White papers - all assets – Page 199
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White papers
Quality matters: An active approach to quality for equity investing
In this piece, we examine quality—what it is, why it matters, and how it performs across different market environments. We believe active equity managers who focus on quality are better able to identify companies with the potential to weather uncertainty and reward long-term investors.
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White papers
The big bounce back
A high-velocity vaccine rollout, $1.9 trillion stimulus package and a year of pent-up consumerism mean the future is bright for U.S. mid-market direct lending, says Churchill Asset Management’s Randy Schwimmer.
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White papers
How hot is the inflation pot? Strategies to protect portfolios from inflation risk
As the global economy emerges from its worst slump since the 1930s, we envisage plenty of inflation fertilisers at stake, especially in the United States. Inflationary trends could emerge due to a combination of factors, including the cyclical recovery as countries try to get the pandemic under control and gradually lift mitigation measures.
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White papers
Fixed-income markets: from cyclical to structural challenges
Since the start of the year, bond yields have surged in the economies of the G10 as markets anticipate a sharp acceleration in inflation and economic activity. This rebound is likely to be particularly strong in the US given its enormous fiscal stimulus plan. In the medium term, opinion is divided concerning the post-Covid crisis macroeconomic trajectory and a possible change in the inflation regime in the US.
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Global Equity ESG: Annual Report 2020
Combining attractive fundamentals and good or improving environmental, social and governance (ESG) characteristics, the Federated Hermes Global Equity ESG Fund targets innovative companies that anticipate tomorrow’s challenges today.
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White papers
European equity value has further to go in this cycle
Since the lows recorded in March 2020, we have seen three different phases of the value recovery. The first was driven by cheap quality cyclicals. This was followed by the outperformance of the deep value Covid-19 stocks from early November amid developments of effective Covid-19 vaccines.
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White papers
European credit outlook 2021: a world of uncertainty
European credit markets appear to have stabilised, as investors increasingly price in a perfect economic recovery alongside continuing monetary and fiscal support.
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White papers
How to invest in the energy transition with infrastructure debt
The shift from fossil fuels to renewables is one of the most important investment themes of the century. Infrastructure debt allows investors to drive the essential change while generating income in a low rate environment.
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White papers
SDG Engagement Equity commentary: Alliant
The SDG Engagement Equity Fund focuses on attractive companies with the potential – through engagement aligned with the Sustainable Development Goals (SDGs) – to generate outcomes that benefit people, the planet and investors.
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White papers
A U.S. Treasury Bear is Born
Bear markets typically begin cloaked in a spirit of denial. Confutation can be virtuous because decline owns up to problems and making a change to solve them is often too painful. It’s human nature to seek pleasure to avoid pain. So, folks resist and hang on to their dogmas unyielding beliefs like “inflation hasn’t happened and can’t happen because demographics and technology won’t allow it to happen just look at Europe and Japan.” Certainly, an entire generation has grown to acquaint a bond bear but just for a brief “hello” and a more celebrated long “good-bye”.
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White papers
Dodging The Industry Potholes Across EM High Yield Corporates
The rally in risk markets emphasizes the importance of identifying relative-value opportunities across global asset classes. Emerging market high yield bonds may increasingly draw investors’ interest given a spread pickup relative to their U.S. and European counterparts.
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White papers
Three Focal Points For The U.S.- China Relationship
The recent U.S.-China summit kicked off with U.S.-China relations at a low point. The ongoing shift in U.S. policy towards China—hastened under the Trump administration with the support of both political parties—was long in the making and effectively ended the U.S. doctrine of strategic engagement that facilitated China’s global rise during the preceding four decades.
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White papers
Asian equities inspire confidence, even after volatile quarter
Asian equities peaked twice in the first quarter amid optimism over the recovery in China, the prospect of improved relations between the new US administration and China, and the arrival of COVID-19 vaccines.
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The case for Chinese Treasuries
What is in short supply at the moment for fixed income investors are high-yielding, lowly-correlated bonds with solid macro underpinnings: China ticks all of those boxes.
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Climate Change, hot topic in Euro Credit
CPR AM expands its range of climate solutions with a credit fund aligned with the Paris agreements. Julien Daire, head of fixed income, and Noémie Hadjadj-Gomes, head of research at CPR Asset Management, explain the main features of this new strategy.
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White papers
Increasing Yield with US Corporate Bonds
For 2021, with interest rates very low and spreads tight, investors are wondering where to turn in order to generate returns in the liquid fixed income universe. We will show that US credit investments offer attractive returns even after currency hedging. Due to a steep US yield curve, the expected return is higher than the current yield.
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White papers
How to Invest in the “Best of All Possible Worlds”
Markets should worry less about inflation and more about government investment that produces higher rates of sustainable growth.
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White papers
Q2 2021 Investment View - Some like it hot
On the ground it does not feel like it just yet, as Europe battles with a third wave of infections, but markets are fast proceeding to the Covid crisis exit door. Too fast? We do not think so and see room for further rotation.
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White papers
Central bank mandates, sustainability objectives and the promotion of green finance
Here is the second in a series of regular articles on current academic research into a range of responsible investment topics. The papers discussed were presented at the annual GRASFI [1] conference.
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White papers
2Q 2021 outlook: Welcome to the upside scenario
Our initial 2021 outlook featured the theme “Dark tunnel. Bright light,” as a way to indicate that while we saw a strong possibility for economic and market upside, we also thought the path to get there would be difficult. And while the global pandemic remains a humanitarian crisis, that upside scenario is happening more quickly than we expected.