Energy: Most of the companies that survived the initial shocks last year are now leaner with lower cost profiles, lower debt leverage metrics, lower capital spending, and have exhibited flexibility around shareholder distributions, all of which has contributed to stronger
The Wildcard. The key factor to variability around real growth at 4% will be the ultimate path of Covid-19. This was prevalent during the ’21 recovery that witnessed a large hiccup when the Delta variant emerged. This is also what
As market fears about inflation and potential central bank actions grow, we show why European asset-backed securities (ABS) tick some important boxes for investors seeking attractive yields, relatively stable returns, and limited sensitivity to interest rates. Before the pandemic spooked
Commercial real estate (CRE) investment performance for US properties soared in the third quarter as unlevered total return reported by the National Council of Real Estate Investment Fiduciaries (NCREIF) registered 12.1% for the four quarters ending September 30, 2021. This
US CRE Market Insights: Commercial real estate (CRE) investment performance for US properties soared in the third quarter as unlevered total return reported by the National Council of Real Estate Investment Fiduciaries (NCREIF) registered 12.1% for the four quarters ending
Our outlook favors the normalization case. The emergence of the Covid-19 Delta variant in the third quarter clearly put this thesis on hold and elongated the normalization process. Thus, the price pressures are going to leak well into 2022. But
As the US Covid-19 shutdown took hold in March 2020, the US Federal Reserve (Fed) moved quickly and decisively to loosen interest rates and provide liquidity to counter the recessionary effects of the virus. On March 3, 2020, the Federal
Companies are faced with a difficult decision after a cyberattack has occurred. Paying the ransom has become more expensive over time and it does not guarantee that the cyber criminals will release their grip on company systems, nor does it
US FIXED INCOME 2022 OUTLOOK That’s how the 2022 economic forecasts feel when compared to 2021. For ’22, we see real growth running about 4%, or two times trend. That’s typically great performance, but when you’re coming off a phenomenal
Supply chain constraints and higher input prices has led to worries that the transitory inflation story may last longer than anticipated. Markets have now become concerned that higher-than-expected inflation may incentivize Central Banks to increase the speed of future monetary
Sovereigns are difficult to assess, given their complex social, economic, political, and geographic makeup. Environmental, Social and Governance (ESG) analysis of sovereigns is thus inherently complicated since it builds on an already-challenging typical sovereign assessment. In part, this is due
A key factor in the past year has been the unprecedented fiscal and monetary support. The initial economic impact of the Covid-19 pandemic and the subsequent rebound have been different for many countries. As the pandemic started in China, that
Outlook: Uneven, but strong recovery We expect the Eurozone to grow strongly during the remaining part of 2021 and into 2022. However, this growth is mainly a catch-up from the large fall during the pandemic. So high growth numbers shouldn’t
Dekkingsgraadscan pensioenfondsen: 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
Active Ownership Report 2020: Welcome to our second annual Active Ownership Report, in which we report on our activities globally for the first time. The objective of this report is to inform our clients and other stakeholders of our stewardship
In March of this year, regulators across multiple jurisdictions made a well-orchestrated announcement that all non-USD LIBOR rates would be discontinued at the end of 2021. However, and much to the relief of market participants in the US, this announcement
As the world’s largest emerging market, China is always on our radar. However, the recent news of property developer China Evergrande Group has prompted fear in the markets over contagion. Here’s what we’re saying about the current situation.
The long-term outlook for the US economy calls for peak cycle growth occurring in the summer of 2021 and then a continued moderation towards more trend-like levels over time. This positive growth runway is the flip side of the pandemic-driven
The resolution was adopted by the General Assembly and agreed upon by the 193 Member States of the United Nations, with goals to transform our world by 2030. All countries and stakeholders, acting in collaborative partnership, will agree to 17
We have sold Tesla from our Global Sustainable Equity portfolios, having held the shares since early 2019. This sale follows a downgrade in our internal sustainability ranking.
Pensioenakkoord uitgelegd – Deel 7: Dit zevende artikel gaat in op de overbruggingsperiode tot het nieuwe pensioenstelsel. Is het verstandig om alvast voor te sorteren op een nieuwe regeling, of moeten risico’s worden verlaagd om de transitie makkelijker te maken?
Aligned with the United Nations Sustainable Development Goals (SGDs), we believe it is important to strike a balance between developed markets and investment grade emerging markets. We favor sovereign bonds with a global sustainable approach. We believe there are opportunities
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 …
2020 could have been a pause for the growth of the RI industry. Instead, we saw an explosion in interest partly fueled by the resilience of sustainable portfolios to the economic shock we lived through. The effects of the global
Long-term Outlook: Beyond Borders The global economy continues to recover strongly from the worst of the Covid-19-driven lockdowns. Central banks are now either discussing the potential to reduce the level of support they provide to economies. While governments are starting
LDI Deep Dive Series: 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
LDI Deep Dive Series: Part 4: LDI instrument selection Investors with long-term liabilities, like pension funds or life insurers, are normally exposed to interest rate risk because a fall in interest rates will increase the value of their liabilities. By
Investors cite inflation hedging power as one of the primary attractions of property investments.2 This characteristic has been of limited use in recent years given the very low pace of inflation in the US and throughout most developed global markets
The concept of matching asset allocation to an individual’s risk preferences has been around for decades. As the theory developed, the concept of lifecycle investing – varying asset allocation according to an individual’s age – was born. In this article,
It feels so good to celebrate the recovery from the Covid-19 recession. Economists in both the UK and US are turning out bright and buoyant forecasts for strong economic growth in both 2021 and 2022. Jobs are readily available and
Why is this concerning? Well, the clearing mechanism for supply and demand is price. If demand is growing robustly but supply is struggling to keep up (both anecdotes cited in the ISM report), then price is going to adjust to
Real estate is often a building block within the investment portfolios of institutional investors. As with other asset classes, there are times when real estate is over- or undervalued. In this article, we investigate the use of an econometric model
Property investors are examining the emerging “new normal” as input into capital deployment plans for the months ahead. If history is a guide, the UK will capture a lion’s share of planned investment because its defining features remain extremely attractive
The Sustainable Development Goals (SDGs) were adopted by all United Nations Member States in 2015 as a universal call-to-action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. This is a noble
Dekkingsgraadscan pensioenfondsen: In deze dekkingsgraadscan vindt u meer informatie over de dekkingsgraad van een gemiddeld Nederlands pensioenfonds. We geven een overzicht van de ontwikkeling van de actuele en (12-maands) voortschrijdend gemiddelde dekkingsgraad in het …
Vorig jaar 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
In recent years, both the United Kingdom and the Netherlands have introduced significant changes to the way defined contribution (DC) pensions can be accessed. This article examines the changes and reflects on how each country’s DC savers have responded. We
Risk assets continued their strong rally during June 2021. The continuing fast pace of the Covid-19 vaccine rollout has resulted in many economies starting to reopen and thereby increasing global activity. However, there is still a sense of unease as
The Beveridge Curve (named after British economist William Beveridge) is an economic relationship between the job openings rate and the unemployment rate. It would stand to reason that the stronger the economy, the more job openings there are and vice
As recovery from the Covid-19 recession appears to be gaining traction, prospects for rebounding economic growth and employment across UK regions and cities is now worth contemplating. Initially, the recovery should revive activity and jobs in the sectors that were
Despite investor worries about the impact of semiconductor shortages to automotive production and input cost inflation, the automotive industry remains healthy and the evolution of the industry towards electric vehicles remains strong.
House View Restrictions are being lifted in the developed world releasing pent-up demand. Fiscal and monetary policy remains hugely accommodative. This will result in high growth figures in the coming quarters. The pandemic is however far from over as variants
Despite investor worries about the impact of semiconductor shortages to automotive production and input cost inflation, the automotive industry remains healthy and the evolution of the industry towards electric vehicles remains strong. After finishing 2019 at roughly 89 million units,
Dekkingsgraadscan pensioenfondsen: 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
Fundamentals have continued to recover alongside vaccination efforts and reduced Covid restrictions, as well as fiscal and monetary accommodation driving increased general economic activity. We expect these factors …
As the age-old adage goes, “shame on you if you fool me once, shame on me if you fool me twice.” Timeshare operators learned from their misfortune during the Global Financial Crisis and made substantial changes to their operating models,
As expected, the FOMC maintained its current target range for the federal funds rate of 0.00 – 0.25% following its June meeting. It also indicated it would maintain its current pace of Treasury and agency MBS purchases totaling $120 billion
We believe the forces driving US commercial real estate investment performance are strengthening and supporting expectations for a solid if not impressive recovery from the Covid-19 recession. First quarter National Council of Real Estate Fiduciaries (NCREIF) results were notable with
Onze inschatting is dat de actuele dekkingsgraad in de afgelopen maand is gedaald met 0.2%-punt door marktbewegingen, om te eindigen op 108.1% per 31 mei. Onze inschatting is verder dat de 12-maands gemiddelde dekkingsgraad is gestegen met 1.3%-punt naar 99.7%.
The world runs on energy. Unfortunately for the future of the climate, the current energy system relies heavily on fossil fuels—the primary source of greenhouse gas emissions. Enabled by emerging technologies and rapidly declining costs, the transition from traditional fossil-based
