All Strategies articles – Page 19
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Q1 2019 - Global Asset Class Spotlights: Top Down Quarterly Assessment
The combination of monetary policy stances (more patient and flexible everywhere), encouraging tariff negotiations, Chinese authorities proving successful in their resolution to support the economic cycle are all potential triggers (and risks when mirrored) to risk assets and might help produce a positive short lasting reaction.
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Cross Asset Investment Strategy - March 2019
If an investor had woken up today after three months and looked at the markets, he/she could reasonably say that not much had changed. The year started on strong footing and risk assets experienced a massive rebound in the first weeks of 2019, erasing most of the losses experienced in one of the most awful Decembers in history. As a result some valuation gaps have been closed somewhat, though not exhausted. Markets switched rapidly from a “fear” to a “greed” mood. Catalysts of the renewed optimism have included the dovish shift in the Federal Reserve’s strategy, and increasing signs of progress in the trade negotiations between the US and China.
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Financial Applications of Gaussian Processes and Bayesian Optimization
In the last five years, the financial industry has been impacted by the emergence of digitalization and machine learning. In this article, we explore two methods that have undergone rapid development in recent years: Gaussian processes and Bayesian optimization. Gaussian processes can be seen as a generalization of Gaussian random vectors and are associated with the development of kernel methods.
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Chinese consumers: your country needs you
Consumption now accounts for over half China’s economy, but spending is decreasing
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How Airports Are Flying High: A Social Perspective
Holding airport bonds in our social strategies often raises questions. But aviation brings huge social and economic benefits, and is making great environmental strides
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Cross-Asset Investment Strategy: Is Turkey really out of the woods?
After having narrowly escaped a balance of payments crisis last spring, there are questions surrounding the Turkish economy, not to mention the many (geo)political tensions. Throughout this period, the currency has continued to experience strong downward pressures, leading to a surge in inflation. Recently, the markets seem to be recovering hope.
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Normalising economies may mean moderate returns
After 10 good years, the markets appear to be finally getting back to pre-crisis norms. Our analysis suggests that this normalisation may result in investment returns becoming much more modest than they have been over the years since the financial crisis, when extraordinarily loose monetary policy has boosted asset prices.
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Global equities: identifying tomorrow’s ‘superstars’
After a bearish end to 2018, financial market participants are preoccupied with the question of whether a global downturn is imminent. Yet they should be asking a different question: have they accounted for the way that technology and other factors are transforming business models?
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A tale of two worlds: a robust business cycle in the US and a draining of liquidity in the rest of the world
After President Trump signed the ‘Tax Cuts and Jobs Act’ into law on 22 December 2017, we expected corporate earnings growth to be strong in 2018. In fact, it has been far stronger, as the direct effect of the tax cut on corporate earnings was further magnified by the acceleration in economic growth.
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Finding opportunity in Europe’s volatility
Looking back at 2018, it was a year when European corporate earnings continued to grow, while market volatility was surprisingly high. The volatility was a result of both political noise and the fear of a slowdown in global growth.
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Market Perspectives: When it rains, it pours
When it rains, it pours. Already the Flash crash in February was severe; then October saw the most severe monthly equity sell-off (MSCI World) since 2012. A further drawdown by mid November aggravated the year-to-date losses. Tech stocks entered bear market territory.
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Antecedent Analysis: Navigating A Troop of Gorillas
With the birth of the so-called “Greenspan Put,” the 800-pound gorilla of U.S. monetary policy unleashed itself on capital markets. Today, there is not just one 800-pound gorilla harassing capital markets; there is a troop of gorillas.
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Deep dive in factor definitions and behaviors to better combine them
Anticipating the economic and financial environment evolution and its impact on equity market is not easy.
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Factor Investing and Smart Beta Solutions
Smart Beta & Factor Investing strategies have been developed to address the two main limits of traditional market capitalization weighted indices.
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SICAV (GIS) SRI Ageing Population Celebrating 3 years of success!
What have been the most important lessons learned in terms of the performance to be obtained from this investment theme, SRI approach (Socially Responsible Investment), and stock-picking strategy, since GIS SRI Ageing Population (the Fund) was launched three years ago?
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Late cycle features at play: more pain, but not the end of the game
Market sell-off: a late cycle feature where uncertainty due to tariffs, rates and oil prices are sending some red signals.
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Tail Risk Adjusted Sharpe Ratio
The Sharpe Ratio has become a standard measure of portfolio management performance, taking into account the risk side. In that framework, the consideration of risk is reduced to returns volatility. The Sharpe Ratio does not encompass extreme risk, especially on the downside.
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Do default investment strategies align with members' needs?
This report, published by the PPI and sponsored by AllianceBernstein, evaluates the alignment of DC default investment strategies with members’ needs, and the most appropriate assessment for delivering value for money.
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Robust asset allocation for robo-advisors
In the last few years, the financial advisory industry has been impacted by the emergence of digitalization and roboadvisors. This phenomenon affects major financial services, including wealth management, employee savings plans, asset managers, private banks, pension funds, banking services, etc.
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Did Quantitative Easing Help Spur Growth?
As economies were struck down by the 2008 financial crisis, central banks resorted to quantitative easing to spur growth. Did the strategy succeed?