White papers - all assets – Page 312
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White papers
Fixed income/macro: Mid-year Review
At the start of the year, the world appeared to be in the middle of a highly synchronised economic recovery.
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White papers
Alternative Income Study 2018
Alternative income, real assets, private assets, illiquids: however they are described, the appeal of unlisted assets has grown significantly among European pension funds and insurers over the past decade.
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Enhancing Equity Index Portfolio Returns Using Select Sector Futures
A traditional sector rotation strategy takes into consideration the business cycle and where current conditions place the market within the cycle, along with which sectors might out- or under- perform others versus the broad market.1 This paper will explore how sector rotation strategy practices may be used by a risk manager to achieve enhanced performance from event-driven price action in addition to long-term cycle rotation.
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ESG in passive: let the buyer beware
Are investors ignoring the small print in their rush to buy funds incorporating environmental, social and governance principles?
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Why governance is key to restoring trust in UK infrastructure
The UK infrastructure industry needs to face up to its failings and act in the best interests of all stakeholders. Developing a code of conduct would be a good place to start, argue Darryl Murphy and Mirza Baig.
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Turkey shakes summer thin markets, but contagion risk is contained
The domestic boom has been financed by private debt (mainly external debt). Well before this week’s crisis, Turkey was the most vulnerable country in our EM ranking
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Turkish delight turns sour?
Concerns about the deteriorating Turkish situation helped core government bonds perform better, but credit market spreads were generally a little wider and emerging markets were very weak.
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Don't forget your covenants
Competition in the private debt market has eroded investor protections. Understanding where the risks lie and how to mitigate them will be key to long-term investment success.
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Portfolio strategies to cope with trade tensions
Escalating global trade tensions can affect regions and asset classes differently.
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Where will the next financial crisis come from? Are we ready to confront it?
The world is not yet completely out of the 2007- 2008 financial crisis, but the risk of a new crisis already arises. The theme of “regime shift” (volatility, interest rate, inflation, etc.) has resurfaced, which led to a marked correction in financial markets in January – February.
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White papers
Asset Class Return Forecasts: Q3 2018
The current global expansion is set to run until 2020, with above potential growth in most countries in 2018 and 2019. However, the global GDP growth has started to decelerate and we expect it to slow further in 2020.
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White papers
Global Investment Views: August 2018
Concerns about trade continue to take centre stage. While US assets have so far been resilient amid escalating protectionist rhetoric, markets targeted by tariffs are under pressure.
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2018 Midyear Outlook: (Still) Risk On
Investors are facing some pretty big questions: How long will the economy continue to expand? How will rising interest rates affect my portfolio? Will volatility continue to climb? Do geopolitics (or even just political posturing) really matter?
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White papers
Exchange rate predictability in Emerging Markets
This paper uses financial and macroeconomic variables to predict currency returns, by using a two-step procedure. The first step consists of a cointegration equation that explains the exchange rate level as a function of global and domestic financial factors. The second step estimates an error-correction equation, for modeling the expected returns. This approach is a factor model analysis, where a Lasso derived technique is used for variable selection.
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White papers
Economic Insights: June 2018
Stock market outlook: It may be a long, hot summer. Defensive stocks outperformed in June; investors may be starting to worry. We believe the robust U.S. and world economy should bring higher stock prices later this year.
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White papers
Investment Outlook for the Automotive Industry
We believe that today’s automotive industry—more than at any other time in its history—presents ample opportunities for active managers to uncover value for their investors.
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White papers
European long lease real estate: a defensive alternative
In a world in which income can be challenging to find, secure and growing cashflows are sought after by pension funds, insurers and other institutional investors.
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The living wage: towards better industry practices
The concept of living wage goes back to the early twentieth century, with the creation of the International Labour Organization in 1919. Subsequently, this concept was taken up several times in texts that played a structural role in labour law (Universal Declaration of Human Rights, Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy, and the ILO Declaration on Social Justice for a Fair Globalization).
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White papers
Why investors are wrong about the role of the dollar
A new theory about the US dollar is challenging the way economists and markets think about currencies.
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White papers
Social Infrastructure in Europe: Private Investment Opportunities
Social infrastructure has a positive impact on communities. It helps develop a more inclusive and sustainable society. We define social infrastructure as the physical assets that facilitate social services, helping build strong communities. Assets include healthcare and education facilities, social and affordable housing, and buildings related to justice, emergency and civic services.