All United States articles – Page 30
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White papersRelative Value & Tactical Asset Allocation Q3 2024
We are not expecting a U.S. recession in 2024. We are looking for credit spreads to remain rangebound in the near future, and we prefer high carry while considering downside risks. Consumers and housing fundamentals continued to be solid, while CLOs fundamentals weakened further. Commercial real estate fundamentals are stable, but performance divergences are wide. We are neutral for both corporate equity and cash investments.
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White papersAre We There Yet? The Road to Recovery for CRE
Stickier than expected inflation and robust economic activity have delayed and diminished expectations for rate cuts in 2024.
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White papersTo Understand the Macro, Study the Micro
Right now, second-quarter earnings reports may be a better guide to the economic outlook than official statistics.
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White papersEquity Market Outlook 3Q 2024
Financial headlines suggest that vigorous debate has returned to equity markets. In our 3Q Equity Market Outlook, we highlight key aspects of this shift and discuss what they might portend for markets over the next six to 12 months.
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White papersU.S. Election: Near-Term Turbulence, Long-Term Questions
A close election could see increased U.S. equity volatility followed by a relief rally, while resulting policy impacts could take time to play out and may be affected by fiscal constraints.
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White papersReal estate déjà vu - Has life sciences real estate become the next logistics sector?
A bit more than a decade ago, in 2011, a (at the time) somewhat obscure real estate sector was in the initial stage of its S-shaped growth trajectory. Its share in global real estate investment portfolios was less than 10% and concentrated in the US. This was the industrial (logistics) sector.
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White papersImpact investing: The continued resilience of U.S. affordable housing investments
As the investment environment in real estate continues to navigate challenges, investors are seeking ways to diversify allocations to affordable housing. Impact investment strategies such as affordable housing have long been known for delivering positive social and environmental changes, however, the economic benefits of U.S. affordable housing remain misunderstood by many investors.
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White papersReal Estate Debt: Navigating the New Frontier
The Fed’s campaign against inflation, changes in bank regulations and stress in the office sector have collectively created an attractive investment environment for real estate debt investors, in our view. Commercial mortgages are offering yields not seen since the Global Financial Crisis (GFC). While capital market conditions are operating effectively for low-risk mortgages, they remain mostly dislocated for higher-risk mortgages, thereby presenting compelling investment opportunities.
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White papersThe potential power of income to deliver long-term returns
After years in the wilderness, equity income is now arguably competing on a much more level playing field than it was in the past decade.
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White papersMid-year investment update – Navigating political turmoil
The US economy is still on a soft landing path, even if the speed and timing of the touchdown vary after each economic release. The most recent US inflation data show price rises slowing more quickly than in the first part of the year. The eurozone, by contrast, continues to see persistently higher inflation
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White papersUS high yield: Broader financing options soften impact of higher rates
Heading into 2023, the consensus narrative appeared set. The Federal Reserve had embarked on an aggressive interest rate hiking cycle to combat spiralling inflation. A US recession was expected to follow, as household excess savings built up during the pandemic were exhausted and corporate borrowing conditions tightened dramatically after the benign post-global financial crisis era of low interest rates.
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White papersUS cements itself as the global centre of tech innovation
The US technology sector’s vigour is showing no signs of abating given 2023’s superior performance has firmly spilled into 2024. Last year the Nasdaq delivered a total return of 45% and 2024 quickly witnessed the tech-heavy index hit new highs bolstered by excitement around the tech sector, while the wider S&P 500 also reached a fresh peak.
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White papersPrivate credit: Europe versus the US
Estimates suggest the private credit market will double in value over the next 5-years. It’s attractions remain as strong as ever: potential inflation protection, diversification, potentially attractive risk-adjusted returns, and volatility reduction. With Europe and the US dominating almost 90% of the market, what are the key differences between these regions and where should investors set their focus?
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White papersThe Role of Cold Storage in the Supply Chain
Food, one of life’s basic necessities, relies on cold storage for its safe, efficient and effective distribution to U.S. and global populations.
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White papersReal Estate Outlook – US, Edition May 2024: Cautiously optimistic
After more than two years of adjusting to higher interest rates, private market real estate results were mixed during 1Q24, with value declines offset by income in several sectors. Returns for retail and industrial warehouse turned slightly positive. Self-storage returns were flat. Apartments and office buildings experienced negative total returns; though niche segments of the sectors, like medical office, manufactured and student housing outperformed.
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White papersReal Estate Outlook – US, Edition May 2024: Cautiously optimistic
After more than two years of adjusting to higher interest rates, private market real estate results were mixed during 1Q24, with value declines offset by income in several sectors. Returns for retail and industrial warehouse turned slightly positive. Self-storage returns were flat. Apartments and office buildings experienced negative total returns; though niche segments of the sectors, like medical office, manufactured and student housing outperformed.
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White papersReal Estate Outlook – Global, Edition May 2024 Approaching the bottom
In the first three months of 2024 US economic growth was positive, but weaker than expected. GDP expanded at an annualized pace of 1.6% quarter on quarter (QoQ), a sharp downshift from the 3.4% annualized in 4Q23.
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White papersSDG Engagement Equity Q2 2024 case study: Eagle Materials
Our Q2 case study looks at leading US cement manufacturer Eagle Materials. At the present time, the manufacture of cement accounts for 1.25% of CO2 emissions in the US. But as we outline, Eagle is well positioned to drive change and is implementing measures that should support decarbonisation in the industry.
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White papersPrivate Equity and the Polls
Have U.S. elections had any effect on private equity performance?
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White papersUS investment grade credit bounces back from its nadir
In his 1974 children’s book, The Tiger’s Bones, the English poet Ted Hughes wrote that “Nothing is free. Everything has to be paid for.”
