The Texas Power Market Crisis Winter hit with a vengeance in Texas during the week of February 15 significantly impacting electricity production in the state. Extreme cold temperatures in the region affected the entire electric grid leading to massive rolling
Policymakers globally are increasingly supportive of the climate transition. Europe recently announced its ambitious plan to reduce emissions by 55% by 2030, in line with its plan for climate neutrality by 2050. China has committed to carbon neutrality by 2060, Japan and South Korea by 2050. More than 50% of global GDP is …
Deze zomer hebben het kabinet en sociale partners overeenstemming bereikt over een vergaande herziening van het pensioenstelsel. Dit pensioenakkoord heeft grote gevolgen voor hoe pensioen wordt opgebouwd en wordt belegd. In deze serie bespreken we het pensioenakkoord en de gevolgen voor het beleggingsbeleid.
China has played a very important role – if not the most important role – in the global economy since 2000. Economic reforms and strong growth of the Chinese economy resulted in a global shift of the economic power balance. During most of the 20th century China’s share of the global economy was …
One of the pushbacks that investors in fixed income funds often make is: “Can bondholders really influence companies on sustainable issues in the way equity holders can?” It’s a fair question – after all, we provide companies with capital but we don’t own any equity, nor do we have any voting rights. However, to dismiss fixed income investors as mere bystanders would be …
What are the key tools for sustainable investing in fixed income? In a recent episode of Refinitiv’s Sustainability Perspectives Podcast, James Rich, senior portfolio manager, outlined different ways to think about investing sustainably in fixed income. Beyond green bonds, learn about the sustainable megatrends and methods for identifying investable themes.
The US inflation numbers published this week by the Bureau of Labor Statistics were slightly below consensus at 1.4% for annual headline inflation, basically unchanged from last month. Quite a contrast compared to the latest German and EU inflation numbers, which were …
The economic rebound slowed in the fourth quarter, after a strong rebound in the third quarter and a very sharp contraction in the first half of the year. Global economies remain supported by the large stimulus measures from fiscal and monetary institutions. The positive vaccine …
A paler shade of green If only sustainable investing was just about right and wrong; sustainable and unsustainable. Alas, it’s not so simple. Clearly, there are sustainable ‘bad boys’ such as coal companies and weapons manufacturers which sustainable funds do
Demand for sustainable investment solutions continues to grow. The longterm consequences of short-term decisions are becoming clearer for the broad society. From consumers and businesses to governments and investors, we believe a broad secular shift toward sustainability is underway. The concept of responsible investments (RI) is strengthening every year as investors …
The retail and hotel property sectors are bearing the brunt of the Covid disruption: weaker businesses are shuttering, vacancy rates are surging, rent collections are shrinking, property values are dropping, and commercial mortgage delinquencies are rising. Investors in these sectors are struggling to find a …
In deze dekkingsgraadscan vindt u meer informatie over de dekkingsgraad van een gemiddeld Nederlands pensioenfonds. We geven een overzicht van de ontwikkeling van de feitelijke en (12-maands) voortschrijdend gemiddelde dekkingsgraad in het afgelopen jaar. Daarnaast maken we op basis van de laatste marktontwikkelingen een projectie van de actuele dekkingsgraad. Ook wordt een gedetailleerd overzicht gegeven van het effect van marktbewegingen in de afgelopen maand.
Multi-Asset Conversations – Episode 2 In the second short video in the series Colin Dryburgh discusses the opportunities for growth assets in 2021 and Robert-Jan van der Mark looks at sustainability and how we are seeing opportunities in that area.
Preserving favorable financing conditions Column by Hendrik Tuch The ECB meeting last week was supposed to be rather uneventful, with the key decision already made in the December meeting to increase its PEPP buying program with 500 billion and extend
Investors with future liabilities are normally exposed to interest rate risk. A fall in interest rates will increase the value placed on future liabilities. By adopting a liability-driven investment (LDI) strategy, much of this interest rate risk can be mitigated. In this deep dive series we will investigate the most important considerations for developing successful …
For many years nominal interest rates, largely from developed markets, served the dual purpose of providing stable income and diversification benefits in many multi asset portfolios. Yet with yields on these assets testing the zero boundary, the allure to owning them looks increasingly tarnished. A small move in price can wipe out your income for the year.
In the first of the series Vincent McEntegart gives his thoughts on the broad market expectations for 2021 and Debbie King presents a short case study on how we use bank equity and bank credit in our income strategies to deliver income plus a strong risk-adjusted return.
In September 2020 we published our long-term outlook (link). At that time we anticipated that the economic recovery in the eurozone would start in the second half of 2020 and that the rebound would continue into 2021. Unfortunately, after a strong economic recovery in the third quarter, many eurozone countries imposed new lockdown …
The other virus Column by Hendrik Tuch While Covid-19 continues to grab headlines, we should not disregard the economic effect of another virus which is steadily spreading across the globe. The African swine fever virus does not affect humans but
DNB starts implementation of new UFR curve January 2021 As announced last year, De Nederlandsche Bank (DNB), the regulator for Dutch pension funds, will start publishing interest rate curves with an adjusted methodology at the end of this month. Over
Stronger headwinds in the short run, but the medium-term outlook improves on vaccine rollout House View The global economy rebounded strongly in the third quarter, after a very sharp contraction in the first half of the year. Global economies remain
Financial markets got their vaccine in 2020, now it’s our turn Column by Hendrik Tuch Despite the strong increase in coronavirus cases, equity markets continued their march upward in the last few weeks of the year. Investors continue to have
The 2020 review of Solvency II EIOPA’s opinion The Solvency II Directive (2009/138/EC) was adopted in November 2009, and amended by Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 (the so-called “Omnibus II Directive”).1
Credit markets weathered a turbulent year in 2020 as the Covid-19 outbreak resulted in economic shutdowns, plummeting growth and volatile markets. Against this backdrop, fundamentals deteriorated, downgrades skyrocketed and default activity increased. After one of the quickest bear markets in
The National Mortgage Guarantee (NHG) has been a well-known mortgage type in the Netherlands for many years. The Stichting Waarborgfonds Eigen Woningen (WEW), which is 100% guaranteed by the Dutch government, hereby provides a guarantee to the lender. This guarantee
Deze zomer hebben het kabinet en sociale partners overeenstemming bereikt over een vergaande herziening van het pensioenstelsel. Dit pensioenakkoord heeft grote gevolgen voor hoe pensioen wordt opgebouwd en wordt belegd. In deze serie bespreken we het pensioenakkoord en de gevolgen
2020 will been known as the year of the coronavirus as the impact was far reaching and felt by every country in the world. Emerging markets were not immune, but 2020 marked a turning point for emerging markets debt markets
2020 was an unprecedented year as the coronavirus crisis rattled markets and upended industries. Despite the volatility and economic weakness, investor demand for ESG-focused products continued to accelerate. Further, the downturn served as an opportunity for many investors to put
For distressed investors operating in a relatively benign low-rate, low-default environment over the past decade, the opportunity set in the aftermath of the spring-time market sell-off was immediate and compelling. Plenty of dry powder was put to work and incrementally
Big Picture Update A global pandemic, recession, and regime change in the US are some of the issues facing commercial real estate (CRE) investors. These headwinds have already presented investors with unique challenges that have impacted property performance with a
2021 US Outlook What a difference a year makes! This time last year we presented our base economic case of GDP slowing to a sub-2% number as the cycle matured (our forecast was 1.8% for 2020). Slow it did, but
Over the near term, we believe US CRE investment performance will be driven by the flow of property NOI generated by property occupancy and effective rents along with changes in property valuations, which may be negative. Measurement protocols for property
… dus hoe is de dekkingsgraad in de afgelopen maand veranderd?
Dekkingsgraadscan pensioenfondsen November 2020 Nederlandse pensioenfondsen worstelen met lage dekkingsgraden … De neergang van de financiële markten – als gevolg van de coronaviruscrisis – heeft grote gevolgen gehad voor Nederlandse pensioenfondsen. In maart 2020 werd het laagste punt van de
LDI Deep Dive Series Part 1: The impact of interest rates on investment returns Investors with future liabilities are normally exposed to interest rate risk. A fall in interest rates will increase the value placed on future liabilities. By adopting a
Pensioenakkoord uitgelegd Deel 2: De impliciete lifecycle Deze zomer hebben het kabinet en sociale partners overeenstemming bereikt over een vergaande herziening van het pensioenstelsel. Dit pensioenakkoord heeft grote gevolgen voor hoe pensioen wordt opgebouwd en wordt belegd. In deze serie
House View The global economy is recovering from the economic fallout in the first half of the year. The lockdown measures have caused a sharp deceleration in economic activities in the manufacturing and services sectors in the first half of
Column by Hendrik Tuch, Head of Fixed Income “Interest rates and yield curves have seen quite some volatility in the last few weeks as markets digested the election news and the coronavirus headlines. Ahead of the US elections, many investors
Will 2021 be a Year that takes off for Income Investing? This has been a tough year for income investors. Around the world, record low interest rates and quantitative easing have led to low bond yields, while equity dividends have
Macroeconomic Scenarios and Expected Returns 2021 – 2024 In these uncertain and challenging times, it has never been more important for investors to tune out the background noise and commotion of the daily news flow and assess the longer-term opportunities
July 2020 – Alternative Fixed Income and R.I. series – Webinar 3 The downturn in financial markets as a result of the coronavirus crisis reached a turning point in March. Since then, markets have recovered strongly, with a recovery of
July 2020 – Alternative Fixed Income and R.I. series – Webinar 2 The downturn in financial markets as a result of the coronavirus crisis reached a turning point in March. Since then, markets have recovered strongly, with a recovery of
Where are the opportunities in Asset Backed Securities? …that can meet ESG risk and positive impact objectives July 2020 – Alternative Fixed Income and R.I. series – Webinar 1 The drawdown in the markets provoked by Covid-19 reached its lowest
Global trends relating to environmental, social and governance (ESG) phenomena are expected to affect the economy on a fundamental level in the coming years. From climate change to digitalization, to pandemics and aging populations, the current economic paradigm is being
Executive Summary The coronavirus crisis has understandably caused a great deal of unrest on the financial markets. This article examines the opportunities and threats at times when share prices have fallen sharply in a short period of time, spreads have
Market Commentary The first four months of 2020 have been exceptional for financial markets due to the spread of the coronavirus. Out of all asset classes, commodities were probably hit most severely due to the general collapse in global economic
House View The global economy is in the midst of a major contraction. The pandemic has resulted in varying levels of worldwide shutdowns. This has caused a sharp deceleration of economic activity in the manufacturing and services sectors, offset by
House View April 2020 The global Covid-19 virus outbreak has led to a series of unprecedented measures as governments seek to mitigate its spread. The lockdowns that were decided have caused a major and abrupt global economic slowdown. Many industries
Since the global outbreak of the coronavirus, many governments have imposed stay-at-home orders in an attempt to get control of the spreading of the virus. Most developed economies have closed schools, bars, and restaurants. People are advised to work from
Given the significant turbulence currently gripping markets, we have prepared a summary of our views on the main asset classes.
"Has the tide finally turned for #emergingmarkets #equities after a decade of trailing #US markets? It’s a question we often hear." 5 reasons why EM equities could power ahead in #2021 by @CapitalGroup -> https://www.opiniopro.com/2021/02/capital-group/5-reasons-why-em-equities-could-power-ahead-in-2021/
The underperformance of Value vs. Growth stocks explained
From the winter edition of our VBA Journaal, written by Jeroen Kakebeeke RBA, Investment Risk Manager at PGGM
#valueinvesting #growthinvesting
https://nieuws.cfavba.nl/publicaties/the-underperformance-of-value-vs-growth-stocks-explained/4a37e54d-5361-11eb-8a1e-005056b303d3
Reflation, Flation, What’s Your Nation? https://www.etftrends.com/model-portfolio-channel/reflation-flation-whats-your-nation/ #ETF #tracker
