White papers - all assets – Page 143
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White papers
SFDR Unpacked: What to Look for in Article 8 and 9 Portfolios
European investors are struggling to understand new rules designed to confirm the environmental, social and governance (ESG) credentials of portfolios. Since regulatory guidelines are vague, asset managers must provide a clear framework to show how their products fit sustainable investing classifications.
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White papers
On My Mind: The US Dollar and the Retreat from Globalization
Russia’s invasion of Ukraine, with its tragic human toll, likely marks a turning point for the geopolitical and global economic order. A lot has been written on the many aspects of this war. In this note, I want to focus on two key economic questions: firstly, the implications for the US dollar’s status as dominant reserve currency and, secondly, the implications for the pace of the energy transition.
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White papers
Russia-Ukraine War Heightens Supply Chain and Inflation Woes
The Russian invasion of Ukraine has affected many parts of the global economy, in particular the global supply chain of key commodities. Franklin Templeton Investment Solutions explores the investment implications.
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China’s policy pivot favours Asia credit
Faced with slowing economic growth, we believe Beijing has shifted its focus away from tackling the country’s medium-term structural problems. The priority now, in our view, is supporting the economy, including the debt-ridden property sector where construction activity and property sales slumped after the imposition of stricter controls.
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China’s GDP Target: When Lower Means (Much) Higher
The unprecedented nature of the pandemic lockdowns has stretched the ability of standard macroeconomic statistics to properly reflect real-time economic trends.
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Upcoming: Principal Speaker Series – A conversation with Dr. Lawrence H. Summers
Join us as we welcome Dr. Lawrence H. Summers, former U.S. Secretary of the Treasury, immediately following the pivotal March FOMC meeting. Seema Shah, Managing Director, Chief Global Strategist at Principal Global Investors, will host a timely and engaging conversation on the state of the U.S. economy, the Federal Reserve’s response, and how investors can prepare for the volatile period ahead.
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Decoding the policy messages from China’s National People’s Congress
The National People’s Congress (NPC), which took place from 5 to 11 March, saw the announcement of a target of 5.5% GDP growth YoY for this year. While many market players interpreted this as being too aggressive, we believe it was a reassuring message.
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White papers
A Thematic Approach to the Fog of War and Hawkish Central Banks
Our outlook heading into 2022 focused on the strength of global growth, especially in the developed world. In the U.S. and Euro area (EA), we projected above-trend growth of 3.6% and 4.3%, respectively.
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White papers
Value Can Potentially Outperform Even if Growth Slows
We believe value is likely to outperform growth over the coming years—and threats to economic growth from inflation, rate hikes and geopolitical risks do not change our view.
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Uncertainty Increases
As events in Ukraine see geopolitical tensions mount, the lack of an easy route to a stable resolution suggests that the impact of energy prices may persist. At the very least it compounds the uncertainty from an already challenging growth, inflation and policy mix. Policymakers seem to be walking a tightrope.
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White papers
The Long View: Russia-Ukraine War Has Lasting Implications for Investing
When Russian president Vladimir Putin sent troops into Ukraine, he unraveled decades of efforts to cement peace in Europe after the Cold War. For investors, the new world order has shaken up broad issues that shape our analysis of asset classes and securities.
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White papers
Seven Predictions Amid the Rising Unpredictability
As the Ukraine War spirals toward broader geopolitical conflict, some elements of the outlook are already coming into view.
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A measured approach to volatile markets
Despite the uncertainty caused by the conflict in Ukraine, markets are still trading in an orderly, albeit volatile, manner with support and tentative buying at cheaper levels.
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Russia-Ukraine: a lot of bad news already priced in, but the outlook is deteriorating
The second week of conflict in the Ukraine was marked by additional market volatility. Equities are down across the board. The demand for safe-haven assets temporarily pushed the 10-year Treasury down to 1.7% before it retraced to 1.9% amid rising inflationary pressures. Meanwhile, gold has remained well supported, briefly moving above $2000/ounce.
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White papers
Short Duration High Yield: Replacing Rates Risk With Credit Risk
Short-duration high yield could be an under-explored option for investors who need current income to meet short-term liabilities, but cannot afford the interest rate risk that would accompany a search for yield in longer-dated bonds.
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White papers
Senior Floating Rate Loans: A Low-Cost Hedge Against Inflation
Headline CPI inflation in the U.S. came in at 7.5% year-over-year in January 2022, its highest level since the mid-1980s. Before the Russia-Ukraine conflict escalated, market participants held the view that the Federal Reserve was well behind the curve on rate hikes as the yield on the 10-year U.S. Treasury reached a near-term peak of 2.05% on February 15.
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White papers
Back to Basics: Commodities and Radical Uncertainty
When facing uncertainty in the markets, we find it helpful to frame our thinking within the four quadrants made popular by U.S. Secretary of Defense Donald Rumsfeld: known knowns, known unknowns, unknown knowns, and unknown unknowns.
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White papers
Stepping up financing of renewable energy projects
Renewable energy generation has been a major focus for impact investors, who have been channelling private capital towards wind power, solar technology and other fossil fuel-free or sustainable solutions. While 2021 marked a new record for renewable energy capacity additions, the IEA has warned that the pace must double to reach net-zero emissions by 2050.
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White papers
Central Banks on Deck to Fight Inflation
The ECB was owlish—carefully hawkish. It further reduced asset purchases for Q2 below the €40 billion previously announced and left completely open the pace of asset purchases for Q3. This leaves room for great flexibility: the ability to hike or not in Q4.
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White papers
The Fed vs. Secular Growth: A Technology Conundrum
While the recent market turbulence has been characterized by a rotation out of highly valued growth stocks, the high and sustainable growth offered by tech companies will likely return to favor.