White papers - all assets – Page 59
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White papers
Opportunities lie beyond precarious path to growth
A central bank pause supports the case for bonds. Investors will have to assess the inflation path and the earnings outlook moving into 2024, in the search for opportunities in equities.
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US vs European credit: which is more attractive?
Value had a decent 2022 while growth lagged across equity markets. This continued until March 2023, but that trend has recently been reversing. This trade-off is often associated with the relative performance of US and European stocks: US is quality growth and Europe is value, so to speak. In this weekly edition of Simply put, we ask: does the same dynamic apply in credit markets?
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White papers
Fixed Income Investment Outlook: 3Q 2023
Central banks are finding it hard to finish the long journey toward inflation normalization, but we believe that policy rates are likely at or near their peaks—and could be maintained at elevated levels for some time. In an environment of slowing growth, restrictive monetary policy and rising idiosyncratic risk, we favor shorter durations, quality and a focus on security selection.
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Economic and Market Review: Long-Term Optimism Amid Short-Term Headwinds - 3Q 2023
Like many, we have been surprised by the strength of U.S. equities in the face of rising interest rates, sticky inflation, a regional banking crisis and persistent geopolitical tension.
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The View From the Peak
Despite hawkish policymakers and very mixed economic data, the approaching plateau in rates brings more clarity and conviction to our fixed income views.
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Engine Running, Shifting to Neutral
In the face of conflicting signals from our short- and medium-term outlooks, our Asset Allocation Committee is adopting more neutral views.
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How technological transformation is shaping Asia’s future
The hype surrounding advanced technology has reached fever pitch, from the latest breakthroughs in artificial intelligence (AI), to the new Apple headset which some believe could revolutionise the virtual experience and take the metaverse mainstream.
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Clear and easy access: Gaining entry to private credit
As private markets continue to evolve, improved accessibility is opening the doors to potentially unique opportunities across the private credit spectrum through different fund structures that seek to meet diverse needs.
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Tackling short-term challenges and the long-term goals of sustainable investing
Climate, geopolitics and macroeconomic factors combine to make instability a constant rather than a break from the norm – at least for a while. We believe sustainability remains the best long-term prism to understand crisis factors and anticipate a low-carbon, environmentally sustainable and inclusive economy. Challenges may be interconnected, but so are the solutions.
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White papers
From Climate Stress Testing to Climate Value-at-Risk: A Stochastic Approach
This paper proposes a comprehensive climate stress testing approach to measure the impact of transition risk on investment portfolios. Unlike most climate stress testing models, which are designed for the banking industry and follow a top-down approach, our framework considers a bottom-up approach and is mainly relevant for the asset management industry.
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Insurance Fixed Income Outlook: Transition to more liquid assets
European Insurance companies started 2023 with high solvency ratios and a good outlook to improve their underlying profitability thanks to strong rate increases in reinsurance, and commercial P&C, while 2022 prices increases in retail P&C are slowly mitigating inflation.
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White papers
Global Macro Outlook - Third Quarter 2023
Steadfast global resilience to recession highlighted the quarter, although the outlook hasn’t necessarily improved. But with labor markets tight and wages keeping pace with inflation, consumers are navigating the economy’s rough patches. Still, we expect growth to slow in time.
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Fixed-Income Midyear Outlook: Surfing Lessons
Surf’s up! Elevated yields and negative correlations are good news for bond investors. We share strategies for making the most of today’s opportunities.
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Farmland’s inflation-hedging characteristics
A comprehensive analysis of different crop types’ performance in an inflationary environment.
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Private credit: Perspectives on opportunities and risks
Even as traditional fixed income offers more attractive rates, institutional investors continue to explore alternative credit.
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How to manage emerging market currency risk
Investing in emerging debt or equity markets is a prudent way of adding diversification to portfolios for institutional investors. Associated with investment in these assets is a currency exposure that should be wisely managed, rather than just naively assumed. In this article we look at the investment characteristics of this currency exposure and the spectrum of approaches to managing it.
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Four Compelling Reasons to Diversify with Private Real Estate Credit
Commercial mortgage loans (CMLs) represent a private alternative asset class that offer attractive attributes to complement traditional fixed income portfolios.
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Relative Value & Tactical Asset Allocation: Q3 2023
As most central banks are nearing the end of the hiking cycle, JP Morgan’s Global Manufacturing PMI Index remained at a level consistent with a contraction. It was the ninth consecutive month below the neutral level of 50.
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White papers
Deep waves: The sovereign debt wave—an existential threat
The population of workers in mostly high-income countries are shrinking while social costs increase. Franklin Templeton Institute Investment Strategist Kim Catechis focuses on sovereign debt and examines the drivers of these changes and offers conclusions on their investment implications.
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White papers
Investing for a positive retirement with private assets
With regulators raising the bar for pension funds on sustainability and ESG, we explore how to make a positive real-world impact while helping investors to make the right decisions for a comfortable retirement.