All White papers articles – Page 8
-
White papers
Midyear Outlook 2024: the new reality of investing
2024 so far has been a year of diverging economies, equity market highs and election fever – with far more to come.
-
White papers
Navigating growth: Real estate trends and opportunities in the European life sciences market
A large part of economic activity takes place within buildings. Therefore, real estate must meet the needs of the real economy as it develops and grows. The life sciences industry and its real estate demand are on the rise, aided by demographics and scientific progress. Thus, real estate focused on meeting the increasing needs of this part of the economy represents an attractive risk-adjusted investment opportunity for value-add and core investors alike.
-
White papers
Five Structural Themes Driving Real Estate Investment
Commercial real estate demand and performance are driven by cyclical and structural factors. Cyclical factors, such as interest rates, consumer spending and employment, vary with economic cycles.
-
White papers
US investment grade credit bounces back from its nadir
In his 1974 children’s book, The Tiger’s Bones, the English poet Ted Hughes wrote that “Nothing is free. Everything has to be paid for.”
-
White papers
New standards and frameworks arm investors in the battle against biodiversity loss
The global pledge to halt and reverse biodiversity loss – known as the Kunming-Montreal Global Biodiversity Framework (GBF) – is helping to shape and accelerate government policy as well as corporate and investor action in terms of protecting the natural world. The GBF signals that while great strides have been made in terms of tackling the biodiversity crisis, much more still needs to be done.
-
White papers
US inflation is moderating
“Falling price pressures should be supportive of US government bonds and investors could also explore other quality fixed income assets in developed as well as emerging markets.”
-
White papers
Economic Monthly: Strength or Softness?
Consumers have still not run out of runway. Despite having burned through the famous “excess savings” from pandemic-era stimulus, and despite a softer labor market, we continue to see consumers willing and able to spend. As we elaborate below, continued credit availability, investment spending and the labor market provide enough space for households to maintain their spending habits for the next several months.
-
White papers
Back to basics: why the time is right for a return to multi-asset
The key characteristic that draws investors to a multi-asset portfolio is diversification. Diversification – sometimes referred to as the only free lunch in finance – embeds the idea that if a portfolio holds various asset classes, each with their own return drivers, the outcome is a smoother return profile. In other words, protection on the downside while still participating in the upside market moves.
-
White papers
Real Estate House View: United Kingdom - First half-year 2024
Based on the view that interest rates and therefore gilt yields are unlikely to return to their cyclical lows, the outlook for real estate investment is changing.
-
White papers
Real Estate House View: Switzerland - First half-year 2024
The construction industry will have breathed a sigh of relief. The construction cost index recently rose by just 1.4% year-on-year. The sharp temporary increase thus remains an anomaly triggered by the shortage of supply. Prices for building materials, which are largely imported, were the main driver prior to the rise in interest rates, as the Drewry World Container Index shows. However, no price reductions are expected in 2024. The higher interest on borrowing is set to drive prices until mid-2024 at the latest. On top of this, additional planning requirements could potentially account for up to 2 percentage points of construction inflation.
-
White papers
Real Estate House View: Europe - First half-year 2024
When is the right time to re-enter the market? Fears of investing whilst values are falling has put significant downwards pressure on investment volumes. Instead, real estate investors have been monitoring government bond yields, seeking stability in the so called ‘risk free rate’ as an indication that property yields have also stabilised. Into 2024, we expect investment activity to pick back up, supporting price discovery. Although the first half-year may only show tentative signs of improvement, by the second we believe activity will regain momentum.
-
White papers
US elections: the Inflation Reduction Act and the risk of repeal
In November the US goes to the polls to decide who will be the next president – the Democrat incumbent Joe Biden or returning Republican nominee Donald Trump. Under Biden, in August 2022 the US introduced the Inflation Reduction Act (IRA), a federal law which aims to, among other things, invest into domestic energy production while promoting clean energy. It represents the largest ever Congressional investment in the energy transition.
-
White papers
Pitchbook: Q&A: Barings BDC’s Freund Says Inbound Deal Activity Strong, Pricing May Tighten
Matt Freund recently shared his thoughts on the current state of the private credit market with PitchBook LCD.
-
White papers
EM Sovereign Debt: Spreads Are Tight… So What?
A superficial look at EM sovereign spreads suggests they may be too tight to offer attractive upside. We disagree, and here’s why.
-
White papers
Four Reasons to Revisit EM Corporate Short Duration Debt
Against a potentially higher-for-longer backdrop, a short-dated approach to EM corporate debt can provide an opportunity to pick up income, incremental yield and diversification, with less volatility.
-
White papers
Are U.S. and European Bonds About to Break Ranks?
The two markets have marched in lockstep for several months, setting up the potential for attractive relative-value and dispersion trades.
-
White papers
The Importance of Active Ownership
Shareholder engagement is for life, not just for proxy-voting season.
-
White papers
Resilience in life sciences: IREI article on the UK versus US life sciences markets
The definition of life sciences real estate - For the purpose of this article, life sciences is defined as an industry that comprises companies involved in the research, development and manufacture of pharmaceuticals, therapies and medical devices, which help to foster medical innovations with the ultimate aim of extending the length and quality of human life. Life sciences real estate is property specifically designed and built for companies within the industry.
-
White papers
Specialty Finance: High-Yielding, Short-Duration and Uncorrelated Private Credit
The underlying assets, bespoke structuring and market dynamics of Specialty Finance can complement a traditional private debt strategy.
-
White papers
Spotting Hidden Extension Risk in Corporate Hybrids
Failure to call a hybrid at the first opportunity is rare but, if realised, can be negative for investors—can we identify the telltale signs of heightened risk?