Latest White Papers – Page 256
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White papersGroundhog or Canary?
The recent market gyrations look more like an entertaining sideshow, but it’s worth asking when they might be a signal of something worse.
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White papersEquity factor investing – The impact of portfolio constraints on performance
We investigate the impact of long-only constraints on portfolio performance in the context of the recent underperformance of equity multi-factor funds.
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White papersFixed Income Investment Outlook 1Q 2021
After a year of profound economic and market turbulence, we anticipate improving global growth in 2021. Accelerated vaccine distribution should allow for wider reopening, while the release of pent-up demand and ongoing monetary support will likely help drive renewed expansion.
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White papersPreferred Securities – 2021 Outlook
A brief look back at our expectations coming into 2020, the changes wrought by the pandemic, and the implications for our 2021 outlook
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White papers2021 EMD outlook: In the wake of the storm
The COVID-19 market crisis was a cognitive shock, similar in magnitude to the Great Financial Crisis of 2008. Global investors found themselves surprised and wrong-footed in terms of risk positioning. After all, a pandemic isn’t usually part of the risk management textbook.
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White papersCore Matters: Sustainability and Adequacy in EU Public and Private Pension Schemes
As reported by EUROSTAT1 in 2019, pensions are the main income source for close to one quarter of the EU‐28 population. Therefore, it is very important that pensions should provide retirees with a decent standard of living and protect them from poverty.
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White papersDon’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
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White papersOutlook on 5G Spread
Yan Taw Boon talks about international developments relating to the rollout of 5G infrastructure.
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White papersU.S. Consumers: Don’t Worry, They’re Here to Stay
Worsening U.S. consumer confidence data shows the labor market is expected to remain fragile, though spending should improve due to greater fiscal support. Eurozone inflation will likely accelerate slightly, and strong trade data from Asia shows global demand’s resiliency.
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White papersThe great blue economy wave
The sheer size of the blue economy means it can offer substantial development potential around ocean resources. Having already seen major technological development, the blue economy can provide investors with unique opportunities.
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White papersIncome and inflation: Play to your strengths
For years, investors of all stripes, from the world’s largest institutions investors to individuals, have focused on the risk of persistently low interest rates and the struggle to achieve income. But there’s another potential risk on the horizon, with similarly damaging effects, that also demands focus: prospects for rising inflation and the erosion of purchasing power.
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White papersESG investing: How Covid-19 accelerated the social awakening
In 2014, to determine if environmental, social and governance (ESG) factors made a difference to shareholder returns, we analysed five years’ worth of data. In doing so, we proved that ESG investing is more than just a feel-good phenomenon. Since then, we have continued to monitor how ESG factors impact shareholder returns and every two years, we publish an intellectually honest assessment of the ESG investing environment.
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White papersCOVID-19: Investors are finding new ways to drive positive social outcomes
COVID-19 has been a test of companies’ sustainability credentials. It has sharpened public and investor scrutiny of environmental, social and governance (ESG) practices and has notably intensified attention around the ‘social’ component.
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White papersGlobal Investment Views - February 2021
Markets closed 2020 on strong footing and the recent Democratic sweep in the US makes a greater fiscal push more likely, leading us to lift our 2021 GDP growth forecast for the US to 5.2-5.7%, 1% above previous estimates. This marks a great divergence between the US and the rest of DM, where we have been lowering our forecasts.
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White papersThe Market Measure Of Carbon Risk And Its Impact On The Minimum Variance Portfolio
Like ESG investing, climate change is an important concern for asset managers and owners, and a new challenge for portfolio construction. Until now, investors have mainly measured carbon risk using fundamental approaches, such as with carbon intensity metrics. Nevertheless, it has not been proven that asset prices are directly impacted by these fundamental-based measures.
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White papersChina to exert greater financial discipline in 2021
Imposition of financial discipline to reduce moral hazard is more of a risk to Chinese economic growth in 2021 than a tightening of monetary policy.
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White papersMarket Commentary - EM sovereign ratings: more differentiation
With the year starting and the publication of the rating agencies revision calendar for 2021, it is time to take stock of the rating dynamics for EM countries.
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White papersInternational Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
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White papersShaping the Future of Healthcare
As the world saw the coronavirus vaccines get developed and administered within a year of the first confirmed case, many may be wondering how the healthcare sector at large was able to achieve such an incredible feat. Are we seeing this level of innovation in other areas of healthcare today? And will it be sustainable going forward?
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White papersEquity factor investing: Putting performance into perspective
What drives the performance of equity multifactor funds? While the value, quality, low risk and momentum factor styles have outperformed over the long term, there have been periods of underperformance. These include the tech bubble of the late 1990s, the Great Financial Crisis of 2008, and now the COVID-19 crisis. Value factor underperformance explains this latest drawdown.
