All Multi-Asset articles
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White papersDoes Past Performance Matter? The Persistence Scorecard
The S&P Persistence Scorecard attempts to distinguish a manager’s luck from skill. One key measure of successful active management lies in the ability of a manager to outperform his peers consistently.
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White papers
Fidelity Leading Indicator: Marginal cooling but still positive
The Fidelity Leading Indicator (FLI) continued to stay in positive territory, but there are some signs of cooling - pointing to an acceleration in the global economy in the first quarter of 2020, but at subdued growth levels. The quantitative bet suggests taking off some risk, indicating that recent risk-on moves have faded.
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White papers
ARP: There Is No Such Thing As Generic Algorithms
Alternative Risk Premia (ARP) strategies are based on a system of clearly defined rules, but there is less commonality in how these are applied than investors often perceive
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White papers
Harnessing the illiquidity premium
There is a general consensus that an illiquidity premium exists and the benefits of investing in illiquid credit are well understood. Yet illiquidity constraints create risks and restrict the ability of investors to react quickly to market movements. In order to harness the illiquidity premium while remaining mindful of the inherent risks, investors need to challenge assumptions about current liquidity conditions and maintain flexibility and an open mind.
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China stimulus takes aim
Markets may be underestimating how much capacity China’s policymakers still have to carry out stimulus - but overestimating their willingness to deploy it. Instead, we think more targeted measures with more localised impact, like this week’s cut to a key policy rate, are the way forward.
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White papers
An innovative approach to cash flow driven investing
A multi-asset approach to cash flow driven investing (CDI) can make it more accessible to less-funded schemes. Broadening the opportunity set can improve portfolio efficiency, providing higher certainty of reaching funding level goals. Dynamic portfolio construction and fundamental security selection can accelerate the journey towards full funding. ...
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White papers
MAS Framework for portfolio implementation
Our framework for portfolio implementation follows two stages: investor-led considerations and investment-led considerations. In the investor-led stage, we identify the constraints required for building the portfolio, with the goal of producing a range of investments suitable for the client. In the investment-led stage, we focus on selecting ...
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White papers
Cross Asset Investment Strategy - November 2019
CIO Views - Limb for markets will not last forever
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White papers
Barometer: Struggling for inspiration
European stocks are a bright spot in an otherwise uninspiring equity market.
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White papers
Building Your DGF for the Journey Ahead
Too many Diversified Growth Funds (DGFs) have left UK investors disappointed with performance. In this paper, we show how a DGF can be designed with clear objectives, constructed using guidelines that are genuinely outcome-oriented, and then managed to achieve its objectives.
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White papers
Cool Heads: Bill McQuaker and Charlotte Harington on geopolitical risk
In the third episode of Cool Heads, Bill McQuaker and Charlotte Harington discuss how to cope with heightened uncertainty, which assets could benefit from positive news concerning the trade war and Brexit, and where to turn to reduce risk.
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White papers
Four charts that show why “old tech” might surprise income investors
What happens when tech grows up?
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White papers
Is oil’s relationship with energy stocks slipping?
Our chart of the month shows that the link between energy stocks and oil appears to be on the slide. What’s happening?
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White papers
FLI: Surprisingly upbeat into Q4
The Fidelity Leading Indicator (FLI) has once again shrugged off an additional round of US-China tariffs, with September’s reading pointing firmly towards positive and improving global growth. However, mixed signals from the underlying components suggest an uneven and subdued recovery as we enter 2020. Overall, the FLI recommends a neutral position on risk assets and global duration.
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White papers
Monetary taps: not so wide open
In positioning for huge central bank stimulus investors have put themselves in a tight spot.
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White papers
Bad omen: what the yield curve says about stocks
The inversion of the US yield curve strengthens the bear case for the economy and stock markets.
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White papers
Reasons why the trade war could be good news for Beijing
Writing in the South China Morning Post Patrick Zweifel chief economist at Pictet Asset Management explains why the trade war could be a blessing in disguise for China.
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White papers
Three Concerns Facing Asset Allocation Committees
A number of long‑standing assumptions no longer hold true.
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White papers
Gold glitters amid equity market sell-off, and still has room to run
Amid worsening trade tensions between the US and China, US equity markets fell once again on Wednesday as investors fled riskier assets, moving into safe haven assets of US treasuries and gold. In this environment, a key area of conviction for us is allocating to gold; and we think there is further room to run. In this latest flight to safety, gold prices surged through $1,500 a troy ounce, while US treasury yields plunged.
