Latest White Papers – Page 331
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White papersCov-lite loans: the new normal, but at what cost?
Lending protections are eroding in Europe: cov-lite loans are now the norm in the large-cap loan segment, while cov-loose loans and add-backs to EBITDA are gaining ground in mid-market deals. Today, we explore the implications of loosening covenants and explain why we avoid these instruments, focusing instead on mid-market deals, which are governed by more robust loan documentation and offer attractive returns under strict risk controls.
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White papersShareholder Rights Directive: A step towards sustainable capitalism
For too long, the majority of the investment community has neglected its fiduciary responsibilities, whilst investors focused on short-term financial returns, most failed to notice the approaching global financial crisis. Alarm bells should have rung across investment houses as increasingly complex financial models, inadequately managed risk taking and inappropriate incentive structures led to poor corporate behaviour and endangered the savings of millions of pensioners.
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White papersChina more appealing based on progress in trade negotiations
The recent statements following the bilateral meetings between the US and China suggest that important progress has been made, and more details are emerging compared to the quiet early January round.
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White papersCross Asset Investment Strategy - February 2019
After a tough December, which led to an abrupt valuation reset, risk assets rebounded in the first weeks of the year, boosted by a market-sympathetic turn in Fed rhetoric and an increased optimism on trade negotiations. As the current reasons for optimism should be confirmed, we believe it is time to re-approach the areas of risk assets where the correction has brought value back, especially in emerging markets.
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White papersCross-Asset Investment Strategy: Is Turkey really out of the woods?
After having narrowly escaped a balance of payments crisis last spring, there are questions surrounding the Turkish economy, not to mention the many (geo)political tensions. Throughout this period, the currency has continued to experience strong downward pressures, leading to a surge in inflation. Recently, the markets seem to be recovering hope.
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White papersTwo Investable Themes in China
The China A-Share market presents a compelling opportunity for quality growth managers, with note two investible themes: a growing middle class and healthcare spending growth.
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White papersA changing tide: what the move from QE to QT means
If 2018 was the year where quantitative tightening started to take hold, 2019 is the year it’s likely to strengthen its grip. After a decade where central banks flooded the markets with liquidity in order to stoke the economy, they began to reverse this pro- cess last year, looking to shrink their balance sheets and normalise interest rates after years of unconventional monetary policy.
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White papersEuropean equity markets: Facing lower returns and higher volatility?
High-Quality Fundamentals, and a Unique Approach to Reducing Volatility
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White papersClimate Change and Investment
The environmental impact we are having on the planet is highlighted in 2018’s Global Risks Report by the World Economic Forum. Three of the top five risks are environmental, and all have a higher-than-average likelihood of occurrence. It is time for governments and businesses to seize the initiative and pave the way for new opportunities.
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White papersInvesting in the Low-Carbon Economy
Private capital has never been given such an important role in tackling climate change and de- carbonising the economy. As Philippe Le Houérou, CEO of International Finance Corporation (IFC), says, the private sector “holds the key,” noting that it “has the innovation, the financing and the tools.
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White papersESG is being codified as mainstream across the globe.
In this episode of Amplified Mitch Reznick, Head of Credit Research and Ingrid Holmes, Head of Policy and Advocacy at Hermes, discuss the global trends in ESG regulation and what this means for Asset Managers.
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White papersTime to increase risk exposure: start with emerging markets and credit
The excess of pessimism at the end of 2018 resulted in a sharp decline in financial markets and renewed volatility. According to our analysis, market participants priced in twice the slowdown risk that economic fundamentals justified.
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White papersImpact investing: solutions for people and planet through alternatives
Impact investing is growing rapidly, with rising demand for strategies that go beyond traditional risk reduction approaches to produce direct benefits for people and the planet.
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White papers2019 Outlook: Expect a tougher climb
Slower growth. Rising rates. More volatility. 2019 looks to be a year that could be challenging for investors. Yet we believe the markets offer a range of opportunities, and we are finding a number of investment ideas for our clients.
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White papersTen predictions for 2019: Choppy and frustrating, but no recession
Making predictions is a dicey proposition. In the many years I’ve been making my annual market predictions (more than I’d care to admit), I usually have a clear sense about where things are headed. But 2019 seems to be a tougher year to forecast. In fact, I think it would be pretty easy to make either a bullish or bearish case for the stock market over the coming 12 months.
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White papersGlobal Investment Views - February 2019
After a tough December, which led to an abrupt valuation reset, risk assets rebounded in the first weeks of the year, boosted by a market-sympathetic turn in Fed rhetoric and an increased optimism on trade negotiations. As the current reasons for optimism should be confirmed, we believe it is time to re-approach the areas of risk assets where the correction has brought value back, especially in emerging markets.
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White papersData infrastructure: an infrastructure or private equity play?
As the lines between infrastructure and private equity become increasingly blurred, the question of categorization - while topical - becomes more trivial. A more relevant consideration is to understand the risks around the cashflows of data infrastructure assets to ensure that the returns are commensurate.
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White papers
Investment Grade Credit—Rates, BBBs and ABS
From inverted yield curves to potential BBB downgrade risk, Barings’ David Nagle discusses some of the key challenges facing investors in the IG markets today.
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White papersGreen bonds: A viable asset class?
The global green bond market has been growing rapidly in size and importance in the past five years to meet strong investor demand
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White papersBrexit Deal Voted Down: What Happens Now?
Developments and scenarios ahead: The Brexit deal defeat in Parliament was expected, but the size of the loss was not – the result of 432 votes against versus 202 for was quite a surprise. In light of the larger-than-expected scale of the defeat, we have revised upward the probability of a no-deal Brexit (20% vs. 15% previously).
