White papers - all assets – Page 194
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White papersThe myth of the fiscal free lunch: beware of the trap. An investor’s viewpoint
The idea that there is a comfortable degree of budgetary room for more active fiscal policy goes hand-in-hand with the assumption that a sustained bond correction (higher safe real interest rate) is not only unjustified based on fundamentals, but is also impossible. This comes as no surprise. On average throughout modern history, safe real interest rates have been lower than the GDP growth rate, making it easier to finance public deficits.
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White papersShifts & Narratives #19 - The fiscal illusion: no free lunch for investors
The conversation regarding whether there is room for more aggressive fiscal policy is a hot political topic today. In the US, the debate is likely to become even more inflamed as we approach the midterm elections. In fact, these are at risk of becoming an evaluation of President Biden’s policies in light of the excessive fiscal spending carried out in response to the Covid pandemic (and its subsequent impact on the economy).
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White papersShifts & Narratives #18 - The power of narratives for investors
A narrative is a popular story that arises from the public consciousness of market events. The most viral and intense of these may dominate public attention. Narratives are rooted in popular beliefs and are not necessarily from economists’ minds.
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White papersSmoothing Long-Term ESG Transition
At Neuberger Berman, we believe that attention to material environmental, social and governance (ESG) factors will be crucial to managing investment portfolios over time. The Non-Investment Grade team closely integrates ESG factors into fundamental credit research, engaging rigorously with issuers to ensure that associated risks and opportunities are taken into account in business strategy and the allocation of capital.
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White papersHow will Europe secure the metals needed for its energy transition?
Achieving decarbonisation involves scaling up low-carbon technologies. Safeguarding the steady supply of a number of key metals that these sustainable technologies rely on means using them more efficiently and judiciously, as Julien Bouyssou explains.
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White papersChina’s stimulative policy actions: Turning the tide for investors
China’s ongoing struggles with COVID-19 and the country’s lackluster policy response have dismayed investors. In fact, by the end of April, MSCI China had dropped 18% since the start of 2022, credit spreads had widened meaningfully, and the renminbi (RMB) had depreciated almost 4%. However, a series of weak economic numbers appear to have alerted policymakers to the urgency of stabilizing growth.
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White papersGlobal Investment Views - June 2022
The second quarter of the year is becoming increasingly painful for tech stocks, recalling memories of the 2000s tech bubble bursting. The repricing of a more aggressive Fed stance has been brutal, real yields rose – the rate on 10-year TIPS has turned positive for the first time since 2020 – and on the nominal yields front, the US 10-year Treasury yield temporarily reached the 3% threshold, falling close to 2.75% on economic growth concerns.
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White papersCreating value by addressing social injustice
Social injustice occurs when people do not have access to the same rights and opportunities afforded to others, due to race, ethnicity, gender, sexuality, religion, disabilities or other characteristics. Examples include inequitable access to employment, education, housing, health services and finance; negative stereotypes; and poor and marginalised communities’ greater exposure to pollution and climate change.
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White papersRising Rates and Risk Premia
In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.
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White papersInvesting in Infrastructure
The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.
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White papersThe Case for Investing in Senior Secured Bonds
From capital structure seniority and high historical recovery rates, to lower interest rate sensitivity and compelling yields, global senior secured bonds offer a number of potential advantages.
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White papersSpotlight on Fixed Income: Looking beyond the uncertainty
There is no doubt that investors today face an exceptionally tricky environment, with a host of issues clouding the outlook for global growth.
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White papersCapturing Persistent Growth in Volatile Equity Markets
Growth stocks are under acute pressure as rising interest rates change the dynamics that drive equity valuations. But market volatility shouldn’t distract investors. We believe companies that can deliver sustainable growth in a sluggish economy will ultimately be prized for their business benefits and investment return potential.
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White papersThe road to recession: Attempting to time the next economic downturn
With the struggles from the Global Financial Crisis (GFC) still fresh in policymakers’ minds, the 2020 COVID-19 recession was fought proactively, with every tool available. After trillions of dollars in fiscal and monetary stimulus, protracted economic crisis was avoided.
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White papers*Pushing ahead in the age of sustainable transformation*
In its 2021 Sustainability Report, BNP Paribas Asset Management stresses the undiminished – and increasingly urgent – need to mobilise capital for sustainable investment solutions that can support a net zero pathway, protect biodiversity and facilitate inclusive growth.
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White papersFixing the Internet, One Tweet at a Time
The likelihood that the E.U.’s Digital Markets and Digital Services Acts achieve their aims, and significantly alter the status quo for major internet companies, remains low.
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White papersTwo Perspectives on the Sell-Off
We see signs that many investors are changing the way they think about the current sell-off—and that might challenge the way you think about the balance of risk.
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White papersEOS Stewardship Report 2021
EOS at Federated Hermes publishes Stewardship Report 2021. Monitoring engagement outcomes is crucial, to ensure that our approach is effective and achieving the desired results. This year’s report includes expanded sections on our diversity, equity and inclusion approach, and on how we are responding to market-wide and systemic risks. ...
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White papersLyondellBasell case study
We welcomed the company’s release of its climate strategy, setting a Scope 1 and 2 net-zero ambition for its global operations. We continue to engage with LyondellBasell on its pathway to net zero including Scope 3 emissions and climate lobbying.
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White papersPetrobras case study
We discussed the effectiveness of Petrobras’ new framework, especially the conglomerate audit committee, currently covering 15 of Petrobras’ subsidiaries. We gained assurance that the improved governance of subsidiaries has led to better oversight on nomination, compliance and audit, as well as improved operational efficiency at the subsidiary level.
