Latest Manager Research – Page 345
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Italy: Few Ambitions From The New Budget Framework
On 30 September the newly formed Italian government released an update to April’s Economic and Finance Document, with new fiscal plans for the years 2019 to 2022 and changes to the underlying economic assumptions.
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The Good (Consumer), The Bad (Global Outlook) & The Ugly (Trade)
The IMF downgrades its global growth outlook, the Fed’s Beige Book notes household spending remains positive and a Brexit deal is on the table.
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How The Dollar Explains the State of the World
The global economy may be changing more slowly than you might think. How the dollar continues to serve as the global currency standard and what it tells is about the economy and the world.
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Quarterly update on drivers in real assets - Q3 2019
In our regular update on drivers in real assets, we assess the impacts of a possible downturn in the euro zone. We touch on cash generation, the valuation outlook and the significance of security and ranking in the capital structure.
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Core Matters Investment Returns: A 5-year perspective
2019 has seen huge inflows into Fixed Income (FI) funds and outflows from Equities. From a medium-term return perspective this makes no sense. The formidable demand for safe assets reflects cyclical and structural forces (e.g. ageing). No matter the economic scenario, FI returns over the next five years are ...
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Trending: Slowbalization, Big Tech, Political Pendulums
Patrick Foulis, business affairs editor for The Economist, discusses the top global economic trends to watch and gives us a glimpse into the inner workings of the 176-year-old publication. See how the sausage gets made, including the importance of hiring intellectual rebels and writing good puns.
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Research Blast - Italian real estate market – October 2019
The relation between Italian government bond rates and the local real estate market
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Focus on real asset investing - Income secured on real assets
Investor allocations to real assets are growing, attracted to tangible stores of value and the potential diversification of risk exposure
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Five factor investing mistakes - and how to navigate them
It’s not been plain sailing for factor investing in recent years, but we’ve identified some ways to improve the chances of its success.
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Coming of age: 15 years of stewardship services with Hermes EOS
In the 15 years since Hermes EOS was launched, stewardship has travelled from the fringes to the mainstream, with the benefits of engaging with companies on environmental, social and governance (ESG) risks and opportunities now more widely recognised by investors and regulators.
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The Elizabeth Warren Moment
E. Warren is now neck-and-neck with J. Biden (27%) in the Democratic primary polls and far ahead of B. Sanders (15%).From her fifth-place position just six months ago, she has risen 21 points in the polls since then, while Biden has lost four points and Sanders, six. Bookmakers now put her odds of winning the nomination at more than 50%, vs. less than 20% for Biden and 6% for Sanders.
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Liquidity Dilemma Needs A Regulatory Response
A few high-profile fund suspensions have recently driven the focus back to market liquidity and how this can affect the ability of funds to meet certain redemption scenarios. Despite ample liquidity at the macro level, some areas of strain remain at the micro level and could worsen in case of a material deterioration of economic conditions, a recession or a spike in volatility.
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The Four Pillars To Face A World Of Uncertainty
Global investors are facing extraordinary economic, political and financial market conditions that risk sending the world into a perilous period. In particular, we are closely watching several key areas of concern, including:
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AI: brave new worlds
Artificial intelligence (AI) is transforming the way we live and work. But while AI has the potential to create efficiencies and boost economic output, it also poses ethical and legal challenges. If the sustainability issues surrounding AI are scrutinised and addressed, we think the technology has the potential to serve both business and humankind – and create investment opportunities along the way.
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Disruption from climate change is only just beginning for investors
We are just at the beginning of a very long period in which climate change will have a significant, and increasing, effect on markets. New research suggests investors are not ready.
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Sustainable infrastructure: it’s not just about clean energy
Decarbonising existing infrastructure will reduce greenhouse gas emissions and reinforce investment returns
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Trump Impeachment Is Likely, But Impact On Financial Markets Would Be Short-Lived
Impeachment process: The Democratic Party has announced the opening of an impeachment inquiry against President Donald Trump following revelations that he pushed Ukrainian President Volodymyr Zelenskiy to investigate the son of Democratic opponent Joe Biden. The impeachment process is long and articulated. An 80% probability that Trump will be impeached, followed by acquittal in the Senate, which would keep him in office for the remainder of his term, is our base case scenario.
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Is oil’s relationship with energy stocks slipping?
Our chart of the month shows that the link between energy stocks and oil appears to be on the slide. What’s happening?
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The Federal Reserve Doesn't Want You To Call It QE
The three things you need to know this week: the Fed’s balance sheet is set to grow, FOMC participants are split on the forward path and keep an eye out on parameters for ECB purchases next.
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It’s Technology (Not Trade), Stupid!
Why disruptive innovation drives populism more than globalization. Policymakers and investors need to think long and hard about the coming challenges from technology.