises 2025 might bring across equity, fixed income and convertible bond markets.
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White papersWhy small is beautiful
While mega caps have consumed much of investors’ attention in recent years creating extreme levels of market concentration, great things have been happening ‘behind the scenes’ at some of Europe’s lesser-known corporates. We’re discovering overlooked small-cap gems that offer both attractive portfolio diversification benefits and the potential for double-digit returns.
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White papersEmerging Divergence
While central banks are all cutting, rate trajectories for the US, Europe and the UK seem contrary to underlying economic conditions. Correlations are high between Treasuries and European government bonds, but intra-European opportunities are emerging.
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White papersRe-Emerging Markets
After several years of price decline, we see EM equities as poised for a resurgence. Already one of the best-performing asset classes of 2024, we see further upside from here.This is based on a clear reversal of recent headwinds, notably higher US interest rates and a strong dollar.
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White papersInvesting in TJX: Discounted value for the Millennial consumer
TJX is the world leader in off-price retailing. ‘Off price’ is a discount pricing format, whereby a retailer purchases excess stock from known brands, for example Ralph Lauren, and sells it on to the end consumer at a lower price. In Europe and the UK, TJX’s well-known local brand, TK Maxx, typically retails branded goods at a 60-65% discount, but can go as low as 90%, encouraging consumers to embrace the ‘treasure hunt’ format, exploring the store for bargains.
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White papersEconomics line up for extended SMID catch-up
Long outperformed by large-cap stocks, small and mid-caps (SMID) have recently shown signs of a trend reversal, which could enable them to make up lost ground. Current market conditions present a turning point for investors to look at a segment where high-conviction active managers have historically delivered alpha.
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White papersAgroSpheres: Breaking the mould on pesticide use
AgroSpheres (AGS) is the latest addition to the Regenerative Growth I portfolio, our agritech private equity strategy. The company has been heralded as the ‘missing link’ in environmentally friendly crop protection and we are excited to support its growth across Europe and the US.
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White papersThe time for a convertible bond re-rating has come
As rate cuts hit, shifting monetary policy sets the stage for an asset class resurgence, unlocking value and performance potential.
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White papersJumbo cuts call for neutral duration
The cutting cycle is finally underway – we think portfolios need to be at least neutral on duration for two key reasons.
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White papersPrivate equity fosters agritech innovation
The growth of impact investing in private equity strategies is enabling a broader set of investors to benefit from companies delivering transformative agritech solutions and regenerating broken food systems.
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White papersAre bonds back for H2?
We see opportunities across the market but believe having clear geographic distinctions will prove a key performance driver.
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White papersWhich matters more, top-down or bottom-up?
As an active credit manager, bottom-up analysis is always going to be a core part of our investment process – we add alpha for our clients through careful security selection. But given today’s macro environment has diverged so much from historical norms and is on the verge of shifting again as monetary loosening gathers momentum, what role does a top-down view play and is it more important than bottom-up calls?
