How to think about investing in China today

How to think about investing in China today

🕔15:36, 30.Apr 2022

Despite well-publicised moves to restructure its economy over the past few years, China remains a key investment destination due to the attraction of its enormous domestic market. And as the world’s second-largest economy, China is also deeply interconnected with the

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Impact of the rise in commodity prices on EM equities

Impact of the rise in commodity prices on EM equities

🕔10:05, 30.Apr 2022

A further rise in commodity prices is a key channel through which the conflict in Russia/Ukraine might affect the rest of EM. If the commodity price increase is sustained, some EM countries may suffer from a deterioration in the terms

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Het opkomende potentieel van water

Het opkomende potentieel van water

🕔15:40, 29.Apr 2022

Particuliere bedrijven spelen een belangrijke rol bij het verbeteren van de toegang tot water en de riolering in de opkomende wereld. Waterschaarste wordt een steeds urgenter probleem. De hulpbronnen slinken, terwijl de vraag naar schoon water en sanitaire voorzieningen blijft

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5 reasons to invest in high yield corporate bonds in the current market environment

5 reasons to invest in high yield corporate bonds in the current market environment

🕔08:35, 29.Apr 2022

1. High yield is a growth sensitive asset class: The high-yield market has historically produced positive results over a full cycle, but it tends to do particularly well during the recovery phase of the business cycle as default rates fall,

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The state of the sustainability-linked bond market

The state of the sustainability-linked bond market

🕔08:29, 29.Apr 2022

Before we go further, we should define our terms. A sustainability-linked bond (SLB) is a general proceeds debt instrument, meaning the issuer does not have to predetermine projects and allocation of proceeds. Instead, the funds may be used for general

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The Cross-Section of Municipal Bond Returns

The Cross-Section of Municipal Bond Returns

🕔22:07, 28.Apr 2022

This paper studies the cross-section of expected municipal bond returns. We show that municipal bond yields contain reliable information about differences in expected municipal bond returns across states of issuance, duration range, and credit quality. Hence, using information embedded in

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Global Asset Allocation Insights

Global Asset Allocation Insights

🕔16:37, 28.Apr 2022

We remain defensive as geopolitical risks escalate. The war in Ukraine and associated sanctions on Russia increases the risk of further negative supply shocks to commodities and supply chain disruptions, adding to the case for persistently high inflation and slower

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Endowments Record Their Best Performance Since 1989

Endowments Record Their Best Performance Since 1989

🕔12:58, 28.Apr 2022

Endowment funds are investment funds set up for the benefit of educational and other institutions and funded by gifts and donations. Particularly in the US, universities, museums and hospitals all have endowment funds. The largest belong to American universities, led

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EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔10:13, 28.Apr 2022

ETFs posted net inflows of $1.8bn last week.Commodity saw the strongest net inflows, gathering $850mn. Equity and Fixed Income saw relatively muted but still positive net inflows of $673mn and $207mn, respectively.

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Cut through the static

Cut through the static

🕔16:03, 27.Apr 2022

Our initial 2022 outlook themes generally played out as expected in the first quarter: strong but slower economic growth, persistently hotter inflation, the onset of interest rate hikes and further bouts of elevated market volatility. But two developments were unexpected:

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EMEA-Listed ETF Flash Flows – as of 15 April 2022

EMEA-Listed ETF Flash Flows – as of 15 April 2022

🕔14:28, 27.Apr 2022

– ETFs posted net inflows of $1.9bn last week. Equity attracted $1.1bn while Commodity saw $516mn of net inflows. – Fixed Income took in $408mn while Money Market weathered net outflows of $135mn.

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angeles long-term capital market assumptions as of january 2022

angeles long-term capital market assumptions as of january 2022

🕔10:22, 27.Apr 2022

INTRODUCTION: This report presents Angeles Investment Advisors’ updated capital market assumptions as of January 2022. These assumptions are used in asset allocation modeling for our clients over a long-term horizon (>10 years). Versus our most recent assumptions from our 2021

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2022 Capital Markets Forecast

2022 Capital Markets Forecast

🕔08:38, 27.Apr 2022

Executive Summary “Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated…. It will appear that a measurable uncertainty, or "risk" proper…. is so far different from

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Financial markets remain fragile

Financial markets remain fragile

🕔15:10, 26.Apr 2022

After the substantial fiscal and monetary policy measures implemented in the wake of the pandemic and the subsequent lockdowns, a slowdown in global growth comes as no surprise to anyone. Most of the stimulus in the form of direct payments

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Private markets: (em)brace for impact

Private markets: (em)brace for impact

🕔14:38, 26.Apr 2022

Impact investing is not new, but the development around dedicated private equity impact funds has accelerated in recent years. Increasing political and social pressure, growing awareness among customers and businesses and the emergence of sector initiatives have helped to create

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LDI Deep Dive Series – Part 5: Pulling the pieces together

LDI Deep Dive Series – Part 5: Pulling the pieces together

🕔12:50, 26.Apr 2022

The first and most prominent component of interest rate risk is that of parallel shifts of the interest rate curve. Approximately 90% of the movements in the interest rate term structure can be reflected as parallel shifts. Liability-driven investors can

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Corporate Pension Peer Analysis

Corporate Pension Peer Analysis

🕔09:05, 26.Apr 2022

In brief Our proprietary analysis of trends among the 100 largest corporate pensions by assets found that the 2021 headline funded status is finally approaching full funding 13 years after the global financial crisis (GFC), with more than 70% of

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Quarterly macro and market insights

Quarterly macro and market insights

🕔08:12, 26.Apr 2022

Moderating global growth as policymakers grapple with persistent inflation Global economic growth looks likely to continue in 2022, albeit at a more modest pace. The COVID-19 pandemic does, however, add uncertainty to the outlook, as evidenced by the recent emergence

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2022 Capital Market Projections

2022 Capital Market Projections

🕔16:06, 25.Apr 2022

Current Market Conditions Strong performance across both growth and value strategies during 2021 2021 returns for U.S. equity markets are eye-popping: – S&P 500: +28.7% – U.S. Small Cap: +14.8% – Non-U.S. equity markets lagged: – MSCI World ex USA:

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Winds of war blow on economic outlook

Winds of war blow on economic outlook

🕔14:45, 25.Apr 2022

Ukraine: where do we stand? The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets. Europe is the area most exposed to the war – in

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Does every Financial Services organisation need a Paul Polman?

Does every Financial Services organisation need a Paul Polman?

🕔12:46, 25.Apr 2022

Sustainable Leadership in Financial Services Sustainable leadership. What does that actually mean? And what does it entail for the Financial Services sector? Does it mean shifting strategies from making profits to ensuring the planet is ok? To care about the

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Emerging market debt outlook for 2022

Emerging market debt outlook for 2022

🕔09:55, 25.Apr 2022

Higher inflation and in some cases, rising inflation expectations, have been a key focus for investors this year, in both emerging and developed markets (DM). This is against a backdrop of large fiscal and monetary stimulus from governments around the

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2022 Asset Allocation Report

2022 Asset Allocation Report

🕔08:34, 25.Apr 2022

Including: Long-Term Capital Market Assumptions Short-Term Tactical Outlook This report presents Cliffwater recommendations for asset class return and risk (standard deviation) assumptions, intended for asset allocation studies that set long-term portfolio asset class targets. While these forward-looking or “expected” asset

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Commodity prices drive differentiation within EMD

Commodity prices drive differentiation within EMD

🕔10:05, 23.Apr 2022

A key channel of contagion to fixed income markets outside of Russia/Ukraine is likely to be through commodity prices. Russia is the largest exporter of natural gas and the second-largest exporter of crude oil and petroleum products. The US has

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Embracing Change

Embracing Change

🕔10:45, 22.Apr 2022

Growth is slowing and inflation is climbing steadily due to the serious energy shock in late 2021. Central banks are starting to withdraw monetary stimulus and talking about rate hikes in the near future. The spectre of stagflation is re-emerging,

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Negatieve emissies: verder gaan dan netto nul

Negatieve emissies: verder gaan dan netto nul

🕔09:20, 22.Apr 2022

Om de opwarming van de aarde tegen te gaan, moet de wereld misschien verder gaan dan het bereiken van netto nul en beginnen met actief koolstof uit de atmosfeer te verwijderen. Maar liefst 140 landen en honderden bedrijven over de

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Allocation views

Allocation views

🕔16:10, 21.Apr 2022

Simplify the problem: A tighter focus. It has been an eventful start to the year. A significant rotation in equity market leadership in the early part of 2022’s first quarter saw the prospects for growth stocks derailed. This was followed

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Asset Class Views – Reduced visibility demands neutrality

Asset Class Views – Reduced visibility demands neutrality

🕔14:27, 21.Apr 2022

March has been a month of multiple material developments. Not only the rapid victory envisioned by President Putin did not occur, but the possibilities for a long-lasting conflict have increased. The military stalemate and the dislocation of the political equilibriums

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EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔12:06, 21.Apr 2022

ETFs posted a massive $10.2bn of net inflows last week. Flows were driven mainly by Equity, which captured $7.8bn, and Fixed Income, which gathered $2.1bn. Commodity also saw healthy net inflows of $515mn while Money Market exposures lost $198mn.

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Our monthly market analysis and positioning

Our monthly market analysis and positioning

🕔07:52, 21.Apr 2022

The past month, and indeed the entire first quarter, has been dramatic in every respect. The invasion of Ukraine by Russian troops not only revealed that German politicians in particular had been mistaken about the Russian leader, Vladimir Putin. It

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Asset Allocation Committee Outlook 2Q22

Asset Allocation Committee Outlook 2Q22

🕔16:49, 20.Apr 2022

Against a background of structurally higher inflation and declining growth, exacerbated by Russia’s invasion of Ukraine, the Asset Allocation Committee’s (“AAC”) views have become more risk-averse. They have also realigned with what we see as a new investment regime, signs

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De-Risking Portfolio by Favoring Gold

De-Risking Portfolio by Favoring Gold

🕔12:24, 20.Apr 2022

Each month, the State Street Global Advisors’ Investment Solutions Group (ISG) meets to debate and ultimately determine a Tactical Asset Allocation (TAA) that can be used to help guide near-term investment decisions for client portfolios. By focusing on asset allocation,

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2022 Capital Market Assumptions

2022 Capital Market Assumptions

🕔10:39, 20.Apr 2022

Sellwood Consulting updates its capital markets assumptions on an annual basis. Our 2022 assumptions reflect information as of December 31, 2021, unless otherwise noted. This report documents our process for creating these capital markets assumptions, and we provide detailed methodology

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All Roads: a decade-long journey and still on the road

All Roads: a decade-long journey and still on the road

🕔08:24, 20.Apr 2022

Clear insights into multi-asset investing, macro and research Key points As our multi-asset franchise, All Roads, reached its 10-year milestone, we applied the investment and research insights gained in the past decade to assess the prevailing risk of Q1 –

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Accelerating Innovation and Digitization Across the Insurance Industry

Accelerating Innovation and Digitization Across the Insurance Industry

🕔16:08, 19.Apr 2022

Executive Summary Insurance leaders are continuing to eye payment transformation as a strategic imperative in 2022 and beyond, as they navigate challenges fueled by aging legacy systems, high check volumes of traditional payables and receivables, as well as increasing client

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Q&A on Russian debt

Q&A on Russian debt

🕔14:25, 19.Apr 2022

Russia’s military aggression against Ukraine, which has become Europe’s largest ground war in generations, has impacted millions of people and triggered a large-scale humanitarian crisis as vulnerable Ukrainians take shelter or flee their homes. The intensification and spread of the

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Geopolitical risk dashboard

Geopolitical risk dashboard

🕔12:09, 19.Apr 2022

Geopolitical Risks – April update The Russian invasion of Ukraine is the largest, most dangerous military mobilization in Europe since WWII. It has upended the geopolitical order, with profound implications for financial markets and the global economy. Indeed, our overall

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Central & Alternative Scenarios (12 to 18 months horizon)

Central & Alternative Scenarios (12 to 18 months horizon)

🕔10:26, 19.Apr 2022

Monthly update We keep the narratives and the probabilities of our central and alternative scenario unchanged versus last month. The war in Ukraine could evolve in several ways over the coming weeks (see Ukraine crisis tree) with significant implications on

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How inflation turned out to be anything but transitory

How inflation turned out to be anything but transitory

🕔08:12, 19.Apr 2022

German consumer price rises hit a 42-year high, and probably have not peaked yet In Germany and elsewhere, inflation has accelerated and will probably continue to do so for quite a while. Each new inflation release increases pressures on central

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Global Strategy 2Q 2022

Global Strategy 2Q 2022

🕔08:34, 18.Apr 2022

The uncertainty caused by the war in Ukraine, the sharp increase in commodity prices, and the deterioration of supply chain issues are dampening the economic outlook. At the same time, the inflation risks have increased drastically. The Fed has promised

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ESG is quality, it just isn’t really

ESG is quality, it just isn’t really

🕔08:23, 18.Apr 2022

In the past decades, humankind has been facing evermore alarming events which have shifted our consciousness towards more sustainable thinking. Natural disasters, such as immense bushfires in Australia, countless floods throughout Europe, Asia and the US or social disasters, such

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They Still Haven’t Told You

They Still Haven’t Told You

🕔20:43, 17.Apr 2022

The world’s stock markets display a decades-long pattern of overnight and intraday returns seemingly consistent with only one explanation: one or more large, long-lived quant firms tending to expand its portfolio early in the day (when its trading moves prices

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Swap spreads on the move

Swap spreads on the move

🕔10:33, 15.Apr 2022

Swap spreads, the difference between the yield on daily collateralized swaps and benchmark sovereign debt, are observed for many reasons: amongst others as an economic risk indicator; a measure of investor preferences over time; and an important consideration in setting

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Asia: Rising energy prices will hasten policy tightening in the region

Asia: Rising energy prices will hasten policy tightening in the region

🕔08:28, 15.Apr 2022

After months of heightened tensions between the Ukraine and Russia, the situation reached a turning point on February 22. Russian President Vladimir Putin signed a decree recognising the independence of Luhansk and Donetsk, paving the way for the invasion of

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Commodities at War Series: Fertilizer Prices are a Growing Concern for Farmers

Commodities at War Series: Fertilizer Prices are a Growing Concern for Farmers

🕔14:32, 14.Apr 2022

Fertilizer prices have risen rapidly following the Russian invasion of Ukraine. Russia is a material producer and exporter of fertilizer. The combination of sanctions, shipping firms avoiding the Black Sea region and Western banks, and traders shunning Russian supplies has

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An Update on our ESG Scores

An Update on our ESG Scores

🕔12:21, 14.Apr 2022

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

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A tale of two shocks

A tale of two shocks

🕔10:04, 14.Apr 2022

The economy is facing two shocks. An inflation shock has led to a sharp hawkish shift by central banks. The Fed is now expected to raise policy rates to 2.5% this year. The BoJ is the outlier in the developed

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Near-term outlook: less real growth, more inflation

Near-term outlook: less real growth, more inflation

🕔08:30, 14.Apr 2022

The war in Ukraine adds another supply-side shock and increases economic uncertainty at a time when macro policy is constrained by high inflation and strained public finances. Despite this, most stock markets are trading higher today than at the start

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Q&A: Investing amid geopolitical uncertainty

Q&A: Investing amid geopolitical uncertainty

🕔10:05, 13.Apr 2022

Russia’s invasion of Ukraine has intensified focus on geopolitical risks. However, investing amid geopolitical uncertainty is not new. Seasoned portfolio managers Kirstie Spence and Victor Kohn discuss how they approach geopolitical risk in emerging markets.

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Guide to the Markets – 2Q 2022

Guide to the Markets – 2Q 2022

🕔08:51, 13.Apr 2022 Read Full Article

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