Zo hangt er straks een prijskaartje aan biodiversiteit

Zo hangt er straks een prijskaartje aan biodiversiteit

🕔16:11, 28.Feb 2023

"De enorme groei van het geproduceerde en menselijke kapitaal, gaat ten koste van het natuurlijk kapitaal. Dat is niet langer zo vol te houden.” In allerlei opzichten komt er een steeds duidelijker prijskaartje te hangen aan de wijze waarop bedrijven

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China to the rescue?

China to the rescue?

🕔11:49, 28.Feb 2023

Economic and Strategy Viewpoint Q1 2023 Upgrade to global growth as developed markets hold up and China reopens. After what has felt like a constant period of negative economic shocks and forecast downgrades as the world has lurched from one

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Perspectives on Securitized Credit (Fourth Quarter 2022)

Perspectives on Securitized Credit (Fourth Quarter 2022)

🕔10:43, 28.Feb 2023

KEY INSIGHTS After a difficult year, securitized credit markets exited 2022 with positive momentum that carried over into early 2023. Supply technicals should become less of a headwind and more of a tailwind for securitized credit markets in 2023. Securitized

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Impact investing in EM: an opportunity to consider in 2023

Impact investing in EM: an opportunity to consider in 2023

🕔10:35, 28.Feb 2023

Flash Update: The decision to invest in emerging markets today should be based on the economic forecasts for the region and managers’ ability to position themselves accordingly. Analysis of UBAM – Positive Impact Emerging Equity’s recent history can shed some

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Decomposing equity cycles

Decomposing equity cycles

🕔08:10, 28.Feb 2023

Applied philosophy Are global equities in a recovery or still in the midst of a downturn? We analysed how valuations and earnings progressed through previous market cycles to get closer to an answer. While our findings provide some clues to

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Waarom de COP 15 een keerpunt is voor ecologisch beleggen

Waarom de COP 15 een keerpunt is voor ecologisch beleggen

🕔17:36, 27.Feb 2023

De baanbrekende deal op de VN-top om het biodiversiteitsverlies een halt toe te roepen wil bedrijven en beleggers in de frontlinie plaatsen in de strijd om de natuur te beschermen.

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The silver lining for global trade

The silver lining for global trade

🕔14:51, 27.Feb 2023

What to watch: Nigeria beyond the elections, Eurozone mortgages and China’s reopening.  Market movers Nigeria – Beyond the election transition. As Nigeria heads to the polls on 25 February, economic headwinds are intensifying. The next government will need to address

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30 years of Gold Demand Trends

30 years of Gold Demand Trends

🕔11:48, 27.Feb 2023

A more diverse – and robust – market Over the past three decades the gold market has undergone extraordinary change. The structure and dynamics of demand and supply are vastly different from those of thirty years ago. Yet amid this

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Two in a Row?

Two in a Row?

🕔08:24, 27.Feb 2023

Global Asset Allocation: The View From Europe After outpacing the rest of the world by more than 170% over the past nine years between 2013 and 2021, US equity markets notably lagged the rest of the world last year. Despite

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What it means to be a sustainable investor

What it means to be a sustainable investor

🕔11:50, 26.Feb 2023

The natural world is in crisis: We are losing biodiversity – the very fabric of life – at an alarming rate. Investors would do a poor job if they did not seek to preserve the fabric that is at the

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Topic of the week: Greece: the comeback!

Topic of the week: Greece: the comeback!

🕔22:44, 25.Feb 2023

The rating of Greece continues to improve. This is anything but a surprise. This is linked to cyclical aspects and in particular to the rebound after the crisis of the last decade. But there are also some developments, particularly on

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Moving past peak inflation, the focus turns to weakening growth

Moving past peak inflation, the focus turns to weakening growth

🕔22:20, 25.Feb 2023

Risk markets have bounced meaningfully from their lows in October, helped by peaking inflation, falling rates volatility, an end to the dollar’s rally, and China’s reopening. However, there are many challenges ahead and we are still positioned for a hard

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Our multi-asset investment views – February 2023

Our multi-asset investment views – February 2023

🕔21:53, 25.Feb 2023

We maintain our neutral stance on equities as although peaking interest rates take some pressure off valuations, risks remain

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Many of our equity signals note an improving environment

Many of our equity signals note an improving environment

🕔21:31, 25.Feb 2023

Tactical Asset Allocation Outlook ■ Many of our equity signals note an improving environment, but we continue to closely monitor the extent to which an economic slowdown is priced into earnings. ■ We maintain our overweight view on fixed income. While

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De recessie die (voorlopig) niet kwam

De recessie die (voorlopig) niet kwam

🕔21:20, 25.Feb 2023

Veel beleggers lijken verrast door de beter dan verwachte economische cijfers die we in grote delen van de wereld zien. Door de vele doemverhalen gingen zij ervan uit dat een recessie onvermijdelijk zou zijn, maar dat lijkt voorlopig niet het

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This year is unlikely to be a repeat of 2022 for investors

This year is unlikely to be a repeat of 2022 for investors

🕔21:13, 25.Feb 2023

Given the resiliency shown by economic indicators, we rule out the risk for a severe recession both in the US and Europe. The outlook for a recession scenario has weakened thanks to strong buffers, such as still present excess savings

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Window of Opportunity

Window of Opportunity

🕔21:06, 25.Feb 2023

In January markets rebounded, providing a window of opportunity to capture returns. Towards the end of December, we began increasing risk to take advantage of this, and continued to add to risk assets during January. We see 2023 as a

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Investment Strategy – 13 February 2023

Investment Strategy – 13 February 2023

🕔20:54, 25.Feb 2023

Risky assets began the year with a bang, driven in part by a shift in interest rates that we see as partly contradictory. The markets seem to be pricing in key rate cuts by central banks as early as the

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Better outlook increasingly reflected in markets

Better outlook increasingly reflected in markets

🕔20:13, 25.Feb 2023

The better outlook on the growth/inflation mix for the year ahead has quickly been incorporated by risky assets, from equities to high yield via credit markets. As the extreme investor pessimism of last October is now in the distant past,

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Not so fast

Not so fast

🕔19:58, 25.Feb 2023

The surge in equities and fall in long-term bond yields so far this year suggest investors have been buying into the idea of ‘immaculate disinflation’ — that easing inflation would be painless for growth in 2023. Such market moves could

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WAAC Perspectives

WAAC Perspectives

🕔19:24, 25.Feb 2023

Key themes 1. Expectations for corporate earnings continue to decline, however, in our view, earnings growth …

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Soft landing and hard reality

Soft landing and hard reality

🕔18:53, 25.Feb 2023

Inflation rates are falling, first economic indicators are already rising again. This feeds hopes that the economy will land softly, and a recession can be avoided. We are of a different opinion. Therefore, we tactically prefer bonds to equities. What

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The road to recovery, not easy

The road to recovery, not easy

🕔18:52, 25.Feb 2023

Markets have continued the very strong trend that started in November last year, but several things have also changed this year, including but not limited to: • The decline in government bond yields which led to a quick recovery in

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Putting the Crystal Ball Back in the Drawer

Putting the Crystal Ball Back in the Drawer

🕔18:22, 25.Feb 2023

Investing is a profession that can resemble predicting the future. Investors are made to think they need a crystal ball, when of course, no crystal ball exists. In today’s environment, even the most clairvoyant crystal ball would likely be cloudy.

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Economische groei minder goed dan het lijkt, behalve in China

Economische groei minder goed dan het lijkt, behalve in China

🕔18:17, 25.Feb 2023

Visie op asset allocatie: Na het moeizame 2022 gingen financiële markten in 2023 voortvarend van start. In feite een voortzetting van het optimisme sinds oktober vorig jaar, dat alleen in december even werd onderbroken. Lagere inflatie en de hoop dat

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Evidence of reacceleration

Evidence of reacceleration

🕔16:00, 25.Feb 2023

Financial markets have started the year with an ‘everything rally’ as fears over the potential for an imminent recession – concerns we argued were misplaced – have receded. There are two key drivers of the price action, in our view.

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Market Compass – February 2023

Market Compass – February 2023

🕔15:15, 25.Feb 2023

 With the energy crunch easing and China heading for a reopening bounce, the euro area will likely escape a widely anticipated winter recession. • Yet the Fed’s fast monetary tightening will take its toll on a shallow US midyear …

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Strong start to the year does not make central bankers’ task any easier

Strong start to the year does not make central bankers’ task any easier

🕔13:35, 25.Feb 2023

Our monthly market analysis and positioning

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UIC confirms its neutral risk positioning

UIC confirms its neutral risk positioning

🕔13:20, 25.Feb 2023

The Union Investment Committee (UIC) reaffirmed its neutral risk positioning (RoRo meter at level 3) at its meeting on 21 February. It did not make any changes to the strategic portfolio during the regular meeting either. However, the committee had

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Play market rotations, with a focus on China

Play market rotations, with a focus on China

🕔12:48, 25.Feb 2023

Uncertainty over growth, inflation and corporate earnings persists, even though there has been a mild improvement on the economic front. These trends underscore the need to be active and well diversified. In equities, investors should stay cautious and consider playing

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Income as the anchor of a portfolio amid an uncertain environment

Income as the anchor of a portfolio amid an uncertain environment

🕔12:44, 25.Feb 2023

As shown in the following graph, fixed income markets have experienced one of the most, if not the most, turbulent period in history. To put it in perspective, US Treasuries returned -9.1% during the first six months of 20221 ,

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A new investment playbook

A new investment playbook

🕔12:18, 25.Feb 2023

The regime of greater economic and market volatility is playing out – and not going away. Central banks won’t ride to the rescue in recession, contrary to what investors have come to expect. This regime requires a new investment playbook.

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The mood music changes

The mood music changes

🕔12:08, 25.Feb 2023

The first month of 2023 was quite the contrast to the dismal financial market returns posted last year. We have seen a growing belief form in markets that inflation—the prime driver of last year’s pain—has not just peaked but is

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Balancing Act Monthly Insight: Global Multi-Asset (February 2023)

Balancing Act Monthly Insight: Global Multi-Asset (February 2023)

🕔12:06, 25.Feb 2023

Growth prospects look to be improving—a sharp shift from late 2022 when the markets had strong conviction that a first half slowdown was to be followed by a better second half. Yes, the US Federal Reserve (Fed) has tightened aggressively,

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European equities: Strong start supported by easing inflation figures

European equities: Strong start supported by easing inflation figures

🕔12:05, 25.Feb 2023

European equity markets made a very strong start to the year, supported by easing inflation figures, both in the US and Europe, the surprisingly quick end to the zero-Covid policy in China and the relatively mild winter that has defused

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Perspectives Market and Allocation – February 2023

Perspectives Market and Allocation – February 2023

🕔11:54, 25.Feb 2023

Risky assets began the year with a bang, driven in part by a shift in interest rates that we see as partly contradictory. The markets seem to be pricing in key rate cuts by central banks as early as the

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Chinese New Year

Chinese New Year

🕔11:07, 25.Feb 2023

China’s reponening bolsters our scenario of a soft landing. The start of the year brought relief for some of the risks overshadowing the world's economy. First, the rapid ending of Covid lockdowns in China should prompt a near automatic rebound

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Is the market getting ahead of itself?

Is the market getting ahead of itself?

🕔10:54, 25.Feb 2023

Fed chairman Jerome Powell himself recognised that disinflation had begun so the Fed could be nearing the end of its tough monetary tightening programme. The ECB’s intentions are harder to read but we note that the bank is trying to

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Understanding cybersecurity risks

Understanding cybersecurity risks

🕔16:52, 24.Feb 2023

In focus Cyber risk is one of the most immediate and financially material risks that organizations face today. Those that fail to implement robust management on cybersecurity may be less resilient in the long term. In this paper we undertake

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The Importance of Additionality in Impact Investing

The Importance of Additionality in Impact Investing

🕔14:22, 24.Feb 2023

Additionality can accelerate and strengthen impact investing. KEY INSIGHTS In the world of impact investing, additionality helps to generate positive outcomes that may not otherwise occur without the value of engagement or capital investment. It furthers the drive toward positive impact by

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Macro musings: employment and lending

Macro musings: employment and lending

🕔11:42, 24.Feb 2023

First things first, the seasonals  With the most recent release of nonfarm payrolls, I saw a lot of the focus placed on the seasonal adjustment being the source of upside and I believe this misses the point. Yes, seasonals likely

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Ukraine: A Year of War

Ukraine: A Year of War

🕔10:10, 24.Feb 2023

Macro Outlook This week marks a year since Russia’s President Vladimir Putin invaded Ukraine, an event that pushed the global economy into a series of geopolitical and economic shocks, the consequences of which will have long lasting effects. Due to

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is the grass always greener on the other side?

is the grass always greener on the other side?

🕔16:36, 23.Feb 2023

Global tactical asset allocation views brief After a weak 2022, the grass seemed a lot greener at the start of 2023, with equity and bond markets roaring back strongly. The optimism was fueled by a continuation of weaker headline inflation

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A Review of the Health and Productivity of the Innovation Economy

A Review of the Health and Productivity of the Innovation Economy

🕔14:16, 23.Feb 2023

State of the Markets H1 2023 We continue to believe in the innovation economy in the face of adversity. Challenging market conditions are periods for building, particularly for startups. Today, founders have time to slow down, focus on product market

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Natural selection: the investment case for addressing biodiversity loss

Natural selection: the investment case for addressing biodiversity loss

🕔12:52, 23.Feb 2023

In this Q&A, Lisa Beauvilain and Chris Dodwell explain why biodiversity loss is critically important for investors to consider, and how investment opportunities are arising from reducing pressure on the natural world. Why does Impax see biodiversity loss as a

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Shining a light on ESG in bond investing

Shining a light on ESG in bond investing

🕔10:50, 23.Feb 2023

Five perspectives on ESG in bond investing: Views from our fixed income team  Equity investors are often associated with ESG-related discussions and considerations. Bond investors can also have unique and valuable perspectives on ESG matters. Bond investors have access to

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Does money growth help explain the recent inflation surge?

Does money growth help explain the recent inflation surge?

🕔08:19, 23.Feb 2023

BIS Bulletin 67 Key takeaways The strength of the link between money growth and inflation depends on the inflation regime: it is one-to-one when inflation is high and virtually non-existent when it is low. A link can also be seen

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SFDR: A new regulatory landscape for sustainable investment in Europe

SFDR: A new regulatory landscape for sustainable investment in Europe

🕔16:17, 22.Feb 2023

Part 4: Taxonomy What is the EU environmental taxonomy? The European Union’s environmental taxonomy is a classification system that translates the EU’s climate and environmental objectives into criteria for economic activities to be considered “environmentally sustainable” or “green”. For an

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The market effect of acute biodiversity risk: the case of Brazilian corporate bonds

The market effect of acute biodiversity risk: the case of Brazilian corporate bonds

🕔14:03, 22.Feb 2023

Biodiversity, human activity and corporates Biodiversity is part of the Earth’s natural capital and considered the cornerstone of a well-functioning planet. The many benefits to humans provided by natural capital are often integral to the provision of clean drinking water,

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Rethinking Sustainable Investing Approaches: Fitting evaluation to the goals and scale of today

Rethinking Sustainable Investing Approaches: Fitting evaluation to the goals and scale of today

🕔12:24, 22.Feb 2023

Overview Sustainable investment strategies continue to grow and have moved from the niche into the mainstream. According to the Global Sustainable Investment Alliance (GSIA), sustainable investment assets under management in five major markets (Europe, United States, Canada, Australasia and Japan)

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