White papers - all assets – Page 10
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White papersDiversity equity and inclusion investment opportunities
Pushback against diversity, equity and inclusion (DEI) initiatives has been simmering since 2023, culminating recently with the actions of the Trump administration in the US. We believe that DEI does not hurt institutions nor compromise merit. In fact, it makes them stronger and enhances long-term performance. While there are constructive ways to improve the implementation of such policies, denouncing them altogether ignores their many benefits.
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White papersMarket uncertainty ramps up as geopolitical tensions rise
Market performance has been challenged over recent weeks. The more benign macroeconomic backdrop that investors had in mind going into 2025 has arguably been shattered. The US administration’s challenges to the global trading and security order have the potential to disrupt trade, capital flows, consumption, investment spending and government policy.
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White papersMarch ECB meeting: Data dependence in a world of uncertainty
As expected, the European Central Bank (ECB) cut its policy rates today for the sixth time in this cycle, marking its fifth straight cut. The interest rate on the main refinancing operations, the marginal lending facility, and the deposit facility were each lowered by 25 basis points to 2.65%, 2.90%, and 2.50%, respectively.
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White papersUsing Factor investing to integrate sustainability objectives into a “3D” portfolio
The general philosophy of systematic equity investing and Factor investing is based on the idea that sustained long-term performance can be achieved through a well-diversified exposure to rewarded equity factors which are expected to effectively capture risk premia and optimize the risk budget of a portfolio.
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White papersLDI differentiator: the holding of third-party funds
Over the coming months we will publish a mini-series of short articles that will shed light on overlooked but important factors to think about when structuring your LDI portfolio framework. First up is the integration of third-party funds.
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White papersThe strategic and tactical case for loans
Floating-rate loans can offer attractive yields, low duration risk, and diversification benefits, making them a compelling option in today’s market
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White papersCredit markets remain appealing for income-seeking investors
2024 was the second consecutive very good year for global developed credit markets. Full-year 2024 excess returns show the outperformance of high-beta segments (riskier market segments which provide higher return potential) and EUR markets.
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White papersWhy global fixed income strategies are important in today’s market environment
With the macroeconomic environment becoming more uncertain, investors should be prepared for, and be able to adapt to, several potential outcomes in 2025.
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White papersForward-Looking Climate Metrics in Corporate Bond Portfolios
Moving beyond backward-looking carbon footprinting, this research explores how implied temperature rise, carbon risk ratings, and climate value-at-risk methodologies can provide valuable forward-looking insights for fixed income investors who prioritise sustainability considerations. Discover practical applications, coverage analysis, and implementation considerations specific to corporate bond portfolios. Read the article if climate integration is part of your investment approach.
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White papersDoes Tax Deductibility Increase Retirement Saving? Lessons from a French Natural Experiment
This paper presents new evidence on how employees respond to tax incentives for retirement saving. Using administrative data from a large retirement plan administrator in France, we examine the voluntary saving choices of approximately 1.4 million workers before and after the implementation of the 2019 Loi Pacte, a reform that introduced tax-deductible voluntary contributions into employer-sponsored retirement plans.
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White papersMaking convertibles great again
The US convertible bond (CB) market returned 11.0% in 2024 and has begun 2025 with increased momentum, driven by a confluence of economic, market, and structural factors. With USD292bn in market capitalisation and 459 outstanding issues, the US market accounts for 67% of the global CB investment universe, underscoring its dominance in this hybrid asset class.
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White papersCommodities Spotlight
From Pandemic Bottlenecks to Tariff Turbulence: Unraveling the Elevated (EFP) Premium in Precious Metals
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White papersWatch the US dollar and Treasury yields to understand the potential effects of tariffs
Move beyond the headline noise to assess the investment implications
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White papersGlobal Investment Views - March 2025
In February, the markets have shown that love is in the air: despite new tariff announcements, inflation risks, and the DeepSeek shakeup, positive market sentiment continues to prevail.
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White papersOvercoming barriers to retirement savings: behavioural factors and existing schemes
Under-saving for retirement is a major issue for many economies. Benartzi and Thaler (2013) have long diagnosed a ‘retirement savings crisis’. In the US, according to the National Retirement Risk Index, 39% of working-age households will not be able to maintain their standard of living in retirement.
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White papers2025 Outlook for Latin America: subdued growth expected but several positives remain
Overall growth in Latin America (LatAm) is expected to be relatively sluggish in 2025, with headwinds for the region including a fiscal drag and potential disruptions to global trade under Trump 2.0. While Mexico and Brazil are facing a tougher year, Argentina is a positive outlier, with strong growth expected after two years of contraction, based on regulatory reforms and fiscal consolidation.
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White papersWhy Bother with Defensive Equities During the New Trump Era?
Following a defensive equity playbook can help investors prepare for market volatility in a year of heightened uncertainty.
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White papersDeepSeek: evolution, not revolution, in artificial intelligence
What is DeepSeek’s real impact on AI, and what does it mean for investors?
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White papersBond markets in focus amid growth concerns
“With tariff uncertainty affecting market expectations and consumer confidence, bonds are back as a key diversification* engine for global investors.”
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White papersCan US high yield offer respite from the uncertainty?
After posting 8.2% return in 2024, the US High Yield market has proven to be very stable so far in 2025, despite various headlines with the potential to move markets on both the macro and geopolitical front.
