All Europe articles – Page 66
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White papersThe Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers
New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.
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White papersCredit selectivity at the fore in European high yield bond and senior loan investing
The European leveraged finance market is recognised for its potential to offer a compelling income advantage versus other, more traditional fixed income asset classes. Current market factors such as low default rates for speculative-grade debt and further stimulus from the European Central Bank are expected to continue to lend support to this asset class, which has enjoyed strong performance in 2019. Still, a prudent perspective would view the market as standing on relatively fragile ground in a period of low yields, lackluster economic activity and weakening growth outlook.
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White papersTime For A Flight To Cyclical Value In European Equity
When we look fundamentally at the risks and rewards in equity markets for 2020, we find that value o ffers better opportunities than growth as implied expectations are lower and therefore more attractive for value at this point. The performance of value vs growth has been on a downward trend for a long time, almost 13 years. In our view, the rotation towards value that started in September 2019 is likely to continue in 2020.
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White papersQuality is key in a slow economy
The outlook for Europe’s high yield market was getting darker as we moved into 2019. Third quarter earnings reports at the end of 2018 had mostly missed expectations, industrial activity was slowing and world markets had just suffered a sharp sell-off. Like most others, we were expecting returns for 2019 to be only moderately positive or even flat.
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White papersIdentifying 2020’s successful challengers
Europe is still growing, if slower than expected. And so, looking ahead, there are exciting opportunities – for example in challenger brands or new business models disrupting the old guard.
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Asset Manager NewsUnion Investment and Generali Real Estate signed the agreement to acquire the Puerto Venecia shopping resort in Zaragoza
Shopping centre and retail park with combined rental area of 120,000 m2 and 19 million visitors a year
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Asset Manager NewsCORESTATE expands its institutional housing funds: New building project “Quartier Kreuzstraße” purchased in Leipzig-Mitte
Institutional fund with at least 4% yield distribution/year Three revitalization properties and two new buildings in a popular central location in Leipzig Energy-efficient building meets high KfW criteria and corresponds to CORESTATE’s ESG strategy Total investment volume of over EUR 57 million Undiminished demand for residential investments among institutional ...
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White papersFixed Expense Investing
Low and even negative yields have turned some fixed income investing into “fixed expense” investing—but there are still good reasons to hold negative-yielding bonds.
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Asset Manager NewsPATRIZIA buys iconic Louise Tower in Brussels in landmark portfolio deal
PATRIZIA AG, the global partner for pan-European real estate investment, announces that it has acquired the iconic Louise Tower in Brussels as part of a portfolio of six office buildings and one retail asset, by purchasing Athora Real Estate Investments B.V., from Athora Belgium S.A., for EUR 190 million.
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White papersReal estate outlook 2020: Continental Europe
As 2019 comes to a close Vivienne Bolla and Souad Cherfouh look ahead to the key themes that will shape the European real estate markets in 2020 and beyond.
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Asset Manager NewsPATRIZIA acquires healthcare property development in Dresden
PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of a healthcare property development in the city of Dresden, in Eastern Germany, on behalf of PATRIZIA Social Care Fund III.
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Asset Manager NewsPATRIZIA sells a 283-unit residential portfolio in Denmark
PATRIZIA AG, the global partner for pan-European real estate investment, announces the sale of a residential portfolio totalling 283 units in Copenhagen and North of Copenhagen, Denmark, to “Lægernes Pension”, the Danish pension fund for doctors.
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White papersTop trends in 2020 - Infrastructure Outlook
Infrastructure 2020: cleaner and more connected
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White papersFixed Income: Back To Core - Charts And Views
The ongoing slowdown in global trade will weaken global GDP growth further in 2020 – especially in advanced economies skewed towards the manufacturing sector – but a full-blown recession is unlikely, in our view. This situation will encourage policymakers to finally add fiscal stimulus to the policy mix, possibly extending the economic and credit cycles. Monetary policy is unlikely to become much more accommodative and market expectations will have to adjust, likely driving bond volatility higher with a possible bottoming out of core bond yields.
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White papersMitigating Inflation Risk at Lower Opportunity Cost
Inflation-mitigating allocations can drag on returns when inflation is subdued: diversifying and tactical allocation can help.
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White papersScreen The Euro Fixed Income Market In The Era Of Three ‘Lows’
As 2020 approaches, the uncertainty in the market has receded but there are still risks ahead involving macroeconomic, political and technical factors. Under such a scenario and with central banks being accommodative, we do not envisage a major increase in European core bond yields from their current levels given the limited growth potential and the scarcity of tools left in the ECB’s toolkit to stimulate the economy. Should the economic situation deteriorate, there could be room for yields to fall, but probably not to the lows reached in late August/early September.
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Asset Manager NewsPATRIZIA buys pan-European logistics portfolio for around EUR 1.2 billion
PATRIZIA AG, the global partner for pan-European real estate investment, announces that it is acquiring a pan-European portfolio of 42 logistics assets from BentallGreenOak1 for around EUR 1.2 billion on behalf of a logistics fund, backed by a club of institutional investors, comprising PFA Pension in Denmark and Public Officials Benefit Association (POBA) in South Korea as well as PATRIZIA Logistik-Invest Europa II (PLIE II). Of the 42 acquired assets, 39 are yielding properties as well as three forward purchased new logistics developments in Italy and Spain which are partially pre-let.
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White papers2020: Risks, Opportunities & Predictions (Part 1/2)
In Part 1 of our 2-part series, Barings’ investment professionals touch on topics from politics to trade wars to economic growth—and offer their perspectives on why EM currencies, international equities and EM local debt might outperform in 2020.
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White papersEurope’s Time to Shine?
If Brexit headwinds begin to clear, and the German economy sees improvement, it would support the European economy as a whole. At the same time, any weakness in the U.S. dollar could further propel international markets, potentially reversing a decade of underperformance.
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White papersQuantitative Easing: The End Of The Road For Pension Investors?
Has central banks’ Quantitative Easing (QE) been a blessing or a curse for investors?
