White papers - all assets – Page 243
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White papers
Market Commentary – Financial repression and the sovereign carry trade
Chinese data on Monday may vindicate hopes of a V-shape recovery. Yet we warn against extrapolating 1/ an early bounce driven by pent-up demand and 2/ Chinese trends to the broader economy. The ‘swoosh’ scenario for the global economy remains very credible.
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Beyond the box-ticking: what really makes a board function well?
At the end of April, EOS at Federated Hermes published a white paper ‘Guiding Principles for an Effective Board – Insights from Engagement’. These five principles focus on the human, relational and behavioural aspects of boards, rather than the usual standardised data sets, which don’t tell the full story.
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Will Europe Waste The Crisis?
Investors should be rooting for EU leaders as they attempt reforms that do more than just ease the immediate pain.
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Quarterly Economic Outlook: we’ve never had it so loose
The US and UK are already running highly negative interest rates, when QE is considered, according to a report by the International business of Federated Hermes. It says that true, QE-adjusted policy rates are now as low as -10% in the US, and -6% in the UK or around -12% and -8% in real (inflation-adjusted) terms.
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Crisis and resilience – Navigating a sustainable recovery
When we emerge from the pandemic, an important issue will be whether the collaboration and focus can be maintained and harnessed to address the climate crisis or other global issues.
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No Liftoff on the Horizon
The Fed Funds rate is set to remain at its zero-lower bound for several years, while the BOE and BOJ assess current policy next week, and more trade deals appear on the horizon.
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The bright lights emerging in European infrastructure
We expect infrastructure investment to be a key tool in restarting European economies after Covid-19, especially as the under-investment in some key areas is clear.
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Weekly investment update – 10 June 2020
Hot spots in Latin America, India and the Middle East / Brazil charts its own course / will the US see a second wave / caution: US jobs data / more stimulus from the ECB and a German package
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Cinderella science?
Why portfolio construction holds the key to resilient investment outcomes
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Have traditional safe havens lost their edge?
COVID-19 has reminded investors of the importance of defensive positions within portfolios during times of stress. But are the ‘safe havens’ of the past still up to the task?
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ECB QE Monitor - May 2020
Central Banks: interest rates near zero The Fed kept its interest rates unchanged. The ECB kept its interest rates unchanged. No movement on BoJ interest rates since 2016.
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The day after #6 - Inflation: persistent headwinds but a possible inflationary cocktail
Since the beginning of the coronavirus pandemic, all eyes have been on the unfolding health catastrophe and the consequences of confinement: economies halted, exploding rates of unemployment (in particular in the United States), and rising debt levels. In this extraordinary context, inflation is often overlooked. This is a dangerous mistake, in our view. For investors, now more than ever, it is crucial to keep a very close eye on this metric—in particular, since we may be at the beginning of a complete regime shift.
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White papers
Biotechnology Innovation During COVID-19
Innovation has always been a key driver for the biotechnology industry, even in the midst of the COVID-19 pandemic.
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Responsibility Report 2020
Welcome to our inaugural Responsibility Report – an annual publication that provides clear information about our responsible business practices, our approach to responsible investing and our firm-wide advocacy activities.
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Does the coronavirus mean the end of the fast fashion trend?
With high street fashion stores closed due to the global pandemic and unsold stock piling up in warehouses, “fast fashion” is under pressure as never before. Does lockdown offer a chance to rethink this unsustainable business model, which has high environmental and social costs?
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Dealing with our plastics waste
We have a plastic problem. On a trip to visit my family in South Africa at Christmas, what struck me was that even on the most remote and protected marine coastline my children and I managed to fill bags with plastic straws and other plastic debris. And the stats confirm we have a problem. Currently, only 14% of our annual plastic packaging produced is recycled, while only 2% is reused for the same or similar products. Instead, most of our plastic waste ends up in landfill or is leaked into our environment (around 12 million tonnes of plastic enter the oceans globally every year).
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Covid-19 and the climate: whither carbon pricing?
After a long spell of low carbon prices within the EU Emissions Trading Scheme (ETS), times seemed to be changing over the past year, with carbon prices having become a material, near-term consideration for many investors and companies. This has particularly been the case for some industrial sectors in Europe.
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Greta’s expectations: we must all be stewards now!
We need to rethink our economic model – and the new one needs to be premised on stewardship in the broadest sense of the word. Action is required on the part of all participants in the economic system, with the investment industry, as the turntable of capital, having a key role to play.
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Market weekly – Consumer innovators in the post-pandemic world (podcast)
The rise of millennials, digital consumption and shifting demographics are among the big trends reshaping the consumer sector. How does the 2020 pandemic affect them? In this week’s podcast, Pamela Woo, head of US Equities and manager of the Consumer Innovators strategy, talks to Daniel Morris, senior market strategist, about the impact of the pandemic on consumer trends and themes.
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Quick thoughts: Value vs. growth? Yes, both
Stephen Dover, Head of Equities, on why value and growth investing are not different strategies.