White papers - all assets – Page 211
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White papers
Italy: ECB’s Umbrella To Protect Bond Market, Despite Uncertain Political Situation
On 13 January, Italia Viva – a minor coalition partner led by former Prime Minister Matteo Renzi – pulled out of the ruling coalition, leaving the government short of a majority in the Senate. However, we believe that snap elections are unlikely for now.
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Found in space: how markets could make contact with reality in 2021
This month, Fiorino looks to the stars for an alien-eye view of Earthly financial conditions…
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The Blue Wave & The Bond Market
The most notable event shaping the U.S. bond market to start the New Year was the outcome of the Georgia Senate races.
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An Investment Scorecard for the Biden Administration
History will judge him on many dimensions, but what can investors reasonably expect that will improve the value of USA Inc.?
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Emerging Market Debt Opportunities Monthly Review
Perspective from Franklin Emerging Market Debt Opportunities team.
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IG Credit: Can the Strong Performance Continue?
After a rollercoaster year, IG corporate credit ended on a high note. But all eyes are on the months ahead, and whether we could see a reversal of some of the trends that buoyed the asset class in 2020.
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GLP Exceeds Target with a €1.6 Billion Equity Raise for GLP Europe Income Partners II
Firm has added approximately $16 billion of AUM to its logistics strategies over the last 12 months
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Global Emerging Markets: country allocation review 2021
Fiscal and monetary stimulus programmes across the world buoyed global markets in 2020 with encouraging Covid-19 vaccine trial results providing an end-of-year boost for investors. However, macroeconomic data is mixed: there has been a lower-than-expected improvement in the service sector and inequality is rising.
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Is a Blue Wave Enough to Deliver Blue Skies?
Disappointing U.S. employment suggests slowing momentum amid rising cases, but growth is expected to pick up on the backs of greater potential fiscal stimulus and vaccine deployments. Improving data in China confirms the PBOC can pursue its path of less accommodative policy.
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Taiwan’s Institutional Resilience
Taiwan is illustrative of a broader transformation in emerging markets over the last decade.
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Responsible Investing And Stock Allocation
We analyze the portfolio choices of approximately 913,000 active participants in employee saving plans in France. Looking at the cross-section of equity exposure, we find that the inclusion of responsible equity options in the menu of available funds is associated with a 2.1% higher equity allocation by plan participants.
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White papers
European insurers: the case for going global in the credit allocation
In the hunt for yield, some years ago European investors started to allocate part of their credit exposure to dollar assets. However, many then put a stop to this diversification due to high hedging costs. In the context of the Covid-19 outbreak, the Fed cut rates to post-Lehman lows. Consequently, euro and dollar interest rates converged significantly, reducing hedging costs and making a case for broadening the investment universe from a European to a global base more attractive.
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Global Equities case study: Vonovia
In our latest case study direct from our Global Equities portfolios, we examine the favourable ESG attributes of current holding Vonovia, a German real estate company.
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The False Dawn of Big Tech Regulation?
Calls for increased regulation of tech giants have indeed grown—but will they have the desired impact? In our opinion, the focus on “big is bad” is simply ineffective in a digital world.
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Hedge Fund Strategy Outlook - Q1 2021
Going into the new year, we are very optimistic about the opportunity set, and we think that active management alpha will be key to success in 2021 as beta-driven momentum slows given potentially stretched valuations. We believe it is prudent to be growth oriented in our portfolio positioning while also holding hedged alternative investments that exhibit low correlations to broader risk assets.
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High Yield: Strong Tailwinds, But It May be a Bumpy Ride
High yield has a number of supportive tailwinds at its back—from a more manageable default picture and less exposure to potentially rising rates to investors’ continued demand for yield. But uncertainties remain, suggesting a potentially bumpy path to recovery.
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CLOs: Cautious Optimism
Coming off a tumultuous year, CLOs look well-positioned going forward—particularly if the economy continues to heal and rates move higher.
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Global Fixed Income Macroeconomic And Sector Views: Q1 2021
Commentary from Franklin Templeton Fixed Income.
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Is the euro’s rise a sign of greater resilience?
The complexity and fragility of European institutions have contributed to maintaining a specific political risk premium on European assets, including the euro. But institutions were ultimately strengthened when negotiators agreed in July to launch the New Generation EU package. The euro’s recent appreciation may be an early sign of decline in this “risk premium”.
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White papers
United States: the power of Executive Orders
Following the elections in Georgia, the Democrats have a very small majority in Congress. To facilitate governance, the new administration is likely to continue to govern using Executive Orders (EOs). Their use has grown over time, and they have become a full-fledged instrument of governance.