All United States articles – Page 29
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White papersExploring US Single-Family Rental Demographics
Despite being an historically important part of the US housing market, single-family rentals (SFRs) with institutional ownership are a relatively new phenomenon, coming onto the scene in a meaningful way only in the aftermath of the global financial crisis. Initially, large institutional investors amassed portfolios by taking advantage of the surplus of foreclosed properties available at auction.
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White papersPutting Put-Writing Into Perspective
When equities sputter, market volatility simmers and interest rates remain elevated, we believe underwriting market risk—by writing puts on the S&P 500 Index—can be a capital-efficient strategy for investors seeking to generate a diversified source of income in an uncertain economic environment.
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White papersA Change in Leadership?
As Biden withdraws, we are seeing an historic rotation into small-cap stocks and a growing opinion-polling lead for Donald Trump—are the two things related? “What I write here on Friday could be out-of-date by the time you are reading it on Monday,” said Joe Amato, in last week’s commentary on the rise in political volatility.
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White papersA Soft Landing Is Still a Landing
What do slowing growth, lower inflation, tight credit spreads and a steepening yield curve mean for our fixed income views for the rest of the year? If the big story of the moment in equities is the epic rotation out of mega-cap stocks and into smaller companies, the equivalent in fixed income is the ongoing, sharp unwind of a record-breaking U.S. yield curve inversion.
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White papersA Framework for Value Investing
As providers of an active value strategy, our team has built an investment framework through study and experience that we believe can lead to persistent outperformance. In this memo we outline this investment process based on a compilation of insights published by our investment team.
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White papersWhy We Believe Quality Is a Good Guide for Value Investing
Value investing involves picking stocks that are trading at attractive prices as determined by metrics such as price book and price earnings. Clients sometimes ask us why Breton Hill takes a quality approach to value investing when so many of our peers are focused on distressed value. In this note we review the history of applying quality to value investing in an effort to improve outcomes. We then conduct an out-of-sample analysis to assess whether this effect still holds in the more recent decade subsequent to the publication of well-known quality papers.
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White papersU.S. Election: The Policy Choice
Putting rhetoric and personality (mostly) aside, we explore key policy differences—and similarities—between the political combatants. The U.S. presidential election continues to heat up, with new surprises seemingly around every corner—from a criminal conviction to an assassination attempt to the late withdrawal of the incumbent. With a new Democratic candidate emerging, the contest has become even more volatile as a closely divided nation inches toward November.
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White papersGen AI: The Next Wave
As artificial intelligence tools gather steam, what’s the potential impact on businesses, investors and the planet? It’s been nearly two years since the “ChatGPT moment,” when OpenAI’s flagship chatbot brought the world face-to-face with the power of generative artificial intelligence (Gen AI) to gather and interpret information, and communicate its findings to users. The moment represented the culmination of years of AI research and development.
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White papersA New Era for Small Caps?
After a decade of lagging market results, stocks of small companies seem poised for a resurgence. Small company stocks have generally disappointed investors in recent years, not because of their fundamentals, but due to the relative strength of large companies since the Global Financial Crisis. The difference is reflected in the combined multiple (or valuation) expansion of large caps and multiple contraction of small caps, even as the latter generated stronger earnings growth over more than a decade.
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White papersCross Asset Investment Strategy - July/August 2024
Topic of the Month: How long can the Central Banks’ divergence last
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White papersU.S. election: Policy and positioning
Heading into a contentious U.S. election season, investors need to avoid the noise and remain focused on the factors that will drive markets in the period ahead, including U.S. trade policy (particularly with China), geopolitics (particularly any impact on oil markets), and fiscal deficit management (given the CBO projection that the U.S. budget deficit is set to rise to 122.4% of GDP by 2034).
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White papersHow long can the Central Banks’ divergence last
The pace of disinflation in most advanced economies is following a similar path, albeit with differences in sticky components. Central bank policy rates are unlikely to diverge significantly (our baseline), but this does not rule out the ECB and the BoE cutting rates faster than the Fed, especially given their weaker growth outlook. The impact of this scenario would be steeper yield curves in the Eurozone and the UK, but not substantially weaker exchange rates, as some fear. A bigger risk to European exchange rates stems from (unanticipated) energy price shocks rather than lower relative interest rates. We explore why.
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White papersGlobal Investment Views - August 2024
US mega caps significantly outperformed the rest of the US markets in the first half of the year, driven by better-than-expected economic activity, AI exuberance and superior earnings. Looking ahead, we see a potential for a rally-broadening, which will not be linear and is likely to have multiple legs.
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WebinarWebinar replay : The evolution of convenience culture and property markets
Register to watch the webinar replay of Nuveen Real Estate’s Head of U.S. Retail and Mixed-Use, Katie Grissom, on the discussion of the retail comeback, how consumers are shaping the future of retail and the resilience of property fundamentals with moderator Wendy Pryce, Lead U.S. Real Estate Specialist.
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White papers2024 U.S. election: The importance of staying invested
It can be easy for investors to let their political persuasions impact their long-term financial judgment. However, allowing the outcomes of elections, particularly ones as polarized as what investors are facing this fall, to trigger an adjustment to portfolio allocations or even a withdrawal from markets entirely, has historically ...
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White papersPositioning for the 2024 U.S. Presidential Election
Calls from senior members of the Democratic party finally became too great this past weekend, with President Biden bowing out of the 2024 U.S. Presidential race. He will not be seeking a second term.
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White papersElection 2024: Economics, policy and positioning for a soft landing
The S&P 500 enjoyed a solid start to the year, fueled by the Federal Reserve embracing optimism about inflation without sacrificing growth. During Q2, however, evidence of still sticky inflation has reduced the number of expected rate cuts, weighing on market sentiment and resulting in more modest equity gains.
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White papersThe Artificial Intelligence revolution: sector perspectives
We believe that Artificial Intelligence (AI) could have over the long-term a positive impact on productivity and GDP growth. However, the impact will not be linear across sectors, especially in the early phases. Those companies that are already investing heavily in AI technologies are the most likely to see benefits to revenues and/or profitability, but disappointments will happen given increased and new competitive pressure as well as the emergence of questionable business cases in light of the involved costs.
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White papersBiden’s exit from the presidential race opens a phase of uncertainty
Biden exit from the race: Current US President Joe Biden announced on Sunday that he will not seek re-election and endorsed Vice President Kamala Harris as the Democratic nominee. Senior members of the Democratic party have expressed their support for Kamala Harris. Donations for the campaign have begun to rise after Biden’s decision.
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White papersMaking sense of infrastructure debt
The capital expenditure required to support anticipated growth in power demand while also reducing carbon emissions will necessitate significant amounts of debt financing going forward. Don Dimitrievich, Portfolio Manager for Nuveen Energy Infrastructure Credit, explains the evolving infrastructure debt opportunity set and the EIC team’s approach to thematic investing in IPE’s recent July/August 2024 report.
