AI: een existentiële bedreiging?

AI: een existentiële bedreiging?

🕔16:23, 19.May 2022

Zal artificiële intelligentie de mensheid overheersen en bedreigen of kunnen we leren om met deze ongelooflijke technologie te leven? Twee experts op het gebied van AI geven hun mening. Artificiële intelligentie (AI) is misschien wel de belangrkste technologie die mensen

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When volatility is rising, boring is beautiful

When volatility is rising, boring is beautiful

🕔15:02, 19.May 2022

Fast-growing digital and tech companies generated a lot of investor excitement over the past decade, not to mention an outsized share of market returns. Since the start of 2022, however, many of these market darlings have taken a beating. Amid

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The energy crisis heightens inflation fears

The energy crisis heightens inflation fears

🕔12:38, 19.May 2022

Inflation was already running well above central banks’ targets as we entered the year. The war has put additional pressure on prices and supply chains and this could have repercussions not just on oil, but on other commodities as well.

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Does the EM debt repricing present a good entry point?

Does the EM debt repricing present a good entry point?

🕔11:23, 19.May 2022

The Russia-Ukraine conflict, a spike in commodity prices and rising global inflation have raised fresh questions about the outlook for emerging markets (EM) debt. Recent forecasts from the International Monetary Fund and World Bank suggest global growth is slowing. And

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Our carbon framework for sustainable investing

Our carbon framework for sustainable investing

🕔09:16, 19.May 2022

The urgent need for action on climate change means that investors need to think about carbon in their portfolios. And they need to do so from multiple perspectives. To help investors do this, we have developed a carbon framework.

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Quarterly macro and market insights

Quarterly macro and market insights

🕔08:25, 19.May 2022

Global economic optimism declined in the first quarter of 2022. War in Europe added to already stiff inflationary headwinds from continued supplychain disruptions. A more hawkish tone from the Fed and other major central banks fuelled concerns of slowing global

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Fixed Income Perspectives

Fixed Income Perspectives

🕔14:28, 18.May 2022

Is This What “Unprecedented and Extraordinary” Actually Feels Like? Unprecedented and extraordinary. For more than a decade, this was the description for actions taken by the Federal Reserve to keep the economy—and by extension, risk assets—on track. If you wanted

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EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔12:59, 18.May 2022

ETFs suffered heavy net outflows, losing $4.9bn last week. Equity weathered net outflows of $2.9bn while Fixed Income lost $1.2bn. Commodity also saw significant net outflows of $841mn while Money Market gathered $181mn.

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Talking Points

Talking Points

🕔10:52, 18.May 2022

Loan prices sharply retreated this week due to spiking volatility across global financial markets, as the S&P/LSTA Leveraged Loan Index (the “Index’) experienced some of the worst daily marks since March 2020. Overall, the Index lost 2.05% for the sevenday

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Still Crazy After All This YTD

Still Crazy After All This YTD

🕔08:54, 18.May 2022

Global Value Spreads Hypothetical AQR Industry-and-Dollar-Neutral All-Country Value Portfolio

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Commodities at war: testing the mettle of the global metals industry

Commodities at war: testing the mettle of the global metals industry

🕔19:00, 17.May 2022

For the past couple of decades, China has been the driver of the health of the global metals industry as it accounts for roughly 50% of demand for a number of metals commodities. More recently, two other factors have driven

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The Death of Innovation

The Death of Innovation

🕔15:58, 17.May 2022

Innovation stocks have become a popular investment theme but are facing scrutiny. We build a half-century backtest of innovation that invests in a rotating portfolio of technologies trending in patent data. Innovation has delivered positive long-term returns distinct from growth

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A Year for the Record Books

A Year for the Record Books

🕔14:24, 17.May 2022

The Private Equity Market in 2021: The Allure of Growth In a record-breaking year, private equity investors made it plain that it’s not just about buyout anymore. By just about any measure, private equity set a remarkable new standard for

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Getting started on decarbonising your total portfolio

Getting started on decarbonising your total portfolio

🕔13:12, 17.May 2022

Just before COP26, we wrote about what net zero means to those responsible for portfolios with multiple asset classes* . In this paper we address the practical aspects for asset owners and investors of getting on the decarbonisation path and

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Have consumers returned to spending on services?

Have consumers returned to spending on services?

🕔10:25, 17.May 2022

The COVID-19 pandemic increased the proportion that developed world consumers spend on goods versus services. This has been reflected in the outperformance of sectors focusing on the production and selling of goods. We think that consumer spending patterns will return

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Rebalancing Through an Overlay Strategy During Periods of Volatility

Rebalancing Through an Overlay Strategy During Periods of Volatility

🕔08:44, 17.May 2022

Potential solution Rebalancing through an overlay introduces daily monitoring, real-time portfolio rebalancing, and the potential for reduced transaction costs—all while improving policy benchmark tracking. Daily monitoring by the overlay manager allows for immediate identification of and response to portfolio imbalances.

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Active, Passive, Retail, ESG and Value; Oh My!

Active, Passive, Retail, ESG and Value; Oh My!

🕔15:57, 16.May 2022

In this article, we try to address the following questions: (1) how has the US equity market evolved over the past few years in terms of active, passive, and retail investors?; (2) how has the factor-investing landscape changed (including ESG

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Integrating Climate Risk Into Strategic Asset Allocation

Integrating Climate Risk Into Strategic Asset Allocation

🕔14:24, 16.May 2022

Traditional environmental, social and governance (ESG) analysis has tended to focus on fundamental or “bottom-up” factors. However, we believe that the systemic nature of climate risks demands an expanded “top-down” approach that informs broad asset allocation decisions as well as

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Defensive Equities: Tactical or Strategic?

Defensive Equities: Tactical or Strategic?

🕔11:28, 16.May 2022

For an industry largely founded on assumptions based on historical averages, investors can have surprisingly short memories. Recency bias – the tendency to give greater importance to recent events than to the long term – is difficult to overcome, even

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Barometer: Een wreed april kan het dieptepunt markeren

Barometer: Een wreed april kan het dieptepunt markeren

🕔09:41, 16.May 2022

Aandelen hadden in april te lijden onder een flinke selloff, maar er zijn aanwijzingen dat beleggers te bearish zijn. Het beleggingsklimaat lijkt moeilijker te worden. De wereldwijde economische groei vertraagt, de inflatie neemt toe, er lijkt geen oplossing in zicht

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EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔08:32, 16.May 2022

ETFs posted net inflows of $2.1bn last week driven largely by Equity, which captured $1.3bn. Commodity and Fixed Income also enjoyed positive flows, taking in $392mn and $382mn, respectively.

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The benefits of greater concentration

The benefits of greater concentration

🕔01:01, 14.May 2022

The long-held view that stock-based diversification is a good way to minimize risk in an actively managed fund has led to an increase in portfolios that may hold too many securities. Portfolios with 100 stocks, or more, can dilute the

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Diversification: What matters for investors?

Diversification: What matters for investors?

🕔00:57, 14.May 2022

Diversification is considered a core tenet of finance. However, if diversification is not done properly investors can find themselves surprised by ineffective portfolio positioning. We believe a factor approach supports true diversification by helping better understand underlying risk exposures and

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The meaning of positive nutrition

The meaning of positive nutrition

🕔11:08, 13.May 2022

In this report, we explore the meaning of positive nutrition, how achievable global nutritional goals are and, ultimately, how we invest in nutrition that is positive for people and planet. When we examine the nutrition theme, it is evident that

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Global House View Second Quarter 2022

Global House View Second Quarter 2022

🕔10:39, 13.May 2022

Cross asset allocation: Our neutral score across all main asset classes represents a more cautious tone in markets that we see carrying on through the second quarter of 2022. Increased hawkishness by major central banks despite the ongoing Russia-Ukraine war

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4 investment opportunities for a net-zero future

4 investment opportunities for a net-zero future

🕔08:54, 13.May 2022

The buzz swirling around the electric vehicle (EV) sector has been front and centre for investors looking to profit from the world’s transition to a net-zero carbon economy. Tesla recently skyrocketed to a US$1 trillion market cap, joining an elite

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De gezondheidszorg speelt een hoofdrol in private equity

De gezondheidszorg speelt een hoofdrol in private equity

🕔07:13, 13.May 2022

De door Covid-19 geïnspireerde technologische revolutie in de gezondheidszorg kan nieuwe kansen creëren voor beleggers in private markten. Zelfs voordat Covid-19 zich over de hele wereld verspreidde, werd de mensheid geconfronteerd met een aantal ernstige gezondheidsbedreigingen. Vervuiling doodt meer dan

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Senior Loan Talking Points

Senior Loan Talking Points

🕔16:55, 12.May 2022

In an eventful week in which the Fed raised interest rates by 50 bps, the loan market was not immune to the continued selling pressure and negative sentiment that has plagued performance in other assets for virtually the entirety of

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Inflation, central banks and rising rates – Q&A with Andrew Cormack

Inflation, central banks and rising rates – Q&A with Andrew Cormack

🕔14:19, 12.May 2022

It feels as though US policy makers have spent the entire post-global financial crisis period trying to generate inflation. Now that it’s here, it seems like the wrong kind of inflation. How do you see inflation playing out in the

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Investing in fixed income during a hiking cycle

Investing in fixed income during a hiking cycle

🕔12:24, 12.May 2022

It’s a common preconception that rising interest rates are bad for bonds. While rate hikes are undoubtedly a headwind for fixed income assets, investors tend to overestimate the impact of rising rates and can overlook the benefits of holding bonds

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How demographic challenges are shaping the China investment story

How demographic challenges are shaping the China investment story

🕔10:44, 12.May 2022

China’s once-in-a-decade census1 revealed some interesting demographic issues. The country has 264 million people aged 60 and above, which equates to 18.7% of the population, considerably higher than 13% in 2010. The 12 million births …

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Investor Guide: Building Resilient Portfolios in an Inflationary Environment

Investor Guide: Building Resilient Portfolios in an Inflationary Environment

🕔08:58, 12.May 2022

Inflationary pressures will likely peak but not disappear Inflation, once thought transitory, now appears more durable. Supply-demand imbalances, while an expected aspect of the economic cycle, have been exacerbated by the unprecedented nature of pandemic shutdowns. The workforce remains constrained

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The Big Picture Global Asset Allocation 2022 Q2

The Big Picture Global Asset Allocation 2022 Q2

🕔17:33, 11.May 2022

The year started with central banks turning hawkish, followed by Russia’s invasion of Ukraine, both of which destabilised financial markets. Many cyclical assets are now cheaper than when we last wrote and we are adding to equities within our Model

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Seven megatrend themes to watch

Seven megatrend themes to watch

🕔14:45, 11.May 2022

Find out about the key themes across science, technology and sustainability which are helping shape our future over the coming year – and beyond. 1. Focus on food security The recent supply chain disruptions – and the resulting empty supermarket

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Building Asymmetry in Portfolios

Building Asymmetry in Portfolios

🕔12:52, 11.May 2022

Monthly Investment Outlook: Global activity slowed down in late December and should remain moderate in Q1-22. The Omicron impact was limited to a few services, but disruption remained in place in …

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Three factors favoring High Yield

Three factors favoring High Yield

🕔10:17, 11.May 2022

Heading into 2022, the high yield bond market was a tale of two halves. On one hand, solid company fundamentals, balanced technicals and the ongoing economic recovery painted a supportive backdrop. On the other, valuations were historically rich, with tight

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The Consumer Report

The Consumer Report

🕔08:03, 11.May 2022

Households are about to experience the biggest hit to disposable income in a long time. Rising inflation, continued supply chain constraints and now the Russia-Ukraine war have piled on seemingly all at once. The swelling piggybanks from stashing away cash

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The causes and course of inflation

The causes and course of inflation

🕔15:49, 10.May 2022

Recent conversations with investors reveal a lot of confusion about what causes inflation and what the future path will be. We take a look at various explanations including a Malthusian view of longterm drivers, shorter-term views of more proximate drivers

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Stewardship report 2022

Stewardship report 2022

🕔14:01, 10.May 2022

In 2021, we developed and deployed a centralized ESG Tracker that enables all team members to systematically store relevant information in a location that can be easily accessed by anyone who requires it. During the year, we were able to

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ECB strikes a somewhat dovish tone, despite inflation remaining top priority

ECB strikes a somewhat dovish tone, despite inflation remaining top priority

🕔12:27, 10.May 2022

April meeting: No further acceleration of stimulus withdrawal was hinted at by the ECB in April. It confirmed both the previous guidance on QE (likely to end in Q3) and the policy sequence, with interest rates to rise at “some

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Core Bond: No Time to Die

Core Bond: No Time to Die

🕔10:16, 10.May 2022

Following the bond market’s recent beating, term yields have already priced in aggressive Fed rate hikes, positioning core bonds to effectively diversify credit risk.

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Shortage of Neon Gas Dims Tech Output

Shortage of Neon Gas Dims Tech Output

🕔08:52, 10.May 2022

One commodity negatively impacted by the war is neon gas, a key input used in the semiconductor process. Bulk neon gas is a byproduct of the steel industry (primarily the Russian steel industry), which is captured and filtered to achieve

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EMEA-Listed ETF Flash Flows – as of 29 April 2022

EMEA-Listed ETF Flash Flows – as of 29 April 2022

🕔15:59, 9.May 2022

ETFs saw relatively muted net inflows of $471mn last week. Fixed Income posted the strongest net inflows of $858mn while Money Market took …

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Portfolio Insights: Introducing illiquid assets into a global multi-asset portfolio

Portfolio Insights: Introducing illiquid assets into a global multi-asset portfolio

🕔14:57, 9.May 2022

Executive Summary We demonstrate the building blocks for investors who may either be considering allocating to illiquid assets for the first time, or who want to gain a greater understanding of how much capital they should invest in illiquid assets.

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2022 Annual Energy Paper

2022 Annual Energy Paper

🕔12:03, 9.May 2022

The Elephants in the Room. We start with a summary of the energy landscape, including the energy crisis in Europe, the recovery in the oil & gas sector and a warning label on industrial electrification and carbon sequestration forecasts. We

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A difficult balancing act

A difficult balancing act

🕔10:10, 9.May 2022

Global equities retreated in the first quarter of 2022 in the face of higher inflation and the war in Ukraine. The US Federal Reserve has become even more hawkish despite the increasing threat of a significant slowdown in economic growth.

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Inflation Could Change Everything for Asset Allocations and Yield Curves

Inflation Could Change Everything for Asset Allocations and Yield Curves

🕔09:45, 9.May 2022

Despite recent increases in interest rates, the U.S. Treasury yield curve remains largely flat and has even inverted in some parts after maturities of two or three years. But the short end of the curve remains quite …

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Q&A: impact of the Russia-Ukraine conflict on emerging market debt

Q&A: impact of the Russia-Ukraine conflict on emerging market debt

🕔15:34, 6.May 2022

In this Q&A, Kirstie Spence and Robert Burgess share their views on Russia, commodity prices and the impact of the conflict on emerging markets. How does the Russia-Ukraine conflict compare to previous periods of geopolitical instability? Kirstie: The current situation

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ESG Megatrends: Climate Change

ESG Megatrends: Climate Change

🕔13:17, 6.May 2022

Understanding the potential impact of climate change and the interaction between different stakeholders, initiatives, metrics, and tools presents challenges. There is a growing need for investors to understand the risks, opportunities and the impact on investment portfolios that come with

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De gezondheidscrisis heeft de investeringsmogelijkheden in security vertienvoudigd

De gezondheidscrisis heeft de investeringsmogelijkheden in security vertienvoudigd

🕔12:45, 6.May 2022

Ondernemingen die beveiligingsproblemen aanpakken, bieden aantrekkelijke lange-termijnopportuniteiten voor beleggers. Daarvan is Anjali Bastianpillai, Senior Product Specialist van de Securitystrategie bij Pictet Asset Management, stellig overtuigd: ‘Je veilig voelen is een menselijke basisbehoefte. Of het nu gaat om bescherming tegen cyberaanvallen,

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