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Posts From State Street Global Advisors

How do Central Banks Invest? Embracing Risk in Official Reserves

How do Central Banks Invest? Embracing Risk in Official Reserves

🕔18:00, 26.Jul 2019

This is an update to the 2017 SSGA study of central bank asset allocation.1 In contrast to the last study which focused on the allocation of excess reserves (i.e. the investment tranche) exclusively, this study reviews the entire reserve portfolio.

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Obligatie-ETF’s: Feiten vs. Fictie

Obligatie-ETF’s: Feiten vs. Fictie

🕔19:02, 2.Jul 2019

De markt van obligatie-ETF's is nog altijd relatief jong: de eerste obligatie-ETF werd gelanceerd in 2002. Pas 10 jaar geleden bedroeg het vermogen onder beheer (Asset Under Management, AUM) in obligatie-ETF's 48 miljard USD, goed voor ongeveer 1,9% van de

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OK, Sell in May…But What About Today? Investing in an Increasingly Volatile Market

OK, Sell in May…But What About Today? Investing in an Increasingly Volatile Market

🕔17:02, 4.Jun 2019

Strategy Espresso On 1 May, investors in US equities were celebrating. The S&P 500 had more than recovered all of the losses from last year’s Q4 sell-off to reach a new all-time high of 2,954. The CBOE Volatility Index (“VIX”), widely accepted

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US vs. China: Trade War Looming, or Overstated Hysteria?

US vs. China: Trade War Looming, or Overstated Hysteria?

🕔15:02, 29.May 2019

Strategy Espresso “Full-Blown Trade War is Quickly Shifting from Risk to ‘Baseline’” read a Bloomberg headline on Thursday 23 May, as analysts and economists from multiple institutions began adjusting their assumptions regarding whether a trade deal between the US and

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EM Local Currency Debt: No Pain, No Gain

EM Local Currency Debt: No Pain, No Gain

🕔15:02, 20.May 2019

Strategy Espresso Regular readers of the Espresso will know that we have been positive on emerging market (EM) local currency debt for some time. Despite escalating trade tensions weighing on market sentiment, we believe this hurdle will be passed, and

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Largest Rebalance in MSCI Emerging Markets History

Largest Rebalance in MSCI Emerging Markets History

🕔13:02, 14.May 2019

Strategy Espresso At the end of May, MSCI Emerging Markets will conduct their semi-annual index review and rebalance. As per usual, this process will create a certain amount of turnover in the index as companies are added and removed based

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Sector Dashboard

Sector Dashboard

🕔13:02, 13.May 2019

Equity markets surged back in the first quarter of 2019, but it was only towards the end that we saw investor confidence start to recover. The first move by investors was to defend their core equity positioning and consider reducing

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Equity Market Ceiling or the Beginning of a Rally?

Equity Market Ceiling or the Beginning of a Rally?

🕔17:02, 7.May 2019

Strategy Espresso Markets have rallied but we haven’t seen investors go back into equities. Indeed, European-domiciled ETF flows show that fixed income was still the favoured asset class in April with $4.5 billion of inflows versus $820 million out of equity. Year to

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EM Local Currency Debt — Potential Beneficiary of Lower Growth

EM Local Currency Debt — Potential Beneficiary of Lower Growth

🕔19:02, 29.Apr 2019

Global economic growth is slowing. Emerging market (EM) central banks are also facing less inflationary pressure in 2019. Forecasters expect that, overall, EM central banks will cut rates or keep them unchanged (Figure 1). At the same time, the recent

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Feiten vs. Fictie

Feiten vs. Fictie

🕔15:00, 25.Apr 2019

Door de wereldwijde aanwezigheid van State Street Global Advisors kunnen onze portefeuillemanagers, handelaren en beleggingsstrategen sectorspecialisten zijn in hun geografische markt. Onze toegewijde Capital Markets teams hebben 24 uur per dag toegang tot wereldwijde obligatiemarkten met betere liquiditeit en kostenefficiënte*

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The Future of Bond Trading and Technology

The Future of Bond Trading and Technology

🕔15:03, 17.Apr 2019

Welcome to the third edition of the Bond Compass. This global, quarterly report leverages analysis from State Street Global Markets showing bond flows and holdings indicators from Q1 2019, taken from a data set that represents $10 trillion1 of assets.

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Sector Dashboard

Sector Dashboard

🕔11:02, 12.Apr 2019

Overview Equity markets surged back in the first quarter of 2019, but it was only towards the end that we saw investor confidence start to recover. The first move by investors was to defend their core equity positioning and consider

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In Search of Yield? Euro High Yield Could Be the Answer

In Search of Yield? Euro High Yield Could Be the Answer

🕔15:03, 10.Apr 2019

Strategy Espresso The European high yield market has continued to rally following a challenging end to 2018. In this week’s Espresso we highlight some key reasons for the recovery and why we foresee continued near-term support for the asset class. In

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Real Interest in Real Estate

Real Interest in Real Estate

🕔17:02, 1.Apr 2019

Investors Need Yield With both the US Federal Reserve and the ECB unlikely to raise interest rates in coming months, and the subsequent impact on government bond and money markets, investors are now desperately searching for their required income elsewhere.

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Accessing the Leading Growth Themes in Technology

Accessing the Leading Growth Themes in Technology

🕔15:02, 29.Mar 2019

Tech companies continue to innovate and disrupt. Exposure to secular growth trends makes the sector less reliant on economic growth. It can be hard to pick just one winner — investing in a basket of companies allows investors to diversify

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China Goes Global: CNY-Denominated Bonds to Enter Major Indices

China Goes Global: CNY-Denominated Bonds to Enter Major Indices

🕔11:02, 27.Mar 2019

Strategy Espresso Bloomberg has confirmed that it will add Chinese CNY-denominated bonds to the Global Aggregate, Global Treasury and Emerging Market Local Currency Government indices starting in April 2019. The announcement marks another milestone in opening up and attracting further investment

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Quality Eurozone Dividend Companies for the Late Cycle?

Quality Eurozone Dividend Companies for the Late Cycle?

🕔17:02, 18.Mar 2019

Strategy Espresso State Street Global Advisors forecasts that GDP growth in the eurozone will slow from 1.9% in 2018 to 1.6% through 2019.* Sure enough, economic data appears broadly positive and could continue to support earnings growth in equity markets. However,

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Smart Beta Dashboard

Smart Beta Dashboard

🕔17:02, 14.Mar 2019

Using Low Volatility Portfolios To Adjust Risk-Return Characteristics  Equity investors can fundamentally change the risk-return profile of their overall portfolio by moving some of the core equity allocation into a Low Volatility portfolio. Historically, blending an S&P 500 portfolio with

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Spdr Etfs Sector Dashboard

Spdr Etfs Sector Dashboard

🕔13:02, 8.Mar 2019

Overview Sector inflows are back! Renewed investor confidence has seen net buying of equities and sector ETFs since mid-February. This has included Technology which proved a good sentiment indicator last year. Our three SPDR Sector Picks led the performance returns in February on

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Searching for Alpha Consistency in Emerging Market Equities

Searching for Alpha Consistency in Emerging Market Equities

🕔11:03, 7.Mar 2019

Despite recent headwinds related to country-specific economies and trade wars, emerging markets continue to be a source of alpha for investors. The success of emerging markets in the past has been based on themes. The major theme for growth going

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Accessing Infrastructure with SPDR ETFs

Accessing Infrastructure with SPDR ETFs

🕔17:02, 25.Feb 2019

Strategy Espresso Over the last decade, demand for infrastructure investments has increased dramatically. Following the Global Financial Crisis, investors have looked to better diversify their portfolios by increasing exposure to assets with low or negative correlation to broader equity markets. An allocation

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Understanding & Comparing Esg Terminology

Understanding & Comparing Esg Terminology

🕔15:02, 23.Feb 2019

A Practical Framework for Identifying the ESG Strategy That Is Right for You According to a survey of 475 institutional investors titled “Performing for the Future,” more than half of institutions that have adopted environmental, social and governance (ESG) investing

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Harnessing ESG as an Alpha Source in Active Quantitative Equities

Harnessing ESG as an Alpha Source in Active Quantitative Equities

🕔15:02, 23.Feb 2019

IQ insights At State Street Global Advisors (SSGA), we engage in environmental, social and governance investing (ESG) across a broad range of asset classes and investment styles. Approaches range from the screening of ESG themes to the full integration of

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With Uncertainty Ahead, is it Time for Low Vol Strategies?

With Uncertainty Ahead, is it Time for Low Vol Strategies?

🕔19:02, 19.Feb 2019

Strategy Espresso While global growth is expected to slow in 2019, we feel that US equities are still the place to be due to relatively strong earnings and fairly robust economic data. However, investors should be cognisant of the volatility associated

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It’s Not Too Late to Join the Emerging Market Rebound

It’s Not Too Late to Join the Emerging Market Rebound

🕔19:02, 11.Feb 2019

Strategy Espresso We have recently seen much more investor interest in emerging markets (EM), across currencies, fixed income and equities. The broad recovery in EM equities started towards the end of last year, and over the past three months they

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Sector Dashboard

Sector Dashboard

🕔17:02, 7.Feb 2019

Equity markets had a positive start to the year, as hopes for further global economic growth, albeit at a slower pace, replaced fears of an abrupt end to the cycle. Sector performance in January reflected this shift, with the higher beta and more cyclical

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Emerging Opportunities in Fixed Income

Emerging Opportunities in Fixed Income

🕔13:02, 6.Feb 2019

Strategy Espresso Since the start of the year we have seen both emerging market local currency and hard currency debt continue to perform well following a challenging 2018. Last week’s FOMC meeting provided a further boost to performance, as the Fed’s dovish

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Playing a Slice of the Tech Megatrends

Playing a Slice of the Tech Megatrends

🕔13:03, 23.Jan 2019

Strategy Espresso The Technology sector changed a lot last year. The GICS sector reclassification, enacted in September 2018, created the new Communication Services sector. This action left Tech as a smaller, more tightly defined group of hardware, software and semiconductor

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Bond Compass Q1 2019 Navigate the fixed income market with State Street

Bond Compass Q1 2019 Navigate the fixed income market with State Street

🕔11:02, 18.Jan 2019

Navigate the fixed income market  Welcome to the second edition of the Bond Compass. This global, quarterly report leverages analysis from State Street Global Markets showing bond flows and holdings indicators from Q4 2018, taken from a data set that

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A Bullish Year for Emerging Market Debt

A Bullish Year for Emerging Market Debt

🕔11:03, 16.Jan 2019

Strategy Espresso Emerging market local currency debt has rallied 2.38%1 since the start of the year as investors tentatively dip their toes back into the market following a challenging 2018. Below we outline some of the key reasons why we

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Consider US Equities to Start 2019

Consider US Equities to Start 2019

🕔17:02, 9.Jan 2019

In terms of both macro and fundamental considerations, we see a selection of potential tailwinds that could push US equities higher; although, there are downside risks to monitor in the coming months. Given a range of uncertainties, such as the Fed’s

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Strengthen your Core Through an Allocation in a Eurozone Low Volatility Strategy

Strengthen your Core Through an Allocation in a Eurozone Low Volatility Strategy

🕔15:02, 19.Dec 2018

Strategy Espresso Rotation among factors has continued recently, with elevated volatility, as equity investors switch between optimistic and defensive positioning. These moves are not surprising, as it is common to see heightened levels of volatility in late economic cycles. Interestingly,

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Take Shelter with Euro Short-Dated Corporate Bonds

Take Shelter with Euro Short-Dated Corporate Bonds

🕔14:00, 13.Dec 2018

Strategy Espresso Global growth is forecast to slow in 2019 but remain relatively robust overall. With yields forecast to climb, particularly in Europe as market hurdles such as the Italian budget and Brexit are addressed, short-dated euro corporate bonds may

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Brexit Clock Still Ticking

Brexit Clock Still Ticking

🕔15:02, 8.Dec 2018

On 11 December, the UK House of Commons will vote on the proposed Withdrawal Agreement for the UK’s exit from the European Union, which was recently agreed by the UK government and the European Union. In this note, we provide our views on

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Sector Dashboard

Sector Dashboard

🕔17:02, 6.Dec 2018

We have seen a sector rotation favouring more defensive sectors, which is typical during a market correction. Recent flows have signalled that investors are looking for places to hide. Nevertheless, sector leadership has yet to establish itself as we head

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GICS is Now Fully Rebooted

GICS is Now Fully Rebooted

🕔17:02, 4.Dec 2018

Strategy Espresso Following on from changes to S&P indices in September, MSCI has made the same sector changes to reflect GICS reclassification to all of their indices. These changes affect the major benchmarks MSCI World and MSCI Europe. The rebalancing

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Not Over Until It’s Over

Not Over Until It’s Over

🕔13:02, 28.Nov 2018

Global Market Outlook While global growth is expected to slow in 2019, with the balance of risks to the downside, we expect investors will still be able to find attractive opportunities in certain parts of the markets where fundamentals remain

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Global Growth Slows, With Trade Wars Biggest Risk

Global Growth Slows, With Trade Wars Biggest Risk

🕔13:02, 28.Nov 2018

We expect global growth to slow from 3.8% in 2018 to 3.5% in 2019, with risks skewed to the downside reflecting continued uncertainty around trade disputes, even after the US mid-term elections (see Figure 1). Amid one of the longest

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Dividend Strategies for Countering Market Volatility

Dividend Strategies for Countering Market Volatility

🕔17:02, 27.Nov 2018

Strategy Espresso In October, global equities endured their worst performance since May 2012, with US growth posting a negative return of almost 2 standard deviations. Last week we continued to witness the same bearish sentiment that we did in October. The increased

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The Case for Short-Dated US Treasury Bonds

The Case for Short-Dated US Treasury Bonds

🕔19:02, 16.Nov 2018

US macroeconomic backdrop remains healthy. US growth is robust and inflation currently hovers around the Fed’s target. With each meeting the Federal Open Market Committee (FOMC) appears more confident in its gradual rate normalisation policy. SPDR Bloomberg Barclays 1–3 Year U.S.

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Play the Short Game and Diversify

Play the Short Game and Diversify

🕔19:02, 16.Nov 2018

Resilient global growth and central bank expectations that their inflation targets will be met in the medium term have led to a general rise in global treasury yields during the past year. With yields forecast to climb into 2019, and

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Four Years On: Convertible Bonds Still Gathering Steam

Four Years On: Convertible Bonds Still Gathering Steam

🕔19:02, 16.Nov 2018

Convertibles bonds serve a dual purpose. They are structured to thrive in upward equity markets, whilst retaining the ability to offer value in weaker markets through their ‘bond floor’. This month marks four years for SPDR in the convertibles space, and with

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How to Start the ESG Investing Conversation

How to Start the ESG Investing Conversation

🕔19:02, 16.Nov 2018

The Environmental, Social and Governance (ESG) investing landscape is maturing. We see expansion not only in dollar amounts — ESG investing now represents about 20 percent of total assets under professional management in the US — but also in the

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US Inflation to Surprise?

US Inflation to Surprise?

🕔13:03, 14.Nov 2018

Strategy Espresso US unemployment has reached a multi-decade low of 3.7% and wage inflation is showing green shoots after a subdued period.1 Some commentators have referenced the expansion in the 1960s as a similar environment. This backdrop could suggest that

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t Is Low Volatility the ‘Right’ Investment Style for European Equities?

t Is Low Volatility the ‘Right’ Investment Style for European Equities?

🕔13:02, 9.Nov 2018

Overview The long-term outperformance of low volatility stocks, known as the ‘low risk anomaly’, is supported by a range of academic literature.1 • In Europe, low volatility has performed particularly well, as illustrated over various time horizons. Now may be

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October, the Frothy Top Blown Off the Cappuccino

October, the Frothy Top Blown Off the Cappuccino

🕔19:02, 6.Nov 2018

Strategy Espresso October was a volatile month for markets. The S&P 500, one of the few indices to start the month still positive for the year, entered correction territory and saw the year’s gains completely wiped out. Most other markets

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Redenen om S&P 500 exposure te hedgen naar euro

Redenen om S&P 500 exposure te hedgen naar euro

🕔19:02, 5.Nov 2018

Overzicht Er kunnen soms lange periodes zijn waarin de prestaties van een valuta het rendement van een portefeuille op korte termijn uithollen. Door te beleggen in een product met valutahedging kunnen beleggers dat risico mogelijk opvangen. SPDR biedt een valuta-hedged

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Fact vs. Fiction

Fact vs. Fiction

🕔17:02, 31.Oct 2018

Fixed Income ETFs State Street Global Advisors’ global scale enables our portfolio managers, traders and investment strategists to be sector specialists and based in their geographic markets Our dedicated Capital Markets teams provide 24-hour coverage across global markets, offering enhanced

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Bond Compass Q4 2018

Bond Compass Q4 2018

🕔17:02, 31.Oct 2018

State Street Global Advisors’ global scale enables our portfolio managers, traders and investment strategists to be sector specialists and based in their geographic markets Our dedicated Capital Markets teams provide 24-hour coverage across global markets, offering enhanced liquidity and cost-efficient*

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Is It Time to Consider European Low Volatility Again?

Is It Time to Consider European Low Volatility Again?

🕔15:02, 30.Oct 2018

Strategy Espresso It was another rollercoaster week. After months of focusing on the good news and shrugging off the bad, US equity market sentiment sharply reversed, leaving most major US indices only modestly positive for the year. After that, European

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