White papers - all assets – Page 32
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White papers
The what, why and how of the global fixed income and municipal markets
The evolving fixed income market environment - Key 2023 themes
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Impact measurement and reporting
Understanding the non-financial impact of their investments is an increasing concern for institutional investors. Almost three-quarters (74%) consider or plan to consider the environmental and societal impact of their investment decisions, according to Nuveen’s 2023 EQuilibrium survey of institutional investors around the world. This number is even higher (82%) for insurers.
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Taxable Municipal bonds: yields moving higher
The taxable municipal bond market experienced negative third quarter returns in sympathy with U.S. Treasuries. With the U.S. Federal Reserve (Fed) nearing the end of its rate hike cycle, higher yields have increased future expected returns, given yields are now at levels not seen over the last decade. We believe portfolios should be rewarded by assuming a modestly longer duration profile while adding credit risk.
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Emerging market debt outlook: Beyond headline events
According to Franklin Templeton Fixed Income, the impact of global events on emerging market risk sentiment may continue to divert capital away from the asset class, especially when the risk-free rate offers a substantial yield. However, as we move further through the US Federal Reserve cycle over the next year, we should see capital return to the asset class.
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2024 European logistics market outlook
Clarion Partners believes the European logistics market will remain undiminished in 2024 and could bring attractive opportunities for investors.
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Emerging Markets Insights: Easier financial conditions in emerging markets
Easier financial conditions in emerging markets.
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Long-term Capital Market Expectations: Higher yields lift all boats
The Franklin Templeton Investment Solutions team’s capital market expectations (CME) is designed to provide annualized return expectations over a longer-term horizon, typically viewed as 10 years.
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The Monroe Doctrine at 200: Its New Implications for LatAm Assets
We explore the potential evolution of the relationships between Latin American countries and the U.S.
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Is the Fed Ready to Talk Rate Cuts?
In this monthly series, we take a quick, comprehensive look at current macroeconomic themes that matter to clients.
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What has 2024 got in store for DB pensions and how will fiduciary management evolve?
For a pensions market that is all but closed to new members, you would be forgiven for perhaps expecting defined benefit (DB) pension schemes to be taking it easy. In reality this couldn’t be further from the truth. Mansion House reforms, increasing numbers of bulk annuity deals, and consolidation, all set against the backdrop of the upcoming General Election, mean that 2024 is set to be a year with many twists and turns.
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Time for credit – why we like investment grade
To better understand the impact of potential macroeconomic scenarios on the asset class, we have undertaken a sensitivity analysis of the global investment grade corporate bond market. This sensitivity analysis points to one clear implication: the importance of investing in fixed income despite ongoing uncertainty. We believe fixed income, in particular credit markets, have become a much more attractive proposition for investors.
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‘Peak rates’ and opportunities for credit selection in 2024
After two years of declines, 2023 proved to be another tough year for bond investors. However, a powerful rebound towards year end helped the global bond index end the year in positive territory for the first time in three years. Below, Jim Leaviss, CIO Fixed Income at M&G Investments, shares his views on the prospects for bond markets in today’s ‘peak rates’ environment, while senior credit portfolio manager Richard Ryan looks at the opportunities presented by fundamental credit selection.
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One Size Doesn’t Fit AI
Custom Application-Specific Integrated Circuit (ASIC) chips could reshape the technology sector.
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COP28: So Near and Yet So Far
Though not enough to limit warming to 1.5°C, and weaker than some had hoped, the outcomes of the climate conference are better than many had feared.
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Japan’s equities surfing on the end of deflation
”Japanese equities may further benefit from the major transformations in the country’s economy and markets.”
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Resilient private credit fills a growing need across U.S. and Europe
The U.S. and European private credit markets have been a significant success story of asset management for the last decade.
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Global Investment Views - January 2024
”While the year-end rally may offer some tactical opportunities, we keep a sightly cautious view on equities as markets are priced for a Goldilocks scenario.”
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Aligning equity multifactor strategies with net zero objectives
Investing in ways that contribute to net zero greenhouse gas emissions by 2050 and beyond is increasingly a concern for most investors, in particular institutional investors. For this reason, we have studied various approaches to aligning our multifactor equity strategies with net zero objectives.
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Bond Portfolio Optimisation and Mixed Integer Programming
While portfolio optimisation is commonplace in equities, it is more complex in the fixed-income space, partly because of trading lot sizes. Implementing the portfolio composition by converting weights into holdings is easy for equities due to small lot sizes.
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White papers
Rate cuts: are they justified by employment data?
The resilience of the labour market, evidenced by low unemployment and solid job growth, is seen as a key driver of the US economy’s strength. But in 2023, the trend of robust job creation shown in the previous two years began to deteriorate as the pace of newly created roles slowed down.