White papers - all assets – Page 132
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White papers
Allocation Views - May 2022
Our Franklin Templeton Investment Solutions team suggest broader supply disruptions that continue to hold consumer price inflation at extremely elevated levels, are key factors fueling aggressive rate hike cycles across developed markets.
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White papers
Are pension funds set to flex their financial muscle in climate fight?
Pension allocations to climate funds - including in the private assets sphere - are likely to increase dramatically, with potentially vital consequences in the real world.
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White papers
How Ukraine Mission Creep Will Fuel the Next Inflation Wave
And that’s on top of the other risks from war aims that are turning ever more resolute, expansive, and vague.
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Shifts & Narratives #17 - Keeping up with climate change in setting long-term asset class views
Today climate change is arguably the most critical long-term challenge that humanity is facing. “Climate action failure” is not only the top longterm threat in the World Economic Forum’s Global Risks Report for 2022, but is also a key element for investors to factor in when building long-term assumptions on the economy and markets.
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White papers
3-4 May FOMC meeting: 50bp interest rate hike is bullish for markets
Federal Open Market Committee (FOMC) and statement: On 4 May, the Federal Reserve (Fed) hiked the Fed funds rate by 50bp to 0.75-1.00%, the first back-to-back hike since the second quarter of 2006. The FOMC statement signaled the start of a series of rate hikes. The Fed downplayed the negative Q1 GDP data, while upgrading its inflation assessment.
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White papers
Constant chaos: 4.669 reasons why car-tech could outpace insurers
Fiorino explores what’s driving change in the car insurance market – and why incumbents may have to get out of the road…
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White papers
Inflation-Fighting Properties
Real estate has tended to get a prominent page in inflation playbooks—but do some parts of the market get a particularly strong tailwind from rising prices?
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White papers
Could Your Beta Be Better?
In the first of our articles on working with Official Institutions, we look into the importance of regularly questioning the assumptions behind your benchmark.
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White papers
US workforce housing: Driving compelling returns and social good
Affordable workforce rental housing is an oft-overlooked category of US multifamily housing investment given the skills and capital required to turnaround assets. Yet, workforce housing could offer institutional investors a scalable opportunity to generate attractive risk-adjusted returns and target high-impact social good. Crucially, with state-funded affordable housing in the US in short supply, owner-operator platforms focused on improving the quality and condition of housing units could help to deliver positive social outcomes for tenants and surrounding communities.
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White papers
Macroeconomic Picture - May 2022
United States: the surge in inflation to a multi-decade high is compressing real incomes and could negatively impact consumer confidence, spending and saving behaviour, as some surveys seem to expect. At the same time, companies’ capex intentions remain high, suggesting that, while US consumption may be decelerating, capex should ...
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White papers
Hold tight for the Chinese demand shock: faith over fear
The extended lockdown in Shanghai and other cities have shattered market confidence, sending Chinese equity market down again over the month. Taking into account the damage of the zero-Covid policy to the Chinese economy, we expect a recession in Q2 and full-year growth to undershoot the government target by a wide margin (Amundi forecast 3.5% versus the 5.5% official target).
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White papers
Upward pressures on inflation are the major market driver
We expect central banks to remain on the hawkish side as long as inflation expectations remain on the upside, as central banks are afraid of losing their credibility. However, the Fed and the ECB are in different positions. The Fed wants to tighten financing conditions to slow demand, as the US economy is running hot. However, the ECB is stuck in an impossible situation: Eurozone inflation is primarily driven by higher energy costs, and a central bank has few “tools” to fight cost-driven inflation without hurting growth.
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White papers
French presidential election: Macron’s victory provides continuity but lacks political support
The incumbent president’s re-election avoids an unpredictable political phase for France. Although Emmanuel Macron provides stability from an economic and a geopolitical standpoint, his narrower electoral base might be an issue in implementing his reform agenda.
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White papers
50 Is The New 25
The FOMC raised the Fed funds rate by 50bps and announced the beginning of quantitative tightening. Chairman Powell signaled that 50bps hikes will be the new normal for the next couple of meetings, as inflation fears remain. The BoE and ECB also contemplate their paths ahead.
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White papers
Sustainable Asian cities: A compelling – and urgent – investment opportunity
In their white paper, “Sustainable Asian cities – preparing now for the future”, our Emerging Markets Debt team and Sustainability Centre detail the rationale underpinning a new investment strategy which targets companies that can help Asian cities achieve the sustainable changes they need to make to deal with an over-stretched infrastructure, migration and climate change.
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White papers
Fixed Income Perspectives - April 2022
Quarterly macro and market insights from Capital Group’s fixed income team
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White papers
Delivering Impact in Real Estate: European Social Infrastructure
The need for investments in European social infrastructure persists. Our annual impact report shows how private capital can be a force for positive change through a measurable impact investing approach targeting social and environmental outcomes.
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White papers
Market Scenarios and Risks - May 2022
We keep the narratives and the probabilities of our central and alternative scenario unchanged versus last month. However, the war in Ukraine could evolve in several ways (see Ukraine crisis tree) with significant implications on economic and financial markets. The new wave of Covid-19 in China is another source of uncertainty over the short-term.
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White papers
Q2 2022: A late cycle with a greater focus on inflation
The shift to an inflationary late cycle has been confirmed with greater conviction and a focus on higher inflation (and rates). Economic momentum is still decelerating at a global level but with tentative signs of stabilisation.
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White papers
Setting your investment objectives: institutional asset allocation practice
Most institutional investors already have an Investment Policy Statement (IPS) that defines the objectives, investment limits, investment universe and governance of their portfolios. These parameters are not set in stone and must be reviewed periodically given changes in investors’ circumstances, philosophy, long-term expectations and regulations.