White papers - all assets – Page 311
-
White papersEnel steps up: the world’s first SDG-linked bond
How an Italian energy company’s new bond marks a defining moment in the evolution of sustainable fixed-income markets.
-
White papersBrexit extension will ease uncertainty looming on UK assets
Recent developments and next steps: Following the three-month extension granted to the UK by the EU on 28 October and the newly announced snap election, the most likely outcome is that the Withdrawal Agreement signed on 17 October between the United Kingdom and the EU will be ratified, leading to an orderly Brexit and the initiation of a transition period during which the United Kingdom will retain most of its access to the EU single market until at least end-2020. The risk of a no-deal Brexit is now greatly diminished.
-
White papers360° – Fixed Income report, Q4 2019
Distortions in credit markets mean that opportunities for open-minded investors lie beneath the surface, but they are few and far between. An inquisitive, active approach is needed to discover pockets of value and navigate storm clouds that linger on the horizon.
-
White papersEmerging Markets Charts & Views - A Tug Of War Between Weaker Growth And Looser Policies
Emerging economies have faced a backlash in the last few months as a consequence of the global economic weakness and the uncertainty related to global trade. This weighed on the performance of EM equities in the third quarter, although they recovered somewhat in September. EM debt proved more resilient, supported by investors’ appetite for yield. Idiosyncratic events (Argentina, Saudi Arabia and Turkey, to name a few) also impacted the overall more fragile environment for EM.
-
White papersBuybacks – A Multi-Perspective Review And Thoughts On Best Practices For Company Buyback Policies
US share buybacks are near record levels in absolute dollar terms and incrementally the discussion has shifted from academic finance journals to political stump speeches.
-
White papersRiksbank To Take Interest Rates Back To Zero By End Of 2019 – Norges Bank On Wait-And-See Mode
The Riksbank and Norges Bank both held their monetary policy meetings this week.
-
White papersRemastering Volatility: Reducing Noise in Equity Allocations
Volatility is a challenge that has vexed equity investors for decades and has been amplified in today’s low interest-rate environment. As many investors reach for higher-return assets to help meet future obligations, they are likely to be more exposed to the higher inherent volatility that stocks add to an allocation. In this paper, we examine the root causes of volatility to provide a holistic perspective on risk-management solutions for the current complex environment. Distinguishing between market risk, factor risk and stock-specific risk can help investors identify the most appropriate strategic solutions to combat volatility and ensure that they are compensated for the risk in their equity portfolios.
-
White papersBrexit: revamping the fiscal toolbox
The Brexit referendum was more than three years ago, but it is still not clear when the UK will leave the European Union (EU). Business has suffered and consumers may start to feel the pinch, particularly if there is a cliff-edge exit at the end of the transition period. As we head into early elections on 12 December, we consider how it may be up to fiscal policies to weather the fallout.
-
White papersHow Will Technological Disruption Strike Next?
Investors have been scrambling to identify industries about to feel the brunt of all those dynamic forces that have gained momentum since the emergence of the Internet in the late 1990s.
-
White papersEarnings Kick Into Gear as Brexit Drama Heightens
With 34% of the S&P 500 reporting earnings, so far profits aren’t as bad as expected; risk of a no-deal Brexit recedes and positive signs from the U.S.-China Trade War.
-
White papersThree Reasons to Invest in Risk Assets… & Five Risks
Markets still have room, but the clouds are gathering. Last year’s scars remain fresh for many investors as they navigate toward the end of the year.
-
White papersAre Private Equity Blowouts Good for Stock Investors?
There’s growing evidence that private equity markets are beginning to overheat after several high-profile IPO flops. Investors in stocks should pay attention because private funding troubles are also a very public market affair.
-
White papersThe Real Story Behind the CMBX.6: Debunking the Next "Big Short"
The CMBX.6 has become such a popular short by speculators placing bets on mall closings that it has been profiled in the media as the next “big short.” But the narrative of the dying regional mall conceals other realities. In fact, the American mall is evolving to meet modern consumer demands. And thanks to the specific property composition of the CMBX.6, the loan losses in its collateral pool will likely be modest. As a result, returns on the CMBX.6 are likely to be far higher than short sellers expect.
-
White papersStewardship: the 2020 vision
We call for a seismic change in the way the investment management industry operates: from one that has for too long focused on short-term returns, at the expense of sustainable wealth creation. In our view, successful stewardship needs to be at the heart of business purpose and inextricably linked to investment decision-making. In order for this to happen, we need a “new normal” in the relationship between asset manager and the companies in which they invest.
-
White papersPowering the future: how demand for renewables is disrupting energy markets
From the cost of renewables to exciting new technologies, we discuss the disruptive power of renewable energy.
-
White papersA High-Income Survival Guide for Late-Cycle Markets
It’s easy to get spooked in late-cycle markets. But we think there’s a way to de-risk your portfolio and still generate a decent level of income—no magic spells necessary.
-
White papersPositioning Across Asset Classes as Global Risks Mount
As global economic growth enters a period of likely protracted weakness, investors should revisit their exposures. From a multi-asset perspective, focus on surprisingly resilient high-yield credit and higher quality equities, while reducing exposure to parts of the market that are most vulnerable to trade tensions.
-
White papersInvestment Grade: Stable Fundamentals with Hints of Wear & Tear
IG fundamentals held up relatively well in Q3, despite dampened sentiment and growing macro uncertainty. Spreads were unchanged, but may move wider before year-end.
-
White papersStructured Credit: Engaging Risk Tactics
Deal flow remained steady in Q3, keeping primary market spreads range-bound. Against a backdrop of low global interest rates, we have seen increasing investor interest in European CLOs.
-
+Stance.png)
White papersEmerging Markets Debt: Taking a Hard (Currency) Stance
EMD performance was muted in Q3, but valuations remain attractive and emerging economies are growing at a measured pace. We continue to favor hard currency assets, which are benefitting from lower rate expectations.
