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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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Emerging Markets: Shaping the world of tomorrow

Emerging Markets: Shaping the world of tomorrow

🕔08:35, 17.May 2021

There is one main reason why you, as an investor, should consider Emerging Markets: Growth. People can be hesitant to invest in the region because of political, economic or social issues, but when approached in the right manner, with risk

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Investing with company insight

Investing with company insight

🕔09:32, 11.May 2021

In the years that followed, the team became larger and more global with portfolio managers in New York in 2006, Shanghai in 2007 and finally Singapore in 2010. The investment mandates were global, and we wanted to create an international

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Beyond CPI: Gold as a strategic inflation hedge

Beyond CPI: Gold as a strategic inflation hedge

🕔08:05, 10.May 2021

Inflation has emerged as a primary concern for investors.1 On balance, arguments for ‘uncomfortably high’ US inflation seem to outnumber those against, at least in the near term.2 A natural consequence of such a risk is for investors to seek

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Traditional markets vs. Crypto markets out with the old, in with the new

Traditional markets vs. Crypto markets out with the old, in with the new

🕔08:59, 3.May 2021

Since the Dutch East India Co.’s public share offering in 1602, public markets have allowed for people of all walks of life to help cultivate, contribute, and profit from a capitalistic system that has pulled many out of poverty. Over

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The rise of Central Bank Digital Currencies

The rise of Central Bank Digital Currencies

🕔17:09, 30.Apr 2021

What are Central Bank Digital Currencies (CBDCs)? What is the impetus behind CBDCs when the ethos of crypto goes against the very role of central banks? How will CBDCs affect the widespread use of cryptocurrencies or the need for crypto

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Bitcoin is Key to an Abundant, Clean Energy Future

Bitcoin is Key to an Abundant, Clean Energy Future

🕔16:49, 23.Apr 2021

In this memo, we aim to explain how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity. This deployment, along with energy storage, aims to facilitate the

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House View 2020 Outlook

House View 2020 Outlook

🕔10:15, 22.Apr 2021

This time really is different. Every recession is subtly different from the last. However, the events that led to the great recession of 2020 were unique, at least in modern times. A sudden stop in economic activity, imposed by governments

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Foundations of a cycle-driven approach to asset allocation

Foundations of a cycle-driven approach to asset allocation

🕔13:55, 12.Apr 2021

Foundations of a cycle-driven approach to asset allocation Countercyclical Investing

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The Role of Cryptocurrencies in Investor Portfolios

The Role of Cryptocurrencies in Investor Portfolios

🕔14:37, 8.Apr 2021

The role of cryptocurrencies as a vehicle for speculation has been well established. However, it is less clear if cryptocurrencies can also serve to manage risk. The authors seek to determine the diversification potential of cryptocurrencies both for short and

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The Long Run Is Lying to You

The Long Run Is Lying to You

🕔10:17, 30.Mar 2021

Everyone knows the value strategy has been a grave disappointment out-of-sample since, say, 1990 (thirty years!). Even Fama and French know it. 2 And everyone knows the value strategy has been quite bad for the last 10+ years with the 2018–2020 period essentially a crash. Well, that’s all kind of true. But, as odd as this might sound, the realized …

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How To Think About The Issue Of Rising Interest Rates For Investors

How To Think About The Issue Of Rising Interest Rates For Investors

🕔09:02, 12.Mar 2021

Didier Saint-Georges, a Carmignac Strategic Investment Committee member, offers here his latest insights into financial markets, where a fair amount of turmoil is observable just when a new market environment could well be changing longer-term investor behaviour. 

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Historic Turbulence Ahead

Historic Turbulence Ahead

🕔10:35, 11.Mar 2021

In ten days, history will be made. As the anniversary of last March’s volatility draws near, this appears to be a mathematical certainty with practical implications. Let us explain. The scars of 2020 are multi-dimensional. Of course, society bears the

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Bitcoin Discussion Paper

Bitcoin Discussion Paper

🕔14:50, 8.Mar 2021

As Bitcoin hits new highs, we find that more reasons are being propagated as to why this cryptocurrency is the future of the monetary system. Many of these views and assertions seem vague and overly simplistic and hence we struggle to follow the logic of the analysis provided. On the other hand, we have studied the monetary system, which is also not simple because of the complex subject matter.

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Bridgewater: Our 2021 Global Outlook

Bridgewater: Our 2021 Global Outlook

🕔10:32, 24.Feb 2021

In the markets, the biggest opportunities and the biggest risks arise when you have a confluence of unsustainable flows of money and credit forming prices that discount unlikely future economic scenarios. Today, we see a number of such …

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Out With The Old, In With The New

Out With The Old, In With The New

🕔16:42, 23.Feb 2021

Since the Dutch East India C.’s public share offering in 1602, public markets have allowed for people of all walks of life to help cultivate, contribute, and profit from a capitalistic system that has pulled many out of poverty. Over time, technological innovations have made markets more advanced and the barriers to …

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Verdad: Emerging Markets Crisis Investing

Verdad: Emerging Markets Crisis Investing

🕔11:37, 23.Feb 2021

We studied every EM crisis since 1987 and found that it can be possible to reap excess returns by only investing in the two years immediatly after a crisis, an approach we call “crisis investing”. We define EM crisis as periods when major EM stock markets drew down al least 50%.

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Drivers of the Shanghai-London gold price discount and outlook for 2021

Drivers of the Shanghai-London gold price discount and outlook for 2021

🕔09:17, 23.Feb 2021

The COVID-19 pandemic has had a significant impact on China’s gold market, leading to a 27% y-o-y drop in the nation’s gold demand in 2020. 1 One consequence of such weakness was the widest …

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MiFID II research unbundling: assessing the impact on SMEs

MiFID II research unbundling: assessing the impact on SMEs

🕔14:18, 22.Feb 2021

This article analyses the impact of the MiFID II research unbundling provisions on EU sell-side research, following their application on 3 January 2018. The MiFID II provisions require portfolio managers to pay for the research that they obtain, either by paying themselves or by passing on that charge to their clients. Concerns have been raised …

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Corporates investing in crypto

Corporates investing in crypto

🕔08:09, 12.Feb 2021

In 2020, more operating companies began allocating cash to digital assets and cryptocurrencies. This is a new dynamic and a departure from more conventional investing by funds and others in this space. One telling example is MicroStrategy Inc., which announced, last December, that it …

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Crypto Yields – Deep Dive on DeFi

Crypto Yields – Deep Dive on DeFi

🕔13:31, 4.Feb 2021

The Decentralized Finance (DeFi) space has been all the craze this year, with an estimated value of over $11B locked in the DeFi lending market alone.1 It’s likely that you’ve seen new DeFi platforms with impressive annual percentage yields (APY) advertised for different cryptocurrencies …

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Gold Outlook 2021: Economic recovery and low interest rates set the tone

Gold Outlook 2021: Economic recovery and low interest rates set the tone

🕔08:45, 4.Feb 2021

The COVID-19 pandemic raised uncertainty by compounding existing risks and creating new ones. But by the end of last year, investors were optimistic that the worst was over. Looking ahead, we believe that investors will likely see the low interest rate environment as an opportunity to …

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Silver Outlook To Q4 2021: A Year For The Hybrid Metal

Silver Outlook To Q4 2021: A Year For The Hybrid Metal

🕔13:42, 3.Feb 2021

Silver Outlook To Q4 2021: A Year For The Hybrid Metal After a slow start, silver outpaced gold and most industrial metals in 2020. Initially riding gold’s defensive coattails and then getting a tailwind from its industrial traits, silver was

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Asset allocation and risk modeling of bitcoin in an institutional portfolio

Asset allocation and risk modeling of bitcoin in an institutional portfolio

🕔13:48, 2.Feb 2021

Asset allocation and risk modeling of bitcoin in an institutional portfolio Bitcoin recently celebrated its twelfth birthday, but in historical terms it is still very much in its infancy as compared to other major asset classes. In this paper we

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Managed Futures 2020 Strategy Review

Managed Futures 2020 Strategy Review

🕔14:40, 1.Feb 2021

What a year 2020 was in markets. From the Corona Crash in March to VIX highs in the 80s, to tech stocks doubling and tripling from those lows. From retail traders driving the market, to stimulus checks holding the market

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Crypto in Review 2020: The Year of the Bull

Crypto in Review 2020: The Year of the Bull

🕔10:41, 25.Jan 2021

Crypto in Review 2020 The Year of the Bull 2020 will be remembered as a catastrophic year for the world’s economy as the COVID-19 pandemic ravaged global markets. In light of this tragedy, crypto’s epic COVID-19-induced crash and bounce to

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Mutual Funds available to the Dutch retail market

Mutual Funds available to the Dutch retail market

🕔12:15, 21.Jan 2021

Mutual Funds available to the Dutch retail market Top 10 Rankings Screening – The screening starts by selecting the range of funds that are open-end and registered for sale in The Netherlands for the specific asset class – In order

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Communicating uncertainties in official statistics — A review of communication methods

Communicating uncertainties in official statistics — A review of communication methods

🕔08:07, 21.Jan 2021

This report examines the state-of-the-art for verbal, numerical and visual methods that are available to communicate uncertainties in official statistics reports. It provides insights into the uncertainty of statistical estimates through a review of existing work on the communication of

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Factset Earnings Insight

Factset Earnings Insight

🕔14:28, 15.Jan 2021

The estimated (year-over-year) earnings growth rate for the S&P 500 for CY 2021 is 22.1%, which is above the 10- year average (annual) earnings growth rate of 10.0%. If 22.1% is the actual growth rate for the year, it will

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ESG Investing in 2021

ESG Investing in 2021

🕔10:45, 15.Jan 2021

In a year dominated by the COVID-19 pandemic, there has been a renewed focus from governments and companies on the need to address climate change and other sustainability challenges. For their part, many investors are integrating ESG and climate considerations

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The Virus And The Rubicon

The Virus And The Rubicon

🕔12:02, 14.Jan 2021

Most investors have grasped that the extraordinarily loose monetary policies pursued by the leading central banks in 2020 have provided greater support than ever for financial asset prices. So now that the worldwide Covid vaccination campaign has stirred hopes of

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Born to Run

Born to Run

🕔09:35, 13.Jan 2021

Born to Run December 2020 Market Recap & Outlook Takeaways BTC’s +47% return in Dec. marked its best monthly performance since May 2019 and an annual return in excess of +300%, BTC’s 4th best annual performance since 2011. ETH’s +20%

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The Hazards of Asset Allocation in a Late-stage Major Bubble

The Hazards of Asset Allocation in a Late-stage Major Bubble

🕔12:23, 8.Jan 2021

The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases, frenzied issuance, and hysterically speculative investor behavior, I believe this event will be recorded as one of the great

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The Wisdom of Buying Absurdly Expensive Stocks

The Wisdom of Buying Absurdly Expensive Stocks

🕔15:38, 5.Jan 2021

December 2020  2020 has been a story of the big getting bigger, with valuations for the largest companies in the S&P 500 Index, particularly the FAANGM tech behemoths, reaching near-record levels. In this article, we ask whether such valuations can

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Expert Investor Participant Report January 2021

Expert Investor Participant Report January 2021

🕔07:54, 30.Dec 2020

This report shows the forward-looking investment intentions of fund selectors, asset allocators and portfolio constructors in Switzerland. In all graphs below, the y-axes (typically marked ‘net buyers’) shows the % of respondents who are looking to buy more of the

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Outrageous Predictions 2021

Outrageous Predictions 2021

🕔13:27, 15.Dec 2020

For the 2021 batch of Outrageous Predictions, we decided for the most part to don our futurist caps rather than getting too bogged down in market trends and central bank policies. That is largely because the Covid-19 pandemic and the

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You’re Fired! When Do You Sack the Fund Manager?

You’re Fired! When Do You Sack the Fund Manager?

🕔16:17, 7.Dec 2020

Summary of the ‘Drawdowns’ academic paper Sacking a fund manager is costly and complex. So, what type and size of drawdown should cause you to risk changing a fund manager?  When evaluating managers or strategies, investors pay close attention to

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Private Equity Outlook

Private Equity Outlook

🕔15:06, 4.Dec 2020

Observations driving Verus outlook  PE has pulled back to a significant degree this year. Through 1H2020, deal volume and value stood at roughly a quarter of 2019 tallies, representing a strong deceleration after back-to-back record-breaking years. The median PE deal

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Offence wins Games but Defense wins Championships

Offence wins Games but Defense wins Championships

🕔15:00, 4.Dec 2020

Building resilient portfolios for uncertain times  Balancing protection and upside potential is a difficult exercise, but we hope investors will find some ideas and some inspiration on how to tackle it in this paper, whether it is through a dynamic

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Global gold-backed ETFs: A popular gateway to the gold market

Global gold-backed ETFs: A popular gateway to the gold market

🕔11:35, 2.Dec 2020

Global gold ETFs: A popular gateway to the gold market Gold-backed exchange-traded funds and similar products (gold ETFs)1 have flourished since their introduction in 2003, attracting both institutional and retail investors across the globe.2 Recently, gold has become globally accepted

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Investment Manager Monitoring Guide

Investment Manager Monitoring Guide

🕔15:10, 27.Nov 2020

The PRI has identified The PRI Leaders’ Group 2019, which highlights asset owner leaders that have developed rigorous follow-up procedures to reduce reputational and management risk, and who have detailed policies for frequently monitoring managers’ performance through on-site interviews, calls

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The Big Green Short

The Big Green Short

🕔15:04, 27.Nov 2020

"Since 2000, portfolios made up of restricted stocks, with the exception of coal, have delivered better performance than the benchmark, suggesting that applying the restriction has probably hurt investment performance. However, it’s worth noting that the return gap has been

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Investment Manager Selection Guide

Investment Manager Selection Guide

🕔15:00, 27.Nov 2020

The incorporation of ESG factors within the investment process has evolved from a nice-to-have to a necessity. Client demand has grown strongly, with 68% of the PRI’s asset owner signatory base addressing ESG considerations in their requests for proposals (RFPs).1

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Pension Funds in Figures – 2020

Pension Funds in Figures – 2020

🕔15:38, 20.Nov 2020

"The size of pension funds compared to GDP varied widely at the end of 2019, ranging from 0.1% in Pakistan to 191.4% in the Netherlands. Assets in pension funds exceeded the size of the domestic economy in five countries: Australia

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Pension Markets in Focus 2020

Pension Markets in Focus 2020

🕔15:21, 20.Nov 2020

"Assets in retirement savings plans reached new heights, exceeding USD 50 trillion before the COVID-19 outbreak"

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The road less travelled

The road less travelled

🕔09:53, 20.Nov 2020

Fixed Income Quarterly Report – Q4 2020 A second wave of coronavirus infections is sweeping the globe, corporate defaults are on the rise and recovery rates are well below their historical average. Meanwhile, the outcome of one of the most

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Recovery enters a Second Phase

Recovery enters a Second Phase

🕔14:47, 13.Nov 2020

The Investment Clock: "Recovering: After a plunge into recession, economic data started a rapid pick up from March in China and May/June in Europe and the US as social distancing eased. Retail sales have recovered particularly fast in the US

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