All White papers articles – Page 6
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White papers
Amplified Volatility Leads to Muted Bets
To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
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White papers
Private credit’s role in mid-market opportunities
Upper middle-market corporate credit dynamics bring both challenges and opportunities. Expert insights reveal how the convergence of private credit and public markets is influencing investment strategies.
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White papers
ESG Thema #18 - When extreme becomes the new normal: how to address physical climate risk
The science is clear: mitigation efforts alone cannot halt the negative effects of climate change. The world needs to prepare for physical climate changes even if we successfully meet the Paris Agreement goals. The increase in frequency and severity of acute climate hazards is expected to surge in the coming years, and will have a profound impact in several parts of the world. Moreover, the distribution of anticipated acute weather events is disproportionate and uneven, biased toward more vulnerable populations.
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White papers
Not all net zero pathways are created equal: Pivotal questions for investors to ask
Improving real estate’s sustainability profile is pivotal to addressing climate change, as the sector contributes some 40% of global greenhouse gas emissions.
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White papers
The climate risk ‘hot potato’– which sector will be left with burnt fingers?
Does anyone remember Uruk, the ultra-modern city nestled amid the planet’s most fertile farmland? What about Skara Brae, the beachfront town with state-of-the-art homes, beautiful ocean views and mild weather? Nope? Well, 5,000 years ago both communities were among the world’s more desirable places to live, but the shifting climate changed things and these settlements were consigned to history.
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White papers
Not all net zero pathways are created equal
Improving real estate’s sustainability profile is pivotal to addressing climate change, as the sector contributes some 40% of global greenhouse gas emissions. But improving this sustainability profile isn’t just a ‘save the world’ exercise. For building owners and associated stakeholders it is also vital to establish the necessary long-term action plans towards net zero to protect income streams and value and manage costs.
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White papers
Impact of US elections on emerging market currencies
The results of the US presidential elections in November are set to have wide-ranging implications on the US dollar and emerging market (EM) exchange rates. In this piece, we examine what the outcome of the election could mean for EM currencies, through the impact on tariffs, sanctions, US fiscal policy, unorthodox economic policies and immigration.
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White papers
Slow-speed crash? Problems for the European auto sector pile up
Healthy cash balances built up over the past three years will be tested as firms attempt to weather the four-pronged oncoming storm of labour relations, EV uptake, emissions regulations and China
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White papers
Equity Outlook – It’s the economy
With the US Federal Reserve starting to cut interest rates, equities should remain supported in the short term. If our expectations of a soft landing for the economy are warranted, equities should gain further, even if the outcome of November’s US election looks uncertain. The mix of winners and losers might change depending on who will be in government.
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White papers
Gold maintains its glitter
“Gold has been shining bright this year on the back of expectations of Fed rate cuts and rising geopolitical tensions. The metal may be used as a potential source of resilience in portfolios in an overall diversified* approach.”
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White papers
European Hotel Sector: Sustainability is a competitive necessity
Once a competitive advantage, sustainability is now imperative in the European hotel sector. Investors and operators both have responsibilities to be good stewards of the environment and of the communities in which they operate.
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White papers
China: Is this the “whatever it takes” moment?
China’s recent stimulus measures, including monetary easing and a massive fiscal pledge, have sparked a sharp rally in equities, particularly in real estate and consumer staples. While market sentiment has improved, the long-term impact will hinge on the actual scale and execution of fiscal policy. Investors are cautiously optimistic, but much depends on how effectively China targets its property sector and broader economy.
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White papers
September jobs report: Not as weak as once thought?
The September jobs report showed a 254,000 monthly job gain, blowing all estimates out of the water. Not only does it suggest that the U.S. labor market is on a stronger footing than most believed, but it also suggests that the Fed does not need to maintain such an aggressive pace of rate cuts. Market expectations for a 50bps cut in November have rightfully plunged, and a 25bps reduction is now the clear market consensus.
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White papers
Risk Factor, Risk Premium and Black-Litterman Model
Risk factor models are now widely used by fund managers to construct portfolios and assess both return and risk based on the behaviour of common risk factors to which the portfolios are exposed. However, fund managers often have subjective views on these risk factors that they may wish to incorporate into their asset allocation strategies.
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White papers
Global Investment Views - October 2024
Capital markets whipsawed between a weakening US labour market and hopes that the Fed would successfully steer the economy towards a soft landing. Markets are optimistically interpreting the latest policy action, which could potentially boost consumption and investment. The other narrative is that the Fed would not have implemented a big cut without having apprehensions on the economic front.
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White papers
Relative Value & Tactical Asset Allocation Q4 2024
We are anticipating a stable macro environment in the near future, with some uncertainties stemming from U.S. elections and monetary policy. We continue to look for spreads to mostly remain range bound, with a low chance of further tightening. With a low risk of recession, a carry strategy is preferred in the next quarter or two, meaning we prefer investments with attractive yields, while remaining cautious about potential weakness.
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White papers
Proving resilience and durability
As a top-performing asset class for about a century, farmland has proven time and again to have upside growth potential and to be resilient throughout various economic scenarios. It is an essential global property sector tied to food production. Jim McCandless and Daniel Murray, co-CIOs for farmland at UBS Asset Management, discuss why more investors are looking to add farmland into their investment portfolios.
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White papers
Q3 2024 CIO Review and Outlook
Many emerging markets have delivered a robust performance this quarter amid a number of headwinds and we expect key geographies to build on that in the coming months.
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White papers
Re-Emerging Markets
After several years of price decline, we see EM equities as poised for a resurgence. Already one of the best-performing asset classes of 2024, we see further upside from here.This is based on a clear reversal of recent headwinds, notably higher US interest rates and a strong dollar.
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White papers
China’s recovery, is it for real this time?
Beijing has finally moved to fight the rising risk of a debt-deflation spiral with aggressive stimulus measures. Markets are taking this pivot seriously: Chinese stocks have rallied sharply and could have further to run in the short term. What is needed to sustain the recovery in the economy and asset markets is a real sense of conviction – among consumers and investors.