All White papers articles – Page 346
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White papersWebinar: objective danger in the investment environment
Markets may have reached record peaks earlier this year, but the geopolitical environment is fraught and central-bank oxygen may not prop up asset prices for much longer. We expect more outbursts of pent-up volatility going forward as investors face up to the growing risks in this high-altitude market.
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White papersChinese local currency debt: coming of age
China’s onshore renminbi-denominated bond market is an emerging asset class of global significance.
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White papersHigh Yield: Rates, Recessions and Relative Value
While there is no shortage of risks to consider in today’s high yield markets—from ESG to the end of the credit cycle—Barings’ Martin Horne describes how taking a contrarian approach can help investors uncover pockets of value
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White papersEmerging Markets Sovereign Debt: Does Active Management Pay?
The performance of Emerging Markets Sovereign Debt can—and does—vary widely from country to country. In this piece, Barings’ Cem Karacadag explores how an active approach can be key to selecting the most attractive opportunities, while also avoiding the bad apples.
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White papers
Q4 2018 – US QOZ Impact on Real Estate
As part of the 2017 Tax Cuts and Jobs Act of 2017, Congress created a new provision in the tax code to incentivize investment in designated Qualified Opportunity Zones (“QOZs”), lower income areas that would benefit from capital investment and development. Senior Treasury officials estimate that the QOZ tax benefit program could channel over $100 billion of private capital to these emerging areas across the country with the significant potential to positively transform real estate markets across the US. While the tax benefits are substantial, GTIS strongly believes that the underlying real estate opportunities have to stand on their own and provide compelling risk-adjusted returns. QOZ fund sponsors to date have largely focused on a select few urban gateways.
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White papers
Q2 2019 US Market Commentary
Global geopolitical headwinds have continued to drive business uncertainty in the US, led by the ongoing trade dispute with China. In response to the trade uncertainty, businesses have postponed fixed-asset investment until greater clarity is established on the potential future global supply chain map. Acting on slowdown in business investment, the Federal Reserve delivered an “insurance” interest rate cut in July, reducing the fed funds rate range by 25 basis points. Long-term yields, which are set by market expectations, have fallen considerably since the November 2018 high, with 30-year mortgage rates falling in tandem.
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White papers
Q4 2018 – Brazil Investment Opportunity Overview
The current environment presents a unique opportunity where near-term “smart money” capital and long-term investors are both aligned on Brazil’s future. Illustrating that dynamic, a consensus of economists and strategists ranked Brazil as the top opportunity in 2019 according to year-end Bloomberg survey of investment managers, while long-term-focused foreign direct investment reached a record-high 4.6% of GDP in 2018.
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White papers
Q1 2019 – Brazil Economic Outlook
After taking office, newly-elected President Jair Bolsonaro tapped highly-acclaimed, University of Chicago-trained economist Paulo Guedes to head the newly created “Super Ministry” of Economy. Since taking the Ministry of Economy position, Guedes has publicly pushed for a substantial pension reform and a sweeping R$1.0 trillion target privatization program as core tenets of his market-friendly economic policy. The market is now clearly showing a renewed sense of optimism that Brazil is now back on the right track. Consumer and business confidence sharply improved in 2018 as surveys showed an increasing likelihood of a Bolsonaro victory and expectations of continued economic reforms.
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White papers
Q2 2019 Brazil on the Rise
During the 2018 Presidential Election, Guedes established four priorities for the administration’s economic policy: 1) Responsible fiscal and monetary policy, 2) Reduced government presence in the economy, especially through privatization, 3) Greater integration with the global economy, and 4) Business-friendly reforms. Within the first year, the administration has delivered or substantially progressed on its promise in regards to economic reform.
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White papersAn Update On Our ESG Scores - Balancing E, S, and G to understand Global Macro Views.
In early 2018, Templeton Global Macro (TGM) published Global Macro Shifts issue 9— Environmental, Social and Governance Factors in Global Macro Investing [GMS-9]. The paper explored how we evaluate environmental, social and governance (ESG) factors in our macroeconomic research process and described the process of codifying the team’s research discussions into quantifiable scores.
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White papersThematic stocks – an alternative to mainstream global equities
Rolf Banz looks at why thematic equity investment may be a better way for investors to manage their global equity portfolio.
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White papersABS analysis: through the ESG lens
The drive to push environmental, social and governance (ESG) investing into the mainstream has dominated the asset-management industry in recent years. While the discussion on ESG in many asset classes is well progressed, to date there has been less focus on ESG in asset-backed securities (ABS). Beyond looking at the explicit environmental elements of green ABS, there has been little emphasis on assessing the social and governance factors within securitisation.
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White papersWhy REITs, why Principal?
Since their establishment in the U.S. decades ago, publicly traded REITs have offered investors the combined benefit of commercial real estate investment along with the advantages of investing in publicly traded stocks. REITs have grown in size, impact and market acceptance around the world. REITs, REOCs, and other real estate stocks own or operate trillions in real estate assets across all major global markets.
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White papersInvesting in an era of heightened risk velocity
For investors navigating current market conditions—an environment where a single tweet can change the market direction and momentum—it is not just the risks themselves that are challenging but also the elevated pace at which risks can move from peripheral threats to portfolio impacts. We call this “risk velocity.” This paper explores the primary drivers for this phenomenon and potential asset allocation implications.
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White papersCommercial Real Estate Tech: A Research and Venture Fund Perspective
The commercial real estate industry is being inundated with new technologies and property technology companies created to improve virtually all aspects of real estate investing and management.
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White papersBeyond Alignment: Contributing To The Sustainable Development Goals
How impact management contributes to specific targets and indicators behind each Sustainable Development Goal.
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White papersA Tug Of War Between The U.S. Consumer & Everyone Else
The three things you need to know this week: Third quarter S&P 500 earnings expectations are in decline, the U.S. slapped new tariffs on EU imports and a new Brexit plan was announced.
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White papersWhat Do We Really Want From China? And What Can We Reasonably Expect?
Even an unexpected trade deal this week between the U.S. and China will not alter the trajectory of two alternate political, economic and social models coming to terms with each other as a fresh decade dawns.
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White papersCross Asset Investment Strategy - October 2019
Over the past few weeks markets have fluctuated between positive news around geopolitics (US-China trade talks, Italy and receding risks of no-deal Brexit) and not so good news around economic data (German recession, US manufacturing and Chinese slowdown). This led to a rebound in equities and a rise in core bond yields.
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White papersLondon: The ultimate city of the future
The rise of the knowledge economy has energised cities which have reinvented themselves as global knowledge capitals, of which London is a prime example.
