All Commentary articles – Page 163
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White papersA guide to the Middle East jigsaw
We think that recent events in the Middle East – in particular, the night of the long knives in Saudi Arabia and the resignation (then retracted) of Lebanese Prime Minister Saad Hariri – are pieces in the same jigsaw puzzle: the attempt to redraw political boundaries and delineate new geopolitical equilibria in the region.
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White papersThe covariance matrix between real assets
For assets that are sparsely traded, the time-variance of prices is of limited interest. It is more meaningful to compute price variance across assets and use that as an indicator of investment risk.
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White papersCHINA: 19th party congress and beyond
What are the key takeaways from the 19th Party Congress?
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White papersThe Science and Art of Multi-Asset Investing
Generating consistent returns under uncertain conditions is a challenge. Can multi-asset strategies make the job a little easier? We think so. But a lot depends on how they’re designed.
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White papersWhat is in store for investors after the German government talks collapse?
There is still a possibility that a coalition will be formed, although it will take time.
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White papersVenezuela on the edge of the cliff: let's be cautious
President Nicolas Maduro recently announced the Republic of Venezuela’s intention to restructure all foreign debt, thus recognising the country’s current debt load as unsustainable.
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White papersContemplating the death of ‘Abenomics’
Prime Minister Shinzo Abe’s popularity has diminished after being caught up in a series of scandals. While we believe that Abe is most likely to remain in power, we will be watching his approval rating closely.
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White papersA Guide to Alternative Risk Premia
For years, academics and investors have been researching sources of return to understand what drives outperformance. Increasingly, this research has been focused on alternative risk premia strategies, a form of factor-based investing which is now entering the mainstream.
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White papersAn unconstrained approach to liquid risk premia research and construction
Liquid Risk Premia, sometimes called Alternative Betas, are return opportunities associated with second-order capital market risks that are in themselves not dependent upon assuming some form of market direction.
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White papers5G: The Foundation for a Hyper-Connected World
Principal is sparking an ongoing conversation on transformational technologies and their influence on our world.
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White papersFactor Investing: Diversifying risks to enhance long-term performance
For a long time, traditional equity investing has aimed at generating returns rather than managing risk. But in recent years institutional investors have started to change their attitude: mitigating risk is now more important than maximising returns.
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White papersGlobal Investment Views: October 2017
Ongoing dovishness from Central Banks and higher geopolitical risks are the divergent forces driving financial markets at this point.
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White papersUnderstanding the Momentum Risk Premium
Momentum risk premium is one of the most important alternative risk premia. Since it is considered a market anomaly, it is not always well understood
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White papersWill ECB Tapering Trigger Market Tantrum?
The European Central Bank is widely expected to announce a winding down of its quantitative easing program on October 26. Though investors are nervous, the ECB is doing a good job preparing markets for the change.
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White papersThe German yield curve is steeper than its US counterpart and this will amplify
Since April, the German yield curve is steeper than its US counterpart (considering the spread between the 10y. and the 2y. yields). This has not been so often the case since the creation of the Eurozone.
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White papersOpportunities ahead in Asia EMs, despite increasing geopolitical tensions
EM Asian economies outlook has been improving and it’s expected to mildly improve further. We closely monitor geopolitical risk in the region.
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White papersEconomic Insights: September 2017
Global expansion stays on track: The global economic recovery that began in early 2016 has reached a self-sustaining velocity.
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White papersCatalonia crisis: Limited impact on European financial assets
“We expect the volatility on bonds generated by the Catalonia crisis to be short lived”
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White papersThe Quest for Diversification: Why Does It Make Sense to Mix Risk Parity, Carry and Momentum Risk Premia?
Diversification should be the first objective of any large institutions because managing risk is a key source of long-term performance.
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White papersWill the reshuffling of the FOMC change the monetary policy outlook in the United States?
Donald Trump should announce in the coming weeks his choice for the post of chair of the Board of Governors.
