White papers - all assets – Page 53
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White papersGermany cuts the debt brakes with defence spending set to soar
The market reaction to European military defence plans has been enormous, with more volatility expected in bond yields, curves, cross-market spreads and currencies.
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White papersCoping with market downturns
The 2025 market landscape has been shaken by aggressive U.S. trade policies, sparking global retaliation and heightened fears of recession. Despite sharp volatility and a dip in investor confidence, historical trends show that disciplined, diversified investors are often rewarded over the long run. Staying invested through downturns remains a proven strategy to capture the powerful recoveries that typically follow.
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White papersThe macro fallout from ‘Liberation Day’
The sweeping tariff hikes announced on “Liberation Day” have escalated fears of stagflation, pushing recession odds higher and rattling markets. With inflation likely to rise and GDP growth projected to drop by up to 2.4%, the economic strain could be the most significant since the 1930s. Still, investor sentiment may recover as attention shifts toward pro-growth policies like tax cuts and deregulation.
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White papersWhat Raising the Trade Drawbridge Means for the World Economy
Trade wars threaten longstanding trade partnerships and could weigh on the global economy.
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White papersLiberation Day: Market uncertainty, global growth concerns, and U.S. recession fears
The U.S. announced sweeping new tariffs—some exceeding 50%—shocking markets and sharply raising the risk of recession and stagflation. With inflation likely to rise and GDP growth to fall by an estimated 2.5%, investors are now eyeing potential fiscal offsets like tax cuts and deregulation. Until clarity emerges, risk assets may stay under pressure as global economies brace for the fallout.
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White papersMarkets shaken by new US tariffs as growth expectations deteriorate
US President Donald Trump announced a wave of new tariffs on 2 April, which he branded ‘Liberation Day’, arguing they would help boost the US economy. Trump introduced a new baseline 10% US tax on goods from all countries and higher reciprocal tariffs for nations which the US government believe have high barriers to US imports. The US government is expected to impose the reciprocal tariffs on around 60 of the “worst offenders” from 9 April.
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White papersM&A Renaissance. Exploring Fixed Income Opportunities
M&A activity, which is growing among IG and HY issuers, is driven by expectations of lower funding costs and a weak macroeconomic environment. This trend, which is set to strengthen, generates investment opportunities in new bond issues, often priced at a discount, to be evaluated with rigorous analysis to select the most promising opportunities.
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White papersIt’s ‘Show Me’ Time
Seventy days into the new U.S. administration, we are beginning to accrue enough hard data to correct or confirm the pessimism of recent soft data.
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White papersThe Endowment Model Reimagined
The endowment model defined the “art” of portfolio management, but now it needs to adopt the latest “science.”
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White papersMaking America’s Chip Fabs Great Again
As national security threats mount, the U.S. aims to revive production of complex computer chips, creating potential opportunities all along the semi supply chain.
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White papersThe Storm Before the Calm
The first weeks of the new U.S. administration have been disruptive, but we think sentiment can improve as its focus shifts from trade to tax cuts and deregulation.
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White papersNuclear power(ing up) – opportunities for investors
At COP 28 in November 2023, over 20 nations committed to tripling nuclear power capacity by 2050. As a result, broader interest in nuclear energy has surged dramatically.
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White papersLDI differentiator: the implementation manager role
This mini-series of short articles shines a light on often under-discussed but important factors to think about when structuring your LDI portfolio framework. Here we look at the benefits of employing an implementation manager.
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White papersJevons meets Sputnik: The interdependence of the new and old economy
AI growth exposes significant US power grid challenges and the interdependence of the new and old economy. Learn about the implications of Jevons paradox and DeepSeek’s ‘Sputnik moment’
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White papersMarket Valuation of Climate Patents: What are the Most Valuable Innovations?
This paper analyzes the market valuation of climate innovations through a detailed examination of patent data. We explore the relationship between Tobin’s Q —a measure of firm valuation— and the stock of patents across various climate technology categories.
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White papersSustainability In European Logistics Real Estate
Sustainability has become an increasingly significant consideration in European real estate investing and asset management. This shift results from investors’ sustainability targets and growing pressures from occupiers, set against a backdrop of tightening European regulations aimed at decarbonising the built environment. These factors are accelerating key trends across all property types, including logistics.
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White papersFixed-Income Outlook: Six Strategies to Thrive in Turbulent Times
Since mid-January, a new political regime in Washington has shaken the geopolitical landscape and global markets. In this volatile environment, bonds have performed well, resuming their traditional role as ballast against falling stock prices and attracting strong demand from investors.
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White papersGlobal Macro Outlook: Second Quarter 2025
Uncertainty is the watchword for the global economy. Dramatic policy shifts—tariffs in particular—by the Trump administration 2.0 have so far surprised financial markets and softened consumer sentiment. But we see a global economy well positioned to absorb potential shocks in the months ahead.
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White papersMaking diversification great again: April macro and asset class views
President Trump has designated April 2 for unveiling a series of tariffs on trade partners, referring to it as America’s ‘Liberation Day.’ But businesses and investors won’t be liberated from trade policy uncertainty.
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White papersHas US high yield been impacted by recent market volatility?
The US High Yield (‘HY’) market has so far demonstrated resilience throughout the current period of recent market volatility. For the HY asset class, a low, positive GDP environment can potentially offer a constructive environment. Short duration approaches should offer a nice balance of potential outcomes.
