White papers - all assets – Page 315
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White papersPortfolio Risk Management: A Multidimensional Perspective
Asset allocation, effective portfolio design and dynamic management have always been powerful tools for battling volatile markets, but risk has come into even sharper focus lately. Economic growth is slowing, yields are low and stocks have taken several tumbles. Investors are looking for new ways to tackle risk.
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White papersYour Questions Answered by Hermes Multi Strategy Credit
Your Questions Answered: a quarterly Q&A series featuring the top 10 questions that clients and prospective clients ask our investment teams.
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White papersCluster Analysis: Managing Risks You Didn’t Know You Had
From anthropology to politics, analysts in many fields have used cluster analysis to help decipher complex relationships for nearly 90 years. But investment firms are only beginning to discover the powerful applications for detecting unknown risks lurking in market behavior patterns.
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White papersQ4 Economic Outlook: Learning To Live With Deflation...
In his latest Economic outlook, Neil Williams, Senior Economic Adviser to Hermes Investment Management, argues that Japan-style deflation is becoming an increasing possibility elsewhere. While it may not involve a general downturn in living standards – Japan after all remains a prosperous G3, $5trn economy (almost twice the UK’s) – the main challenge would be the shift in mind-set needed to live with it.
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White papersTrade War Escalation And Impact On World Trade And Economic Growth
Trade tensions re-escalated during the summer. Starting on 1 September, the US Administration introduced new tariffs and China retaliated simultaneously. More tariffs are likely from the US side, including an increase in tariffs already in place from 25% to 30% and new tariffs on the last tranche of imported goods from China. Concerning extra-tariffs measures, in August the temporary licences granted to US companies to operate with Huawei were extended upon their expiration but, so far, with no additional structural guidance.
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White papersRisk Factors, Macroeconomic Context And Forecasts - September 2019
Financial markets have been rattled in the past weeks over escalating trade war between the US and China as both imposed tariffs and counter-tariffs on imports. Idiosyncratic risks stories in countries such as Argentina resurfaced, the UK’s parliament was suspended over Brexit chaos and Italy witnessed a political crisis of its own, although a government seems in sight now.
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White papersView on Italy: beyond the short term
The end of the political crisis and next steps for the new government: The new pro-European government looks to be willing to move in a different direction vs the previous one, with an agenda focused on green and socially inclusive policies. It is difficult to project how long this new coalition will last, but it will certainly have to address the next budget law. We expect to see some expansionary measures (lower labour costs plus investment spending), but without putting public finances at risk. However, the available room for manoeuvre is narrow.
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White papersSpotlight on the circular economy - Targeting sustainable development by ‘closing the loop’
Since the start of the industrial era, linear economic models have dominated the global economy, with resources typically extracted, used and then disposed of as waste.
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White papersHermes SDG Engagement Equity Fund - H1 2019 report
The Hermes SDG Engagement Equity Fund targets investment outperformance and social and environmental impacts that help deliver the Sustainable Development Goals (SDGs). What progress did we achieve through our engagements in the first half of 2019?
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White papersBritain’s Most Likely Destination
It Won’t Become Some Sort of Hermit Kingdom in the North Sea.
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White papersFlexible credit: strategies for all seasons
A flexible, all-weather approach to credit investing has risen in popularity during the past decade. In the first instalment of a five-part series, we look at how flexibility has helped credit investors capture income in a low-yield world and manage duration risk. In an uncertain and often volatile environment, we consider what a flexible approach can offer investors at this stage of the macroeconomic cycle, and throughout the next.
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White papersLeaders’ Perspectives: Quarterly – Autumn 2019
In the Autumn 2019 issue of the Leader’s Perspectives:
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White papersBullish on Tech—Especially Outside the Tech Sector
When thinking about technology, asset managers and asset owners have similar concerns and opportunities—both when investing in it and applying it. We must understand that technology is less about technology stocks and more about the way disruption affects corporate performance. And we must address the implications of technology for our businesses.
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White papersIlliquidity: understanding the premium in fixed-income markets
Years of low interest rates have prompted fixed-income investors to look beyond traditional sources of yield and consider whether illiquid assets can boost returns. But while this illiquidity premium is widely discussed and increasingly sought, it has been inadequately measured and investors lack an understanding of how it operates in different conditions.
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White papersGlobal Investment Views - September 2019
Financial markets have been rattled in the past weeks over escalating trade war between the US and China as both imposed tariffs and counter-tariffs on imports. Idiosyncratic risks stories in countries such as Argentina resurfaced, the UK’s parliament was suspended over Brexit chaos and Italy witnessed a political crisis of its own, although a government seems in sight now.
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White papersAnnual Impact Report, 2018
In December 2017, we launched the Hermes Impact Opportunities Fund – a high-conviction global equity strategy with a bold objective. It aims to generate long-term outperformance by investing in companies succeeding in their core purpose: to generate value by creating positive and sustainable change that addresses the underserved needs of society and the environment.
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White papersNuveen knows income - Securitized bonds: investment potential in a complex market
We think securitized credit may offer attractive risk-adjusted returns, but this complex market requires experienced, in‑depth analysis
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White papersChina: A weighty issue?
Much time and effort has been devoted to under- standing the recent rise of China as a major global economic power. It is, however, important to also note that China (or at least the precursor territories making up modern China) was the largest single economy in the world until the late 1800s and had been so for several hundred years. This isn’t surprising, as people have lived a subsistence or agrarian existence with fairly low output per capita for most of human history.
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White papersIs short-term noise masking a long-term opportunity in EM Equities?
Emerging markets (EMs) are in the headlines on a regular basis—both with positive and negative news flow—but rarely do we hear the whole story.
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White papersChanging China
In little over 40 years, China has emerged onto the global scene as a key player in the world economy. It has regained a self-confidence last seen centuries ago. This rapid ascent has prompted change in global ideas about politics, economics and world order. Rather than rush headlong into capitalism, China has tried to modernise the planned economy, implementing incremental changes and downplaying any discussion of the ultimate goal.
