All Strategies articles – Page 17
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VideoWho’s Afraid of an Inverted Yield Curve?
The current slope of the US Treasury yield curve is inverted. Two-year yields are higher than 10-year yields, and to us that means that investors are focused on a few things.
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White papersMulti-asset allocation in anticipation of a soft-landing
The performance of both equities and bonds in 2022 tested the resilience of multi-asset strategies and suggested it might be time to rethink how portfolios are structured. This quarterly edition of Simply put questions claims that the 60/40 portfolio is dead and examines whether the unfolding global recession is likely to result in a soft or a hard landing.
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White papersOur investment teams on the key themes for 2023
In our 2023 Outlook paper, we look back on last year and outline the key themes that could shape markets in the year ahead.
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White papersWhen Factors Rhymed
It’s been said that “History doesn’t repeat itself, but it often rhymes.” We believe 2022’s factor performance rhymes with several periods in recent history. What message does that send to investors?
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White papersAlways, Sometimes, and Never
MACRO MATTERS: In this monthly series, we take a quick, comprehensive look at current macroeconomic themes that matter to clients.
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White papersEscape From Flatland
A two-dimensional, return-and-volatility view of investments may not allow you to see important risks.
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White papersAlibaba case study
We have engaged extensively with Alibaba on corporate governance, ESG strategy and reporting, and are pleased to see various improvements. There remain important areas of further engagement, including on governance: separation of the chair and CEO, appointment of a lead independent director and improved board director engagement with minority shareholders.
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White papersA fresh look at thematic investing
Thematic strategies have had a challenging time in 2022, with many factors combining to unsettle markets. Higher inflation, greater geopolitical risks, and uncertainty about the economic outlook have affected the valuations of many companies we believe will benefit from key long-term trends. In our view, their prospects are undiminished.
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PodcastFrom Distressed Debt to Capital Solutions: An Evolving Landscape
As the global economy has slowed, investor interest in distressed debt strategies has risen. But the distressed market isn’t what it used to be.
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White papersMarket Scenarios and Risks - November 2022
We maintain the probabilities of our scenarios unchanged. Some of the risk factors we identify may occur in our central scenario, which is probably not yet fully priced-in by markets.
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White papersCIO views: what about an outlier scenario?
In the current context of interest rates being higher for longer, what would happen if an extreme situation played out to amplify existing trends? For instance, interest rates rose to 6% or inflation increased to 20% in a developed market?
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White papersBraving bear markets: 5 lessons from seasoned investors
This article was originally published July 15, 2022, and has been updated to reflect market conditions.
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White papersQ&A: The asset allocation process of a long-term investor
Views from the TIAA General Account
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White papersReal-Time Macro Information and Bond Return Predictability: A Weighted Group Deep Learning Approach
This paper proposes a weighted group neural network model and reexamines whether treasury bond returns are predictable when real-time, instead of fully-revised, macro information is used. Real-time macro vintage data and news-based topic attention are taken into account.
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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 papersPursuing alpha: Why invest in EMD?
Competitive spreads, comparable default rates and low correlations versus developed markets are just three advantages of this growing asset class, argue managers of the Federated Hermes Emerging Markets Debt strategy.
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White papers*Can private markets help investors ride the inflation wave?*
Demographics, repetitive bouts of fiscal stimulus, and deglobalisation are among the factors pointing to prolonged higher inflation. Can private markets help investors sustain returns?
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White papersChina: Suspended Animation
The run-up to China’s leadership meetings this fall is delaying substantial policy changes, in our view creating opportunities in advance of potential economic improvement next year.
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White papersReal Estate Outlook – US, Edition 2 - 2022
Growing economic uncertainty based on weaker consumer sentiment and inflation concerns increases the importance of focusing on durable income growth across real estate sectors, metros, and product types. Continued strong industrial and apartment return performance is anticipated, but at a lower margin than 2021, given interest rate pressures. We expect a deteriorating performance for office and a gradual strengthening in retail performance through 2022.
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White papersWhat will drive financial markets over the next five years?
Dividing a portfolio’s investments more or less evenly between developed market stocks and bonds has proved a rewarding strategy over the past few decades. The annualised return investors have secured by pursuing this approach has been in the high single digits – gains that have come courtesy of steady economic growth, an almost continuous fall in interest rates and inflation, and relatively calm financial market conditions.
