All Commentary articles – Page 91
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White papersFixed Income Investment Outlook: 3Q 2022
Central bank monetary tightening has arrived, with a resulting shift upward in market interest rates and widened credit spreads. Although there is risk to the upside, we believe that inflation will ease from peak levels but remain elevated above targets until well into next year. In this environment we are seeing opportunities across credit sectors. Continued macro volatility will keep spreads “two-way,” while positive underlying fundamentals across a range of sectors should provide support.
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White papersItaly swimming in uncertain waters as PM Draghi resigns
Given the resignation of Prime Minister (PM) Draghi, what scenarios does Italy face?
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White papersHarnessing technological trends within infrastructure
Disruptive technological changes are already shifting the ways in which consumers, businesses and governments behave, and this is evolving at an unprecedented rate. Innovations in a diverse range of industries have not only unleashed new technology applications, but also uncovered new intersections across different fields and sectors.
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White papersZero-Covid weighs on China’s growth in Q2
A weak second quarter for China’s economy, with GDP growth narrowly avoiding contraction, might mark the low for this cycle (disregarding the pandemic-related dip in Q1 2020). However, even with intense policy support for the economy and less stringent Covid restrictions, any recovery looks set to be gradual at best, leaving 2022 growth short of the official 5.5% target.
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White papersUK housing shortfall – crisis or opportunity?
There is a saying that an Englishman’s home is his castle. Although not all UK housing is medieval, it is starting to creak with age. The UK has the oldest housing stock in Europe. Nearly 40% of residential property was built before the end of the Second World War. More than one in five dwellings has been standing for more than a century.
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White papersUnwavering Resolve
Central banks are increasingly worried they might be losing an inflation battle that could now be generational, so expect them to get much more aggressive to catch up.
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PodcastForgo FOMO: Growth Investing for the Long Term
In light of the swings in today’s market environment, investors are shifting their asset allocation decisions to accommodate its volatility. As they grapple with what the options are, we look to growth stocks, which we believe have the potential to outperform the overall market over time though may require a higher risk tolerance.
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White papersEconomic and Market Review: Key Considerations for Equity Investors
We see increasing likelihood of a recession, but even if we avoid one, we think the coming months are going to feel like a recession as the decline in stock market valuations in the first half of the year are likely followed by a decline in corporate earnings in the second half.
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White papersBraving bear markets: 5 lessons from seasoned investors
Stock markets around the world have entered bear territory. The MSCI ACWI slid over 20% for the six months ended June 30, 2022. Today, many investors are focused on the likelihood of recession and more pain ahead.
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White papersWhen short term pain can bring long term gains
2022 has not been a great time for bonds. The Bloomberg Global Aggregate Index and Bloomberg US Treasury Index both hit historical lows, returning -13.9% and -9.1%, respectively, in the first 6 months of 20221 . Meanwhile, risky asset classes also sold off significantly, which has led to many investors questioning the role of bonds as a diversifier to equities.
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White papers5G: Worry-Free Warranty Goes Mainstream
As adoption of connected technology increases, so does the case for device insurance. What opportunities could this bring?
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PodcastThe uncapped impact series with GreenLight Biosciences
Until recently, humanity has relied on chemical solutions to address its biggest challenges. For example, our ability to grow food, to defend livestock against disease and to safeguard human health, all depend in part on chemical solutions. Today is no different. Yet resistance to chemicals is rising rapidly, exacerbated by climate change and ecosystem degradation.
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White papersReasons for Optimism
Caution may be warranted during the uncertainty of the next quarter—but after markets have sold off so much, does it really make sense to be more pessimistic now than at the start of this year?
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VideoCurrent and Future Opportunities Within the Space Economy
The range of current and potential future opportunities presented by the space economy is considerable. In this video, Senior Portfolio Manager, Michael Barr looks at a range of these, highlighting some recent breakthroughs as well as potential future developments.
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White papersWhat comes after globalisation?
The end of the Cold War acted like a catalyst for the liberal international economic order and free world trade. Cash and commodities moved across the globe at will. Location patterns were reshuffled. Asian countries, especially China, beckoned with a seemingly inexhaustible supply of cheap labour. With their labour market largely unregulated, they became the world’s extended workbench.
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White papersAre Biofuels Really the Choice Fuel for the Future?
The most beneficial biofuels for carbon intensity reduction are biodiesels produced by wastes, such as used cooking oils and other fats, which are truly being recycled into energy. However, supply of these feedstocks is largely limited by the amount of food consumption.
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White papers*Sustainable by nature sequel: our portfolio biodiversity footprint*
Research has found that on a number of levels, nature is unravelling. This poses an existential threat to societies and economies – and by extension asset owners and investors. As an asset manager with clients who depend upon a stable biosphere, we have a responsibility to understand how our investments impact nature and how nature loss may translate into financial risks.
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White papersSwitching Gears for an Uphill Ride: Combining Capital Preservation, Return Potential and Liquidity for Official Institutions
In the second of our articles on working with Official Institutions, we ask whether portfolios can be built to withstand a profoundly changed outlook for the economy and investment returns without blowing through their risk constraints.
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White papersEmerging market debt: an active approach
Emerging market debt (EMD) has already broadened and deepened significantly in the last few decades and as the asset class has developed, it has become more appealing to a broader investor base. Issuance has increased, thereby improving liquidity.
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White papersFinding a third way between throttling energy demand and dirty fossil fuel
The war in Ukraine is significantly impacting energy security, particularly in Europe. Beyond oil & gas markets, the conflict has a variety of negative macroeconomic effects. Notably, the fighting in Ukraine and the resulting sanctions on Russia are disrupting commodity supplies, exacerbating ‘cost push’ inflation set in motion by the pandemic and its aftermath.
