White papers - all assets – Page 6
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White papers
Markets heed data, not Fed Speak
Strong reports have swayed expectations for rate cuts rather than the Fed’s constant blaring.
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White papers
Where next for the rally?
Three key equity markets hit all-time highs this week as the risk-on mood broadened beyond the US and into Asia-Pacific (APAC) indices.
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Private equity perspectives: Less capital, more opportunity
In a less-liquid world, many of the strategies that once worked in private equity will be less successful going forward. The shifting economic environment and the proliferation of AI are among the many dynamics that are opening new opportunities in the small- and mid-cap space.
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White papers
A common language for nature-related engagements
What do we mean when we talk about biodiversity? Hannah Naumoff explores the different nature-related terms that have sprouted in the wake of COP15, and why it’s important to be clear about their meaning when engaging with companies.
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White papers
Taking Flight: The Opportunity in Aircraft Financing
Investments in aircraft can offer steady cash flow and a return profile that’s uncorrelated to broad market indices.
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White papers
Hard and local currency bonds provide different routes to returns
Emerging market (EM) bonds are increasingly becoming a strategic holding for many investors but a key consideration in this is the different attributes of hard- and local currency-denominated bonds — the two broad sets of investments available in the asset class — and understanding the benefits each can bring to a portfolio.
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White papers
Ready for a deluge of new high-yield issuance?
US high-yield issuers are likely to refinance their pandemic-era debt and potentially benefit from lower interest rates in the next two years. The US Federal Reserve’s pause in rate hikes, the market’s expectations of rate cuts and the increase in mergers and acquisitions may incentivize high-yield issuers to come to market sooner rather than later, according to Glenn Voyles.
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Infrastructure Investor: Flight to quality over quantity
“Diversification is key as global and macroeconomic trends continue to boost returns across the infrastructure debt market.” - Victor Kozel, Head of Infrastructure Debt
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White papers
Confronting the ‘China bear’
Given China’s clouded economic outlook and the now deeply depressed ratios on Chinese equities, should investors remain negative on the Chinese market much longer? While it may be too early to become a ‘China bull’, recent domestic policy and geopolitical developments may start chasing away the ‘China bear’. So, what has changed?
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White papers
Costing the Earth: measuring corporations’ impact on biodiversity loss
Investors can no longer afford to ignore the devastating economic effects of biodiversity loss, but they need better tools to assess and manage the risks. We introduce the new scientific research by our academic partners at the MISTRA FinBio programme which should help guide investors.
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White papers
Credit markets: Finding opportunities requires patience and persistence
Brandywine Global sees plenty to like in credit markets. But dexterity and patience are key to finding opportunities and avoiding risks.
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White papers
Macroeconomic and financial market forecasts - March 2024
Macroeconomic forecasts as of 7 March 2024
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White papers
Macroeconomics, Geopolitics, and Strategy - March 2024
”European PMI data diverge not only in terms of sectors, but also in terms of countries and sub-components.”
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White papers
6 questions concerning the weakness behind US resiliency
Do you see recent US data pointing to stubborn inflation? In January we had some upside surprises, encompassing import prices, producer prices, both headline and core CPI, and the PCE deflator. We think prices were in part boosted by seasonal factors which are not fully accounted for in the usual seasonal adjustment, something that also happened last year.
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White papers
Cross Asset Investment Strategy - March 2024
“While we expect the Fed, Bank of England and ECB to start rate cuts around June, we will keep an eye on the pace of disinflation for any surprises.”
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White papers
Illiquidity premia in private debt: Q4 2023
In our latest real assets deep dive, our research team crunches the data to see how evolving macro conditions are reflected in private debt returns.
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White papers
The Economic Cost of the Carbon Tax
The choice of the optimal environmental policy is an important question in the current climate change context. While the carbon tax was the preferred policy of economists in the 1970s and 1980s, governments have implemented both quantity-based policies, such as emissions trading schemes, and price-based policies, such as fossil fuel taxes and renewable energy subsidies.
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White papers
Super Tuesday points to a super-charged battle
“A Trump-Biden rematch looks likely in November. As we move closer to the elections, market uncertainty will rise given the candidates’ divergent approach to foreign policy and geopolitics.”
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White papers
The Credit Opportunity in M&A
In an environment of tight spreads and low volatility, we believe the reemergence of mergers and acquisitions can be a source of idiosyncratic alpha in credit markets.