Latest Manager Research – Page 110
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White papersThe Case for US Real Estate Debt
Private commercial real estate debt (CRE debt) is an income-focused, downside-mitigated strategy that has historically experienced little correlation to real estate equity. Among its virtues are a track record of relatively low volatility strategy and potential for upside in a rising rate environment.
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White papersMonthly Research Report: February 2023
Average Quality Returns Not Consistenly Higher Than Prime
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White papersWill US rates peak at 5.5%, as markets expect?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we ask whether markets are underestimating how much the Federal Reserve could raise rates.
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White papersDecarbonising the built environment - Aviva Investors
We assess the financial and environmental pros and cons of developing new buildings versus retrofitting old ones.
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White papersBiodiversity: why investors should care
The past 30 years have seen a bigger improvement in human prosperity than all of the past centuries combined.
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White papersAdding thematic equities to diversified portfolios
Once considered niche, thematic equities have in recent years evolved into mainstream investments. Their ability to transform broad, long-term macro-economic, technological and environmental trends into investments has struck a chord with a growing circle of investors. Even so, questions remain over how to incorporate such stocks within portfolios that use traditional asset allocation frameworks. We propose three broad approaches where investors can incorporate thematic equities in their diversified portfolios.
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White papersFasten your seatbelts
We summarise key dynamics at play in credit markets and explore how best to capitalise on the bumps that are creating the beginnings of another fertile special situations investment environment.
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White papersPrivate credit – from niche to mainstream?
For more than a decade, both corporate and consumer borrowers benefited from low interest rates and a very low cost of capital. As the global economic backdrop continues to adjust to the activity of central banks and the uncertain geopolitical backdrop, investors are seeking ways to ensure that their portfolios are adequately positioned in order to meet their long-term risk and performance goals, write Jo Waldron and Karen Lam at M&G Investments.
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White papersJoint interview with Markus Benzler and Jochen Mende on private equity and secondaries
Why consider investing in private equity (PE) now?
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White papersTechnology investment in the built environment and the path to net zero
The transition to net zero will almost certainly be one of the most significant capital outlays in history. A 2022 report from Goldman Sachs noted that Electrification ‘is poised to revolutionise European Economies and our everyday lives’ and that this effort would ‘need to mobilise €3.7 trillion of capital, most into green energy infrastructure, to develop renewables, upgrade power grids, refurbish buildings and to support the switch to electricity for mobility real estate and manufacturing.’
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White papersNo time but the present for value-add investing
These are, it has to be said, dramatic times. No sooner than most of the world was starting to emerge from the long shadow of the Covid-19 pandemic, it was confronted with another crisis. As a result of Russia’s illegal invasion of Ukraine, energy costs started spiralling last year, causing havoc in economies worldwide. Inflation was already going to be an issue, but the war - by far the largest in Europe since World War II - made the situation far worse.
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White papersPrivate debt: aligning investment needs with the means to deliver
An asset class that is now a core part of institutional portfolios, Mercer’s Private Debt offering combines expertise and opportunities to deliver amid a complex macro environment
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White papersGreater possibilities together as responsible investors
Institutional investors are increasingly seeking investment strategies that produce positive environmental, social & governance (ESG) outcomes while also delivering sustainable returns.
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White papersSecular tailwinds creating infrastructure debt opportunities
Infrastructure debt remains an attractive opportunity despite a challenging economic outlook that could bring with it an increase in credit market defaults, argue David Cooper, Head of EMEA and Australian Infrastructure Debt and Jacob Otto, Director, Debt Product Specialist of IFM Investors
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White papersReimagining Growth: A Market Beyond Mega-Caps
US growth stocks were hit hard in last year’s downturn, with the mega-caps accounting for nearly half of the market’s decline. Now, the changing contours of the market mean investors can capture a broader array of recovery candidates while incurring less benchmark risk.
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White papersWhy Rising US Rates Don’t Have to “Break” the System
Over the past few decades, investors have become conditioned to expect that rising interest rates will trigger broader US financial market crises. There’s history to support this view: the savings and loan crisis of the late 1980s and early 1990s, the mid-1990s Mexican peso crisis (as well as Orange County, California’s default), the bursting of the tech bubble and the housing-market meltdown 15 years ago.
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White papersThe case for net lease/sale leasebacks in Europe
2022 was no doubt a challenging year the European economy and European commercial real estate (“CRE”). Investors and occupiers have had to adjust quickly to a new regime of higher financing costs, lower liquidity and slower economic growth.
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White papersEconomies recover against backdrop of growing confidence
Business activity in the UK, Eurozone and Japan has been more resilient than initially expected this month, suggesting economies may escape a more severe recession.
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White papersChina reopening should benefit parts of EM Asia
Spillovers from China’s reopening will be mostly positive. The main channels are through tourism, goods imports and commodity prices.
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White papersGlobal Investment Views - March 2023
“The dichotomy between the real economy and markets is increasing even as the earnings outlook is getting weak, leading us to be sceptical of the risk rally.”
