White papers - all assets – Page 184
-
White papersMarket Scenarios and Risks - September 2022
We have reviewed the content and probabilities of our scenarios. First of all, we have included in our central scenario some of the risks that are materialising (e.g. stagflation in Europe) and that were previously included in our downside scenario.
-
White papersLatAm elections cycles wrapping up: politics and policy transitions in full swing of uncertainty
LatAm’s dramatic elections calendar that landed three leftist presidents in the Andean region might be two-thirds over, but the political and policy uncertainty created by these election results is far from it. Chile and Colombia are expanding the size and role of the state, while intense political and macro conditions have forced yet another and a big-time government reshuffle in Peru and Argentina, respectively.
-
White papersTaiwan: depicting the unthinkable
Russia’s recent invasion of Ukraine has focused investors’ minds on the Taiwan issue and the People’s Republic of China’s potential approach to it. We believe that the risk of war remains low.
-
White papersQ2 earnings season – strong results helped support the summer rally
The Q2 earnings season was again stronger than expected and contributed to the equity market rally up to mid-August. However, the results are of ‘low quality’ and are not a reason to turn bullish on equities. Ultimately, margins coming down from very high levels should drive the earnings downturn in our view.
-
White papersRational inattention at the core of central bank strategy
The origins of inflation are not always well understood. While some economists had warned of impending inflation as early as last year, few had anticipated the dramatic shift in spending from services to goods and the effects of such a shift. The fact that inflation expectations remain subdued is likely due to rational inattention. In the absence of monetary tightening, we believe that inflation expectations would inevitably get de-anchored.
-
White papersThe Climate Has Changed for Infrastructure
Following a year of starkly revealed vulnerabilities in water, energy and supply-chain assets, some game-changing legislation suggests that governments are finally getting serious about infrastructure investment.
-
White papersHow can investors aid pandemic resilience?
Covid-19 taught us important lessons on pandemic preparedness. How can we plan for the future, and how can investors help bolster resilience against future pathogens? Alexander Bernhardt and Delphine Riou explore.
-
White papersMunicipal bond sectors: resilient in times of uncertainty
Many investors are concerned about the potential for a prolonged economic downturn. If that were to happen, municipal credit should show resilience, due to unprecedented federal pandemic stimulus support, strong reserves and revenue collections, and the ability to adjust budgets.
-
White papersPortfolio Diversification Is Key To Weathering the Storm
In this Q&A, Ian Fowler discusses the benefits diversification and warns against an over-reliance on upper mid-market deals.
-
White papersCross Asset Investment Strategy - September 2022
While a global recession may be avoided, we are likely to see growth deceleration and high inflation (higher cost of living) along with regional divergences. Thus, investors should consider moving to a more cautious stance on equities particularly in Europe, but retain preference for US and for China, although to a lower extent on China.
-
White papersWhy ‘green’ hydrogen is the energy pathway of the future
‘Green’ hydrogen – made from renewable energy sources – is seen more and more as the holy grail in the transition to a carbon-neutral economy. With a wide range of applications, green hydrogen could reduce global greenhouse gas emissions by a third in the coming decades at a reasonable cost, making it an attractive investment option. Thibaud Clisson and Julien Bouyssou explain.
-
White papersThe Case for Unconstrained Multi-Asset Portfolios: Navigating the Challenges of Public-Private Investing
As investors navigate the challenges of integrating public and private markets we believe a single, unconstrained multi-asset portfolio can deliver a more efficient and opportunistic solution.
-
White papersGlobal Investment Views - September 2022
The summer season has temporarily brought some sunshine to investors as the main equity markets had been rallying until mid-August. Supporting this trend was a series of assumptions on key themes driving the market: inflation was assumed to be at its peak and starting to recede; growth was assumed to be on a soft landing path; and central banks were assumed to have done most of the work needed.
-
White papersValuations and guidance appear foreboding for U.S. equities
The month-long rally in U.S. equity markets hit stiff resistance in mid-August. Surprising resilience in economic data, including consumer spending, employment and July’s cooler-than-expected Consumer Price Index report, helped propel broad-based indexes like the S&P 500 and the tech-heavy Nasdaq out of their bear market lows of June and in to bull market territory.
-
White papersGet real with income-producing real assets
We have seen demand for real assets grow dramatically in recent years, and we expect it will advance further as investors better understand the positive attributes of the asset class. Real assets offer the opportunity for diversification, inflation hedging and competitive total returns. Real assets may also serve as a nontraditional source of income, a feature that investors frequently overlook.
-
White papersArticulating asset allocation across different time horizons
In a previous paper, we addressed the issue of how to set investment objectives. In this paper, we address another key issue in the definition of asset allocation: how to articulate it across different time horizons.
-
White papersRising yields put bond markets back on a road to normal
Rising inflation and slowing global growth are two dominant themes casting a pall over the current market environment. With increasing geopolitical uncertainty, tightening monetary policy, supply chain challenges and higher commodity prices at play, a period of global stagflation could potentially be on the horizon.
-
White papersThe Uncertainty May Be Worse Than the Slowdown
We do think the onset of recession is a time to tread carefully, but it could also be a time of opportunity for equity investors.
-
White papersHawks Are Gaining Speed
Here come the rate hikes. The upward surprise in euro area inflation and Jay Powell’s speech in Jackson Hole confirmed the ECB and Fed are both likely looking at 75bp hikes this month, and markets increased expectations as a result. Meanwhile, China reacts to new lockdown measures.
-
White papersAre we entering the zone of oversold credit?
With the Aperture Investors SICAV - Credit Opportunities Fund reaching its three year anniversary this August, Simon Thorp looks ahead and explains why long credit stands out in the current environment.
