White papers - all assets – Page 30
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White papers
2024: A year to be active in infrastructure
Despite initial fears of recession and volatility in 2023 due to high rates, inflation, and geopolitical tensions, global equity markets returned an incredible 20% for the year overall.
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The case for CLO equity: complementing private equity
Traditional private equity funds – portfolios of privately-owned companies which have been acquired by specialized firms, or “sponsors” – are a mainstay allocation for many institutional investors. These funds account for a significant portion of the alternatives exposure in public pensions, endowments, family offices, and other sophisticated, long-horizon investors.
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Jobs and inflation on market’s radar
Like in 2023, inflation figures will remain, in 2024, an important driver of market’s expectations regarding Fed rates decisions. Inflation has come down by a lot, but it is still above 2% and the latest reading shows a slowdown in the disinflationary trend.
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Decoding the AI opportunity
In 2023, we saw significant future value creation from artificial intelligence pulled forward and reflected in share prices of companies set to benefit from this multi-generational opportunity.
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Corporate Credit Outlook 2024: High Tide for Yield?
Weakening economic fundamentals shouldn’t scare away corporate bond investors in 2024—provided they keep a close eye on credit quality.
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Diversifying income in a new era
With investors facing an uncertain economic and interest rate environment, many are tempted to over-allocate to cash and wait for further clarity. But we believe investors should continue seeking opportunities for portfolio growth and income generation, even if that means looking in unexpected areas. We offer three themes to consider, along with ideas for portfolio positioning.
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Will 2024 be the year of the stock picker?
As the market rally broadens, there will be more room for stock pickers, says Stephen Auth, Chief Investment Officer for Equities, Federated Hermes.
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Equity Market Outlook: Making Sense of Mixed Signals
Against long odds, 2023 marked a year of magnificent returns and the return of investor optimism.
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Flows and Fundamentals
With cash rates priced to decline substantially, we think it is time to deploy liquidity, locking in bond yields and seeking out value in the equity market.
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Poll Positioning
Voters representing around half of the world’s GDP go to the polls this year—what might that mean for the economy and investors?
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Surfing the Curve With Short-Duration Credit
Why short-dated bonds may offer the most attractive risk-adjusted yield as the economy slows.
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Building Momentum: 2024 Outlook for ESG Regulation
After a year of burgeoning regulatory development, we assess what may come next
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Asset Allocation Committee Outlook: 1Q 2024
“One of the lessons to take from 2023 is that markets can defy apparently soft fundamentals for much longer than one might expect.”
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COP28 Dubai’s mixed record and implications for global carbon markets
Key outcomes were agreed to at COP28 in Dubai, including near universal agreement to transition away from fossil fuels and accelerate the Paris Agreement goals, but countries failed to resolve the issues surrounding Article 6, which sets out the principles governing carbon markets.
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White papers
Natural Selection: Evaluating Debt-for-Nature Swaps
Investors are becoming increasingly aware of the importance of biodiversity and the urgency of preserving our planet’s natural capital—the stock of natural resources that underpin our economy and society, including minerals, soils, air, water and all living organisms. In response, bond issuers are launching more conservation-linked bond structures that can help indebted developing countries protect their vulnerable ecosystems. These structures require careful evaluation.
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Plus ça change… The outlook for infrastructure debt in 2024
Infrastructure demonstrated characteristic resilience in 2023 in the face of significant macroeconomic headwinds. Darryl Murphy from our infrastructure team explains why he expects current themes to persist in 2024.
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Biodiversity in the Balance
Biodiversity is gaining prominence in fundamental investment analysis across asset classes, based on a deeper understanding of its importance as a potentially material issue for investors. By using a coherent analytical approach, we believe it’s possible to incorporate nature-related risks and opportunities in research and investment processes that support the efforts of capital allocators to harvest meaningful returns over time.
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White papers
Global Sustainability Strategy – An update on how we deliver meaningful returns
The latest version of our Global Sustainability Strategy (GSS) updates our strategic approach to applying sustainability considerations to how we invest for clients and how we operate as an organisation. It includes areas where we have made progress since the first edition and our priorities for the coming two years.
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Global fixed income outlook 2024: opportunity knocking
The world appears to have moved beyond the height of interest rate hikes, inflation and economic acceleration.