The rise of Central Bank Digital Currencies

The rise of Central Bank Digital Currencies

🕔17:09, 30.Apr 2021

What are Central Bank Digital Currencies (CBDCs)? What is the impetus behind CBDCs when the ethos of crypto goes against the very role of central banks? How will CBDCs affect the widespread use of cryptocurrencies or the need for crypto

Read Full Article
Long Term Asset Class Forecast

Long Term Asset Class Forecast

🕔14:41, 30.Apr 2021

Our longer-term asset class forecasts are forward-looking estimates of total return and risk premia, generated through a combined assessment of current valuation measures, economic growth, inflation prospects, ESG considerations, yield conditions as well as historical price patterns. We also include

Read Full Article
Emerging Markets: Using illiquid credit to address long-term investment goals

Emerging Markets: Using illiquid credit to address long-term investment goals

🕔12:27, 30.Apr 2021

Despite having successfully navigated volatile markets and the uncertain economic outlook in 2020, long-term institutional investors continue to face significant challenges. Surveys show 66% of pension funds consider themselves to be cashflow negative and 53% of those that are cashflow

Read Full Article
China: Financing the Green transformation

China: Financing the Green transformation

🕔10:41, 30.Apr 2021

In the second piece of our three-part report1 , we discussed the micro and macroeconomic impacts of China’s green transformation. While it is difficult to precisely quantify these impacts as China transitions to a carbon-free economy, we do know that

Read Full Article
All standstill.

All standstill.

🕔08:35, 30.Apr 2021

In Credit: Government bond yields were little moved last week. The benchmark US 10-year note ended the week with a yield of 1.58%, barely moved from a week earlier. Inflation expectations, which have risen materially in the last year and

Read Full Article
Podcast: EUR Cash is not king

Podcast: EUR Cash is not king

🕔16:03, 29.Apr 2021

Flash update: Ever since 2014, deposit rates in Europe have been negative, creating a headache for investors with this phenomenon unlikely to change in the near future. Current market pricing, for instance, does not have the deposit rate returning to

Read Full Article
Sustainability-linked fixed income – Beyond green bonds

Sustainability-linked fixed income – Beyond green bonds

🕔15:22, 29.Apr 2021

Issuance of green bonds began more than 10 years ago in response to (institutional) investor concerns about climate change and its political and economic implications.[1] They have become a major pillar of an asset class of sustainability-linked fixed income securities that continues

Read Full Article
High Yield Debt Can Boost Income And Return Potential Amid Low Yields

High Yield Debt Can Boost Income And Return Potential Amid Low Yields

🕔12:47, 29.Apr 2021

Downside risk management is crucial.  Volatility and low yields are likely to persist over the next few years as the global economy recovers from the shock of the coronavirus. Navigating this environment will be difficult, particularly as returns from equities

Read Full Article
Unveiling the outlook behind China’s distorted Q1 GDP report

Unveiling the outlook behind China’s distorted Q1 GDP report

🕔11:17, 29.Apr 2021

China’s economy grew robustly in the first quarter of 2021, at least on the face of it. However, underlying growth momentum has slowed. This should reduce any risk of monetary tightening that investors are worried about. The real risk is

Read Full Article
An update on our ESG scores

An update on our ESG scores

🕔08:10, 29.Apr 2021

In February 2018, Templeton Global Macro (TGM) released its original paper on the topic of environmental, social and governance (ESG) factors in sovereign fixed income investing. The paper (Global Macro Shifts—issue 9 [GMS-9]) explored the team’s novel approach to ESG

Read Full Article
How to analyse discretionary macro funds

How to analyse discretionary macro funds

🕔15:07, 28.Apr 2021

Whilst the definition is fairly broad, a traditional DMAC investment approach aims to build a balanced portfolio of directional trades that mix traditional and idiosyncratic premia (betas) by taking risk-on/risk-off positions using fundamental macro and market analyses that are not

Read Full Article
The Resilience of EM Corporate Debt

The Resilience of EM Corporate Debt

🕔13:15, 28.Apr 2021

Some investors view emerging markets in general as risky, and this perception sometimes carries through to emerging market (EM) corporate debt. But the downside experience in this asset class has been remarkably limited. Display 1 shows the losses suffered by

Read Full Article
Janus Henderson Sovereign Debt Index – April 2021

Janus Henderson Sovereign Debt Index – April 2021

🕔10:11, 28.Apr 2021

For us, active is more than our investment approach – it is the way we translate ideas into action, how we communicate our views and the partnerships we build in order to create the best outcomes for clients. We take

Read Full Article
Opportunities and Challenges in a Net-Zero Carbon World – One Year On

Opportunities and Challenges in a Net-Zero Carbon World – One Year On

🕔08:08, 28.Apr 2021

The world runs on energy. Unfortunately for the future of the climate, the current energy system relies heavily on fossil fuels—the primary source of greenhouse gas emissions. Enabled by emerging technologies and rapidly declining costs, the transition from traditional fossil-based

Read Full Article
‘Green’ hydrogen: the oil of the zero-carbon future

‘Green’ hydrogen: the oil of the zero-carbon future

🕔16:58, 27.Apr 2021

Climate change is the defining challenge of our time. Human activities are held responsible for the long-term heating of Earth’s climate system, observed since the pre-industrial period. The burning of fossil fuels is considered the primary contributor to global warming.

Read Full Article
Podcast: Four questions on green bonds

Podcast: Four questions on green bonds

🕔14:14, 27.Apr 2021

Market weekly: Green bonds have grown and matured as a fixed-income segment over the past decade. The need for climate action has spurred a raft of green projects and activities that combat climate change and other environmental challenges and seek

Read Full Article
Great Expectations.

Great Expectations.

🕔11:21, 27.Apr 2021

In Credit  Inflation arrived in the US last week. There was also a bumper crop of strong economic data releases. This had been largely expected and remarkably yields fell to the lowest level in a month with the US 10-year

Read Full Article
Volatility in rates little seen in HY so far

Volatility in rates little seen in HY so far

🕔09:31, 27.Apr 2021

Volatility in interest rates year-to-date has unevenly impacted credit markets. Investment grade credit (IG) weakened in sympathy with sovereign yields, especially in high quality and long duration paper. IG bonds were down -3.6% in the U.S. year-to-date, and -0.5% in

Read Full Article
The base effect

The base effect

🕔14:45, 26.Apr 2021

Investors are keenly focused on the risk of inflation, as higher bond yields would hurt both stocks and bonds. Over the last week, inflation data came in hotter than expected, yet both bonds and stocks rallied. It looks like our

Read Full Article
Streven naar nul: Europa zet nog meer in op schone energie

Streven naar nul: Europa zet nog meer in op schone energie

🕔11:58, 26.Apr 2021

Waarom Europa's ambitieuze nieuwe klimaatdoelstelling zal helpen om koolstofneutraal te worden en investeringen in de schone energie-industrie te stimuleren. Naar een hogere versnelling schakelen. Dat is precies wat de Europese Unie zojuist heeft gedaan in de stappen die ze zet

Read Full Article
Loans May Provide Solid Returns in Multiple Rate Environments

Loans May Provide Solid Returns in Multiple Rate Environments

🕔11:36, 26.Apr 2021

The asset class offers a low‑duration profile, attractive yields.  Many investors tend to focus on bank loans only when there is a broad consensus about the Federal Reserve raising interest rates in the short term. While loans have historically performed

Read Full Article
Inflation, rotation and opportunities

Inflation, rotation and opportunities

🕔08:40, 26.Apr 2021

Our outlook draws on our wide range of independent investment managers to deliver asset class insights. Each manager approaches the economic environment with a different lens and offers views to help inform your decision making. As we look forward to

Read Full Article
Bitcoin is Key to an Abundant, Clean Energy Future

Bitcoin is Key to an Abundant, Clean Energy Future

🕔16:49, 23.Apr 2021

In this memo, we aim to explain how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity. This deployment, along with energy storage, aims to facilitate the

Read Full Article
How To Analyse Discretionary Macro Fund

How To Analyse Discretionary Macro Fund

🕔14:05, 23.Apr 2021

Whilst the definition is fairly broad, a traditional DMAC investment approach aims to build a balanced portfolio of directional trades that mix traditional and idiosyncratic premia (betas) by taking risk-on/risk-off positions using fundamental macro and market analyses that are not

Read Full Article
Bubbles, tantrums and the revenge of value

Bubbles, tantrums and the revenge of value

🕔12:07, 23.Apr 2021

Rising UST yields amid hopes of economic recovery are causing the markets to question whether the Fed will pause its bond-buying programme. We don’t think the Fed will change its accommodative stance in the near term. However, investors should prepare

Read Full Article
Inflation Likely to Accelerate: A Non‑consensus View

Inflation Likely to Accelerate: A Non‑consensus View

🕔10:41, 23.Apr 2021

Aggressive stimulus and labor market tightening mean higher inflation risk. Asset and commodity prices have been moving in line with the view that supply constraints and a weaker U.S. dollar are putting incipient pressure on underlying inflation trends. Contrary to

Read Full Article
Taking a look at #Asia – Research Highlights

Taking a look at #Asia – Research Highlights

🕔08:56, 23.Apr 2021

In April T. Rowe Price published an article named “Why ESG Factors Matter in Asia Credit Investing”. In the article, they discuss the upcoming importance of ESG factors when looking at Asian credit. T. Rowe Price expects that the ESG

Read Full Article
Earth Day 2021: How investors can support a greener future

Earth Day 2021: How investors can support a greener future

🕔16:16, 22.Apr 2021

Earth Day is an annual global event supporting environmental protection that takes place on 22 April. To support this year’s theme ‘Restore Our Earth’, some of Columbia Threadneedle’s fund managers and analysts present their thoughts on important environmental issues from

Read Full Article
Emerging Market Debt Looks Attractive Amid Recovery

Emerging Market Debt Looks Attractive Amid Recovery

🕔14:33, 22.Apr 2021

Interest rate volatility has been the main driver of performance in credit markets over the past couple of months. Heightened inflation expectations drove US Treasury rates sharply higher in March, with 10-year Treasuries reaching levels not seen since January 2020,

Read Full Article
Reason to Worry?

Reason to Worry?

🕔14:24, 22.Apr 2021

Global Asset Allocation: The View From Europe  Equity markets are riding higher on unwavering optimism, which has driven the S&P 500 up over 20% above its pre-COVID-19 levels. Despite higher valuations, bouts of risk and pockets of froth in the

Read Full Article
BNP Paribas Asset Management: Beleggers moeten een structurele allocatie aan multifactorstrategieën aanhouden

BNP Paribas Asset Management: Beleggers moeten een structurele allocatie aan multifactorstrategieën aanhouden

🕔10:18, 22.Apr 2021

  In het afgelopen decennium heeft multifactorbeleggen in bedrijfsobligaties een belangrijke ontwikkeling doorgemaakt. Dankzij toegang tot betere datasets en een uitgebreide hoeveelheid onderzoek hebben beheerders de lat aanzienlijk hoger kunnen leggen. Beleggers hebben nu toegang tot robuuste, op factoren gebaseerde

Read Full Article
House View 2020 Outlook

House View 2020 Outlook

🕔10:15, 22.Apr 2021

This time really is different. Every recession is subtly different from the last. However, the events that led to the great recession of 2020 were unique, at least in modern times. A sudden stop in economic activity, imposed by governments

Read Full Article
Activity numbers won’t all return to where they were before Covid

Activity numbers won’t all return to where they were before Covid

🕔15:02, 21.Apr 2021

Covid-19 index: when might life return to ‘normal’? As one of the world’s largest economies the US is a key focus for investors. With every country attempting to return to normality following the coronavirus pandemic, we are monitoring when US

Read Full Article
The whites of their eyes

The whites of their eyes

🕔14:05, 21.Apr 2021

Fixed Income Outlook–2Q2 The US Federal Reserve’s new average inflation targeting framework means that the central bank will not raise policy rates until realised inflation has risen sustainably to above its 2% target. That is, it does not intend to

Read Full Article
China and EM Ex-China

China and EM Ex-China

🕔12:47, 21.Apr 2021

The Yin and the Yang China famously has the world’s second largest economy and a GDP growth rate that’s still north of 6%. What’s particularly enticing to an equity investor, however, is a stock market capitalization of $4 trillion, liquidity

Read Full Article
Facial Recogntion and Human Rights: Investor Guidance

Facial Recogntion and Human Rights: Investor Guidance

🕔09:52, 21.Apr 2021

Facial Recogntion and Human Rights: Investor Guidance Technology has brought the world some wonderful benefits – and some wonderful investments. Technology has allowed many professional workers to continue their jobs from their homes during the current pandemic. President Biden conducted

Read Full Article
Podcast: Time for US bond investors to shift to greater flexibility

Podcast: Time for US bond investors to shift to greater flexibility

🕔13:56, 20.Apr 2021

Market weekly The outlook for US interest rates is shifting towards a normalisation of central bank policy now that the economic recovery appears to be entrenched. Ken O’Donnell, head of short duration fixed income, discusses how investors could tackle this

Read Full Article
Pictet AM: Sectoren “Schone Energie” en “Duurzame Voedselindustrie” bieden beleggers enorme kansen

Pictet AM: Sectoren “Schone Energie” en “Duurzame Voedselindustrie” bieden beleggers enorme kansen

🕔10:00, 20.Apr 2021

De verkiezing van Joe Biden in de VS en Covid-19 zijn de katalysatoren die ervoor zorgen dat de ESG én rendementsbewuste belegger de komende jaren volop aan haar trekken zal komen. Binnen de sectoren “Schone Energie” en “Duurzame Voedselindustrie” zullen er zich volop interessante belegging mogelijkheden voor gaan doen.

Read Full Article
Five Forces in International Equities Investors May Be Underestimating

Five Forces in International Equities Investors May Be Underestimating

🕔09:24, 20.Apr 2021

China, Japan, technology, and value have potential to shape global markets in 2021 and beyond. T. Rowe Price Insights on International Equities: The rapid rise of China to the world’s second‑largest economy is widely observed. Yet, investors appear to underappreciate China’s

Read Full Article
Staying the course

Staying the course

🕔15:17, 19.Apr 2021

Strategic Sector Selector  Global equity markets posted strong returns in 2021 Q1 after a double-digit rise in the final quarter of last year despite a renewed rise in infection rates in Europe, South Asia and South America. We think the

Read Full Article
And You May Ask Yourself, Well, How Did I Get Here?

And You May Ask Yourself, Well, How Did I Get Here?

🕔12:36, 19.Apr 2021

Defined Benefit Pension Trends  J.P. Morgan Asset Management Strategy & Analytics | March 2021 

Read Full Article
As the US recovery matures, returns will be driven by earnings

As the US recovery matures, returns will be driven by earnings

🕔10:18, 19.Apr 2021

Monthly Investment Outlook ■ In March, rising yields caused a dramatic rotation in equity markets, leading to modest gains in stock market indices, while exposing global bond investors to losses. ■ Economic activity in the world’s largest economy continued to

Read Full Article
Danish versus Dutch mortgage investments: How do they compare?

Danish versus Dutch mortgage investments: How do they compare?

🕔14:05, 17.Apr 2021

Danish versus Dutch mortgage investments: How do they compare? Many institutional investors have been attracted in recent years by the potential for high yields on mortgage investments. Exposure to the mortgage market can be achieved in various ways. An interesting

Read Full Article
A Practical Guide Low-Volatility Investing

A Practical Guide Low-Volatility Investing

🕔16:36, 16.Apr 2021

Low-volatility investing has become an investment style in its own right with the launch of a number of low-volatility equity funds, in particular since the global financial crisis of 2008. Such funds are invested in low-risk stocks and the managers use different risk measures to identify …

Read Full Article
Calm after a storm.

Calm after a storm.

🕔15:28, 16.Apr 2021

There has been a degree more stability or calm in core government markets over the last couple of weeks. This comes after a very difficult start to the year, especially in the US.

Read Full Article
Pensioenakkoord uitgelegd: Beleggingsbeleid in de nieuwe regelingen

Pensioenakkoord uitgelegd: Beleggingsbeleid in de nieuwe regelingen

🕔14:50, 16.Apr 2021

Afgelopen zomer hebben het kabinet en sociale partners overeenstemming bereikt over een vergaande herziening van het pensioenstelsel. Dit pensioenakkoord heeft grote gevolgen voor hoe pensioen wordt opgebouwd en wordt belegd. In deze serie bespreken we het pensioenakkoord en de gevolgen voor het beleggingsbeleid.

Read Full Article
Why invest in EM local currency debt?

Why invest in EM local currency debt?

🕔13:05, 16.Apr 2021

Disappointing US dollar bond returns in EM local currency debt has led to a decline in flows into the asset class over the past decade. In this paper, we discuss the key reasons to invest in EM local currency debt, some of the factors behind the recent weakness in the asset class returns and prospects for the asset class going forward. 

Read Full Article
How to look at #Value and #Growth? – Research Highlights

How to look at #Value and #Growth? – Research Highlights

🕔11:25, 16.Apr 2021

First, we look at a recent publication from GMO named “The duration of value and growth”. Here they look at the comparison between bond duration and value and growth. The advancement of the coronavirus in the market has reinforced the idea that value stocks are ‘short duration’. This means that whenever bond yields rise …

Read Full Article
Ebb and Flow

Ebb and Flow

🕔16:44, 15.Apr 2021

The ebb and flow of US real interest rates, inflation expectations and the future level of policy rates remain the key drivers for asset returns globally. For example, local currency emerging market debt yields have largely mirrored those of …

Read Full Article
Nostalgia in the Age of COVID

Nostalgia in the Age of COVID

🕔15:56, 15.Apr 2021

While the markets reflect an optimism borne of nostalgic thinking and a reopening narrative, the global economy faces many structural challenges that demand reflection and attention to what is priced and the cost of misplaced …

Read Full Article

SEARCH