White papers - all assets – Page 112
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White papers
Structural Change in Europe as Funds Take Market Share
In this Q&A, Adam Wheeler discusses the current state of the European private credit market, and how the economic backdrop is creating both challenges and opportunities for investors.
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U.K.’s Mini-Budget Causes Major Market Moves
The U.K.’s sweeping fiscal package caused widespread disruptions—leading the BOE to intervene and restore market stability—which could lead to more hikes in the near term. Meanwhile, labor stats in the U.S. next week should help show just how far the Fed might go.
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Central banks split by fiscal packages vs inflation
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we analyse the market response to the UK’s latest fiscal stimulus and suggest this situation could be replicated across Europe as winter takes hold.
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Evolution & Revolution: The coming Web3 digital asset revolution
Web3 creates the potential for commercial protocols that can deliver goods and services in a peer-to-peer manner that can be directly accessed by any user via an internet connection.
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Plastics: pollution, policy and investment potential
Over the last 10 years, the world has produced more plastic than during the whole of the last century.
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Clean energy investments: a new addition to the investors’ inflation toolkit?
While investors have typically looked to commodities as an inflation hedge, a lack of income, coupled with volatile prices, has resulted in low risk-adjusted returns. Can direct energy investments help investors guard against rising prices?
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CIO views: what about an outlier scenario?
In the current context of interest rates being higher for longer, what would happen if an extreme situation played out to amplify existing trends? For instance, interest rates rose to 6% or inflation increased to 20% in a developed market?
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Finding adaptation solutions to climate risk
The soaring temperatures which hit Europe over the summer revealed the extent to which essential infrastructure is unprepared for a changing climate. The Q3 issue of Futureturns, our quarterly report on thematics and trends in equity markets, focuses on opportunities arising from the essential need for investment in adaptation efforts.
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Braving bear markets: 5 lessons from seasoned investors
This article was originally published July 15, 2022, and has been updated to reflect market conditions.
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Upheaval in the global FX regime
The global FX regime of the last 20 years has been characterised by a distinct pattern of capital flows. At its core, Asian countries (mostly China) recycled their current account surpluses into USD-denominated FX reserves, in order to weaken their domestic currencies and preserve export-led economic models.
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Global foreign exchange regime faces winds of change
Dollar strength is causing strains, even in developed economies like Japan and Britain. A short-term fix could be a Plaza-style accord to weaken the dollar. Reverse FX wars, with a race to strengthen currencies, are another possibility. Longer-term, momentum may grow for a multi-polar currency regime that pits China ...
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Managing the Risks of a Low-Carbon Portfolio
We recognize that much of the world still runs on fossil fuel. However, we firmly believe investors can construct portfolios that substantially reduce their carbon footprints while retaining exposure to all sectors—including energy.
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A High-Yielding Haven
As an ever-more-aggressive rate-hiking cycle rocks the financial markets, might corporate credit offer a space that is both remunerative and relatively calm?
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Navigating the Emerging Markets Default Wave
Despite record defaults, stresses remain relatively low for the asset class overall.
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Investing at a Crossroads: Three Themes for Today’s New Challenges
As 40-year tailwinds turn to headwinds, we distill an era of sometimes bewildering change into three themes and a new investment playbook.
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Global Investment Outlook: Actively selecting opportunity in uncertain times
The current state of the global economic landscape has led to flat or inverted yield curves in most government bond markets, US dollar strength, diminishing central bank support for financial markets, elevated price volatility across most asset classes and higher commodity prices. In this global investment outlook, our investment teams share how this backdrop impacts their current outlook.
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Portfolio construction themes in these times of inflation
Investors seeking to put this bear market behind them aren’t out of the woods yet. Hopes that inflation might peak quickly, that the U.S. Federal Reserve would pivot, and that the global economy could emerge unscathed — all have diminished.
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Q&A: The asset allocation process of a long-term investor
Views from the TIAA General Account
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What does ESG mean for private credit?
ESG’s impact on investor and manager behavior has changed the way we look at the world. Churchill’s Randy Schwimmer and Mickey Weatherston address what it means for private credit.
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Time to refocus on bonds - Rethinking portfolios after the great repricing
Inflation has risen to levels not seen in 40 years, leading to a repricing of financial markets this year, which has been particularly severe in the fixed income space. Central Banks have already started to hike rates and turn to the hawkish side to avoid de-anchoring inflation expectations. The era of low or even negative interest rates is over.