White papers - all assets – Page 105
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White papers
The pursuit of consistent income streams
Generating income is a key role of fixed income. For investors, the durability of income streams becomes more important amid heightened volatility in both equity and bond markets.
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White papers
Packaging new food systems
The process of aligning food systems with global climate goals is underway and this is shaping a number of investment opportunities. Specialised food packaging solutions in particular have reached an inflection point.
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White papers
US mid-term election: no red tide
Election result: The outlook for the House of Representatives (House) and the Senate remains uncertain and the situation remains fluid. Republicans are still expected to have an eventual slender majority in the House, but a Democratic majority remains a possibility.
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White papers
What does the UK’s LDI shock say about leverage and liquidity?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we examine the factors behind the recent LDI market shock in the UK and consider whether these risks can be alleviated going forward.
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White papers
Performance materials: efficiency helps preserve nature
Our current take-make-waste system harms nature through excessive extraction of natural resources. Performance materials can help reduce this strain.
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White papers
How Long Will 75bps Stay in Vogue?
After an initial dovish reading of the FOMC statement, Jay Powell’s tone was firmly hawkish and led to a reversal in risk sentiment and a higher market-implied terminal rate. While the BoE also hiked 75bps, the bank signaled a lower endpoint. All eyes are on inflation data next week.
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White papers
Impact investing: the insurance experience
TIAA’s chief investment officer and Nuveen’s head of responsible investing discuss how the General Account has built its targeted impact investing program while incorporating direct, measurable environmental and social goals across the portfolio.
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White papers
How Life Insurers Account for Realized Losses May Cause Unnecessary Pain
An accounting method long used by life insurers has come under pressure amid rising rates and wider credit spreads, potentially setting the life insurance industry up for large unrealized losses. But there may be a solution.
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White papers
Alcentra: Time to refocus on the syndicated loan market in Europe
Higher inflation, higher base rates and a repricing of the European loan market present a compelling opportunity for investors.
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White papers
Macroeconomic Picture - November 2022
United States: We cut our growth expectations on the back of tight and fast monetary policy action. We call for an extended period of sub-par growth for 2023-24, with increased downside risks from H2 2023.
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White papers
Market Scenarios and Risks - November 2022
We maintain the probabilities of our scenarios unchanged. Some of the risk factors we identify may occur in our central scenario, which is probably not yet fully priced-in by markets.
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White papers
False sense of security from easing energy prices
Natural gas prices have plunged since their summer peak, supported by ample stocks and by the EU emergency measures. While near-term stress has eased, longer-term supply/demand tightness remains, calling for higher risk premiums. As Russia loses its leverage, demand elasticity and weather might be the new pivotal gas drivers.
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White papers
For the Fed, the impossible QT
The Fed has started shrinking its balance sheet as part of its fight against elevated inflation. However, QT is being challenged by the Fed’s new role as a counterparty of money-market funds. The process would be greatly improved if the Treasury were to announce a debt buyback financed ...
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White papers
Where is China heading to
China’s cyclical recovery outlook hinges critically on developments in Covid-19 policy. Housing will become less of a drag as the sector manages an L-shaped landing. In the long run, China faces multiple structural headwinds. It will be difficult for it to maintain the miraculously high growth it experienced ...
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White papers
How the ECB’s climate tilt favours ice cubes
The European Central Bank is gradually decarbonising its corporate bond holdings in a move that will be beneficial to borrowers with clear net-zero targets. We expect increased spread differentiation between transition leaders and transition laggards, and consider how the design of our TargetNetZero strategy is well-positioned to capture the opportunities.
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White papers
An Apple (Watch) a Day, Keeps the Doctor Away
5G can play a crucial role in the health monitoring functions of wearable technology, which can make a difference between life and death.
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White papers
COP27: A Chance to Reset
Broken promises, fraught debates and a dire economic and geopolitical backdrop are precisely why we believe COP27 is so important.
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White papers
1-2 November FOMC meeting: debating a downshift, not a pivot
As widely expected, on 2 November, the Federal Reserve hiked the Federal Funds rate by 75bp, to 3.75-4.00%. The action marked the fourth consecutive 75bp rate hike this year. Investors initially interpreted the accompanying statement as dovish by selling the dollar and buying US Treasuries and equities.
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White papers
Asset Class Returns Forecasts - Q4 2022
We reiterate the main driver affecting the current and forward-looking macro environments is a combination of sustained inflation, mounting recession fears and geopolitical developments. Price stability has become the paramount goal and even more complicated to reach, therefore CBs will make sure high inflation will not be entrenched in economic agents’ long-term expectations.
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White papers
Cross Asset Investment Strategy - November 2022
Tightening monetary policy and slowing economic growth lead us to keep a cautious stance on risk assets, in light of potential liquidity and refinancing issues, particularly in low quality credit. We prefer US IG (over HY) segments and selectively like EM hard currency debt.