Latest Manager Research – Page 339
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White papersNovember Macro Dashboard
Global leading indicators edged higher in October; but remain in contraction territory. And while global central banks continue to maintain an accommodative monetary policy stance as downside risks to growth persist.
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White papersCLOs: Triple C's and Market Unease
Taryn Leonard and Melissa Ricco, Co-Heads of Barings’ Structured Credit Investment Team, discuss the recent loan market weakness, and how technical pressures are creating value opportunities in the CLO market.
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White papersEuropean office occupier market - The rise (and fall?) of European serviced office providers
After the turmoil surrounding the failed IPO of WeWork, it seems an astute time to take stock of the state of the occupier market and consider some of the longer-term implications for landlords
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White papersInequality: the tension between growth and social justice in emerging markets
From Europe to North America and across Asia, income inequality is rising – with emerging markets generating the world’s most extreme levels.
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White papersHeadwinds in Global Growth Outlook, but a Smooth Landing Expected
Global growth outlooks are the weakest since the recession and the U.S.-China trade deal may be delayed through the new year. Meanwhile the FOMC is likely to remain on hold in December.
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White papers
2020 Investment Outlook - Be Agile To Cope With Diverging Scenarios
After enjoying stellar performance this year, moving into 2020, investors will increasingly ask whether the global economy will proceed towards a trade war-engineered recession or whether growth will stabilise at a low level and potentially rebound, meaning the cycle could extend even further. In our view, the retreat in global trade is causing a major change in the structure of growth, but does not point to a full-blown recession, especially at a time when cumulative loose policies are gearing up and a partial deal between the US and China is in sight. Monetary and fiscal policy combination, a prominent theme going forward, may extend the current cycle further. While the noise on trade-related issues will be high, a material escalation is unlikely given the upcoming US elections in 2020. However, the path for investors will not be linear. In the short term, market expectations for policy actions have gone too far and need to be adjusted.
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White papersSpotlight on bank regulatory capital - Mechanics of bank portfolio risk transfer transactions
Bank regulators permit banks to meet more stringent post-crisis capital ratios by undertaking ‘risk-sharing’ transactions Banks can manage their regulatory capital on an ongoing basis through whole loan asset sales, full capital structure securitisation or synthetic securitisation The mechanics of these transactions may differ, but all three approaches focus ...
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White papersTwo cultures, one aim: quantitative and fundamental collaboration
How genuine collaboration between quantitative and fundamental analysts can enhance stock selection and portfolio construction.
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White papersProperty Market Overview: Q3 2019
The UK economy managed to avoid a technical recession in Q3, GDP grew by 0.3% during the three months to September, following a 0.2% decline in output in the second quarter. The services and construction sector both delivered positive output over the period of 0.4% and 0.6% respectively, while the manufacturing sector flatlined. Even so, a slew of weaker readings on the domestic economy suggests that the underlying pace of economic activity will be subdued in the final quarter.
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White papersReal Estate Outlook – Edition 4, 2019
Returns slowing but rate cuts supportive of sector
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White papersBarometer: The investment landscape in 2020
The dollar’s bull run should come to an end, weighing on US equities. Emerging market debt, European equities and value stocks have the potential to outperform.
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White papersThe euro zone: a blueprint for a brighter future
The euro zone’s new stimulus package could deliver the biggest monetary and fiscal boost since 2008. And it’s also a sign that the region is putting firmer foundations in place.
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White papersSpace as a service: The rise of flexible working
The rise of flexible working is a trend that has caught the headlines. We explain why the trend is here to stay, what it means for companies and how investors can adapt to the changing nature of the workplace.
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White papersLooking into 2020 with Hermes
2020 will be another uncertain year. Brexit will rumble on, bringing further volatility and polarising the UK political dialogue; China and US relations will remain tense and concern markets, despite a possible partial trade deal being secured before the end of 2019; and the US presidential race will likely unsettle world markets.
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White papersAn alternative approach to investing in Japan Inc
Japan is an especially rich hunting ground for equity investors looking to achieve long-term capital growth with a market neutral approach.
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White papersIn a complex market, investors need to connect information signals more effectively
A growing body of research suggests equity investors are poor at recognising the connections and interrelationships between companies. A fresh approach is needed, argues Mikhail Zverev, head of global equities at Aviva Investors.
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White papersDespite All The Focus on Trade, Inflation Remains Low
U.S. trade trouble continues with a “Phase One Deal” less than imminent, the IEA asserts how U.S. shale-oil production will reshape global energy markets and don’t hold your breath on a December Fed rate cut.
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White papersAre Negative Rates Really That Negative?
So far, they seem to work in practice, just not in theory. Negative yields seem to have helped extend the cycle, but they carry risks if they linger for too long.
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White papersECB QE2 Starts On A Strong Foot With A Tilt To The Private Sector
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to the announced monthly path of EUR 20 bn, as it totalled around half of this amount , at EUR 9 bn. Most of the increase in holdings was driven by the public sector (roughly EUR 4.5bn) and corporate bond programme, at almost EUR 2.8 bn. The CSPP portfolio expanded from EUR177.1bn at the end of October to EUR181.1bn on 8 November. With the data reflecting settled securities, this number should cover just four trading days of purchases.
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White papersA question of trust - What’s behind blockchain technology
A lot has been said about how blockchain may spark a technological revolution across every corner of the economy – not only in finance, but also areas such as medicine, marketing and supply chain management. What is less clear is how it could pose a hefty social challenge as well.
