UBP impact insights – September 2021

UBP impact insights – September 2021

🕔15:08, 30.Sep 2021

Welcome to the first edition of the UBP Impact Newsletter. Between the annual impact report and the regular thought pieces the team produces, we felt that our clients – current and future – would welcome a more informal update from

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High yield verliest glans

High yield verliest glans

🕔13:20, 30.Sep 2021

Ongekende monetaire stimulansen zorgen voor sterk herstel In het eerste kwartaal van 2020 werden de financiële markten wereldwijd opgeschrikt door de escalatie van de corona-uitbraak tot pandemie. Zorgen over de economische impact van deze pandemie leidden tot sterk dalende koersen

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For our 12-month outlook we remain cautiously optimistic

For our 12-month outlook we remain cautiously optimistic

🕔10:36, 30.Sep 2021

August was friendly, which it often hasn’t been in the past. In bonds, little happened overall. Government bonds and investment-grade corporate bonds showed a slightly negative total return, while the high-yield segment, as well as Asian bonds, just made it

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Diversified private debt  portfolios for insurers

Diversified private debt portfolios for insurers

🕔10:13, 30.Sep 2021

Faced with unique and diverse challenges, insurance investors have looked to increase their exposure to less liquid markets, such as private debt, over recent years. Private debt is often well-suited to an insurer’s balance sheet and we believe that a

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A strategic policy shift and the outlook for China’s private sector

A strategic policy shift and the outlook for China’s private sector

🕔10:09, 30.Sep 2021

What should investors make of the flurry of regulatory tightening that China has implemented since the second half of 2020? How do the measures fit into China’s central strategy as it seeks to strengthen its domestic sector and embarks on

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The evolution of thematic investing and ESG

The evolution of thematic investing and ESG

🕔09:45, 30.Sep 2021

Evolving nature of thematic investing One could argue that thematic investing started off with sector investing, where an investor could make a bet on a particular industry they thought was poised for growth (for example, information technology in the late

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Bodemuitputting: 5 centimeter maakt een wereld van verschil

Bodemuitputting: 5 centimeter maakt een wereld van verschil

🕔08:30, 30.Sep 2021

We zijn gewend om omhoog te kijken als er een groot, wereldwijd milieuprobleem opgelost moet worden zoals het gat in de ozonlaag of een hoge CO2-uitstoot. Maar ook de grond onder onze voeten speelt een doorslaggevende rol voor de toekomst

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Supply constraints add to inflation angst

Supply constraints add to inflation angst

🕔20:03, 29.Sep 2021

Theme of the month: EU Fit for 55 In July, the EU announced “Fit for 55” – a suite of measures to deliver a 55% reduction in GHG emissions by 2030 from 1990 levels. It included an enhancement of the

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Above the cloud: investment opportunities across the value chain

Above the cloud: investment opportunities across the value chain

🕔14:48, 29.Sep 2021

Every prior industrial revolution has had a catalyst followed by transformational change. Steam enabledmechanisation in the first industrial revolution,electricity led to mass production in the second, while technology droveautomation in the …

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Aerial View Magazine: The Changing Faces of Dutch Pensions

Aerial View Magazine: The Changing Faces of Dutch Pensions

🕔14:09, 29.Sep 2021

Aging nations favor bonds and defined-benefit pensions The Netherlands is pursuing a first-of-a-kind transition to put its $1.9 trillion pension system on a more sustainable path. The move offers plenty of scope for opportunity, but also carries its fair share

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Process is everything for Pan European Smaller Companies

Process is everything for Pan European Smaller Companies

🕔13:37, 29.Sep 2021

Two factors have interested us in Europe in 2021. First, there has been a value rally since November 2020, particularly in smaller companies. The onset of the pandemic in Europe in early 2020 initially saw value and cyclical stocks, typically

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Sustainable Investing in EM Sovereign Debt

Sustainable Investing in EM Sovereign Debt

🕔12:18, 29.Sep 2021

In this paper, we will take a closer look at why it is important to systematically evaluate material ESG risk factors in fundamental credit research across emerging market sovereigns. We go on to discuss the ESG framework we developed for

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Did I Miss the Value Turn?

Did I Miss the Value Turn?

🕔11:11, 29.Sep 2021

Value’s Travails and Recent Partial Recovery  In mid-March 2020, we wrote in “This Too Shall Pass” that disruptions such as the Covid-19 pandemic are not permanent and that investors can look beyond immediate travails to an eventual return to normalcy.

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De voordelen van actief beleggen in China zijn groter geworden

De voordelen van actief beleggen in China zijn groter geworden

🕔10:04, 29.Sep 2021

Met de snel wijzigende regelgeving moeten beleggers in Chinese aandelen een actieve beleggingsaanpak hanteren. Beleggers worden er regelmatig aan herinnerd hoe uniek China is. Meestal gaat het om positieve verrassingen, zoals de indrukwekkende opleving van de Chinese economie na …

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Markets in 3D: Delta, Deceleration and Divergences

Markets in 3D: Delta, Deceleration and Divergences

🕔09:12, 29.Sep 2021

Equities have remained buoyant over the past weeks despite some challenges (China regulation, Afghanistan crisis), primarily due to the exceptional earnings seasons in the US and Europe. Looking ahead, we identify three main themes: the spread of the Delta Covid

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An uneasy truce

An uneasy truce

🕔16:21, 28.Sep 2021

The past month has seen geopolitics move back into the headlines as the United States and its allies made a final withdrawal from Afghanistan. Reflecting on the often messy resolution of military conflicts over the ages, the concept …

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Climate change to bear upon banks’ financial performance

Climate change to bear upon banks’ financial performance

🕔15:06, 28.Sep 2021

A broad spectrum of central banks fear climate change could spark the next financial crisis. For this reason, regulators in Europe and the UK are already beginning to scrutinise banks’ resilience to climate change – looking into both the likely

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Germany’s New Government Is Likely to Rewrite Economic Policy

Germany’s New Government Is Likely to Rewrite Economic Policy

🕔14:01, 28.Sep 2021

There will be a focus on green fiscal policy and redistribution. German economic policy looks set to change direction after this month’s election as the Green party is almost certain to form part of the country’s new governing coalition. More aggressive

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The profits party peaks, but the aftermath looks benign

The profits party peaks, but the aftermath looks benign

🕔11:18, 28.Sep 2021

Multi-asset market outlook: Equity markets continued their march higher this month. Neither slowing macro momentum nor increasing infections have hindered this rise and the ‘buy the dip’ strategy continues to be a winner. After a brief dip mid-month, equities …

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Asia: Long road to reopening amidst stark regional divergences

Asia: Long road to reopening amidst stark regional divergences

🕔10:46, 28.Sep 2021

Travel restrictions have remained in place in Asia, as markets in Europe and North America have gradually moved towards reopening over the summer. This took place even against the backdrop of rising COVID-19 cases. The justification behind …

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Europe: reasons for optimism…and caution

Europe: reasons for optimism…and caution

🕔09:01, 28.Sep 2021

The European economic recovery is well under way: gross domestic product (GDP) growth in Europe’s major economies was stronger than expected over Q2, notably in Italy and Spain. As European economies are opening up, services activity has recovered sharply, boosted

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Evergrande 101: Take a breath

Evergrande 101: Take a breath

🕔15:56, 27.Sep 2021

What can we overreact to today? Guess we know the answer to that one. We entered the weekend with investors looking ahead to this week’s Fed meeting and policy decision on Wednesday, plus a full slate …

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Verschillen bieden kansen in opkomende markten

Verschillen bieden kansen in opkomende markten

🕔14:52, 27.Sep 2021

Zelden speelden in de opkomende economieën zulke krachtige en tegenstrijdige krachten. Dat zorgt voor veel verschillende kansen voor beleggers. Uitzonderlijk sterke en concurrerende economische krachten veranderen drastisch het landschap voor beleggers in opkomende markten (EM). Maar voor wie analytisch …

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Navigating the Lowest-Yielding Bond Market in History

Navigating the Lowest-Yielding Bond Market in History

🕔13:12, 27.Sep 2021

More than 60% of the fixed income market yields less than 1% and only 2.5% of the market yields more than 4%. This is a far cry from the yields available 20 years ago, or even two years ago. It

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LDI instrument selection

LDI instrument selection

🕔11:55, 27.Sep 2021

LDI Deep Dive Series: Part 4: LDI instrument selection  Investors with long-term liabilities, like pension funds or life insurers, are normally exposed to interest rate risk because a fall in interest rates will increase the value of their liabilities. By

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Fixed Income Strategy September 2021

Fixed Income Strategy September 2021

🕔10:46, 27.Sep 2021

Strategy Summary The FIXED INCOME MONTHLY provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team. Our investment approach is multi-strategy, with portfolio managers given clear accountability and fiduciary responsibility for all investment decisions in a

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China is making good RI progress, despite its contradictions

China is making good RI progress, despite its contradictions

🕔09:26, 27.Sep 2021

China is a double-edged sword: it is the world-leading renewables developer, installing more than double the gigawatt (GW) capacity of its nearest competitor over the past decade both in terms of wind and solar power (Figure 1), but at the

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Podcast: Are central banks at an inflection point?

Podcast: Are central banks at an inflection point?

🕔14:56, 24.Sep 2021

5 minutes with UBP global fixed income: What do you think of the recent communications from central banks? In this new podcast, our experts Bernard McGrath and Mohammed Kazmi share their views and reflect on the upcoming June meetings.

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Fundamentals spreken in het voordeel van de opkomende markten

Fundamentals spreken in het voordeel van de opkomende markten

🕔14:50, 24.Sep 2021

Activa van opkomende markten presteren goed in een omgeving van stijgende inflatie en sterke groei, zelfs wanneer de rendementen stijgen en de economieën van ontwikkelde markten beter presteren. Nadat de opkomende markten het afgelopen jaar sterk hebben gepresteerd, maken beleggers

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What is the future for climate disclosure?

What is the future for climate disclosure?

🕔14:30, 24.Sep 2021

It’s only a matter of time before companies will have to report on their climate-related risks. They should get ahead by putting the processes in place to do so now, says Thibaud Clisson. For the financial sector to respond adequately

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Commercial Real Estate Investors Revisit Inflation

Commercial Real Estate Investors Revisit Inflation

🕔12:47, 24.Sep 2021

Investors cite inflation hedging power as one of the primary attractions of property investments.2 This characteristic has been of limited use in recent years given the very low pace of inflation in the US and throughout most developed global markets

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Five Forces in International Equities Investors May Be Underestimating

Five Forces in International Equities Investors May Be Underestimating

🕔09:24, 24.Sep 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

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China-US monetary policy divergence – Implications for Asia

China-US monetary policy divergence – Implications for Asia

🕔08:55, 24.Sep 2021

Diverging macroeconomic policies in China and the US have created market volatility recently amid concerns that China’s growth slowdown could spill over into Asia and a less generous US central bank could mean tighter US dollar liquidity for …

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U.s. Economic & interest rate outlook

U.s. Economic & interest rate outlook

🕔21:17, 23.Sep 2021

The obstacles to a full recovery have been identifiable for some time: Viral resurgence, long-term unemployment, supply chain dislocation. We still expect these are temporary challenges, but all are proving more durable than we had hoped. The Delta strain of

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Earth Day 2021: How investors can support a greener future

Earth Day 2021: How investors can support a greener future

🕔16:16, 23.Sep 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

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Exploring the links between ESG supervision and performance

Exploring the links between ESG supervision and performance

🕔15:23, 23.Sep 2021

How do companies oversee the environmental, social and governance (ESG) aspects of their business and manage the associated risks? Different companies take different approaches. Some have board-level committees fully devoted to ESG and sustainability supervision; others integrate ESG oversight into

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The Big Picture Global Asset Allocation 2021 Q4

The Big Picture Global Asset Allocation 2021 Q4

🕔14:09, 23.Sep 2021

Despite another good three months for cyclical assets, we are sticking with them within our Model Asset Allocation. We make minimal changes, with a reduction in the allocation to highyield credit (to Underweight) and a corresponding increase to equities (going

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China’s Phase 3: a new chapter in its epic story

China’s Phase 3: a new chapter in its epic story

🕔12:03, 23.Sep 2021

To understand current developments in China, it’s important to see how the country is now emphasising not just economic power, but the “soft” power of persuasion and influence. The key for investors is to learn how and where these strategic

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The Path To Esg: No Turning Back For Asset Owners And Managers

The Path To Esg: No Turning Back For Asset Owners And Managers

🕔11:08, 23.Sep 2021

In 2017, we set out to understand how asset owners and asset managers planned to integrate ESG. Our results – outlined in our first ESG survey “Great Expectations” – were encouraging, showing commitment to ESG but little in the way

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What will be the key factors driving EM debt markets in 2021?

What will be the key factors driving EM debt markets in 2021?

🕔10:44, 23.Sep 2021

The market seems very positive on the global backdrop — do you agree with the consensus views? How will this impact emerging market debt?

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For sustainability, diversification and upside potential: US value equities

For sustainability, diversification and upside potential: US value equities

🕔10:39, 23.Sep 2021

It’s payback time for investors who have been seeing a return to favour of the equity value investment style after years of underperformance versus growth stocks. A sustainable investing approach in value equities can enable investors to benefit from attractive

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Post-summer check-up: Shifts& Narratives on the regime shift

Post-summer check-up: Shifts& Narratives on the regime shift

🕔08:50, 23.Sep 2021

Investors have enjoyed stellar performances over the last twelve months. A 60/40 traditional global equity/bond portfolio1 returned around 19% on a one-year horizon, well above even the rosiest expectations of the recovery from the Covid-19-induced slump. The S&P 500 is

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Digital Assets: From Fringe to Future

Digital Assets: From Fringe to Future

🕔17:07, 22.Sep 2021

In 1998, computer scientist Nicholas Szabo developed a novel, decentralized digital currency called “bit gold” based on a system mathematicians hypothesized nearly a decade prior. The development of this system was a precursor of what we know now as blockchain.2

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Private debt stands out amid the uncertainty

Private debt stands out amid the uncertainty

🕔16:14, 22.Sep 2021

Market weekly: Uncertainty over the macroeconomic landscape and the outlook for monetary policy currently combine with an awareness among investors that by many measures, valuations in public markets are on the high side. Listen to the podcast or read the

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Topix hits 30-year high as PM Suga announces resignation

Topix hits 30-year high as PM Suga announces resignation

🕔14:19, 22.Sep 2021

After months of declining approval ratings, Prime Minister Suga announced that he will not run for election as the ruling LDP leader and will thus resign as PM. In addition to mounting public criticism over his response to the Covid-19

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Een wereldwijde biodiversiteitsstrategie, uitdaging en kans voor beleggers

Een wereldwijde biodiversiteitsstrategie, uitdaging en kans voor beleggers

🕔11:36, 22.Sep 2021

‘s Werelds grootste organisatie voor natuurbescherming – de Internationale Unie voor het behoud van de natuur (IUCN- International Union for the Conservation of Nature) – houdt is september haar vierjaarlijkse bijeenkomst in Marseille. Het evenement, is de grootste milieuconferentie waaraan

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The Return of Volatility May Signal a Buying Opportunity, Not a Bear Market

The Return of Volatility May Signal a Buying Opportunity, Not a Bear Market

🕔10:49, 22.Sep 2021

Judging from the performance of equity markets alone, the past four to six weeks appear to have followed the theme of the previous 12 months: a relentless rally in risk assets. When other markets are considered, though, a very different picture emerges.

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De film A Life on Our Planet heeft klimaatbeleid in een stroomversnelling gebracht

De film A Life on Our Planet heeft klimaatbeleid in een stroomversnelling gebracht

🕔08:17, 22.Sep 2021

Er is veel geschreven over duurzaam beleggen en de noodzaak om de leefbaarheid van onze planeet te beschermen. Maar al die verhalen samen, hebben nog niet zoveel in beweging gebracht als A Life on Our Planet. Dat is een film

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Cats, rivers & regulation: the lowdown on Chinese equities

Cats, rivers & regulation: the lowdown on Chinese equities

🕔16:39, 21.Sep 2021

Deng Xiaoping is often considered the architect of modern China, having advocated a pragmatic approach to economic development and embraced the free-market system of western economies. However, many of the principles he endorsed have seemingly been turned on their …

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Rock and a Hard Place

Rock and a Hard Place

🕔14:29, 21.Sep 2021

Global Asset Allocation: The View From Europe  Coming out of the Jackson Hole Economic Symposium, Federal Reserve Chairman Jerome Powell signalled that the Fed could begin to wind down its monthly bond buying by year-end, if the economy and coronavirus

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