Latest Manager Research – Page 177
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Why real estate debt can stand firm in face of twin threat
Investors on the hunt for secure income face the dual threat of rising inflation and rates. Natalie Howard explains how real estate debt can help.
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The Reckoning
With US economic growth maintaining sufficient momentum and high inflation becoming a political and social issue, Fixed Income Views explores the implications for investors.
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Hoping for the Best, Preparing for the Worst
We’ve officially embarked on a very peculiar tightening cycle—one in which inflation is at levels more associated with the peak of the hiking cycle, and not the start.
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Hedge Fund Strategy Outlook Q2 2022
Last year’s headlines (COVID-19 and China) have been replaced with new concerns (Invasions and Inflation). Central bankers are pivoting from stabilizing growth to limiting inflation.
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ESG Materiality Newsletter, Q1 2022
In this edition of our ESG Materiality Newsletter, we provide an overview of our engagement activities, as well as case studies demonstrating the progress we have made with portfolio companies. We also delve into an environmental, social and governance (ESG) theme, and its implications for the Emerging Markets asset class.
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Hotels a better investment bet than logistics: Pro-invest
Fund manager Pro-invest has tipped the hotel sector to outperform the booming logistics market over the coming years on the back of a resurgence in accommodation take-up, after securing up to $200 million from institutional investors for its latest hotel fund.
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REITs as a Hedge Against Inflation
Real estate investment trusts across a number of sectors could show strength in 2022, driven by inflation and secular trends.
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Q&A: Investing amid geopolitical uncertainty
Russia’s invasion of Ukraine has intensified focus on geopolitical risks. However, investing amid geopolitical uncertainty is not new. Seasoned portfolio managers Kirstie Spence and Victor Kohn discuss how they approach geopolitical risk in emerging markets.
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Multi-Period Portfolio Optimization and Application to Portfolio Decarbonization
In this article, we consider a multi-period portfolio optimization problem, which is an extension of the single-period mean-variance model. We discuss several formulations of the objective function, constraints and coupling relationships.
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Shifts & Narratives #16 - Investing in a fragmented world
Over the past three years – well before the Covid-19 crisis – we have been arguing for a macro-financial regime shift, initially driven by the retreat of global trade as the main driver of global growth. The Covid-19 crisis has acted as a trend accelerator due to its de-globalisation footprint and implied supply-chain bottlenecks. Many growth engines have been re-shored, while the unified central bank model has ended.
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How challenging is the inflationary picture for fixed income investors?
Over the past 15 years policymakers have faced various waves of crises, beginning with the global financial crash of 2007-08. Until now, authorities could simply focus on supporting the financial system and global growth, however the re-emergence of inflation adds a significant complication for both policymakers and fixed income investors.
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Ukraine: where do we stand?
By calling the war in Ukraine a «tectonic shift in European history», European leaders are giving an indication of the regime changes this war could lead to in the medium term.
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Spotlight on Saudi Arabia
Saudi Arabia’s economic rebound is drawing attention with an obvious boon from rising oil prices. Outside of hydrocarbons, the country is continuing to diversify and reform in a number of sectors as part of its ambitious Vision 2030. Dina Ting, Head of Global Index Portfolio Management, Franklin Templeton ETFs, highlights developments on the kingdom’s horizon.
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French elections: let the race begin
The French 2022 election cycle is starting in the context of the war in Ukraine which favours to the incumbent president. Structural reforms, notably of the pension system, and the energy transition are debated but the main topic is household purchasing power as energy and food prices are hurting low income households. The electoral turnout might be very low which usually helps far left or right candidates.
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Will the Fed manage to restore price stability without a recession?
The Fed is determined to hike rates rapidly. In the short-term the US economy will be supported by the many cushions present in the economy, as a result of all the fiscal and monetary support provided during the Covid crisis. The Fed will be in a more difficult situation in 2023.
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Credit markets: more attractive valuations but we remain cautious
Valuations are now a little more attractive. However, the environment remains challenging, particularly in Europe. We remain cautious and more constructive on US credit markets relative to euro markets.
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Market Scenarios and Risks - April 2022
We keep the narratives and the probabilities of our central and alternative scenario unchanged versus last month. The war in Ukraine could evolve in several ways over the coming weeks (see Ukraine crisis tree) with significant implications on economic and financial markets.
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SDG Engagement Equity: 2021 Annual Report
The philosophy of the SDG Equity Engagement Fund is that we can all do well by doing good. Progress towards, and the attainment of, the UN SDGs is not a zero-sum game; rather, it represents an opportunity to create shareholder value.
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Macroeconomic Picture - April 2022
United States: the increase in energy and commodity prices, which is pushing inflation higher, is negatively impacting the US consumer, both in terms of confidence and spending. At the same time, companies’ capex intentions remain high, suggesting that while US consumption may be decelerating, capex should remain resilient to the Ukraine war confidence hit.
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US economy and markets look resilient regarding the Russia-Ukraine crisis
Over a month has passed since the start of the conflict in Ukraine and, following the initial volatility swings across all segments, markets have been more constructive in the past few weeks. Rates have drifted higher, reaching 2.5% for US 10 year Treasuries, amid expectations of more aggressive monetary action. Equities are returning to pre-conflict levels, while commodities are still volatile but running cooler overall.