All White papers articles – Page 164
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White papers
The myth of the fiscal free lunch: beware of the trap. An investor’s viewpoint
The idea that there is a comfortable degree of budgetary room for more active fiscal policy goes hand-in-hand with the assumption that a sustained bond correction (higher safe real interest rate) is not only unjustified based on fundamentals, but is also impossible. This comes as no surprise. On average throughout modern history, safe real interest rates have been lower than the GDP growth rate, making it easier to finance public deficits.
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White papers
Shifts & Narratives #19 - The fiscal illusion: no free lunch for investors
The conversation regarding whether there is room for more aggressive fiscal policy is a hot political topic today. In the US, the debate is likely to become even more inflamed as we approach the midterm elections. In fact, these are at risk of becoming an evaluation of President Biden’s policies in light of the excessive fiscal spending carried out in response to the Covid pandemic (and its subsequent impact on the economy).
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White papers
Shifts & Narratives #18 - The power of narratives for investors
A narrative is a popular story that arises from the public consciousness of market events. The most viral and intense of these may dominate public attention. Narratives are rooted in popular beliefs and are not necessarily from economists’ minds.
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White papers
Smoothing Long-Term ESG Transition
At Neuberger Berman, we believe that attention to material environmental, social and governance (ESG) factors will be crucial to managing investment portfolios over time. The Non-Investment Grade team closely integrates ESG factors into fundamental credit research, engaging rigorously with issuers to ensure that associated risks and opportunities are taken into account in business strategy and the allocation of capital.
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White papers
How will Europe secure the metals needed for its energy transition?
Achieving decarbonisation involves scaling up low-carbon technologies. Safeguarding the steady supply of a number of key metals that these sustainable technologies rely on means using them more efficiently and judiciously, as Julien Bouyssou explains.
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White papers
China’s stimulative policy actions: Turning the tide for investors
China’s ongoing struggles with COVID-19 and the country’s lackluster policy response have dismayed investors. In fact, by the end of April, MSCI China had dropped 18% since the start of 2022, credit spreads had widened meaningfully, and the renminbi (RMB) had depreciated almost 4%. However, a series of weak economic numbers appear to have alerted policymakers to the urgency of stabilizing growth.
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White papers
Making the case for municipal bonds despite recent volatility
The first half of the year has so far been challenging for investors in municipal bonds. Ben Barber, Director, Municipal Bonds, Franklin Templeton Fixed Income, shares his latest outlook and reasons for optimism.
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White papers
Investors turn to residential opportunities in emerging markets
Emerging markets have been less of a focus for US and European residential investors of late, but there are pockets of opportunities in Brazil and China sparking interest again, writes Stephanie Baxter
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White papers
Global Investment Views - June 2022
The second quarter of the year is becoming increasingly painful for tech stocks, recalling memories of the 2000s tech bubble bursting. The repricing of a more aggressive Fed stance has been brutal, real yields rose – the rate on 10-year TIPS has turned positive for the first time since 2020 – and on the nominal yields front, the US 10-year Treasury yield temporarily reached the 3% threshold, falling close to 2.75% on economic growth concerns.
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White papers
Creating value by addressing social injustice
Social injustice occurs when people do not have access to the same rights and opportunities afforded to others, due to race, ethnicity, gender, sexuality, religion, disabilities or other characteristics. Examples include inequitable access to employment, education, housing, health services and finance; negative stereotypes; and poor and marginalised communities’ greater exposure to pollution and climate change.
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White papers
Rising Rates and Risk Premia
In a very challenging environment for long-only investors, long/short risk premia have delivered attractive returns—but not always in the way history would have led us to expect.
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White papers
Investing in Infrastructure
The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.
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White papers
The Case for Investing in Senior Secured Bonds
From capital structure seniority and high historical recovery rates, to lower interest rate sensitivity and compelling yields, global senior secured bonds offer a number of potential advantages.
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White papers
Inflation fighters: The case for real assets
Allocating to listed real assets may help investors better manage inflation risks—while also enhancing diversification potential and risk-adjusted returns.
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White papers
Spotlight on Fixed Income: Looking beyond the uncertainty
There is no doubt that investors today face an exceptionally tricky environment, with a host of issues clouding the outlook for global growth.
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White papers
Repricings & Reopening Trigger Shopping Center Outperformance
Despite the significant challenge of record high inflation, real retail sales in the Eurozone are projected to grow at 1.2% pa in 2022-26. This is a return to its long term post GFC trend and reflects the low consumer sentiment as well as high employment.
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White papers
Capturing Persistent Growth in Volatile Equity Markets
Growth stocks are under acute pressure as rising interest rates change the dynamics that drive equity valuations. But market volatility shouldn’t distract investors. We believe companies that can deliver sustainable growth in a sluggish economy will ultimately be prized for their business benefits and investment return potential.
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White papers
On my mind: The Fed has kept monetary policy too loose for too long
Inflation at 40-year highs poses the toughest of policy challenges. Yet America’s Federal Reserve (Fed) still hopes to meet it with an easy solution: bring the policy rate close to 3%, and as adverse supply shocks fade inflation will revert to the Fed’s 2% target. No need for a sharp monetary tightening à la Paul Volcker.
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White papers
Start me up: How to benefit from the tremendous growth of renewables with platform investments
Development investments are nothing new. But demand has rocketed thanks to the painful bite of climate data. Moreover, once placid conversations about energy security have taken a visceral turn because of war in Ukraine. Developments are an attractive solution to both, for institutions requiring an impact and financial returns.
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White papers
Q1 2022 Asia Pacific Market Perspective
Positivity is building in most of the Asia Pacific region. There is more normal daily activity as borders reopen, pandemic-related restrictions are eased, and people return to the office and retail centers.