Outlooks – Page 128
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The covariance matrix between real assets
For assets that are sparsely traded, the time-variance of prices is of limited interest. It is more meaningful to compute price variance across assets and use that as an indicator of investment risk.
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CHINA: 19th party congress and beyond
What are the key takeaways from the 19th Party Congress?
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The Science and Art of Multi-Asset Investing
Generating consistent returns under uncertain conditions is a challenge. Can multi-asset strategies make the job a little easier? We think so. But a lot depends on how they’re designed.
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What is in store for investors after the German government talks collapse?
There is still a possibility that a coalition will be formed, although it will take time.
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Venezuela on the edge of the cliff: let's be cautious
President Nicolas Maduro recently announced the Republic of Venezuela’s intention to restructure all foreign debt, thus recognising the country’s current debt load as unsustainable.
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Contemplating the death of ‘Abenomics’
Prime Minister Shinzo Abe’s popularity has diminished after being caught up in a series of scandals. While we believe that Abe is most likely to remain in power, we will be watching his approval rating closely.
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A Guide to Alternative Risk Premia
For years, academics and investors have been researching sources of return to understand what drives outperformance. Increasingly, this research has been focused on alternative risk premia strategies, a form of factor-based investing which is now entering the mainstream.
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An unconstrained approach to liquid risk premia research and construction
Liquid Risk Premia, sometimes called Alternative Betas, are return opportunities associated with second-order capital market risks that are in themselves not dependent upon assuming some form of market direction.
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5G: The Foundation for a Hyper-Connected World
Principal is sparking an ongoing conversation on transformational technologies and their influence on our world.
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Factor Investing: Diversifying risks to enhance long-term performance
For a long time, traditional equity investing has aimed at generating returns rather than managing risk. But in recent years institutional investors have started to change their attitude: mitigating risk is now more important than maximising returns.
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Global Investment Views: October 2017
Ongoing dovishness from Central Banks and higher geopolitical risks are the divergent forces driving financial markets at this point.
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Understanding the Momentum Risk Premium
Momentum risk premium is one of the most important alternative risk premia. Since it is considered a market anomaly, it is not always well understood
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Will ECB Tapering Trigger Market Tantrum?
The European Central Bank is widely expected to announce a winding down of its quantitative easing program on October 26. Though investors are nervous, the ECB is doing a good job preparing markets for the change.
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The German yield curve is steeper than its US counterpart and this will amplify
Since April, the German yield curve is steeper than its US counterpart (considering the spread between the 10y. and the 2y. yields). This has not been so often the case since the creation of the Eurozone.
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Opportunities ahead in Asia EMs, despite increasing geopolitical tensions
EM Asian economies outlook has been improving and it’s expected to mildly improve further. We closely monitor geopolitical risk in the region.
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Economic Insights: September 2017
Global expansion stays on track: The global economic recovery that began in early 2016 has reached a self-sustaining velocity.
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Catalonia crisis: Limited impact on European financial assets
“We expect the volatility on bonds generated by the Catalonia crisis to be short lived”
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The Quest for Diversification: Why Does It Make Sense to Mix Risk Parity, Carry and Momentum Risk Premia?
Diversification should be the first objective of any large institutions because managing risk is a key source of long-term performance.
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Will the reshuffling of the FOMC change the monetary policy outlook in the United States?
Donald Trump should announce in the coming weeks his choice for the post of chair of the Board of Governors.
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Markets underestimate Fed’s ability to hike rates
Financial markets remain cautious about the ability of the Fed to hike the fed funds over the coming quarters: indeed, a majority of investors expect, at best, a single hike until the end of 2018. We think that this view is too pessimistic.