All Cash articles – Page 3
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Life after LIBOR: Two Years and Counting
An update on what regulators, markets and Neuberger Berman have been doing to prepare for the transition from LIBOR.
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Liquidity 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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Emerging Markets Investment Insight - Local bond benchmarks: Yield tilts and funding diversification
Low yields in developed fixed income markets combined with rising global issuance has made investments in local currency emerging markets (EM) bonds popular. In prior publications, we wrote about using factor decomposition to synthetically re- create exposure to the EM cash bonds through duration, currency, and credit derivative instruments. Extending this research, we investigate whether these factors can be used to enhance benchmark performance.Local bond benchmarks: Yield tilts and funding diversification
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Eurozone a mere dip or a sustained slowdown?
After a long series of disappointments in 2018, euro zone economic figures have remained very mixed so far in 2019. However, the situation should improve over the coming quarters, thanks to a combination of robust household income, heavy fiscal support, and global trade that is a little weaker than it has been in recent months.
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Letters from Zambia and Kenya
PGIM Fixed Income’s Lead CEEMA Economist Giancarlo Perasso provides an on-the-ground look at the economic conditions in Zambia and Kenya following a recent trip to Africa.
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Hedging Repo Exposure in the Treasury Basis with One-Month SOFR Futures
Learn how CME One-Month SOFR futures can be used as an effective tool for hedging Treasury overnight repo exposure.
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Fed to End Diet
The Fed’s program to shrink its bloated balance sheet post-quantitative easing is drawing to a close earlier than planned as liabilities pose constraints.
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Cash Equitization
Cash in a portfolio creates a drag on investment returns, especially over the long term. Learn how CME Equity Index futures can be used to “equitize” cash in an institutional portfolio and bring it back to fully invested.
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Cash Equitization with E-mini Equity Index Futures
Take a look at how CME E-mini Equity Index futures are used to equitize cash in portfolios, including avoiding drag on performance and more.
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Banking problems impede India’s reforms
There has generally been a positive response to Prime Minister Narendra Modi’s structural reforms, but there has been an investment slowdown in the medium-term, and recent scandals, huge bad loans and ATM cash shortages imply a banking system that is in crisis – to the tune of $210 billion.
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What to know about investing in China
There used to be a lot of concern around China’s old industrial economy, but supply-side reforms have curtailed excess capacity.
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Why sustainable growth supports ASEAN equities
The Association of Southeast Asian Nations is in a cycle of high-quality, balanced economic growth, with China leading the way.
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Asset Allocation Update: Strong earnings prompt US equities upgrade
Amid background noise such as ongoing trade skirmishes involving the US, the evolving Chinese economy and geo-political tensions, we have spent time analysing recent market movements and the implications for risk assets.
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The inflation pendulum
It’s not good to have too much or too little inflation, but trying to get a huge pendulum the size of the US economy to settle in the middle is very difficult.
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The employment enigma: why is there no inflation?
After years of monetary stimulus, zero interest rates and quantitative easing, the global economy is now experiencing strong, synchronised growth.
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Sparkling performance boosts luxury goods
The past two years has seen a pick-up in luxury goods, as the global economy continues to expand.
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Going global with a consistent small cap strategy
‘Big is best’ is not an adage that we subscribe to with the Threadneedle Global Smaller Companies strategy: we concentrate on high-quality growing companies that we believe are undervalued by the market – and we do so on a global scale.
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Daisuke Nomoto: Japan - more tailwinds than headwinds for 2018
With GDP on a sustained growth track, supported by structural reforms and the Bank of Japan’s accommodative monetary policy, we maintain a positive outlook for the region.
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Dara J. White: Emerging Markets Outlook for 2018
Emerging markets have previously performed well in periods of rising rates, so while the macro dynamics from the US and elsewhere could be seen as a threat, they shouldn’t necessarily blow EMs off course.
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Reaction: Italian election
The Italian election result looks messy, but we do not believe that the chances of Italy leaving the eurozone have gone up materially.