Center for Investment Excellence Podcast Archive

🕔15:49, 31.Jan 2019

The Center for Investment Excellence features an expanding set of podcast series across asset classes and investment themes designed to give you the tools you need to empower better decisions and build stronger portfolios for your institution. To access past

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Innovation

Innovation

🕔14:03, 31.Jan 2019

An opinion about change | Technology As the lines between infrastructure and private equity become increasingly blurred, the question of categorization – while topical – becomes more trivial. A more relevant consideration is to understand the risks around the cashflows

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Risico’s eurozone nemen toe

Risico’s eurozone nemen toe

🕔14:03, 31.Jan 2019

Investment Highlights ̴week 4 Aandelen lieten een gemengd beeld zien. In ontwikkelde markten noteerden aandelen een lichte min, terwijl aandelen in opkomende markten in euro’s met 1,0% stegen. De democraten zijn voorlopig de winnaars van de strijd om de Amerikaanse

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Asset Allocation Update

Asset Allocation Update

🕔14:03, 31.Jan 2019

Reality bites? The collapse across asset markets at the end of last year was surprising in the context of decent above-trend economic growth across the major blocs, muted inflationary pressures and expanding corporate profits. Certainly, global equities suffered the sharpest

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Portfolio optimization: a general framework for portfolio choice

Portfolio optimization: a general framework for portfolio choice

🕔11:02, 31.Jan 2019

It is widely accepted among investment professionals that, while portfolio optimization has compelling theoretical merit, it is not useful in practice. Practitioners are concerned that optimization is an “error maximizing” 1 process fraught with insurmountable estimation issues. The abstract of

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Was 2018 just a bump in the road… or is 2019 the end of the road?

Was 2018 just a bump in the road… or is 2019 the end of the road?

🕔05:07, 31.Jan 2019

Call it superstitious, but we in Applied Equity Advisors are always uncomfortable producing our market outlook commentary for the following year until the current year is complete. Much can happen in December that could impact our projections about the coming

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Retail is not dead and regionally dominant shopping centres offer an attractive value play

Retail is not dead and regionally dominant shopping centres offer an attractive value play

🕔01:01, 31.Jan 2019

The consumer has taken control of the retail relationship which is putting pressure on retailers’ margins, as they face increased competition and a need to invest in a full reconfiguration of their supply chain to offer an “Omni-channel” distribution model

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ESG for EMD: Toward Best Practice

ESG for EMD: Toward Best Practice

🕔17:03, 30.Jan 2019

Our Emerging Markets Debt team has been analyzing ESG indicators for sovereigns for eight years, and started working with Sustainalytics five years ago to build ESG coverage of its corporates universe. During that time, it has continually enhanced its ESG

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The data challenge

The data challenge

🕔17:03, 30.Jan 2019

We believe that Environmental, Social and Governance (ESG) issues can have a material effect on company fundamentals, in terms of both opportunities and risks, and that ESG analysis can highlight latent risks and provide early warning signals of a potential

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Emerging Markets Debt Chart Book

Emerging Markets Debt Chart Book

🕔17:03, 30.Jan 2019

Emerging markets debt (EMD) index performance was mixed in Q4. Local market performance finished in positive territory, sovereign performance was negative, and corporates were roughly flat. Differentiation between countries continues to be significant, though problems have begun to spread. Valuations

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2019 ESG trends to watch

2019 ESG trends to watch

🕔17:03, 30.Jan 2019

Trade wars.1 Technological disruption.2 Political dysfunction.3 Rising volatility4 and vulnerability.5 The beginning of 2019 has already been described in a multitude of ways, but the overarching themes coming forth tend to follow a clear narrative: The bull market may be

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From robust to fragile growth

From robust to fragile growth

🕔17:03, 30.Jan 2019

2019 Investment Outlook In this investment outlook, we present our short-term outlook for the global economy and financial markets. The tactical asset allocation (TAA) for our SRI funds is based on these short-term expectations. With our TAA we exploit short-term

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The return of transitions

The return of transitions

🕔17:03, 30.Jan 2019

Investment Outlook In this investment outlook, Triodos Investment Management presents its long-term expectations for the world economy and the financial markets. This investment outlook serves as a reference document for us as asset managers and for clients as investors in

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Global corporate bonds: unchartered territory highlights the need for a long-term perspective

Global corporate bonds: unchartered territory highlights the need for a long-term perspective

🕔17:03, 30.Jan 2019

What are the key factors currently impacting the global corporate bond market? The big question affecting the markets is how far into the cycle we are. The US economy is experiencing its longest running expansion in more than 100 years.

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Beleggingsstrategie 2019

Beleggingsstrategie 2019

🕔14:09, 30.Jan 2019

2018 was voor de financiële markten in zekere zin het spiegelbeeld van 2017. Twaalf maanden geleden werd een voor de markten vrij uitzonderlijk jaar afgesloten, waarin de meeste indexen in lokale munt met ruim 10% waren opgeveerd. Een jaar later

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Analyse van de financiële markten

Analyse van de financiële markten

🕔14:09, 30.Jan 2019

Twee jaar geleden verliep het economische herstel gelijkmatig in alle regio's, en nu lijkt ook de economische vertraging alle regio's te treffen. In de Verenigde Staten beginnen de zwakkere prestaties van de auto-industrie en de vastgoedsector navolging te krijgen in

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Hedge fund positioning after the storm

Hedge fund positioning after the storm

🕔14:04, 30.Jan 2019

The weekly brief The market rebound started at end of December has taken place amid an easing of trade tensions and hopes that a no-deal Brexit will be avoided. A softer stance from major central banks has also been supportive.

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As Good as Gold?

As Good as Gold?

🕔10:41, 30.Jan 2019

The fourth quarter of 2018 proved a torrid time for global markets. Softening data and earnings guidance suggested a global slowdown. Combined with tightening global monetary conditions, US-China trade tensions and European political uncertainty, a backdrop emerged that weighed negatively

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Macroprudential approaches to non-performing loans

Macroprudential approaches to non-performing loans

🕔14:36, 29.Jan 2019

This report presents an analysis carried out by the ESRB in response to a Council of the European Union request to develop “macroprudential approaches to prevent the emergence of system-wide NPL problems, while taking due consideration of procyclical effects of

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And the Winner Was…T-Bills?

And the Winner Was…T-Bills?

🕔14:09, 29.Jan 2019

GMO Quarterly Letter 2018 was a lousy year for almost all assets, with no major asset class around the world able to keep pace with U.S. Treasury Bills. The poor returns were not driven by any economic calamity, but by

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Sustainable investing: a ‘why not’ moment

Sustainable investing: a ‘why not’ moment

🕔13:06, 29.Jan 2019

We find ESG can be implemented across most asset classes without giving up risk-adjusted returns. ESG and existing quality metrics such as strong balance sheets have a lot in common. This implies ESG-friendly portfolios could underperform in ‘risk-on’ periods –

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Slowing – but still growing

Slowing – but still growing

🕔13:06, 29.Jan 2019

Macro and Market Perspectives We see global growth slowing as the expansion enters its final stage. The slowdown comes as the US economy becomes a drag rather than a driver. It is driven by elevated uncertainty around policy plans, the

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An opportunity in European credit

An opportunity in European credit

🕔01:13, 29.Jan 2019

Weekly Commentary European corporate bonds sold off late last year amid a broad risk-off environment. Most risk assets have recovered since. One of the surprising exceptions: BBB-rated European debt. We now see compelling relative value in this segment of the

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US Government Shutdown Paused for Now: Assessing the Economic Impact

US Government Shutdown Paused for Now: Assessing the Economic Impact

🕔13:04, 28.Jan 2019

The longest‑ever US government shutdown has finally ended—at least temporarily —while negotiations continue over funding of a US‑Mexico border wall. While the government will be reopened at least until February 15, the economic implications of the shutdown and the potential

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The week produced fresh economic data pointing to an economic slowdown.

The week produced fresh economic data pointing to an economic slowdown.

🕔13:04, 28.Jan 2019

Earnings season in full swing The IMF revised its growth forecasts for 2019 lower, primarily because of softer business conditions in the second half of 2018, US-China trade tensions and a sharper fall in China’s growth which is now seen

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Monetary Policy Versus Markets

Monetary Policy Versus Markets

🕔13:04, 28.Jan 2019

Weekly Economic Commentary Central banks and financial markets are very closely related. When they are in synch, both perform well. When they are not, outcomes suffer and arguments arise over who is the ultimate authority. As we settle into 2019,

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O’Shaughnessy Quarterly Investor Letter Q4 2018

O’Shaughnessy Quarterly Investor Letter Q4 2018

🕔13:03, 28.Jan 2019

In this letter, I address the most common questions that we field at OSAM by discussing: 2018 performance Whether the market looks attractive as of January 2019 Factor performance during 2018 (which started fine and ended very badly) Our vision

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How we avoid forecasting

How we avoid forecasting

🕔11:02, 28.Jan 2019

Uncommon truths We need to forecast but most of us are bad at it. Reverse engineering can help to avoid it. Such a process leads us to favour European over US equities and to prefer telecoms to technology.

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catching down

catching down

🕔09:46, 27.Jan 2019

Monthly Market Update | January 2019  December’s equity market sell-off led global equity markets into the red, marking the first time that U.S., non-U.S. developed, and emerging market equities all ended the year in negative territory since 2008. In fact,

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Investment View

Investment View

🕔09:04, 26.Jan 2019

NN Investment Partners verwacht voor 2019 aandelenrendementen van 5%-7% NN Investment Partners verwacht een afnemende, maar positieve wereldwijde winstgroei Lage waarderingen en sterke risicoaversie zijn gunstig voor de markt

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Investment View

Investment View

🕔09:04, 26.Jan 2019

NN Investment Partners verwacht voor 2019 aandelenrendementen van 5%-7% NN Investment Partners verwacht een afnemende, maar positieve wereldwijde winstgroei Lage waarderingen en sterke risicoaversie zijn gunstig voor de markt

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ECB – Further decision in March

ECB – Further decision in March

🕔03:07, 26.Jan 2019

Week Ahead This time, the ECB dedicated the meeting to an in-depth assessment of the economic slowdown. In general, the ECB’s confidence about the sustained convergence of inflation towards price stability is based on the continuation of economic expansion, strong

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US slowdown to dodge recession

US slowdown to dodge recession

🕔02:04, 26.Jan 2019

Keep Calm: the US should dodge a recession in the next 12 months Mindful of the sharp tightening of financial conditions since the publication of our 2019 Outlook1 , we have updated our probabilistic model of US recessions. Clearly, our

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The credit party isn’t over yet

The credit party isn’t over yet

🕔19:02, 25.Jan 2019

Weekly Bond Bulletin  European high yield has started the year in good spirits, supported by attractive valuations, robust credit quality and positive technicals. But with global growth momentum slowing, will the credit party continue?

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Factor Views

Factor Views

🕔19:02, 25.Jan 2019

Themes from the quarterly Quantitative Beta Research Summit The factors that we favor were mixed amid a turbulent quarter that saw a wide range of markets fall sharply and end the year in negative territory. A slowdown in economic activity

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The Global Investment Outlook

The Global Investment Outlook

🕔19:02, 25.Jan 2019

Global economy decelerates as headwinds mount and tailwinds fade After enjoying solid and accelerating global growth in 2017 and the first half of 2018, momentum has waned and we expect this trend to continue into 2019. Financial conditions have worsened

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Kick-off 2019 with courage and discipline

Kick-off 2019 with courage and discipline

🕔19:02, 25.Jan 2019

Global Investment Views Kick-off 2019 with courage and discipline After a tough December, which led to an abrupt valuation reset, risk assets rebounded in the first weeks of the year, boosted by a market-sympathetic turn in Fed rhetoric and an

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Germany 2019-2020 Scenario

Germany 2019-2020 Scenario

🕔19:02, 25.Jan 2019

Moving towards a normalised growth rate  Backbone of our scenario is being fuelled by a pick-up in wages and sustained job creations against a backdrop of accelerating workforce ageing. Private consumption is still the main component of growth.

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France 2019-2020 Scenario

France 2019-2020 Scenario

🕔19:02, 25.Jan 2019

The outlook for household consumption remains dependent on the timetable for the roll-out of fiscal and social security measures. In 2019, it looks set to pick up on a one-off basis (1.9% compared with 0.9% in 2018), in view of

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Prescriptions for late-cycle portfolio construction

Prescriptions for late-cycle portfolio construction

🕔19:02, 25.Jan 2019

Time-tested projections to build stronger portfolios Our 2019 Long-Term Capital Market Assumptions (LTCMAs) offer a message of secular optimism, broadly consistent with our 2018 assumptions. This optimism is tempered by the reality of latecycle headwinds and an uptick in volatility,

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Multi-Asset Solutions Weekly Strategy Report

Multi-Asset Solutions Weekly Strategy Report

🕔19:02, 25.Jan 2019

Global markets and multi-asset portfolios Recent equity market volatility reflects, in part, investor concern about the impact of slowing growth and tariffs on corporate earnings as well as the possibility of an earnings recession. The U.S. reporting season underway will

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Baby Shark

Baby Shark

🕔19:02, 25.Jan 2019

Global Macro Update Following price action as irritating as the latest viral internet sensation, a change in the tide could result in better fishing grounds for an alpha catch. 

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Window of Opportunity

Window of Opportunity

🕔19:02, 25.Jan 2019

 Emerging Market Debt Update Risk assets continued their early year bounce as dovish Federal Reserve (Fed) speak and cheaper valuations have proven to be just the tonic investors needed to reinvigorate their spirits following 12 jading months. It seems progress

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A very challenging 2019 ahead

A very challenging 2019 ahead

🕔19:02, 25.Jan 2019

Outlooks & Conviction Central bank liquidity should continue to contract but much less markedly as most of the ground was covered in 2018. Elsewhere, we expect the Fed to continue raising rates, but its new optionality now makes it less

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Rationeel gedrag aan het einde van een bull markt

Rationeel gedrag aan het einde van een bull markt

🕔15:50, 25.Jan 2019

De beleggingsmarkten hebben na de financiële crisis enorme koersstijgingen meegemaakt. Zo steeg de Dow Jones aandelenindex na de crisis met een spectaculaire 200%. De groei van de AEX-index was al even onstuimig en ging in 2018 zelfs meerdere keren door

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The ECB Survey of Professional Forecasters (SPF) – First quarter of 2019

The ECB Survey of Professional Forecasters (SPF) – First quarter of 2019

🕔14:32, 25.Jan 2019

Summary The results of the ECB Survey of Professional Forecasters (SPF) for the first quarter of 2019 show downward revisions to inflation and real GDP growth expectations, particularly in the near term1 . HICP inflation expectations stood at 1.5%, 1.6%

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Three Investment Themes for 2019

Three Investment Themes for 2019

🕔14:04, 25.Jan 2019

Maintaining flexibility, being currency aware and searching out pockets of values are themes for 2019. PIMCO’s European wealth management team recently met to discuss the state of markets and our outlook for intermediary clients in Europe. Drawing on a survey

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Managed Futures /Global Macro 2018 Strategy Review

Managed Futures /Global Macro 2018 Strategy Review

🕔11:02, 25.Jan 2019

2018: Trees Don’t Grow to the Sky Regression to the mean. Or, as we’ve been known to say before, trees don’t grow to the sky. That sentiment seemed to be the theme of 2018 market movement. Stocks finally came off

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White paper: Diversity of Thought and the Search for Best Ideas

White paper: Diversity of Thought and the Search for Best Ideas

🕔04:02, 25.Jan 2019

Summary The concept of “best ideas” is well understood in an investment context, but it is seldom grasped with such clarity in a broader organisational setting. We ask how a process of distillation and refinement might be used in decision-making

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Slowing – but still growing

Slowing – but still growing

🕔02:12, 25.Jan 2019

Macro perspectives We see global growth slowing as the expansion enters its final stage. The slowdown comes as the US economy becomes a drag rather than a driver. It is driven by elevated uncertainty around policy plans, the tech rivalry

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