Latest Manager Research – Page 302
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White papersThe inflation moment - Strategies to protect portfolios from inflation risk
As the global economy emerges from its worst slump since the 1930s, we envisage plenty of inflation fertilisers at stake, especially in the United States. Inflationary trends could emerge due to a combination of factors, including the cyclical recovery as countries try to get the pandemic under control and gradually lift mitigation measures
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White papersShifts & Narratives #5 - A unique crisis that opens the way to multiple regime shifts
The Covid-19 crisis is exceptional in many ways. It is the most serious health crisis since the Spanish flu a century ago. This crisis resulted in an unprecedented contraction of activity in 2020 and in the deepest global recession since World War II.
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White papersHealth & wellbeing at our core
Buildings which encourage occupant health & safety through a mix of structure, design and operational strategies that measurably improve physical, social and mental health indicators reinforces the demand for healthier buildings. REPM was recently Fitwel Viral Response Certified for 455 Market Street, a California based flagship asset managed by the business.
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White papersViews from the credit desk: Bullish and Bearish Cases
2021 has seen a wide dispersion in asset price returns, driven by a more inflationary environment. Commodities, stocks and high-yield are up, but investment-grade and government bonds are down.
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White papersInsurers’ portfolios: re-load the income engine, go beyond the traditional investment universe
US long-term yields have risen in recent months on expectations of strong economic growth fueled by fiscal stimulus. Eurozone long-term government yields have followed this movement in a limited way, as Eurozone economies have been hit hard by the Covid-19 crisis. The pandemic has increased economic fragmentation across European countries, putting pressure on the ECB to pursue its highly accommodative policy.
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White papersStewardship in Asia, a source and a victim of climate change
Asia is a major contributor to climate change and at the same time quite exposed to its phenomena such as droughts and floods.
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White papersInequality: what is at stake (2/4)* - Pro-Piketty and Anti-Piketty: A review of the literature in 20 topics
No one is disputing that Piketty’s books are ground-breaking, that his research and his team’s research are fundamental, or that their databases and reports are invaluable. Moreover, this research puts economics back in history, which is highly commendable.
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White papersInequality: what is at stake (1/4)* - Globalisation, growth, financial liberalisation and inequality
With the misdeeds of globalisation, the rise in inequalities and the resulting perception of injustice have been subjects that have fuelled many debates for a little over ten years. The theme of inequalities has even come to the centre of many political programs.
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White papersRobo-Advising for Small Investors: Evidence from Employee Savings Plans
We study the introduction of robo-advising on a large representative sample of Employees Saving Plans. The robo-advisor proposes a portfolio allocation and alerts investors if their allocation gets too far from the target, while investors remain free to follow or ignore the advices.
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White papersWhen the Chips Are Down
The global semiconductor shortage is often characterized as a short-term supply-and-demand imbalance, but we think it reveals a vast and secular need for investment capital.
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White papersResiliency and diversification from uncorrelated market exposure
Diversification creates resilience — a much-needed portfolio characteristic amid market volatility and the uncertain outlook for inflation and interest rates as economies hopefully emerge from the pandemic.
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White papersThe Circular, Edition 2, 2021
The Circular cuts to the heart of the issues that matter in the second ESG quarterly update for 2021..
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White papersEurope Moves from Strength to Strength
European data is confirming that our “Best of All Possible Worlds” scenario is unfolding there.
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White papersMeasuring and Pricing Cyclone-Related Physical Risk under Changing Climate
We propose a statistical methodology to quantify the financial implications of tropical cyclone-related physical risks implied by climate change.
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White papersInfinity and beyond banks: the never-ending battle between old money and big tech
This month, Fiorino examines the tussle between banks and the increasingly belligerent Big Tech sector.
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White papersMarket Scenarios and Risks - June 2021
We maintain the narrative and probabilities of our central and alternative scenarios. In our central scenario, equities outperform on the back of abundant liquidity, improving fundamentals and accommodative monetary policy.
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White papersFirst quarter 2021 results: a far better-than-expected rebound that augurs well for the full year
Corporate results rebounded in Q1 2021 to a surprising extent everywhere and are likely to continue doing so beyond 2021.
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White papersWhat if the Democrats succeed in passing the capital gains tax?
Since Joe Biden’s elections, most observers have been surprised by how Democrats managed to pass significant fiscal policies despite their thin majority. We believe the capital gains tax hike could go ahead regardless of the Republicans opposition.
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White papersA post-Covid structural change in developed markets: the strong political will to invest in the US
What matters to fixed income investors is the macro-financial environment that will prevail after the strong rebound in growth and inflation expected in H2.
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White papersNGEU soon to be rolled out: the EU has (almost) done its part; now comes the member-states’ turn
In leading the way to NGEU, the Covid crisis may have marked a crucial milestone in European construction. The amounts involved are high enough to play a decisive role, both in accelerating the cyclical recovery (especially in “peripheral” countries) and in providing a supply-side improvement. Member-states, however, will face a major challenge in absorbing them rapidly and productively.
