All Commentary articles – Page 135
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Risk (Modelling in Global Aggregate Portfolios) in a Time of COVID
John Beck, Director of Fixed Income contemplates how risk is measured in our portfolios.
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The 20-Year Bond in a Brave New World
The US Government has responded to COVID-19 in unprecedented ways to produce a huge and rapid fiscal policy response. To fund this policy, the Treasury announced that it will issue over $800 billion in Treasury securities over the next three months. Including issuance completed in April, the issuance number rises to over $1 trillion. That is a massive issuance schedule. Here is what is upcoming.
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The Stock Market Is Not the Economy
COVID-19 has damaged a lot of things, including the link between the S&P 500 and the U.S. economy.
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Market Commentary - Swoosh Recovery vs. Liquidity Splash
The exit from the lockdowns is proceeding cautiously. If anything the number of new cases globally has picked up over the past week, flirting with 100k on 15 May, the highest since 16 April (see our latest Facts and Figures, including new modelling). Scientists keep warning about the risk of relaxing social distancing too quickly. In the meantime the global economy struggles – we slightly cut our 2020 global growth forecast from -3.5% to -4%. The risks are skewed to the downside. The WHO reiterated concerns about a deadlier second wave this autumn and winter.
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What We Already Know About The Recovery
And why bonds and stocks may not be pricing in such different outcomes.
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Why investors shouldn’t overlook UK social supported housing in the COVID-19 environment
We outline why we believe social supported housing in the UK offers investors much needed stability as the wider real estate market experiences falls in income and value due to Covid-19.
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Investing in China: Consumers and technology recovering
This Equity Markets issue offers a window into post COVID-19 economic recovery.
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Fixed Income: Health Uncertainty vs. Economic Uncertainty. The Need To Safely Restart Growth
Policymakers face difficult tradeoffs. Fixed Income Views explores macro and sector outlooks.
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Quick Thoughts: A New Globalization Emerges
Our Head of Equities Stephen Dover gives his take on globalization in the wake of COVID-19
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Asset Manager News
Global Sustainable Outcomes - News & Views Q1 2020
This quarter has marked the end of the longest bull market in history after a decade-long recovery since the global financial crisis. Entering 2020, nobody would have predicted the “black swan” event that was to come, providing a lethal shot to both the financial markets and global economies.
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Asset Manager News
Investment grade: how cheap are credit spreads?
Between the middle of February and late March there was one of the most severe periods of poor performance from risk markets in general, and from investment grade credit in particular. This was in response to the Covid-19 crisis and was marked by both the speed and extent of the spread widening
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Asset Manager News
Covid-19: a pandemic with no precedent in a modern economy
The good-news stories and optimism of three months ago have been consigned to the bin, as the virus, lockdowns and economic bailouts take centre stage.
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Thinking beyond tomorrow - Edition 2020
Responsible Investing in Real Assets a proven global track record.
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COVID-19 Science and Economics
In the second installment of our COVID-19 series, we discusses the scientific and economic implications of the path to recovery with research analyst Camilla Oxhamre Cruse, who has a Ph.D. in medicine and M.Sc. in biochemistry, and global strategist Olga Bitel.
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What We Can Learn from China’s Rapid Normalization
China is further along the coronavirus curve than much of the rest of the world and is on a fast path toward normal. We think its experience bears close watching—not only because China is a major contributor to global economic activity, but also because there will likely be important takeaways for the rest of the world as other countries plan their own reopenings.
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Nothing to see here, folks
Interest rates are unlikely to rise until 2020 at the very earliest. And if and when they do, investors in German real estate have little to fear, says Marcus Cieleback, PATRIZIA’s chief economist
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Will COVID-19 prove a watershed for ESG?
COVID-19 has thrown new light on the interdependencies in human and natural ecosystems, and the vulnerabilities of a closely networked world. Aviva Investors’ responsible investment specialists ask whether this will prove a turning point for environmental, social and governance issues.
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The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in two recent significant downturns.
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PE Investing at Market Inflections
Faced with the uncertainties of the COVID-19 crisis and demands for portfolio rebalancing, investors may be tempted to cut their private equity programs or re-think plans to expand them. In this short video interview, John Buser, Executive Vice Chairman—NB Alternatives, looks back to the dotcom era and the Great Financial Crisis to explain why he thinks they should stay the course.
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Equity Investing as We Approach a “New Normal”
Richard Nackenson, Neuberger Berman Equity Senior Portfolio Manager, discusses how investor psychology has changed over the past month and where he is finding investment opportunities as we approach a “new normal.”