White papers - all assets – Page 250
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White papers
Emergency Fiscal Programs: No Choice But To Increase The (Monetized) Deficits
The large fiscal packages announced by governments to counter the virus crisis aim, so far, at stabilization more than stimulus.
In addition to funding the emergency response to the virus situation itself, these packages intend to prevent a worsening of the crisis through the financial and household income channels. -
White papers
The Duration Risk in Equities
Since early 2017 there has been a notable gap between the expected growth in future dividends and the performance of the US equity market. The value of the 10 S&P 500® annual dividend index futures contracts at the end of April were eqivalent to about 500 S&P 500® index points, to be paid between now and the end of 2030.
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White papers
Guiding Principles for an Effective Board - Insights from Engagement
Investors care deeply about how well a company board is functioning. Getting this aspect of governance right makes it more likely that material risks and opportunities will be well managed. It follows that an effective board is best placed to secure a company’s long-term success.
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White papers
The coronavirus crisis: hitting the reset button
When we emerge from the coronavirus pandemic, investors are likely to find a fundamentally altered political and economic landscape. It is therefore time to push the pause button and reset our expectations for the remainder of the year.
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White papers
Emerging Market Green Bonds - Report 2019
Financing countries’ climate and sustainable development commitments will require global investment on an unprecedented scale. IFC estimates cumulative climate investment potential of $29.4 trillion across six key sectors in emerging market cities through 2030. These sectors include waste, renewable energy, public transportation, climate-smart water, electric vehicles, and green buildings1.
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White papers
The day after #1 Covid-19 the invisible hand pointing investors down the road to the 70s
Without a doubt, the Covid-19 pandemic is shaking the financial industry like never before. But this is not the first time the world has faced a pandemic of this scale, nor is it the first time that public policymakers, business leaders and pundits have asked: “Is it different this time around? Are we at a turning point?”.
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White papers
Investing today for a better tomorrow
Bonds to help build solar energy farms or finance water reclamation projects… In today’s world, green business is good business. Why not invest where your money can make a positive impact on society and the environment?
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White papers
China: Coming out of COVID-19
Looking at the economic outlook for 2020 just a few months ago, there’s no doubt times have changed. Many investors are wondering how to navigate the supply and demand shocks derived from the coronavirus, and questioning, where do we go from here? In this article we focus on COVID-19 impact on China, and how this might trigger an acceleration in the adoption of products or behaviours that some long-term themes will benefit from.
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White papers
Will Covid-19 prove a pivotal moment for climate change?
Policymakers should use the current crisis to inject similar urgency into climate policy and accelerate the transition to a low-carbon economy.
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White papers
Impact investing: Choice precedes fate
The temporary lockdown of half of the world’s population has yielded some remarkable imagery. You may have seen satellite pictures showing a significant reduction in nitrogen dioxide emissions in the atmosphere. Natural environments appear to be enjoying some respite.
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White papers
The coronavirus and our relationship with nature
The coronavirus crisis has highlighted the importance of sustainability-focused risk management and effective stewardship activities. In this series of articles, we will explore the links between infectious diseases, environmental issues and social sustainability, alongside the role of investors and companies. In part one, Sonya Likhtman looks at how the destruction of ecosystems can increase the risk of pandemics.
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White papers
Recalibrating the rulebook: 360°, Q2 2020
What is our current view of fixed-income markets? And where do we see the best relative value? In our latest edition of 360°, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and his team of specialist investors considers the areas that have the potential to deliver superior risk-adjusted returns.
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White papers
Credit: Industry Insights
As we navigate the impacts of the coronavirus pandemic on the fixed-income market, we have launched a weekly video to highlight the latest industry insights from our credit analysts.
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White papers
Adventures on the Planet of the Apes: Navigating the Low-Rate Environment
Artificially low rates are causing multiple distortions and pockets of heightened risks—and while the current environment may be unprecedented, it need not be incomprehensible. Investors who understand the dynamics driving low rates may be positioned to take advantage of promising opportunities.
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White papers
Market weekly – Fixed income: Deflation, not inflation, is the main risk now
After a rollercoaster ride in April, senior investment strategist Daniel Morris and Dominick DeAlto, chief investment officer fixed income, discuss what will matter next for developed bond markets.
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White papers
The outlook for eurozone inflation-linked bonds
A V-shape economic recovery in the eurozone looks unlikely, while member states continue their marathon search for a compromise on how to fund the reconstruction. The poor outlook for the economy and inflation, and the ECB’s asset purchases, should keep eurozone government bond yields low and cap the risk premiums on ‘peripheral’ bonds.
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White papers
Canary in the Coal Mine
The credit market has lagged while equities have rallied—is it warning investors not to get carried away?
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White papers
The Pandemic & The “Thucydides Trap”
Tensions may not necessarily escalate after the Great Lockdown.
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White papers
How to Invest in Equities When Guidance Disappears
The COVID-19 shutdown has prompted an unprecedented number of US companies to suspend earnings guidance. Equity investors should focus fundamental research on a wider range of outcomes instead of the overly precise game of predicting short-term estimates—especially during a period of heightened uncertainty.
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White papers
Crisis Dashboard: Big Data Helps Paint the Big Picture (Update)
Our crisis dashboard includes signals from three areas: 1) public health, 2) the consumer sector and 3) financial markets. By pulling big data from traditional sources (earnings growth and gross domestic product, for example) and nontraditional sources (like Google Trends and Glassdoor), we can create a better mosaic of the road back. Public health, of course, is the key: until there’s a vaccine, the cascading impact of the virus may continue.