Latest Manager Research – Page 398
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White papersDomestic focus to exploit Emerging Markets equity opportunities
The emerging markets (EM) universe has experienced significant changes in the last decade with the further addition of investible countries (i.e. China A shares in 2018).
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White papersEuropean high streets brace themselves for change
Hardly a day goes by without at least one negative headline bemoaning the impact of disruption in retail markets on high streets and shopping centres. While this is true in the US and the UK, Chris Urwin examines whether European high streets will face a similar threat.
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White papersInvestors Can Hold US Companies Accountable to Roundtable Pledges
Leading US CEOs recently pledged to redefine the role of the corporation in society. But will they make good on their promises? Responsible investors need a clear way to evaluate whether a company is really making progress by doing good for both society and investors.
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White papersA 360° view of global real estate
Access the full spectrum of today’s commercial real estate investment opportunities with Principal Real Estate Investors. We provide the reach, research, and returns you need to meet your investment goals.
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White papersDistressed Debt: Seeking Opportunity in Choppy Waters
Investors are increasingly looking to distressed debt as the credit cycle matures. But with a competitive landscape and significant growth in private credit and European high yield, this cycle could look different than those of the past. Stuart Mathieson, Head of Barings’ Global Special Situations group, and Bryan High, Co-Portfolio Manager of the strategy, discuss how the macro environment is impacting their outlook, and where they’re seeing opportunities today.
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White papersA compelling case for real estate development
In a world fueled by easy monetary policy, commercial real estate has held its own compared with other asset classes.
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White papers
Fed And Ecb, Bridging From A “Mid-Cycle Adjustment” To An “Impactful And Significant” Package.
The minutes from the latest ECB meeting suggest that the ECB is likely to proceed with a full set of measures in September, confirming not only the indications from President Draghi following the meeting but also the very latest statements by Olly Rehn, calling for the need for an “impactful and significant” package.
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White papersDo Universal Owners Vote To Curb Negative Corporate Externalities? An Empirical Analysis Of Shareholder Meetings
This paper tests whether very diversified and patient investors, also known as universal owners, tend to vote in favor of shareholder resolutions instructing corporations to reduce or communicate on the negative externalities they produce.
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White papersUK Real Estate Outlook - Edition 2H19
As the retail correction has fully taken hold, total returns from UK commercial property have slowed markedly delivering just 0.85% in 1H19, based on the quarterly MSCI Index. Outside the retail sector, occupational markets are generally holding up quite well, however investment markets remain very subdued as political uncertainty deters activity. We may see a bounce-back in investor demand should a deal be reached with the EU, but the recent change of Prime Minister and confrontational rhetoric which followed has made that outcome increasingly unlikely.
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White papersItalian politics take centre stage
The Deputy PM Matteo Salvini recently withdrew his party’s support to the coalition government headed by PM Giuseppe Conte, calling for a vote of no-confidence against the PM and subsequent snap elections. On the 20th of August, after addressing the Senate, PM Conte resigned. President Sergio Mattarella will now weigh three options – consult political parties to form a new government (with the same forces of the current coalition or new ones), appoint a caretaker government or call for fresh elections.
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White papersArgentina: how recent events shape the investment outlook
Recent update on Argentina: Government’s decision to freeze energy prices and suspend VAT on certain products will complicate fiscal metrics. The country is likely to miss the IMF target of a primary balance for 2019. However, the IMF could disburse the September tranche of financial assistance, although conviction levels are low.
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White papersArgentina: election surprise amplifies market and political risks
Argentina’s primary elections: Opposition candidate Alberto Fernandez won by largerthan-expected margin against President Macri. At this point, markets price in Fernandez’s victory in October elections.
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White papersUS-China Trade War: Walking a Tightrope
Donald Trump proposed additional 10% tariffs on a further US$300 billion worth of Chinese imports from 1 September. This is surprising, given that the two countries appeared to have found some common ground at the G20 meeting in June. However, the truce was short-lived and China responded with its own set of measures in form of a suspension of US agricultural imports and currency devaluation, which could further escalate the situation.
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White papersAsset Class Return Forecasts - Q3 - 2019
We expect economic growth to evolve around potential for most developed economies in 2020. It could subsequently decrease below potential in 2021 driven by a deteriorating cyclical environment and still anaemic global trade. Nevertheless, growth should stay in positive territory.
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White papersEmerging Markets Charts & Views - Q3 2019
The recent dovishness from the Fed, a benign inflation environment and the easing in global financial conditions continue to support a goldilocks environment for Emerging Markets (EM) assets. On the risks side, trade disputes appear to be softening as we approach the US presidential campaign. But the existing tariffs are weighing on the corporate earnings, with mixed prospects across regions as some countries are also benefitting from a restructuring of the global supply chain.
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White papersGlobal Asset Class Spotlights - Top Down Quaterly Assessment
Central banks seems to be very concerned about the slowdown in the economic cycle sparked by trade tensions. As a consequence, they have been intensifying their communications about their willingness to act.
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White papersSeek High Yield Opportunities, but be aware of liquidity conditions
Speculative grade bonds have been among the major beneficiaries of the rapid turn of both Fed and ECB monetary policy stances to much more dovish positions. Lower rates for longer and more synchronised easing mean much lower funding costs and easier financial conditions for HY companies, which, as we know, are more sensitive than IG companies to the absolute levels of nominal and real rates.
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White papersGlobal Investment Views - August 2019
The journey from market complacency to awareness of fragilities is in full swing, and the market correction in May is part of that, as is the recent recovery fuelled by dovish Central Banks (CB). Aware investors should recognise that the late cycle phase and mature market trends require improving fundamentals and positive political events to deliver sustainable uptrends in risk assets. But, it is difficult to see such improvements happening in the short term.
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White papersTransformative tech hubs
The U.S. tech industry is rapidly transforming communities across cities nationwide. The sector is a major force in the national economy, now ranking third of all major industries in gross domestic product at 10.2% of economic output.
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White papersThe rise of the sun belt
The ongoing and rapid growth in the U.S. Sun Belt has been an extraordinary boon to commercial real estate investors. The region stretches across eighteen states in the Southeast and Southwest and includes seven of the ten largest U.S. cities, as well as many mid-size metropolitan statistical areas (MSAs).The Sun Belt now holds about 50% of the national population (326 million), which is expected to rise to about 55% by 2030. Over the past decade, the region accounted for 75% of total U.S. population growth (15 out of the total 21 million).
