Latest White Papers – Page 7
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White papers
Macroeconomics, Geopolitics, and Strategy - March 2024
”European PMI data diverge not only in terms of sectors, but also in terms of countries and sub-components.”
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White papers
6 questions concerning the weakness behind US resiliency
Do you see recent US data pointing to stubborn inflation? In January we had some upside surprises, encompassing import prices, producer prices, both headline and core CPI, and the PCE deflator. We think prices were in part boosted by seasonal factors which are not fully accounted for in the usual seasonal adjustment, something that also happened last year.
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White papers
Cross Asset Investment Strategy - March 2024
“While we expect the Fed, Bank of England and ECB to start rate cuts around June, we will keep an eye on the pace of disinflation for any surprises.”
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White papers
Illiquidity premia in private debt: Q4 2023
In our latest real assets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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White papers
The Economic Cost of the Carbon Tax
The choice of the optimal environmental policy is an important question in the current climate change context. While the carbon tax was the preferred policy of economists in the 1970s and 1980s, governments have implemented both quantity-based policies, such as emissions trading schemes, and price-based policies, such as fossil fuel taxes and renewable energy subsidies.
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White papers
Super Tuesday points to a super-charged battle
“A Trump-Biden rematch looks likely in November. As we move closer to the elections, market uncertainty will rise given the candidates’ divergent approach to foreign policy and geopolitics.”
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White papers
The Credit Opportunity in M&A
In an environment of tight spreads and low volatility, we believe the reemergence of mergers and acquisitions can be a source of idiosyncratic alpha in credit markets.
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White papers
Adapting to higher interest rates while optimizing prudential capital
As we enter 2024, the financial terrain remains shaped by high interest rates likely to persist at least through the first half of the year.
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2024 Private Markets Outlook: Compelling opportunities amid a liquidity crunch
After a challenging 2023, we think that institutions who can be a provider of liquidity to others or have the flexibility to deploy additional capital will be able to take advantage of some unique and compelling risk-return opportunities in 2024.
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White papers
Postcard from India
Fiona Manning, co-fund manager of the Premier Miton Emerging Markets Sustainable Fund, hits the road and shares notes from the team’s company research trip to India.
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White papers
ESG Thema #15 - Measuring the Biodiversity Footprints of Investments: An Assessment of the Metrics
The urgency and scale of biodiversity loss are exposing a high number of companies across sectors to significant financial risks. In this context, it has become increasingly necessary for investors to reliably assess the impact and dependence of companies on biodiversity.
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White papers
Enter the dragon: Why China is competitively positioned
There are several reasons to remain constructive on China, in our view. We believe that pessimism about China’s fortunes and the wider economic outlook, resulting in the current idiosyncratic sell-off, presents opportunities for active investors to find great companies at very attractive valuations.
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White papers
Expanding the efficient frontier with natural capital investments
The combination of investment characteristics associated with institutional investment in timberland and agriculture offers a compelling rationale for their inclusion in larger multi-asset portfolios, and ultimately allows for the expansion of the efficient frontier, as determined by traditional mean-variance portfolio optimization.
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White papers
Can the US sustain a rising debt burden?
The United States is approaching an unprecedented level of debt, exceeding historical highs experienced post-World War II. This situation indicates that fiscal adjustment is unavoidable, as the country cannot simply outgrow its debt dilemma. Despite high domestic and external demand for US debt, relying on this demand amid such significant debt increases is risky.
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White papers
Who wins the next property cycle?
Alex Ross, manager of the Premier Miton Pan European Property Share Fund, shares the importance of understanding why this next property cycle will see a different type of winner.
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White papers
Decarbonisation Theory vs. Reality
We explore why carbon footprint alone will not suffice for investors that want to support decarbonisation and begin to offer outlines of an alternative.
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White papers
Fed in no rush after strong US data
”Stronger-than-expected economic data means that there is no rush for the Fed to start cutting interest rates. We expect the first Fed cut to occur in June.”
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White papers
Blue bonds: A growing resource for sustainability financing
Issuance of sustainable debt has exploded over the past 10 years as investors seek investment returns by allocating capital toward sustainability efforts. This trend is likely to continue as climate change‐related challenges become increasingly frequent and disruptive, and several governments have responded by deploying increasing amounts of capital to sustainable projects.
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White papers
Biodiversity: the next frontier in impact investing
At its core, impact investing links intricately with the preservation of biodiversity. The vitality of ecosystems and survival of numerous species plays a pivotal role in pressing global challenges like climate change and sustainable development.