Latest Manager Research – Page 388
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White papersAmid Rising ‘Mequity’ Risk, Boring Can Be Beautiful
In both the U.S. and Europe, there is significant pressure both at the top and bottom ends of the middle market. As a result, we’re seeing potentially attractive value today in the more traditional, true middle market.
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White papersHow Crucial is a Weaker Dollar in Supporting an EM Rally?
As concerns of a near-term recession seem to have dissipated, we think—in what may be somewhat of a contrarian call—riskier assets look well-positioned to potentially outperform in the year ahead.
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White papersHarnessing the illiquidity premium
There is a general consensus that an illiquidity premium exists and the benefits of investing in illiquid credit are well understood. Yet illiquidity constraints create risks and restrict the ability of investors to react quickly to market movements. In order to harness the illiquidity premium while remaining mindful of the inherent risks, investors need to challenge assumptions about current liquidity conditions and maintain flexibility and an open mind.
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White papersA meeting of minds: fusing fundamental and systematic analyses
For decades, investment managers have been largely split into two groups: fundamental investors and quantitative investors. And so, it is not surprising that we are often asked to choose a side. But it’s not that simple: we use a unique style, marrying a systematic approach, which minimises behaviour biases, with a fundamental analysis.
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White papersAsia bonds: tactical value for a long-term opportunity
Asian debt exhibits robust fundamentals and bright long-term prospects, with attractive yields.
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White papersSolving for 2020; the key themes we anticipate will guide investment decisions in 2020
The heads of our investment platforms identified the key themes they anticipate will guide investment decisions in 2020.
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White papersSustainable investing is here to stay
Sustainable investing was once viewed as a trade-off between value and ‘values’. Yet today, it’s something investors can no longer afford to ignore. What has changed? More granular data, more sophisticated analysis and shifting societal understanding of sustainability, as well as growing awareness that certain factors – often characterised as environmental, social and governance (ESG) – can be tied to a company’s long-term growth potential.
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White papersOne more step along the world we go, investing for a sustainable future
Baillie Gifford has undergone a gradual evolution in the incorporation of ESG matters into our investment process. We firmly believe there is no conflict between making money and achieving positive, sustainable change, despite the scale of the challenges ahead. A simple ruleof- thumb or negative screen are not in themselves viable solutions to addressing deeply embedded chronic problems on a global scale.
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White papersStay agile amid diverging scenarios
After enjoying stellar performance this year, investors will increasingly question whether the global economy will proceed towards a trade war-engineered recession moving into 2020, thereby ending the longest ever bull market. Or, if growth stabilizes at a low level, and potentially rebounds, the cycle could extend even further.
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White papersThe growing opportunity in European consumer credit
European consumer credit is one of the largest and most diverse loan asset classes in Europe. It has also had resilient performance through economic cycles. Historically, these assets have remained confined to banks’ balance sheets, but structural change in the banking landscape in Europe is opening up a sector previously inaccessible to institutional investors.
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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
