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
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
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
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
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
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
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
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
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.
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 …
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
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 …
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
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
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 …
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 …
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 …
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
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
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
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
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
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
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
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
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
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
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
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
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
The market seems very positive on the global backdrop — do you agree with the consensus views? How will this impact emerging market debt?
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
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
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
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
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
‘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
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.
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
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 …
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
Core government bond markets ended the week with a better tone, even as the European Central Bank announced its intentions to modestly reduce asset purchases, and as the ECB increased forecasts for economic growth and for inflation. The ECB notched
Hout speelt een steeds prominentere rol bij de bouw van huizen en kantoren. Het is minder belastend voor het milieu dan beton en staal. In de knik van de Amstel, met aan de voet het lommerrijk gelegen Park Somerlust rijst
Macro managers' returns are positive year-to-date but are still lagging their benchmarks. Their alpha was hit twice by the end of March and June. Managers adequately positioned early this year on rising yields and tapering through bond shorts and steepeners.
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 quickly regained upward momentum,
Inflation? The debate about inflation has been hotting up. During the earnings season, many companies flagged up the fact that they were experiencing higher supply costs. In April, the latest US CPI print – a measure of inflation in the
Most sophisticated investors are aware of the pitfalls of overreacting to short‑term market trends, a habit that can lead to disappointing long‑term returns. Capital markets are volatile, and investors who rush to sell or buy assets based solely on their
Market weekly: Emerging market equities offer investors a wide range of diversification opportunities across economies with a solid post-pandemic growth profile that include, but also stretch beyond, China and the wider Asian region. Quang Nguyen, head of global emerging market equities,
Carbon pricing has so far failed to take off. But it could soon become a pillar of the green economy. The transition from a fossil-fuelled economy to one powered by renewables carries the promise of being as transformational as the
The concept of matching asset allocation to an individual’s risk preferences has been around for decades. As the theory developed, the concept of lifecycle investing – varying asset allocation according to an individual’s age – was born. In this article,
