The Digital Assets industry was under pressure through 2022 with Cryptocurrency prices correcting sharply, as tighter global financial conditions impacted capital markets. The Digital Assets ecosystem is certainly used to a great deal of volatility, and the implosions of the
It gives us great pleasure to present you with this ‘Guide to Conservative Investing’, which highlights fundamental insights on low-risk investing, otherwise known as low volatility investing. The publication also sheds light on the Robeco Conservative Equities strategy, which offers
For all of 2022, we have focused on tighter monetary policy, discussing the dilemma faced by central banks (in ‘Czech Mate’) and their subsequent decision to prioritize the war on inflation (in ‘The Inflation Game’). As we peer into 2023,
The age of confusion is all about multiplicity, persistence and reflexivity In our view, we have now entered the age of confusion. Confusion because of the many moving parts that market participants have to juggle, creating larger divergences in analyst
It’s work in progress for central banks. But the meaning of this phrase differs depending on the bank in question. For the Fed it means taking policy rates another big step towards restrictive territory. The ECB seems to be edging
That said, detecting those firms most likely to face distress in the future is far from straightforward. While there are numerous characteristics that can help forecast such outcomes, they perhaps do so most effectively in a nonlinear fashion or in
Multi-asset market outlook: Commodity prices surged by 36.1% (In US dollars) in the first quarter on the back of widening geopolitical risk premiums and outright supply distortions as the world’s third-largest oil producer, Russia, faced sanctions. As both the level
The trending charts in 2021
For hundreds of millions of people, March 2020 was a watershed. Within days, the Covid19 pandemic had triggered powerful shockwaves across the world. Entire populations were put under strict lockdown measures almost overnight. Planes were grounded; and restaurants, museums and
We made no changes to the portfolio in December. We continue to be procyclically positioned, mainly through carrying a higher weight in equities. Our preference within equities is for developed markets, for which Europe is our favorite region. Within fixed
Update – December 2021 Covid-19 with adverse and complex implications Tentative hopes of a foreseeable end to the coronavirus pandemic have been dashed again with new waves of Covid-19 raging in many parts of the world and the recent detection
Multi-asset market outlook While inflation in the US hit a new high in November, stagflationary fears have substantially eased. The pick-up in economic momentum visible in the employment numbers and the purchasing manager’s survey have both eased growth concerns. Of
Tthings are heating up It’s easy to understand Elon Musk’s fascination with Nikola Tesla, the inventor of the alternating current (AC) technology that serves as the backbone of the company’s electric vehicles. Talking to Collier’s magazine back in 1926, in
Multi-asset market outlook: Equity markets continued their march higher this month. Neither slowing macro momentum nor increasing infections have hindered this rise and the ‘buy the dip’ strategy continues to be a winner. After a brief dip mid-month, equities …
Equity markets continued their march higher this month. Neither slowing macro momentum nor increasing infections have hindered this rise and the ‘buy the dip’ strategy continues to be a winner. After a brief dip mid-month, equities quickly regained upward momentum,
Multi-asset market outlook: Interest rates seems to have entered a period of consolidation. US rates even moved lower towards the 1.40% level in June. In Europe, most rates kept upwards momentum, but at a much slower pace than in previous
After ‘a lost decade’ of tepid performance, the Value factor has begun to stage a comeback, following the announcement of successful Pfizer-BioNTech Covid-19 vaccine candidate results on 9 November 2020. Despite the recent rally and reversal of fortunes, spreads in
While fixed income markets mainly remained under pressure, they were not the worst performing asset class in March. That honor went to commodities. After leading the way over the past months, commodities came under pressure in March. The decline was broad based. Crude oil lost …
Investment Outlook 2021 2020 will likely go down as one of the most remarkable years in history: from an economic perspective, as Covid-19 brought the deepest recession since the 1930s, and from a public health and social viewpoint as well.
It’s as if nothing happened. At the time of writing, the MSCI AC World index in EUR is up 8% since a year ago, which is very close to our long-term equilibrium equity return estimate of 7%. Yet, in the
Gross Domestic Product (GDP) has long been the go-to metric for assessing countries' development trajectories. In turn, investors are largely judged …
Climate change could have profound implications for property and casualty insurance companies due to the claims expected to result from an increased number of major weather events. What’s more, as major investors, insurers are faced with a likely double whammy
Climate change could have profound implications for property and casualty insurance companies due to the claims expected to result from an increased number of major weather events. What’s more, as major investors, insurers are faced with a likely double whammy
Economic data is coming in stronger than expected. The better data is to some extent just a reflection of improvement from a low base – but on the other hand, it is confirmation that the worse of the economic contraction
May: Oil is back… Risky assets continued their ascent in May. The best-performing asset class was commodities, and oil in particular. After an extremely negative performance in April, oil rebounded sharply. Pandemic fears continue to wane, and countries are slowly
Multi-asset market outlook April was a good month for most risky assets. These positive returns, however, came on the back of a brutal correction. While most asset classes rebounded in April, some failed to find a bottom. Oil prices continued
Rates in lockdown for longer With the outbreak of the coronavirus hitting the global economy, central banks have stepped up to the plate by delivering significant amounts of easing. Official yields are now at or below zero for all developed
Perspectives on the Coronavirus Outbreak The novel coronavirus, SARS-CoV-2, is the cause of COVID-19, a severe respiratory disease first detected in Wuhan, China…
The relationship between China and the West has changed radically China faces many challenges and may not overtake the US by 2030 Finding expert managers is key for investors to make the right choices
Emerging Markets The relationship between China and the West has changed radically China faces many challenges and may not overtake the US by 2030 Finding expert managers is key for investors to make the right choices
Country Sustainability Ranking Update – December 2019 Scandinavia continues to dominate sustainability rankings, lead this time by Norway. The Nordic 4 along with Switzerland maintain their strong position thanks to leadership in governance, innovation, human capital, and environmental indicators. Elsewhere
Fed, ECB, PBoC and the Boj
Factor investing requires a long-term perspective Talking about a demise of factors seems premature Active managers can add value through intelligent design
Outlook 2020 The recurring theme of this outlook can be summarized in just two words: ‘what if?’. We expect the economic expansion to last a little longer, and the equity bull market to enter the last leg of a near
SDG Credits Research
2018 was a bear market, but in the last six months credit has traded in a range – a remarkable performance given the slowdown in economic growth. Since last quarter, rates markets have been much more volatile than credit. Ominously,
The global economy is stuck in a persistent slowdown concentrated in the manufacturing sector amidst pervasive economic policy uncertainty. The latest ISM manufacturing producer confidence index slid into contraction territory at 49.1 in August, delivering little comfort for investors. Is
The US 2s10s curve inverted in August, other curves had already inverted
Speed read China-US trade deal has been delayed, expect more volatility Look for structural changes: China stimulus and global IT supply chains Best opportunities remain outside of the US, as long as we have a trade deal
Central bank watcher: Time to deliver Fed: make life easy and do 50 ECB: A september to remember PBOC: Easing bij reform?
Welkom in een nieuwe wereld. Er is nog steeds geen handelsdeal en de winstherzieningen zijn verslechterd. Bovendien zijn centrale banken over de hele wereld nu nog milder dan in het vorige kwartaal. Onze vooruitzichten voor ontwikkelde markten blijven neutraal en
Robeco Quarterly It’s been 20 years since you were involved with the launch of Robeco’s first SI fund. How much do you think has changed in sustainable investing over that time? Is it now mainstream, or still work in progress?
Economic numbers were generally uninspiring in June. On a relative basis, data out the US was weaker than expected. In June it was less about the data and all about central banks. Market expectations heading into the meetings were extremely
Be smart, quick and lucky
With a series of tweets, President Trump reinvigorated fears of an escalation of trade disputes. Not only did he announce higher and extra tariffs on Chinese products, he also threatened India and Mexico with tariffs. As expected, markets reacted negatively:
In this article, we investigate the current bottom-up attractiveness of European sectors and countries and provide a few examples to illustrate how we are able to find attractive low-risk, high-income stocks with positive momentum across the whole European equity market
In the absence of big news, markets ground higher in April. This was the fourth consecutive month of higher stocks, with nearly 20% returns over that time, and a new ‘all time high’ for the MSCI World (in euros). Not
Fundamental Equities Outlook Since the beginning of the year, global equity markets have staged a swift comeback, turning around the dismal performance of the final quarter of 2018. Year-to-date, the MSCI World is up almost 16% in US dollar terms
Country Outlook The inclusion of Chinese A-shares in the MSCI Emerging Markets Index that took place last June is a landmark step for China’s integration into global markets. It is expected to boost investors’ interest in Chinese firms and to
The continuous string of bad economic numbers started to eat away at market confidence. The fact that the policy objective of central banks was to normalize policy didn’t help, as it could imply that they would be less sensitive to
