Latest White Papers – Page 204
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White papersUkrainian crisis: European banks are resilient
The Russian invasion of Ukraine should not have a material, direct adverse effect on European banks. Only a few European banks have substantive exposures to the Russia/Ukraine/Belarus space, and those exposures do not impact banks’ capacity to service their AT1 capital securities.
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White papers*Commercial real estate debt – A long-term hedge against inflation and more*
There are few go-to investments in public markets today. Bond markets are confronted with a secular rise in inflation and the MSCI World index is trading on a lofty forward price/earnings ratio above 20. Little wonder that more and more institutional investors are looking to private markets for better value.
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White papersChina’s credit growth shows signs of recovery
Despite Beijing’s pledge to ease monetary policy further, financial markets are sceptical about how effective this would be in boosting economic growth. One notable concern is the growing gap between M1 narrow money and M2 broad money growth, which suggests that economic agents would rather save than spend.
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White papersIs Russia’s Invasion Inflationary or Deflationary?
Global tragedies, the COVID-19 pandemic, and the Ukraine invasion delivered similar economic shocks, roiling the balances of supply and demand. But the lockdowns came with floods of cheap money and generous subsidies, while this war coincides with central banks tightening and governments thinking harder about deficits.
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White papersSenior Secured Loans: Why Now?
With further rate hikes on the horizon and volatility testing financial markets, loans are gaining traction for their potential to offer protection against both credit and interest rate risk.
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White papersThe impact of war in Ukraine should power the push for net zero
Released mere months after COP26 concluded, the latest report from the Intergovernmental Panel on Climate Change (IPCC) makes for a sobering read. The United Nations body has warned the world faces “unavoidable multiple climate hazards over the next two decades”, even if global warming is successfully limited to +1.5°C.
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White papersCarbon Handprints: A New Approach to Climate-Focused Equity Investing
How can investors gain confidence that an equity portfolio is invested in companies that are really helping to address climate risk? Focus on a company’s carbon handprint, which measures the positive impact, or carbon avoided, by using its products.
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White papersFrom Buying the Dips to Fading the Rallies
Equity markets are higher than they were on the eve of the invasion of Ukraine, but here’s why we think there is more volatility, and potentially more downside to come.
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White papersAsset Classes Views: Keeping up with climate change
The third year of the Covid crisis began with renewed concerns over the interplay between surging inflation and an economic recovery contingent on concerns over policy tightening, a trend further accelerated by the Russian-Ukrainian conflict.
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White papersA more fragmented Emerging Markets world amid the Russia-Ukraine crisis
Although it is still difficult to anticipate how macro fundamentals will be impacted through this crisis, because of the uncertainty of its evolution and final outcome, our perspective is that the crisis is negatively affecting the growth outlook and raising inflationary pressures.
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White papersClimate change and global security
Climate change is a threat to life on earth through its impact on livelihoods, health and income, and nature as a whole. However, it has become clearer that it can also be a threat multiplier for instability, adding to tensions even in stable regions by exacerbating the social and economic problems highlighted by the pandemic, argue Edward Lees and Ulrik Fugmann of our Environmental Strategies group.
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White papersInflation: a stubborn beast to slay
As the war in Ukraine adds to pressure on prices, investors could be facing a prolonged period of high inflation and may need to adjust their strategies accordingly.
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White papersWar Distress Hasn’t Derailed Western Growth Yet
The U.S. announced a new list of penalties against Russian elites, lawmakers, and entities, and there are discussions about imposing sanctions on Russia’s gold reserves—though not yet passed. Meanwhile, the EU and G7 are expected to announce further restrictions on business in Russia.
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White papersGlobal Investment Views - April 2022
The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets. Europe is the area most exposed to the war – in particular, through the effects of higher energy prices, supply chain disruptions, and geographic proximity, but the commodity squeeze goes far beyond energy to include agricultural commodities and metals.
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White papersIs the spike in commodity prices sustainable?
For a glimpse of just how volatile commodities currently are, look at nickel markets. Prices doubled in early March. Then they plunged. Then the London Metals Exchange halted trading. This week, the market for nickel — a key component in electric vehicle batteries and stainless steel products — reopened but with strict trading limits.
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White papersMaking the case for climate risk-adjusted refinancing operations
Here is the third in our series of regular articles on current academic research into a range of sustainable investment topics. The papers discussed were presented at the latest annual GRASFI conference.
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White papersBaidu case study - March 2022
Following EOS engagement, Baidu improved its disclosure on human capital management. EOS engagement contributed to the company’s understanding of bestpractice human capital management, leading to improved disclosure.
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White papersAmundi Pension Funds Letter n°14
In this latest edition of Amundi Pension Fund Letter we turn our gaze to China. The world’s second largest economy since 2010, China is now emerging from the United States’ shadow and may well become the world’s leading economic power by 2030.
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White papersPrivate credit markets – staying the course
As volatility and uncertainty buffet publicly-traded markets amid headwinds, how can long-term investors safeguard their returns? Major central banks appear out-to raise rates this year, yet floating-rate private credit could offer attractive protection in a period of higher inflation, in our view. Private lenders also proved their mettle to a range of borrowers through the global pandemic, staying the course even as liquid markets briefly dried up.
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White papersValue stocks still cheap relative to growth sector peers
We expect the environment in the coming few years to be unusually favourable for value relative to growth stocks. Multi-factor equity strategies should prove more attractive for investors. The prospect of rising interest rates as central banks react to higher inflation further complicates the outlook for ‘glamour’ growth stocks.
