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  • Global CDI portfolios: to hedge or not to hedge? download

    White papers 11 November 2019

    In previous articles, we argued that globally focused and actively managed core CDI portfolios could help UK DB schemes better meet future liabilities. However, given that the very objective of CDI portfolios is to generate predictable cash flows, the issue of currency management becomes crucial. Here, we explore various hedging strategies that schemes can employ and assess their effectiveness in delivering predictable cash flows in sterling.

  • CDI portfolio construction considerations download

    White papers 1 September 2019

    In a recent article, we warned that the generally underfunded and increasingly cashflow-negative UK Defined Benefit (DB) pension sector could see its funding status challenged, especially in the present late-cycle environment. We argued that a Cashflow Driven Investment (CDI) approach could be a solution, to help meet liability payouts with a high degree of certainty. Let’s now roll up our sleeves and explore how CDI could be brought into action. Should schemes solely focus on Sterling ...

  • CDI: Does it make sense for UK DB schemes? download

    White papers 10 June 2019

    Soraya Kazziha, PIMCO’s Head of EMEA Client Solutions and Analytics, Rene Martel, PIMCO’s Head of Retirement Solutions and Michael Burns, Head of the UK and Ireland Institutional Sales Team.

  • Asset allocation views: Late cycle vs. end cycle investing download

    White papers 2 April 2019

    Here are key takeaways from PIMCO’s 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.

  • ESG investing and fixed income: The next new normal? download

    White papers 1 December 2018

    We believe the bond market is uniquely suited to both benefit from and provide finance for ESG-related (environmental, social and governance) efforts.

  • Mind The Gap download

    White papers 1 November 2017

    The term “funding gap” must be one of the most popular to be found in asset managers’ marketing presentations, especially since the global financial crisis. The opportunity to supply capital where there is less competition is intuitively appealing, but investors should heed the warning they announce on the London Underground to “mind the gap”. Funding gaps, like the gaps between the trains and the platform, both open and close, and now is the time for asset managers marketing presentations ...

  • Bonds Are Different: The Active Advantage download

    White papers 1 July 2017

    Ask an investor if most active bond funds outperform their passive counterparts and the response is likely to be “no.”...

  • Active vs Passive: In credit, indexes equal opportunity download

    White papers 1 April 2017

    In April, more than 1,000 bonds worth over $300 billion will vanish from the Bloomberg Barclays U.S. Aggregate Index. Their disappearance reflects market dynamics that tend to benefit active fixed income managers with robust research processes while putting passive investment managers at a disadvantage.

  • Common Goals, Your Impact download

    White papers 1 March 2017

    The United Nations Sustainable Development Goals (SDGs) can serve as a framework for measuring impact in environmental, social and governance (ESG)-focused investing.

  • Active vs passive: Five reasons bonds are different download

    White papers 1 February 2017

    Academic literature is replete with studies making the case against active management. At the core of the argument is some basic math: in sum, the performance of all investors aggregates to the performance of the markets. Throw in fees, and the average net return above the market for active investors is negative.

  • PIMCO’s Asset Allocation Views: The Trump Card download

    White papers 11 January 2017

    Developed markets have turned optimistic after the US presidential election, pricing in higher inflation and GDP growth in the US. Asset markets have reacted, with US equity markets rallying, global interest rates rising and yield curves steepening. Nevertheless, substantial uncertainty still looms around policies that are intended by the new administration and those that will actually be enacted.

  • The carry and value pendulum download

    White papers 8 December 2016

    Carry originated as a concept from the fixed income and currency worlds. Carry can be defined in currencies, commodities and equities. Value as an investment style, on the other hand, originated from the equity world. Value strategies require the definition of a value metric which can then be compared across securities. Again the concept of value can also be de ned across rates, commodities, and currencies.

  • Disruptive regulation: Three investment opportunities download

    White papers 4 November 2016

    It’s been nearly a decade since the global financial crisis prompted an onslaught of regulations in- tended to abolish excessive risk-taking and make the financial system safer. Yet the implementation of reforms – and their disruptive effect on financial business models – will peak only over the next few years.

  • Factor Investing: Good in theory, difficult in practice download

    White papers 5 April 2016

    Investors are always looking for higher returns at lower cost. This has never been truer than in today’s market environment.

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