Latest White Papers – Page 3
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White papersCapital Market Assumptions 2024
Last year we enhanced our Capital Market Assumptions approach by including a social dimension considering the impact of rebalancing labour / profits on earnings. This social component was added to the climate change assumptions introduced in 2022, which evaluate how the future trajectory of the energy transition will affect the key economic variables driving our forecasts (GDP growth, inflation, productivity, etc.), and the way we model asset class behaviour – with regards to earnings growth in particular.
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White papersThe climate-health nexus: risks and opportunities
As investors, we are increasingly considering and assessing the potential impacts of climate change on the economy, financial markets, and our portfolios.
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White papersRotations at play in equity markets
In 2024, the equity rally has weakened in the tech heavy Nasdaq Index which was the leader last year, now in favour of other regions. Large cap companies in the Eurozone and Japan posted double digit returns in Q1.
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White papersEmerging Markets Equity: Diversifying supply chains
Franklin Templeton Emerging Markets Equity expects multinational companies to maintain at least part of their production capabilities in China, while continuing to expand or enter new markets.
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White papersBest ideas across asset classes
Stocks have enjoyed a strong rally, but despite (or perhaps because of) recent price increases, we retain an overall neutral view toward global equities. Continued strength in the global economy, and especially remarkable resilience in the U.S., provide a solid foundation for stocks. However, valuations have become stretched thanks to what we believe are overly dovish expectations for interest rate declines and monetary policy.
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White papersTime for the Yen to Blossom?
Strong forces still weigh on Japan’s currency, but its long, cold winter may be coming to an end.
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White papersThe appeal of private assets in 2024
The macro environment in 2024 will likely spur demand for private assets from all types of investors in our view. In this higher-for-longer environment, private assets could continue to be a compelling source of risk-adjusted returns, income and diversification.
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White papersPortfolio construction themes
Like surfers bobbing in the ocean as they look for the perfect wave, many investors today believe better conditions will come if they just hold out long enough. But delaying too long could mean missing the ride entirely.
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White papersThe economy and markets
The risks of a U.S. and global recession have receded considerably after appearing elevated last year. Despite expectations for a material slowdown in growth over the course of 2023, economic data broadly surprised to the upside. Instead of flatlining, the U.S. economy grew more than 3%, while China expanded by over 5%. Both results outpaced consensus expectations.
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White papersFinancing the energy transition
Energy security and climate change are driving an unparalleled economic shift in the energy sector worldwide, and reshaping the investment landscape for green energy credit as a result.
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White papers2024 2Q outlook: Adapting to high tide
Originally written and recorded by a Jamaican trio in 1967, “The Tide Is High” made its biggest splash with the now-classic 1980 cover version that topped the charts around the world. Thematically simple, the song’s familiar chorus acknowledges challenging circumstances while expressing the narrator’s resilience (“I’m holding on”). It’s an apt soundtrack for today’s investors as they acclimate to a high-tide environment of their own.
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White papers2024 Proxy Season Preview
No right versus wrong assessment can be applied to proxy voting. Assessing how proxy voting supports the overall investment process is what is most important. Rather than seeking to influence vote outcomes, the market should focus on influencing how investors use the proxy vote in the context of the investment objectives it seeks to achieve on behalf of clients.
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White papersResponsible investing 2.0: Focus on generating sustainable returns
When seeking to invest in ways that advance sustainability goals and deliver attractive risk-adjusted returns, it is important to focus on specific investment themes and monitor how those themes impact performance. Our team’s approach offers investors exposure to sustainability related investment themes that we believe will have an enduring impact on financial and investment performance over time.
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White papersPrivate Capital: Four themes for ’24
2023 was characterized by several key themes in the capital markets: the U.S. Federal Reserve’s battle against inflation; the resulting impact on issuers of higher-for-longer interest rates; a much slower pace of merger and acquisition activity as buyers and sellers dealt with mounting borrowing costs, valuation discrepancies and choppier portfolio performance and the steady disintermediation of buyout financings from public to private credit.
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White papersGlobal Investment Views - April 2024
A resilient US economy (owing to consumption and wealth effects) and strong earnings expectations for the year are driving the recent upside in equities and increase in yields. Now, the big questions are whether this can continue given the already strong market movements, and whether these earnings expectations are credible?
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White papersMeasuring energy: Losses and efficiencies with an electric silver lining
The US Energy Information Administration defines energy as follows: “Scientists define energy as the ability to do work. Modern civilization is possible because people have learned how to change energy from one form to another and then use it to do work. People use energy for a variety of things, such as to walk and bicycle, to move cars along roads and boats through water, to cook food on stoves, to make ice in freezers, to light our homes and offices, to manufacture products, and to send astronauts into space.”
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White papersGreat Expectations: Is engagement living up to its promise?
Is ‘engagement washing’ poised to be the next term maligning asset management’s ESG movement? Institutional investors often engage with companies they invest in to improve those companies’ environmental, social and governance practices – rivalling capital allocation as a core mechanism for achieving sustainable investment outcomes. But do engagement activities really deliver impactful, positive, real-world outcomes?
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White papersMind the (economic) gap: Infrastructure Debt 2024 Report
Nuveen’s Don Dimitrievich was recently featured in Infrastructure Investor’s 2024 Infrastructure Debt Report and shared his insights on how the Energy Infrastructure Credit team is providing flexible capital solutions and finding opportunities in the gaps in today’s high cost of capital environment.
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White papersPrivate Credit Outlook: The Bright Side of Higher Rates
More clarity on interest rates means more clarity on the investment outlook and the opportunities across private markets.
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White papersCentral Bank Watch: Easing on the horizon
The Franklin Templeton Fixed Income (FTFI) Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten (G10) nations plus two additional countries (China and South Korea).
