All Commentary articles – Page 145
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White papersSharpe Thinking
This week we launch a new monthly review that aims to make sense of the factors driving financial markets. Sharpe Thinking will include timely, active insights from our portfolio managers, analysts and economists, delivered to you by the Investment Office – our independent oversight body that ensures our strategies perform in the best interest of clients.
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White papersWhen The View Is Getting Blurry, Stick To Main Convictions
Market reaction: The further spreading of the coronavirus, especially in Europe, has, in the past few days, triggered a selloff in risk assets and high demand for safe assets (US dollar, Treasuries and gold). As markets reassess the spillover effects of the virus into the economy, volatility is likely to persist.
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White papersManaging liquidity is core to every investment strategy
Whether in certain or uncertain times, well-managed funds containing potentially illiquid assets have a vital place in many investors’ portfolios
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White papersCoronavirus concerns spark market sell off
Public and market fears have converged with countries outside China anxious that they may be approaching the same point as China was at the end of December - the preliminary stages of a devastating epidemic.
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White papersAsia: Brighter than expected but cloudy in patches
PERE’s recent Asia roundtable highlighted investors’ increased optimism towards the Asia Pacific market and the opportunities that localised stress points may provide.
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White papersFlexible credit: the upside of downside protection
Flexibility always has a place, but its capacity to provide downside protection makes it particularly important given the advanced age of the credit cycle. In the fourth instalment of a five-part series, we explain why credit investors cannot afford to just rely on rates and diversification for protection. We also consider the robust suite of tools needed to preserve capital during market sell-offs and help protect our ability to take risk when opportunities are greatest.
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White papersFebruary 2020 - European loan market - review and outlook
European loans returned 5.0% in euro terms in 2019, making another strong year and the asset class’s best performance in 2016. In tandem with wider markets, the year was not without its wobbles, most markedly in October, but all quarters delivered positive returns and loans found their footing in the fourth quarter, as economic and political concerns dissipated and as progress towards a US-China trade deals was made, just as a decisive result in the UK elections inspired confidence in a clearer position on Brexit.
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White papersExports’ dependence to China and Asia of more than 70 countries
The Coronavirus is expected to have a significant impact at least on China Q1 GDP figure. This will affect many countries firstly through exports to China (including tourism). As shown in charts below and as expected, China’s share in total of exports is high for most of Asian countries particularly for South Korea, Hong Kong and Mongolia. Including Japan, share of exports to Asia for Asian countries is above 50% except for China, India, Sri Lanka and Kazakhstan.
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White papersThe Circular Edition 1, 2020: keeping you in the sustainability loop
It’s a new year and a new opportunity to shine a light on sustainability. We’ve summed up our recent insights on environmental, social and governance (ESG) investing to bring you the latest edition of The Circular.
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White papersSeeking riches with the tide far out: 360°, Q1 2020
What is our current view of fixed-income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and his team of specialist investors considers the areas that have the potential to deliver superior risk-adjusted returns.
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White papersAmplified: Fixed income markets in the new decade
In this episode of Amplified, Eoin Murray, Head of Investment and Andrey Kuznetsov, Senior Credit Portfolio Manager, take a look at the new decade for fixed income markets.
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White papersNew institutional investor insights - 20/20 vision: a clearer path for growth
Diversification and selectivity will become ever more important in 2020 and beyond, especially as we think yields will remain low, returns will be tough to come by and volatility may rise. That means getting more exposure to more opportunities and more risks across asset classes, while remaining nimble.
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White papersRevisiting China’s Equity Markets as Coronavirus Spreads
Growing fears about the coronavirus have hit Chinese stocks. While markets will remain unstable until China gets the outbreak under control, equity investors should revisit lessons from previous epidemics and consider the potential longer-term effects of the current crisis.
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White papersCoronavirus & The Next Global Financial Crisis
The actions, both real and perceived, taken by China’s government to contain the coronavirus should serve as an indication of how authorities there would (or wouldn’t) respond to a future financial crisis and contagion of a different kind in the global economy.
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White papersAsset classes views: Detecting Tipping Points
The report highlights the causal relationships between macro-economic factors and long term trends in asset prices, incorporating the latest discussions and analysis and drawing on insights from Amundi’s industry experts. We confirm our central scenario of subdued growth and inflation on a global scale, albeit leading to even lower returns due to complications from late-cycle investing. Recovery is likely as rates and profits normalise while central bank authorities stock up on the ammunitions needed to face further cyclical downturns.
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White papersAnother Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.
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White papersInvestment Phazer Update: downward trend is confirmed
While in the short term we do expect some temporary relief coming from positive economic surprises and supportive news on the trade front (should coronavirus impact be limited), on a medium-term horizon our economic scenario confirms the fragility of the profit cycle.
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White papersOpportunity exists for US, UK and Canadian pension funds who are prepared to de-risk
We recently witnessed the end of a very important moment, when US, UK and Canadian pension funds were simultaneously at the best funded status they had experienced in ten years. At the same time, all three markets had new entrants in pension insurance and reinsurance with ample insurer capacity, vibrant price competition and attractive buy-in and buy-out pricing. Additionally, seven years of lower than expected longevity improvements meant the lowest liability pricing from insurers and reinsurers in over ten years.
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White papersFocal Point The Corona virus: What to expect?
The outbreak of the Corona virus (2019-nCoV) is spread-ing fears around the globe and rattling financial markets. Since it likely sprang over to humans in the city of Wuhan in central China in early December 2019, new infections have grown exponentially. By the time of writing, China re-ports 7,711 people infected and a death toll of 170.
