White papers - all assets – Page 139
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White papersMacroeconomic Picture - April 2022
United States: the increase in energy and commodity prices, which is pushing inflation higher, is negatively impacting the US consumer, both in terms of confidence and spending. At the same time, companies’ capex intentions remain high, suggesting that while US consumption may be decelerating, capex should remain resilient to the Ukraine war confidence hit.
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White papersUS economy and markets look resilient regarding the Russia-Ukraine crisis
Over a month has passed since the start of the conflict in Ukraine and, following the initial volatility swings across all segments, markets have been more constructive in the past few weeks. Rates have drifted higher, reaching 2.5% for US 10 year Treasuries, amid expectations of more aggressive monetary action. Equities are returning to pre-conflict levels, while commodities are still volatile but running cooler overall.
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White papersMacron’s 2017-2022 economic policies: predominantly supply-side, before Covid shifted the priority to fiscal support
The first half of Emmanuel Macron’s term (from H2 2017 to the Covid outbreak, in Q1 2020) featured a significant number of “structural” or “supply-side” reforms, of the type generally considered favourable to long-term growth.
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White papersAn Update on Sovereign Fixed Income ESG Scores
In February 2018, Templeton Global Macro (TGM) released its original paper on the topic of environmental, social and governance (ESG) factors in sovereign fixed income investing. The paper (Global Macro Shifts—issue 9 [GMS-9]) explored the team’s novel approach to ESG investing, which does not just measure current ESG levels as a screen, but instead focuses on projected changes in ESG scores that may reveal opportunities for investment as well as emerging risks to avoid.
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White papersMiscalculations and Recalculations
Russia’s President Vladimir Putin has fully miscalculated the West’s response to his invasion of Ukraine. The speed, strength and unity of global sanctions is bringing about economic collapse in his country. A survey of economists by the Bank of Russia indicates the economy will contract 8% in 2022 and inflation will surge to 20% by the end of the year.
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White papersGold, Inflation and Geopolitical Tensions
Many investors see gold as a sort of haven in times of turmoil, and prices have surged amid Russia’s invasion of Ukraine. Franklin Equity Group Portfolio Manager Steve Land outlines how his team approaches investing in the metals sector, and why smaller gold producers in particular look appealing.
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White papersCross Asset Investment Strategy - April 2022
The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets. Europe is the area most exposed to the war – in particular, through the effects of higher energy prices, supply chain disruptions, and geographic proximity, but the commodity squeeze goes far beyond energy to include agricultural commodities and metals.
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White papersEquity Outlook: War Intensifies Inflation Test for Investors
Stock markets fell in the first quarter as Russia’s invasion of Ukraine destabilized the growth outlook, amplified concerns about rising interest rates and unleashed geopolitical risks. While the conflict has created many uncertainties, we believe the impact of persistent inflation will be the dominant influence for equity investors through the remainder of 2022 and beyond.
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White papersVirtual Worlds, Real Opportunities
Could the metaverse be a revolution in every aspect of our lives, ridiculous hype that will lead nowhere, or the natural progression of a world we’ve been living in for decades?
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White papersLarge Cap Value, Inflation Fighter
Large-cap value stocks have characteristics that could make them compelling in the current environment and beyond.
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White papersMarket snapshot: Is a recession around the corner?
The US treasury yield curve inverted for the first time in almost three years, a traditional harbinger of a recession.
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White papersFederated Hermes Sustainable European Equities
In our first Sustainability Report we outline how a combination of bottom-up stock picking and thematic research helps us identify companies built on strong foundations: purposeful, resilient, and innovative, and aligned to at least one of the UN Sustainable Development Goals.
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White papersFixed-Income Outlook: Look to the Horizon in Stormy Seas
Russia’s war on Ukraine has shaken the world. From a massive humanitarian crisis to an energy shock to food insecurity, the ripple effects are already being felt near and far. Even if the conflict ends tomorrow, the invasion could have lasting global consequences. Amid heightened geopolitical tensions, continued volatility over the near term is the only certainty. Below are the top risks—and strategies—we think bond investors should keep in mind.
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White papersEnergy security concerns highlight the need to move faster on decarbonisation
Rapid energy price rises and concerns about energy security following Russia’s invasion of Ukraine mean that transitioning to net-zero, has never been more important, says Thibaud Clisson.
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White papersAs the Fed moves into action, bond portfolios need agility
In a world of rapidly escalating prices, Russia’s invasion of Ukraine has exacerbated inflationary pressures. We have seen a direct impact on energy and a broad swath of agricultural commodities, and are likely to see a broadening of price pressures.
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White papersThe role of fixed income
Investing in fixed income has lost its appeal for many investors in a world where inflation is overshadowing bond markets, central banks are hiking interest rates and returns look relatively uninspiring. With that in mind, now’s a perfect time to revisit the question: why invest in fixed income?
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White papersThe 60/40 Portfolio’s Overdue Overhaul: An evolving emphasis from assets to outcomes
Most investors are aware of why they are investing—for many, it’s to meet the objective of accumulating adequate savings for retirement spending. Yet, portfolios based on 60/40, or other rule-of-thumb allocations (such as target date funds), are focused on the “how” of managing asset volatility as opposed to the “how” of meeting long-term investment goals.
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White papersWar & Pestilence
Military and economic responses to Russia’s war in Ukraine remain at the top of the watch list, as disruptions in energy and agriculture flows add to inflation pressures and worries about growth.
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White papersAir Liquide case study
EOS has been engaging with Air Liquide since 2009 on a range of issues, including sustainability, remuneration and board effectiveness.
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White papersBalance Is the Watchword with Commodities Exposure
The highest inflation in 40 years has spurred more investors to search for assets that can help offset its bite. Commodities exposure, designed carefully, can provide effective inflation defense and portfolio diversification. But after many years of being mostly overlooked by investors, commodities have only recently re-entered the conversation—we think for the right reasons.
