All Risk Management articles
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White papersBeneath the surface: market structure considerations for syndicated loans
Assumptions in syndicated loan indexes on reinvestment timing, liquidity, and cash drag can distort returns - key insights to navigate structural inefficiencies.
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White papersCLOs: 4 Factors to Watch
CLOs look well-positioned in the current environment, particularly given their floating-rate nature, robust structural protections, and potential for incremental yield—but risks remain on the horizon.
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White papersCorporate Hybrids Arbitrage: Trading the Ebbs and Flows of Extension Risk
Is there structural mispricing in Corporate Hybrids?
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White papersPrivate Markets: As The Ice Breaks
With a liquidity drought fading, investors can return to the more normal task of building private market portfolios designed to pursue unique investment goals.
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White papersScenarios, risks and macroeconomic forecasts
Main and alternative scenarios, and Macroeconomic forecasts as of 24 January
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White papersDiversifying private credit portfolios: beyond traditional metrics
Many recent conversations with LPs have centered around the growing sense of crowding and concentration in the private credit market, prompting a revaluation of exposure and portfolio metrics. With that in mind, we wanted to spend some time this quarter diving deeper into our approach to diversification.
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White papersTrump 2.0: Back to the Future?
By the end of this month, President Trump will enter the White House for his second term with an economic backdrop quite different from that of his first term. While the policies he advocates for are of a similar style this time around, the entirely different economic situation mean that those policies may have a different effect than they would have had in his first term.
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White papersFixed Income Investment Outlook 1Q 2025
With inflation continuing to improve, the downward path of central bank rates remains on track, if uneven geographically given U.S. economic strength. Now, amid political turbulence, attention is shifting toward fiscal issues— spending and tax policy—that could affect issuance patterns and yields, particularly at the longer end of the curve. We are constructive on fixed income for 2025, seeing potential in shorter durations and in optimizing carry amid narrow credit spreads. At the same time, the unpredictability of political cycles could make for an eventful year that requires vigilance in guarding against risk.
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White papersGlobal Macro Outlook: First Quarter 2025
We expect all major economies to continue to expand, with the US out front again, as well as positive momentum for business investment. The question for investors will be to what degree US outperformance will extend to the financial markets. Global headwinds are likely, especially in the trade channel in light of proposed tariffs and immigration policies, but our outlook remains generally positive.
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White papersGlobal Risks 2025: Turning Points?
As the dust from the U.S. election settles, the new year brings new challenges. Tariffs are likely to be the dominant theme early in 2025. Our base case is for the incoming Trump administration to impose substantial — albeit not universal — tariffs on most countries.
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White papersThe Opportunities Across Private Equity’s Current Liquidity Landscape
There are attractive opportunities for experienced liquidity providers in the current private equity market environment.
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White papersAllview: Market Risk Monitor - December 2024
Each month, Allspring’s Investment Analytics team assembles a top 10 list of market risks that it believes have the potential to influence investment portfolios.
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White papersEuropean Securitisations: Risk and Opportunities for Pension Funds
European Securitisations have recently attracted attention, with 2024 to date seeing record volumes of issuance since the Great Financial Crisis. European regulators have also shown strong support through several recent reports (from Noyer, Letta and Draghi), which have led to a public consultation from the European Commission. We review the opportunities and the associated risk of European securitisations for pension funds.
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White papersOutlook 2025-2026: Trump-starting the global economy
2025 may be characterised by divergence across the world’s main economic regions, around three dimensions: underlying growth, fiscal policy, and monetary policy
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White papersThe CIO view: Shifts in the balance of risk and return
US President-elect Donald Trump’s radical policy agenda has created some financial market uncertainty, in terms of the outlook for investment returns. Nevertheless, we believe the central macroeconomic outlook remains favourable for bonds and equities. Growth, stable inflation and lower interest rates should support markets. But investment decisions need to consider cashflow resilience and valuations, given policy risks and broader concerns. For now, we don’t expect a recession in 2025 which should help deliver positive equity returns, while credit markets should provide attractive income opportunities.
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White papersThe Risk-Reward Pick’n’Mix for Investors
Matt Hansford spoke to Private Equity Wire about the $200bn opportunity in portfolio finance, how it can serve as a strategic buffer against volatility and how as an asset class with large transactions, it enables investors to deploy at scale.
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White papersAn agile approach to credit – amid volatility and uncertainty
As we look ahead to 2025, the forces that drive global credit are rife with mixed signals and extreme valuations. As evidenced over the last year, an unconstrained approach to credit investing can utilise a tactical approach, which has the potential to generate alpha amid dynamic market conditions.
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White papers2025 Macro Outlook: Slower growth amid geopolitical uncertainty, but opportunities remain
Headwinds are blowing but conditions are supportive, so we see both risks and opportunities in 2025.
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White papersElection Economics
A resounding victory sweeps President (and President-Elect) Trump back to the White House. The substantial-for-modern-times majority in the Senate along with the popular vote means that the second Trump administration has more of a mandate than the first one.
