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Themes and Opportunities 2022 – Metamorphosis

Themes and Opportunities 2022 – Metamorphosis

🕔14:15, 20.Jan 2022

Substantial and profound changes are rapidly reshaping the world as we know it, with significant implications for investors. This vibrant reimaging can be encapsulated in a single word: metamorphosis. Investors cannot just think about the here and now; they must

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2022 Global Public Real Estate Outlook Report

2022 Global Public Real Estate Outlook Report

🕔12:19, 19.Jan 2022

As we look to 2022, we see REITs well positioned to serve an inflation hedging role while benefiting from a continued recovery in operating fundamentals and above trend economic growth. We see earnings growth as the primary driver of share

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The Reincarnation of Fossil Fuels?

The Reincarnation of Fossil Fuels?

🕔15:14, 17.Jan 2022

If you have read the Absolute Return Letter for years, you will be aware that the January letter always stands out from the others. In January, we focus on issues we think you should worry most about as we enter

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Crypto in review

Crypto in review

🕔12:28, 17.Jan 2022

If 2020 was the The Year of the ₿ull, then 2021 was without a doubt the year crypto went mainstream. Last year, the cryptoasset industry experienced breakthroughs in adoption, regulation, policy, broader infrastructure development, technical upgrades, and on top of

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Tsingshan’s predicament – High CO2 nickel sulphate for the Electric Vehicle sector

Tsingshan’s predicament – High CO2 nickel sulphate for the Electric Vehicle sector

🕔12:38, 13.Jan 2022

Embedded emissions within the supply chains of low-carbon technologies are growing in prominance with broader adoption. Today, manufacturing electric vehicles (EVs) has a much higher carbon footprint than traditional internal combustion engine vehicles. But automakers are working with their suppliers

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It is time to find out which companies have been swimming naked

It is time to find out which companies have been swimming naked

🕔12:10, 31.Dec 2021

A little bit over a year ago, President Biden was elected, and the cyclical recovery rally kicked into gear. Low-quality stocks (lower profitability, higher debt) that had particularly suffered earlier in 2020, benefitted the most and outperformed all other parts

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Voting Matters 2021

Voting Matters 2021

🕔10:32, 28.Dec 2021

Are asset managers using their proxy votes for action on environmental and social issues? Introduction and summary The Covid-19 pandemic has deepened the already growing social inequality crisis1 and, despite a temporary reduction in emissions caused by lockdowns, greenhouse gas

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What’s Hot – Geopolitical tensions lend a tailwind to natural gas prices

What’s Hot – Geopolitical tensions lend a tailwind to natural gas prices

🕔14:06, 27.Dec 2021

Natural gas prices have declined sharply by 32.8%1 over the prior month. As we discussed here, market price action had run ahead of its underlying fundamentals. A combination of expectations of a warmer than usual winter period in North America

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Integratie van duurzaamheidsrisico’s in de kernprocessen van de financiële sector

Integratie van duurzaamheidsrisico’s in de kernprocessen van de financiële sector

🕔16:17, 13.Dec 2021

Klimaatverandering en de overgang naar een duurzame economie gaan gepaard met risico's voor financiële instellingen, die zij vanuit het oogpunt van integere en beheerste bedrijfsvoering adequaat moeten beheersen. In dat perspectief brengt De Nederlandsche Bank (DNB) in dit rapport in kaart in welke mate duurzaamheidsrisico’s

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The historical superiority of physically-backed investments in precious metals

The historical superiority of physically-backed investments in precious metals

🕔14:23, 13.Dec 2021

Gold is usually one of the largest commodities in an investor's portfolio, being used as an inflation hedge, as a safehaven asset or as part of broad commodities exposure (like the Bloomberg Commodity Index). Because most commodities cannot be accessed

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The role of income in portfolios

The role of income in portfolios

🕔10:01, 13.Dec 2021

Executive summary Many aspects of investing are fundamentally rooted in the idea that total investment return includes both investment income and investment price appreciation (growth). Nearly every asset class can be decomposed into these two characteristics—some assets being composed mostly

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Visie op asset allocatie 2021-12

Visie op asset allocatie 2021-12

🕔14:24, 9.Dec 2021

Gedurende het grootste deel van november leken aandelenbeurzen weer op weg naar een positief maandresultaat. Hoge inflatie en centrale banken die daar wellicht met een minder ruim monetair beleid op zouden moeten reageren, haalden de vaart er wel wat uit,

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Surging Construction Costs: Implications for Commercial Real Estate

Surging Construction Costs: Implications for Commercial Real Estate

🕔10:52, 8.Dec 2021

INTRODUCTION In the year that followed the onset of the global COVID-19 pandemic, there was an unprecedented surge in construction costs. Nationwide, building materials rose at the fastest pace in a decade from March 2020 to September 2021 (Figure 1).

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Bitcoin’s Place in Multi-Asset Portfolios

Bitcoin’s Place in Multi-Asset Portfolios

🕔09:01, 7.Dec 2021

Whether Crypto is the new New World or a glorified Ponzi Scheme is a debate which gets people curiously animated. We deftly sidestep this fracas, and instead focus on how the related instruments could be used from an asset allocation

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Securing Self-Sovereignty

Securing Self-Sovereignty

🕔16:17, 6.Dec 2021

Bitcoin's reputation as the soundest form of money is largely underpinned by its decentralized blockchain network. The network comprises globally distributed computers, known as “nodes,” that connect to each other and are run by anyone in the world with …

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Hot inflation data cool equity markets

Hot inflation data cool equity markets

🕔14:17, 1.Dec 2021

Hotter-than-expected inflation data took its toll on equity indexes within developed markets last week. Notably, the S&P 500 fell -0.3%, ending its streak of five weekly consecutive gains. The DJIA and tech-heavy NASDAQ fell -0.6% and -0.7%, respectively. The MSCI

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Surging Construction Costs: Implications for Commercial Real Estate

Surging Construction Costs: Implications for Commercial Real Estate

🕔14:15, 1.Dec 2021

In the year that followed the onset of the global COVID-19 pandemic, there was an unprecedented surge in construction costs. Nationwide, building materials rose at the fastest pace in a decade from March 2020 to September 2021 (Figure 1). Many

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What’s Hot: Red-hot inflation kindles a flame for commodities and gold

What’s Hot: Red-hot inflation kindles a flame for commodities and gold

🕔22:13, 26.Nov 2021

 US Consumer Price Index (CPI) rose 6.2% in October 2020, marking the highest level of inflation since 1990. The print, released on Wednesday 10th November 2021, outstripped the Bloomberg consensus survey of 5.9%. The central bank mantra of inflation being

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2022 Global Private  Equity Outlook

2022 Global Private Equity Outlook

🕔19:39, 26.Nov 2021

The global private equity (PE) industry is scorching hot. Pent-up demand for deals was unleashed in H2 2020 following a brief hiatus as the COVID-19 pandemic sent economies all over the world into lockdown. As we head towards 2022, there

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2022 outlook: agility counts in a year of disruption and divergence

2022 outlook: agility counts in a year of disruption and divergence

🕔14:25, 26.Nov 2021

Investors should be proactive and prepare for volatility in 2022. The coming months will be dominated by decelerating economic growth, diverging central bank policies and persistent inflation. At the same time, it’s critical to align with the long-term trends –

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The Case for Investing in Broad Commodities

The Case for Investing in Broad Commodities

🕔15:23, 25.Nov 2021

Building Stronger Portfolios Despite being traded on exchanges for more than a century, commodities are the least well understood of the main asset classes. Over the last 20 years, this gap has begun to close, with many renowned academics pointing

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Visie op asset allocatie

Visie op asset allocatie

🕔15:54, 22.Nov 2021

NOVEMBER 2021 Economie VS vertraagt, eurozone nog sterk Monetair beleid stukje bij beetje minder stimulerend Winstcijfers steun voor aandelenmarkten Beleggingsbeleid ongewijzigd; overweging aandelen gehandhaafd

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Long Covid

Long Covid

🕔12:39, 22.Nov 2021

In the short term, we are concerned that confidence in the growth outlook will wane, particularly given the recently weaker data in China, ‘stagflation risk’, and an earnings season dominated by the ‘margins squeeze’ story VIEWS & ASSET ALLOCATION Visibility

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Inflation protection — Hope for the best, but build robust portfolios

Inflation protection — Hope for the best, but build robust portfolios

🕔09:05, 22.Nov 2021

Building a robust portfolio has gotten tougher The last two years have been full of extraordinary challenges. Following the outbreak of the pandemic, the lockdowns and restrictions imposed by governments around the globe hit economies and markets hard and fast.

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The Great Inflation, Factors, and Stock Returns

The Great Inflation, Factors, and Stock Returns

🕔08:17, 22.Nov 2021

“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.” — Ronald Reagan Inflation is an amorphous concept that generally refers to the sustained increase in the general level of

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AFM Trendzicht 2022

AFM Trendzicht 2022

🕔14:47, 11.Nov 2021

In Trendzicht gaat de AFM in op belangrijke trends en bijbehorende risico’s in de financiële sector. Trendzicht biedt inhoudelijke achtergrond, verdieping en samenhang bij relevante toezichtonderwerpen. Het vroegtijdig signaleren en begrijpen van veranderingen in de sector draagt bij aan een

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Gold as a strategic allocation

Gold as a strategic allocation

🕔08:53, 8.Nov 2021

In this paper, we evaluate the case for gold as a strategic allocation in an institutional portfolio. We start with a brief history of gold as an early form of money, its relationship to fiat currencies, and as an investment.

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Can EM Narrow the Gap?

Can EM Narrow the Gap?

🕔08:20, 4.Nov 2021

During the past quarter, markets have become increasingly concerned about a growth slowdown, partly due to a resurgence of COVID-19, and partly due to global supply chain disruptions, which also caused a rise in inflation. This in turn tightened global

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ICMA: looking ahead

ICMA: looking ahead

🕔23:11, 3.Nov 2021

ICMA Quarterly Report It is a great pleasure to be able to communicate with you all for the first time and share some initial thoughts just one month into my appointment as the new CEO of ICMA. The last 18

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Growing pains – strong demand, constrained supply and elevated inflation

Growing pains – strong demand, constrained supply and elevated inflation

🕔16:39, 3.Nov 2021

House View Q4 2021 The course of economic recoveries and expansions never runs completely smoothly. Businesses need to adjust to the changing environment and are just as likely to be surprised by the strength of demand as by any unexpected

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Why Are Gas Prices So High?

Why Are Gas Prices So High?

🕔09:50, 9.Oct 2021

In October 2019, the OIES published a Comment entitled ‘$2 gas in Europe’, 1 which turned into a series of papers with similar titles. 2, 3 The first paper suggested that 2020 could see gas prices in Europe below $3

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A Contemporary Evaluation of Key Alternative Investments: CTAs, Risk Premia and Hedge Funds

A Contemporary Evaluation of Key Alternative Investments: CTAs, Risk Premia and Hedge Funds

🕔09:46, 6.Oct 2021

The primary focus of this analysis is a contemporary evaluation of alternative investments represented by CTAs, Risk Premia, and Hedge Funds. We use Risk Premia as a proxy for passive/semi-passive investments in alternative strategies and contrast that with the active

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Navigating the Lowest-Yielding Bond Market in History

Navigating the Lowest-Yielding Bond Market in History

🕔13:12, 27.Sep 2021

More than 60% of the fixed income market yields less than 1% and only 2.5% of the market yields more than 4%. This is a far cry from the yields available 20 years ago, or even two years ago. It

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China’s Phase 3: a new chapter in its epic story

China’s Phase 3: a new chapter in its epic story

🕔12:03, 23.Sep 2021

To understand current developments in China, it’s important to see how the country is now emphasising not just economic power, but the “soft” power of persuasion and influence. The key for investors is to learn how and where these strategic

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Verdad Curriculum

Verdad Curriculum

🕔08:31, 14.Sep 2021

Foreword We have been running our internship program since 2014, hosting over 50 college students and MBAs for paid internships at our firm. The centerpiece of our internship is a daily seminar-style class taught by the partners at the firm.

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Visie op asset allocatie

Visie op asset allocatie

🕔13:39, 9.Sep 2021

Fed bereidt de markten voor op afbouw opkoopprogramma ‒ Chinese groeivertraging en corona treffen opkomende economieën ‒ Sterke winstgroei steunt aandelenrally ‒ Winst nemen op vastgoed, obligaties opkomende markten naar neutraal 

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Japan’s Digital Transformation

Japan’s Digital Transformation

🕔11:02, 2.Sep 2021

Unique and surprising, the ‘DX’ or digital transformation of the world’ s third largest economy offers exciting openings for investors. Donald Farquharson, head of Baillie Gifford’ s Japanese equities team and Thomas Patchett, Japanese Equity Specialist explain why. 

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The intelligence that guides our investment decisions

The intelligence that guides our investment decisions

🕔16:03, 3.Aug 2021

House View Q3 2021: The global economy remains on track for a rapid and broad-based economic recovery from the Covid pandemic. Notwithstanding concerns around new variants of the virus, restrictions are generally being eased, as the vaccine roll-out progresses well,

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EBA report

EBA report

🕔16:33, 15.Jul 2021

The EBA has received several mandates to assess how to include Environmental, Social and Governance (ESG) risks into the three pillars of the banking prudential framework. This report assesses their potential inclusion in Pillar 2 by providing common definitions of

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Listed companies have less than six years to align with 1.5C warming target, inaugural MSCI Net-Zero Tracker reveals

Listed companies have less than six years to align with 1.5C warming target, inaugural MSCI Net-Zero Tracker reveals

🕔11:59, 14.Jul 2021

Launch of quarterly MSCI Net-Zero Tracker will show progress of listed companies towards the goals of the Paris Agreement and highlight climate leaders and laggards. NEW YORK – July 12, 2021 – The world’s publicly listed companies must dramatically accelerate

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AFM – Sectorbeeld Pensioenen – 2021

AFM – Sectorbeeld Pensioenen – 2021

🕔08:49, 14.Jul 2021

De stand van zaken van de pensioensector: deelnemers maken weinig gebruik van keuzemogelijkheden

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The SFDR’s Articles 8 and 9: The Funds Behind the Labels

The SFDR’s Articles 8 and 9: The Funds Behind the Labels

🕔12:54, 12.Jul 2021

Financial market participants (FMPs) in the European Union (EU) are already addressing aspects of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 , which aims to enhance transparency on how sustainability risks are integrated or how adverse sustainability impacts are considered

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Pre-Issuance Impact Report on the UK Government Green Financing Programme

Pre-Issuance Impact Report on the UK Government Green Financing Programme

🕔09:10, 8.Jul 2021

The UK government green financing programme ('the programme') is a green gilt (bond) issuance programme, alongside a world-first green retail savings bond via NS&I – the UK government’s retail savings arm. In addition to the core purpose of financing sustainable

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Four major trends in China to keep an eye on in the future

Four major trends in China to keep an eye on in the future

🕔10:15, 30.Jun 2021

Why invest in Chinese equities, especially those of China’s ‘new economy’? Haiyan Li-Labbé: Firstly, China is the second largest financial market in the world, and Chinese stocks are attractively priced. Now valued at over $14 trillion, Chinese equities should continue

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Asset allocation: Private markets in global multi-asset portfolios

Asset allocation: Private markets in global multi-asset portfolios

🕔08:34, 23.Jun 2021

The private markets (PMs) landscape has matured considerably in recent years alongside an increase in investor appetite. The accompanying flow of capital has helped to carve out and develop the distinct PM asset classes we are familiar with today. In

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Reassessing Risk Management with Corporate Event Data

Reassessing Risk Management with Corporate Event Data

🕔08:53, 18.Jun 2021

This white paper explores how corporate event data can be used to manage risk and aid compliance efforts.1 We will give an overview of the risk management process, detail how corporate events can be used in a risk framework, and

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Unwrapping the European ETF Industry: 2020

Unwrapping the European ETF Industry: 2020

🕔11:05, 14.Jun 2021

When exchange-traded funds (ETFs) were introduced in Europe in the year 2000 it was hard to predict that these products would write an unbroken success story for more than 20 years. This becomes especially true when one is taking into

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Who has the most robust carbon target – ExxonMobil or Chevron?

Who has the most robust carbon target – ExxonMobil or Chevron?

🕔12:09, 11.Jun 2021

Who has the most robust carbon target – ExxonMobil or Chevron? MSCI develops first of its kind framework to assess companies’ decarbonization and net-zero climate targets. NEW YORK – June 2, 2021 – MSCI, a leading provider of critical decision support

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Improved First Quarter Index Results

Improved First Quarter Index Results

🕔09:59, 7.Jun 2021

Global Pension Finance Watch – First Quarter 2021: Rising global discount rates during Q1 2021 drove positive first quarter pension index results for all regions. Asset returns were mixed with Brazil, Canada, and the U.K. negative for the quarter which

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“ROOM TO RUN” WITH US SMALL-CAP VALUE STOCKS?

“ROOM TO RUN” WITH US SMALL-CAP VALUE STOCKS?

🕔14:43, 3.Jun 2021

We believe small-value stocks have an appropriate role in portfolios with a longterm investment horizon and that many investors may be underexposed to smallvalue stocks today. 

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