All Strategies articles – Page 20
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White papersMarket weekly – Time to add risk in multi-asset portfolios?
Senior investment strategist Daniel Morris and Denis Panel, Chief Investment Officer of the Multi-Asset and quantitative solutions team (MAQS), discuss the challenges to asset allocation in this volatile and uncertain market environment.
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White papersContagion - Asset Allocation Committee Outlook 2Q 2020
As the COVID-19 virus spread around the world, sending markets into turmoil, our Asset Allocation Committee (“the AAC” or “the Committee”) met by video conference because governments were telling citizens not to leave their homes. These are extraordinary circumstances, and they make asset allocation decisions extraordinarily challenging and consequential.
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White papersDisappearing Alpha & Hidden Beta—A Sleight of Hand
Comparing Option Strategy Indices and Hedge Fund Indices before and after the 2008 – 09 financial crisis reveals that what many investors thought was “alpha” was just an illusion.
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White papersThe Data Science Revolution
How the new richness and accessibility of data, and advances in data science, are enhancing both quantitative and traditional fundamental investment research—and sparking a revolution in active management.
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White papersAsset classes views: Detecting Tipping Points
The report highlights the causal relationships between macro-economic factors and long term trends in asset prices, incorporating the latest discussions and analysis and drawing on insights from Amundi’s industry experts. We confirm our central scenario of subdued growth and inflation on a global scale, albeit leading to even lower returns due to complications from late-cycle investing. Recovery is likely as rates and profits normalise while central bank authorities stock up on the ammunitions needed to face further cyclical downturns.
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White papersTop Risk Map - February 2020
At the start of the 2020s, markets continued to be dominated by geopolitical issues, with short-lived Iran tensions at the forefront initially, followed by the news regarding a phase one trade deal between the US and China. Now, growth expectations are becoming the main driver of the market. That’s why the recent volatility due to the news about the spreading of the corona virus in China is higher than in the case of US-Iran tensions, as the epidemic could harm China (and global growth) if not contained soon (not our base case at the moment).
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White papersInvestment Phazer Update: downward trend is confirmed
While in the short term we do expect some temporary relief coming from positive economic surprises and supportive news on the trade front (should coronavirus impact be limited), on a medium-term horizon our economic scenario confirms the fragility of the profit cycle.
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White papersRisks Rebalanced - Asset Allocation Committee Outlook 1Q 2020
On Tuesday, January 14, Erik Knutzen, CIO of Multi-Asset Class, Gorky Urquieta, Co-Head of Emerging Markets Debt, and Conrad Saldanha, Senior Portfolio Manager, Emerging Markets Equity, discussed the AAC’s latest views on navigating the current market environment.
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White papersThe Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers
New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.
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White papersTime For A Flight To Cyclical Value In European Equity
When we look fundamentally at the risks and rewards in equity markets for 2020, we find that value o ffers better opportunities than growth as implied expectations are lower and therefore more attractive for value at this point. The performance of value vs growth has been on a downward trend for a long time, almost 13 years. In our view, the rotation towards value that started in September 2019 is likely to continue in 2020.
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White papersGlobal Investment Views - January 2020
As we approach the year-end, a look back over the past 12 months reminds us how unconventional this year of records has been. On the upside, equities rallied to historical highs in December and fixed income returns were also strong as bond yields fell. The combination of these trends enabled a traditional 50 bond/50 equity balanced portfolio for European to investors generate 15.5%1, the best annual performance in the last two decades.
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White papersGlobal Investment Views - December 2019
In recent weeks equities rallied along with bond yields as investors reacted to the prospect of a US-China ‘phase one deal’ and fading global recession fears. The value of negative yielding bonds continued to fall, from US$17 trillion over the summer to the current US$12.5 trillion. While equities were previously overshadowed by the excessive gloominess on the global economy and earnings, markets rebounded after corporate results in the US and Europe met or exceeded low expectations, and as economic data did not show any material worsening. The mantra now seems to be ‘not so bad is the new good’.
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White papersEquity Portfolio Construction: Filling the Gap Between Alpha and Beta
Separating equity alpha and beta is a good first step—but could investors be doing more in the space left between them?
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White papersSimply Put(Writing)
PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios.
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White papersQuantitative Easing: The End Of The Road For Pension Investors?
Has central banks’ Quantitative Easing (QE) been a blessing or a curse for investors?
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Cross Asset Investment Strategy - November 2019
CIO Views - Limb for markets will not last forever
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White papersTargeting positive returns in an uncertain climate
A decade after the global financial crisis, the uncertain economic conditions it ushered in continue to starve Europe’s investors of returns
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White papersBenefits of an allocation to low-volatility equities for risk-averse investors
While empirical evidence of the low-volatility factor has existed since the 1970’s, interest among investors grew in the wake of the global financial crisis, through exposure to low-risk strategies. The low-volatility factor became the “Hot Topic” from both an academic and an investment standpoint.
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White papersCapitalizing on an inefficient market - The case for active REITs
When it comes to choosing ‘active’ versus passive management in REITs, the proof of ‘why active’ is in the results.
