Outlooks – Page 44
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White papersAltruism or Self-Interest? ESG and Participation in Employee Share Plans
We ask how the ESG performance of firms affects the asset allocation of a large sample of French employees between their employer’s stock and alternative investments in firm sponsored savings plans. After ESG incidents, employees are less likely to invest and they invest smaller amounts in their company’s stock.
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White papersEco-design and repair for circularity and regeneration
The transition to a circular bio-economy is creating investment opportunities for commercial solutions that leverage eco-design and cater to growing consumer demand for sustainable, durable and repairable products.
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White papersPlastic waste: possibilities and solutions
The ecological cost of plastic waste is well understood, but what about the myriad possibilities that it offers? We consider the investment opportunities from improvements in sorting technologies to advances in recycling techniques to refill schemes.
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White papers*Learning from the past, looking into the future*
When evaluating future long-term investment opportunities, it is vital to consider the past as well as the present. Examining the interconnections between the drivers of previous industrial revolutions, and technological advances, can help us assess the role and value of those of today: are they independent quick fixes or vital components in a new environmental infrastructure?
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White papersPrivate debt prepares to ride out the storm
Churchill’s Jason Strife participates in a Private Debt Investor roundtable discussion with other leaders in the U.S. private debt industry.
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White papersWhen should the Fed pivot?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we discuss the potential timing of the Federal Reserve’s pivot away from its current hawkish stance and consider whether such a turn would actually be good news for markets.
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White papersWhat are the key themes of the food transformation?
Global food systems are in urgent need of an overhaul. In their current form, these are responsible for USD 12 trillion a year in damage to people and the planet. A new approach is required, and this represents a significant investment opportunity.
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White papersWhere Will Job Markets Be Tightest?
Waiting for the U.S. Labor Force Participation Rate to rebound? Demographic trends and the graying population will likely make a full return difficult to achieve.
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White papersThe Bull Case for Next Year: It Won’t be Worse Than This Year
It’s not a pretty outlook, but it’s important to keep thinking at least one or two moves ahead.
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White papersReassessing the view on Europe: hot questions for investors
Is stagflation a highly likely scenario, or will the European economy enter a recession this year? How will governments respond?
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White papersSustainability in private markets: real estate, private equity and private credit
In the trifecta of lower interest rates, lower returns, and a growing shift away from public markets, we believe alternative asset classes offer strong potential to support investors’ needs for diversification and uncorrelated returns. This paper digs into how to measure and manage the impact that ESG factors can have on the value of these securities.
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White papersLatAm elections cycles wrapping up: politics and policy transitions in full swing of uncertainty
LatAm’s dramatic elections calendar that landed three leftist presidents in the Andean region might be two-thirds over, but the political and policy uncertainty created by these election results is far from it. Chile and Colombia are expanding the size and role of the state, while intense political and macro conditions have forced yet another and a big-time government reshuffle in Peru and Argentina, respectively.
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White papersQ2 earnings season – strong results helped support the summer rally
The Q2 earnings season was again stronger than expected and contributed to the equity market rally up to mid-August. However, the results are of ‘low quality’ and are not a reason to turn bullish on equities. Ultimately, margins coming down from very high levels should drive the earnings downturn in our view.
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White papersMunicipal bond sectors: resilient in times of uncertainty
Many investors are concerned about the potential for a prolonged economic downturn. If that were to happen, municipal credit should show resilience, due to unprecedented federal pandemic stimulus support, strong reserves and revenue collections, and the ability to adjust budgets.
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White papersWhy ‘green’ hydrogen is the energy pathway of the future
‘Green’ hydrogen – made from renewable energy sources – is seen more and more as the holy grail in the transition to a carbon-neutral economy. With a wide range of applications, green hydrogen could reduce global greenhouse gas emissions by a third in the coming decades at a reasonable cost, making it an attractive investment option. Thibaud Clisson and Julien Bouyssou explain.
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White papersGlobal Investment Views - September 2022
The summer season has temporarily brought some sunshine to investors as the main equity markets had been rallying until mid-August. Supporting this trend was a series of assumptions on key themes driving the market: inflation was assumed to be at its peak and starting to recede; growth was assumed to be on a soft landing path; and central banks were assumed to have done most of the work needed.
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White papersValuations and guidance appear foreboding for U.S. equities
The month-long rally in U.S. equity markets hit stiff resistance in mid-August. Surprising resilience in economic data, including consumer spending, employment and July’s cooler-than-expected Consumer Price Index report, helped propel broad-based indexes like the S&P 500 and the tech-heavy Nasdaq out of their bear market lows of June and in to bull market territory.
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White papersGet real with income-producing real assets
We have seen demand for real assets grow dramatically in recent years, and we expect it will advance further as investors better understand the positive attributes of the asset class. Real assets offer the opportunity for diversification, inflation hedging and competitive total returns. Real assets may also serve as a nontraditional source of income, a feature that investors frequently overlook.
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White papersArticulating asset allocation across different time horizons
In a previous paper, we addressed the issue of how to set investment objectives. In this paper, we address another key issue in the definition of asset allocation: how to articulate it across different time horizons.
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White papersNo central bank pivoting: time to be cautious
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we take stock of the Federal Reserve’s determination to bring inflation under control at the cost of economic growth and outline how this is impacting our portfolio positioning.
