White papers - all assets – Page 136
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White papers
Middle Eastern Resilience: Improving Economic Activity and Defensive Characteristics
The Middle East and North Africa (MENA) region has been resilient despite ongoing geopolitical uncertainty and rising inflation, according to Franklin Templeton’s Dino Kronfol and Salah Shamma. While Ukraine and Russia are remote from the region and linkages are not direct nor easy to identify, they give their views on how local economies are faring amid the volatility.
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The Benefits of Greater Concentration
Franklin Mutual Series believes a concentrated portfolio of value stocks with an eye toward diversifying sources of risk can be an important part of a broader investment portfolio.
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Why Passive ESG Fails to Deliver
Investing based on environmental, social and governance (ESG) factors has gained traction in recent years, reflecting the interest of many investors in deploying their capital to positively influence corporate practices and drive sustainable change.
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MiFID II and ESG preferences: A paradigm change in Europe?
The revision of the European Union’s MiFID II directive taking effect this August and requiring investment firms to assess clients’ sustainability preferences sets a regulatory priority that will impact asset management professionals in 2022 and beyond.
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Private debt attractive amid public asset volatility, increased inflation and rising interest rates
Public asset volatility, increased inflation concerns and rising interest rates are driving more interest in private debt than ever before, finds a recent survey published by The Lead Left, founded by Randy Schwimmer, co-head of senior lending at Churchill Asset Management.
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The inflation psychology is kicking in
After a decade of central banks struggling to bring inflation up to target, the start of 2022 has been characterised by a shift in the inflationary environment worldwide. US inflation is at its highest level in over 40 years, with other DM trailing close behind.
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Transitioning to Net-Zero in Credit Portfolios
From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.
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The energy crisis heightens inflation fears - Strategies to protect portfolios from inflation risk
Inflation was already running well above central banks’ targets as we entered the year. The war has put additional pressure on prices and supply chains and this could have repercussions not just on oil, but on other commodities as well. Furthermore, given these (intermediate) commodities are used in the production of other finished products, we are likely to witness more broad-based inflation, particularly in Europe, the region closest to the crisis.
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Technology Investing: Volatility, Valuations and Opportunity
Despite increased volatility due to the Russia-Ukraine war and rising interest rates, Franklin Equity Group’s Jonathan Curtis sees compelling opportunities within high-quality technology companies in an increasingly digital world.
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Cautious, Not Bearish
Investors may want to position for persistent volatility as growth begins to slow, but we still believe earnings growth supports the case for equities.
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Adopt a Gold Standard for Your Sustainable Investments
From escalating climate threats to growing social challenges, the impetus for creating a more sustainable world has become impossible to ignore. But we can’t rely on governments and philanthropy to solve the problems. Investors have an important role to play by supporting private sector efforts to address the issues that will redefine life on earth for decades to come.
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ECB strikes a somewhat dovish tone, despite inflation remaining top priority
After the hawkish surprises of previous meetings, no further acceleration of stimulus withdrawal has been hinted at in April. The ECB fully confirmed both its previous guidance on QE, which is set to end “some point in time” in Q3, and policy sequence, with interest rates to rise possibly, but not necessarily, after QE ends.
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Bonne Récupération: The ECB Moves Gradually, Keeps its Options Open
As expected, the ECB largely confirmed its policy normalisation journey in the coming months, including the tapering of asset purchases over the course of the second quarter. That said, recent data suggest a somewhat accelerated pace of tapering, with the Governing Council now viewing asset purchases as likely to conclude in the third quarter of this year.
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How can a social taxonomy work as a platform for better social impact?
Developing taxonomies to create guidance for businesses and investors working towards more environmental and social sustainability has been a key part of the European Commission’s action plan. A social taxonomy, however, functions with different parameters than an environmental one, as Malika Takhtayeva, Delphine Riou and Xuan Sheng Ou Yong explain.
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The renminbi’s creeping internationalisation
China has recently revived talks with Saudi Arabia on settling some oil trades in renminbi in a move that many market players see as a first step towards gradually shifting the global oil trade to the renminbi from the US dollar, creating the ‘petro-yuan’.
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White papers
Beyond ESG: The Carbon Price Solution
The net-zero transition requires the rapid development at scale of new technologies, energy-efficient infrastructure, and carbon capture and storage. A carbon price, together with the elimination of fossil-fuel subsidies, would give investors powerful incentives to finance these and other imperatives.
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Should Investors “Buy the Dip” in a Time of Geopolitical Crisis?
Many market pundits have advocated a strategy of “buying the dip” after significant selloffs, but does it always make sense to do so? Franklin Templeton Investment Solutions’ Gene Podkaminer and Miles Sampson explore market reactions to geopolitical events and caution against celebrating the success of this strategy too soon.
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EM Corporate Bonds in 2022: How to Find Truffles in the Mud
Tighter monetary conditions have raised bond yields around the world since the start of the year. Ten-year US Treasury yields rose 80 basis points (bps) in the first quarter, global investment-grade yields 83 bps, and yields on high-yield bonds rose 136 bps.
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FT Fixed Income Central Bank Watch: Race to the top
The Franklin Templeton Fixed Income Central Bank Watch is a qualitative assessment of the central banks for the Group of Ten nations plus China and South Korea.
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Rethinking the Credit Liquidity Continuum
As private credit markets have expanded, matured and democratized, eligible investors can now, in a cost-effective and operationally efficient manner, combine liquid and less-liquid credit assets in one portfolio. This allows investors to increase yield profile and potentially reduce volatility and correlation.