Stock market fragility

Stock market fragility

🕔16:47, 30.Sep 2022

Market structure across asset classes is continuously evolving. Consequently, financial markets can be seen as adaptive as the underlying dynamics and interactions between the different actors are not stable through time. These shifts in dynamics in turn impact the risks

Read Full Article
Bracing for a hard landing

Bracing for a hard landing

🕔16:13, 29.Sep 2022

Global Asset Allocation Insights Inflation is still stubbornly high, meaning the Fed and the ECB are keeping their feet pressed down on the hawkish pedal for now. However, growth data is turning sharply negative in developed markets as the consumer

Read Full Article
The Road Ahead

The Road Ahead

🕔14:01, 29.Sep 2022

Riddles in the Dark Time, the answer to Gollum’s riddle, is to us a vaunted teacher. The first half of 2022 has been a turbulent one. In analysing ‘The Road Ahead’ from this point, our first port is the precedent

Read Full Article
The Liquidity Hole Is Expanding

The Liquidity Hole Is Expanding

🕔12:03, 29.Sep 2022

At the end of last year, we described a liquidity hole that we expected would grow and envelop most assets. Last year, the fundamental conditions for assets (particularly bonds) deteriorated quickly, but asset purchases by the Fed combined with huge

Read Full Article
Bretton Woods III

Bretton Woods III

🕔10:23, 29.Sep 2022

We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West.

Read Full Article
Asset Class Returns Forecasts Q3 2022

Asset Class Returns Forecasts Q3 2022

🕔14:26, 28.Sep 2022

A combination of sustained inflation and mounting recession fears, interlinked with the geopolitical situation, are the main drivers affecting the current and forward-looking macro environments. The bulk of the uncertainty is in the short to medium term. There is a

Read Full Article
What happens when the dollar weakens?

What happens when the dollar weakens?

🕔12:31, 28.Sep 2022

We believe the US dollar is expensive and starting to run on empty. Looking ahead to when the dollar weakens, we expect it to provide a ceteris paribus boost to commodities, emerging market assets and …

Read Full Article
Pictet Asset Management: Krachtige trends drijven private equity-investeringen in gezondheid

Pictet Asset Management: Krachtige trends drijven private equity-investeringen in gezondheid

🕔10:48, 28.Sep 2022

Krachtige macrotrends zoals vergrijzing en het ‘consumentisme’ van de gezondheidszorg staan aan de basis van private equity beleggingen in het thema gezondheid. De gezondheidszorg wordt door sterke trends gedreven, zoals stijgende zorgkosten, vergrijzing, nieuwe technologie en toetreders tot de markt en het

Read Full Article
Economic Transition Monitor The path to net-zero

Economic Transition Monitor The path to net-zero

🕔10:26, 28.Sep 2022

This is the second edition of our regular monitoring of the path to net-zero. We continue to focus on the C20 – the 20 largest CO2 emitter countries (see Figure 1). These countries accounted for 80% of global CO2 emissions in 2021 and 18

Read Full Article
Where do we find value in Emerging Market equities?

Where do we find value in Emerging Market equities?

🕔08:07, 28.Sep 2022

Emerging market equity returns have been resilient year-to-date in the face of increasing uncertainty over the global economy and rising interest rates. The region remains our preferred choice in our model asset allocation, especially if inflation peaks, which we expect

Read Full Article
Quantifying The Potential Impact Of Bitcoin Mining On Global Methane Emissions

Quantifying The Potential Impact Of Bitcoin Mining On Global Methane Emissions

🕔14:02, 27.Sep 2022

Using Bitcoin mining to combust leaking methane sources can eliminate 5.32% of all global emissions by 2045. This represents 23% of all global methane emissions: more than half the UNEP’s targeted reduction of methane of 45% by 2045. That means

Read Full Article
Building a Multi-Strategy Portfolio

Building a Multi-Strategy Portfolio

🕔13:14, 27.Sep 2022

How can concepts like diversification, risk targeting and risk management help build robust multi-strategy portfolios? And how can they be applied in practice?  Constructing a robust portfolio is not easy. Even if you expect a relatively benign economic and market

Read Full Article
Biodiversity: The neglected existential risk

Biodiversity: The neglected existential risk

🕔10:30, 27.Sep 2022

Biodiversity will become one the largest investment megatrends in our lives, and the theme is at an inflection point  Biodiversity: The neglected existential risk Much of the investment industry’s rhetoric is about capital – whether that’s financial, produced, human or

Read Full Article
The autumn hard vs. soft landing puzzle

The autumn hard vs. soft landing puzzle

🕔08:59, 27.Sep 2022

CROSS ASSET Investment Strategy  While a global recession may be avoided, we are likely to see growth deceleration and high inflation (higher cost of living) along with regional divergences. Thus, investors should consider moving to a more cautious stance on

Read Full Article
Sticking with reduced risk taking

Sticking with reduced risk taking

🕔16:45, 26.Sep 2022

BII Global weekly commentary The new regime of macro volatility is playing out with weaker growth, persistent inflation and volatile markets. We stick with our dialed-down risk stance. U.S. stocks slumped and yields surged on a renewed rise in core

Read Full Article
Echt groen gaat verder dan criteria afvinken

Echt groen gaat verder dan criteria afvinken

🕔14:07, 26.Sep 2022

Green Bonds KWARTAALUPDAT Een obligatie is niet zomaar ‘groen’ te noemen. Om dit predicaat te mogen dragen, moet een obligatie aan verschillende criteria voldoen. Een dubbelinterview met een uitgever én een belegger wijst bovendien uit dat er meer is wat

Read Full Article
Global Asset Allocation: The View From Europe

Global Asset Allocation: The View From Europe

🕔12:30, 26.Sep 2022

It Fooled You Once​… Coming out of the annual Jackson Hole meeting, Fed Chairman Jerome Powell’s speech, unsurprisingly, had a strong tone reinforcing the Fed’s intention to fight inflation at any cost, a 180-degree reversal of his ‘inflation is transient’

Read Full Article
Interest Rates and Growth Stocks

Interest Rates and Growth Stocks

🕔08:38, 26.Sep 2022

Earlier this month, Cliff Asness at AQR wrote a really interesting piece about interest rates and how they may not be as related to the valuation or performance of growth or value stocks as we all think. This piece followed

Read Full Article
Careful Market Selection Beats Demographic Headwinds

Careful Market Selection Beats Demographic Headwinds

🕔15:19, 23.Sep 2022

US commercial real estate (CRE) investors are well-versed in the importance of economic growth to property investment performance. Focus on the Covid-19 recession, policies to truncate it and the path of recovery have dominated the attention of analysts for more

Read Full Article
The Raisons d’être of Managed Futures

The Raisons d’être of Managed Futures

🕔16:36, 22.Sep 2022

The Federal Reserve has an explicit dual mandate. Managed Futures strategies have an implicit one – specifically, 1) deliver positive returns on average and 2) generate especially attractive returns during large equity market drawdowns.1 This dual mandate is one of

Read Full Article
Global tactical asset allocation views brief

Global tactical asset allocation views brief

🕔13:45, 22.Sep 2022

Underpinned by waning inflation and strong job numbers in the US, equity markets started the month trending higher. Investors believed peak inflation would lead to a potential pivot in Federal Reserve (Fed) policy hawkishness. However, in his Jackson Hole speech,

Read Full Article
EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔12:25, 22.Sep 2022

ETFs posted net inflows of $1.3bn last week. Equity ETFs captured $1.3bn, while Fixed Income ones had smaller inflows of $210mn as higher than expected US inflation numbers caught the market by surprise. Commodity ETFs, on the other hand, saw

Read Full Article
Global Asset Allocation 2022 Q4

Global Asset Allocation 2022 Q4

🕔10:25, 22.Sep 2022

Yields have again risen on all assets but we think this is largely compensating for greater policy/recession risk (we think we are in the contraction phase of the cycle). We boost cash to further Overweight, while reducing equities to further

Read Full Article
Advanced Investment Phazer: a guide to dynamic asset allocation

Advanced Investment Phazer: a guide to dynamic asset allocation

🕔08:05, 22.Sep 2022

Economic cycles have been a crucial driver for financial markets, making regime-based dynamic asset allocation (DAA) a common practice in supporting optimal portfolio construction. Changes in key economic indicators, monetary policy trends and the evolution of financial leverage have proven

Read Full Article
A closer look at China

A closer look at China

🕔17:38, 21.Sep 2022

China’s ascension over the past twenty years to the second largest economy in the world has changed the global landscape in a variety of ways. As China’s economic size and market capitalization grows, many investors have reasonably been pondering how

Read Full Article
Valuing Bitcoin

Valuing Bitcoin

🕔14:30, 21.Sep 2022

After investors have learned the basics of bitcoin, they often ask, “how is it possible to own an asset if they are unable to determine what its fair value should be?” Valuation methods vary widely across a variety of assets,

Read Full Article
Taking the temperature of the private markets: mid-year outlook

Taking the temperature of the private markets: mid-year outlook

🕔12:07, 21.Sep 2022

Looking back, private markets have experienced robust returns, with 2021 marking a high point. While there is no investible index in the same way as for public markets, the database of private markets funds, captured by Burgiss, reported investment returns

Read Full Article
Is Value Just an Interest Rate Bet?

Is Value Just an Interest Rate Bet?

🕔10:20, 21.Sep 2022

It seems obvious to so many that interest rates drive the value trade.1 After all, growth stocks2 have much longerdated cash flows than value stocks and thus should be a “longer duration” asset and move more with longer-term interest rates,

Read Full Article
New Rules of Diversification

New Rules of Diversification

🕔08:42, 21.Sep 2022

How to Prep Your Portfolio for a Different Kind of Recession Risk. During the first half of 2022, global equity markets tumbled around 20% from their January peak, with losses on typical stock/ bond portfolios almost as large, as bonds

Read Full Article
Private Markets Fundraising Report

Private Markets Fundraising Report

🕔10:57, 20.Sep 2022

At $639.0 billion in H1 2022, fund commitments continue to be robust, roughly on pace to match 2021 totals. While the steady growth in fundraising has flattened out since the advent of COVID-19, maintaining levels similar to the record 2019

Read Full Article
Entering the Superbubble’s Final Act

Entering the Superbubble’s Final Act

🕔08:21, 20.Sep 2022

Only a few market events in an investor’s career really matter, and among the most important of all are superbubbles.1 These superbubbles are events unlike any others: while there are only a few in history for investors to study, they

Read Full Article
Impact investing in listed equities

Impact investing in listed equities

🕔16:46, 19.Sep 2022

Impact investing originated in philanthropy and started from a need to close a funding gap in private markets. This to a certain extent explains why the traditional purist definition of impact investing remains constrained to certain asset classes. The landscape

Read Full Article
Europe’s Stagflation Is Different in Kind and Much Harder to Remedy

Europe’s Stagflation Is Different in Kind and Much Harder to Remedy

🕔13:50, 19.Sep 2022

Europe’s energy supply shock is creating a painful stagflation, and policy makers face a difficult set of choices. Looking forward, structurally higher energy prices will be a long-term competitiveness challenge for Europe.

Read Full Article
The Ethereum Merge

The Ethereum Merge

🕔11:31, 19.Sep 2022

What to Expect from the Biggest Protocol Change to the World’s Second-Largest Digital Asset One of the most anticipated events in the history of the digital asset industry is set to take place in September – The Ethereum Merge. This

Read Full Article
Multi-asset investing in times of volatility

Multi-asset investing in times of volatility

🕔12:55, 16.Sep 2022

2022 has been one of the most volatile periods in recent years for global equity and fixed income markets. The outbreak of the war in Ukraine, global supply chain disruptions, global inflationary pressures, less accommodative central banks and COVID-19 restrictions

Read Full Article
Credit Cracks: High Yield Fundamentals and Default Risk

Credit Cracks: High Yield Fundamentals and Default Risk

🕔09:47, 16.Sep 2022

Companies are facing a number of macro headwinds and ongoing margin pressures. While this environment can be challenging, we think many high yield companies are wellpositioned to navigate an economic slowdown given low leverage, healthy balance sheets and few near-term

Read Full Article
The Role of Alternatives: Multi-Level Diversification Across the Liquidity Spectrum

The Role of Alternatives: Multi-Level Diversification Across the Liquidity Spectrum

🕔14:08, 15.Sep 2022

As we have discussed in past research, true diversification benefits primarily result from the thoughtful combination of differentiated return streams (i.e., betas). By contrast, many investors assemble portfolios that reflect diversification-in-nameonly (DINO), by adding an ever-growing number of portfolio segments

Read Full Article
How Water Scarcity Cannot Be Addressed Without a Circular Economy

How Water Scarcity Cannot Be Addressed Without a Circular Economy

🕔12:57, 15.Sep 2022

Responsible investing is heavy with buzzwords and acronyms: ESG, SDGs and more. But in a world liberally scattered with jargon, what are we to make of a recently popular concept – the circular economy? And why should investors join us

Read Full Article
Investment Event: ECB jumbo hike

Investment Event: ECB jumbo hike

🕔09:20, 15.Sep 2022

ECB forced to tighten more agressively

Read Full Article
Going Modular – Why Outsourced Trading Is No Longer an All-or-Nothing Option

Going Modular – Why Outsourced Trading Is No Longer an All-or-Nothing Option

🕔16:18, 14.Sep 2022

Outsourced trading should not be seen as an alternative, but as a partner offering a broad spectrum of products and services for fund managers to choose from. A fund manager considering outsourcing should first assess the needs of their portfolio

Read Full Article
Nederland zakt drie plaatsen

Nederland zakt drie plaatsen

🕔14:09, 14.Sep 2022

Nederland zakt drie plaatsen op ranglijst van meest aantrekkelijke landen om met pensioen te gaan Tiende jaarlijkse Global Retirement Index (GRI) onthult dat 2022 het meest uitdagende jaar kan worden om met pensioen te gaan in de recente geschiedenis, omdat

Read Full Article
EMEA-Listed ETF Flash Flows

EMEA-Listed ETF Flash Flows

🕔12:21, 14.Sep 2022

ETFs posted net inflows of $471mn, driven by Fixed Income and Money Market ETFs, which gathered $911mn and $360mn, respectively. Equity suffered net outflows of $581mn while Commodity lost $243mn

Read Full Article
Hernieuwbare energiesector in China klaar voor groei

Hernieuwbare energiesector in China klaar voor groei

🕔08:38, 14.Sep 2022

De groeiende sector van hernieuwbare energie in China biedt sterke groeivooruitzichten omdat het land ambitieuze nettonuldoelstellingen stelt. Van luchtvervuiling en stijgende zeespiegels tot bodemverontreiniging en waterschaarste, China, 's werelds grootste uitstoter van broeikasgassen, kampt met …

Read Full Article
Cradle of Innovation

Cradle of Innovation

🕔16:59, 13.Sep 2022

Venture capital plays a leading role in the story of American innovation. Venture capital was instrumental in the birth of legendary Silicon Valley firms such as Apple and Google. Venture-backed firms ushered in the information revolution, cementing America's status as

Read Full Article
SEB House View – August 2022

SEB House View – August 2022

🕔14:25, 13.Sep 2022

Investment Regime: a phase of transition, complicated. • Markets are in a transition from a Covid world with low/zero interest rates and no inflation to super strong inflation and firm central banks • At this time visibility is limited both

Read Full Article
Long View Q2: The risk of the ‘new normal’

Long View Q2: The risk of the ‘new normal’

🕔12:34, 13.Sep 2022

In this report, we present the DWS long-term capital market assumptions for major asset classes as of the end of June 2022 while exploring the risks to these forecasts.

Read Full Article
The bear-market rally is over

The bear-market rally is over

🕔08:49, 13.Sep 2022

The Jackson Hole conference made it clear that fighting inflation, even if it leads to economic hardship, is priority number one for monetary policymakers. Except for the Bank of Japan, central banks will stick to their aggressive tightening path, …

Read Full Article
Relative and Absolute Momentum in Times of Rising/Low Yields: Bold Asset Allocation (BAA)

Relative and Absolute Momentum in Times of Rising/Low Yields: Bold Asset Allocation (BAA)

🕔16:34, 12.Sep 2022

Abstract Our aim is to develop a very offensive (‘aggressive’) tactical asset allocation strategy, by combining some of our previous models like Protected- (PAA), Vigilant- (VAA) and Defensive (DAA) Asset Allocation. We will call this new strategy the ‘Bold Asset

Read Full Article
Central bank chiefs ready to slug it out over inflation

Central bank chiefs ready to slug it out over inflation

🕔15:01, 12.Sep 2022

Investors’ Outlook: The news flow ebbed over the summer but the headlines that did come through weren’t always positive. One small news item may have cheered us up, though: After 12 years under the European Union’s watchful eyes, Greece …

Read Full Article
Barometer: Zomerrally is al een verre herinnering

Barometer: Zomerrally is al een verre herinnering

🕔14:19, 12.Sep 2022

Een zachte landing van de wereldeconomie lijkt steeds onwaarschijnlijker. Dat betekent dat risicovollere activaklassen nog verder kunnen dalen. De stijging van de aandelenmarkten die begon met de hittegolf deze zomer is volgens ons voorbij. Vanaf nu zullen de omstandigheden waarschijnlijk

Read Full Article

SEARCH