Growth is slowing and inflation is climbing steadily due to the serious energy shock in late 2021. Central banks are starting to withdraw monetary stimulus and talking about rate hikes in the near future. The spectre of stagflation is re-emerging,
Flash Update: The recent round of positive performances in local currency markets has offered investors hope of some recovery after the asset class dropped by 16% between mid-February and mid-May 2022. Rising yield levels have contributed the most to the
With the peak in inflation in the early 1980s, investors as a whole have benefitted from a secular fall in inflation, driven by structural factors including supportive demographics, globalisation, and productivity-enhancing technology investments. Undoubtedly, the technology revolution will continue with
Mass market residential housing is in structural undersupply. As such, it is a defensive sector. It is not immune to supply chain or inflation risks. The sector has seen inflation in construction costs. To date, these costs have been absorbed
Impact investing aims to generate a measurable social/environmental impact alongside financial return We believe that companies which help to solve emerging markets’ acute societal and environmental challenges are uniquely exposed to a clear growth path over the coming decades. Impact
Impact Investing In terms of asset class, impact investing has traditionally been associated with private capital. Public equities make up just 17% of the USD 502 billion in assets managed in impact strategies1 , a negligible amount compared with the
A decline in the ecosystem services that nature provides will initially pose a direct physical risk to businesses as harvests become more unreliable, weather patterns change and pollinators no longer support agriculture. The risk is both event-driven, e.g. flooding or
In this report, we explore the meaning of positive nutrition, how achievable global nutritional goals are and, ultimately, how we invest in nutrition that is positive for people and planet. When we examine the nutrition theme, it is evident that
Following yesterday’s stronger than anticipated Eurozone inflation print, coupled with recent comments from various ECB members including President Lagarde, Vice-President de Guindos and Chief Economist Lane, the European Central Bank are expected to increase interest rates in July, the first
Key takeaways CDP* has recognised UBAM – Positive Impact Emerging Equity (PIEE) with a Climetrics Fund Award: The top five funds in each asset classes were picked from 18,000 global funds with a total value of EUR 15 trillion. PIEE
April saw the coordinated bond and equity sell-off continue as the ECB joined the increasingly hawkish tone out of the Fed and added to heightening growth concerns in the month. Indeed, this shifting in the growth-inflation balance is …
Green bonds enable capital-raising and investment in projects that foster a net-zero emissions economy and protect the environment. Green bonds can cover a variety of projects, such as renewable energy, energy efficiency, green buildings, clean transportation, a circular economy, and
MONTHLY INVESTMENT OUTLOOK Bond markets continued their 2022 slump while equity markets rebounded in March as both began to look beyond the Russia-Ukraine narrative and focus on the evolving global economic and policy backdrop. Expectations in both the US and
Monthly Investment Outlook: Global activity slowed down in late December and should remain moderate in Q1-22. The Omicron impact was limited to a few services, but disruption remained in place in …
During 2020 the market went through a number of distinct phases from, 1) ignorance of the impending COVID-19 effects (January, February) to, 2) panic (end of February to mid-April) to, 3) the “world will need to change” as a broad
Asia Macro: On March 27, Chinese authorities ordered a citywide lockdown in Shanghai. The lockdown was originally intended to take place in two phases, lasting eight days. However, things did not pan out this way. On April 9, the central
After months of heightened tensions between the Ukraine and Russia, the situation reached a turning point on February 22. Russian President Vladimir Putin signed a decree recognising the independence of Luhansk and Donetsk, paving the way for the invasion of
Contents: Macroeconomic outlook pre-Russia/Ukraine conflict Impact of Russia/Ukraine Valuations Investment conclusions Appendix
Key takeaways: Strong returns in March 2022 for our flagship funds… … despite rates moving sharply higher…. … thanks to the team’s cautious view on interest rates…. … and a range of funds that is suited for a rising rate
Global stock and bond markets slumped in February as the Russian invasion of Ukraine rattled markets, creating the prospect of a global commodity shock as Western nations moved to sanction Russia, among the world’s largest …
Key takeaways ■ 2022 has already witnessed some very strong trends in investment returns ■ Here, we aim to share with you: -How these trends have affected the relative performance of UBP’s impact and biodiversity funds -What we have been
The S&P 500 is on track for one of its worst January performances looking back to 1929 having fallen nearly 9% at its low point for the month. Looking back to 1929, there have only been ten previous episodes of
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
In this paper, we will discuss the outlook for emerging market (EM) fixed income in 2022 and the key themes investors are likely to focus on at the beginning of this year. A waning global growth momentum, rising inflation and
The S&P 500 is on track for one of its worst January performances looking back to 1929 having fallen nearly 9% at its low point for the month. Looking back to 1929, there have only been ten previous episodes of
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
In this paper, we will discuss the outlook for emerging market (EM) fixed income in 2022 and the key themes investors are likely to focus on at the beginning of this year. A waning global growth momentum, rising inflation and
MONTHLY INVESTMENT OUTLOOK Volatility returned to both equity and bond markets in November and December as equities exited earnings season and markets began to prepare for a change in Fed policies looking ahead. These pivots come amidst a renewed acceleration
UBP’s 30 Global Leaders Equity strategy offers an efficiently diversified exposure to 30 high and stable CFROI® (Cash Flow Return on Investment, source Credit Suisse HOLT) large cap companies. The strategy shows superior and resilient levels of value creation (CFROI®
Monthly Investment Outlook October 2021 Global equities and global bond prices fell in the month as the seasonally weak, worst month of the year (September) lived up to its reputation. With the Fed and the European Central Bank both signalling
Key points The surge in inflation in 2021 combined with the sharp fall in unemployment leaves two of the US Federal Reserve’s key policy objectives within reach as the year comes to a close. Moreover, with US housing prices rising
KEY TAKEAWAYS The Chinese economy is facing headwinds leading into 2022, including: 1) Ongoing regulatory crackdown; 2) Exposure to COVID outbreaks; 3) A slump in the housing sector; and 4) Power shortages over the winter months. As a result and
The European Union experienced a deep recession during the pandemic but also used it as an opportunity to demonstrate its ability to take strong, concerted action and to bounce back, all amidst the redrawing of Europe’s economic and political …
The Swiss small and mid-cap equity segment offers exposure to a balanced and diversified universe of value creative companies. Beyond its 40% concentration in the three names, Nestlé, Roche and Novartis, the large cap space is often …
ADDING RESILIENCE INTO PORTFOLIOS Global economy / Asset allocation Facing energy and inflation shocks, global activity is expected to moderate in the coming quarters. Downside risks to growth have grown due to lower visibility, the global energy shock leading to
Whilst the definition is fairly broad, a traditional DMAC investment approach aims to build a balanced portfolio of directional trades that mix traditional and idiosyncratic premia (betas) by taking risk-on/risk-off positions using fundamental macro and market analyses that are not
5 minutes with UBP global fixed income: What do you think of the recent communications from central banks? In this new podcast, our experts Bernard McGrath and Mohammed Kazmi share their views and reflect on the upcoming June meetings.
With the benefits of public sector largesse of 2020 and 2021 now fading, economies around the world are increasingly reliant on private sector demand and an increase in global trade to continue the pandemic-era expansion currently underway. However, the partially
Podcast: Inflation has come to the forefront recently. In that respect, senior loans – also known as bank loans or leveraged loans – are drawing interest from investors looking for an income solution with … Access the content here: For
Many will cite the suspension of the Ant Group IPO in November, 2020 as kicking off the crackdown on China’s ‘Big Tech’ companies and presaging the July, 2021 crackdowns across a wider range of industries. However, the regulatory foundations for
Travel restrictions have remained in place in Asia, as markets in Europe and North America have gradually moved towards reopening over the summer. This took place even against the backdrop of rising COVID-19 cases. The justification behind …
A compelling investment opportunity: Japanese equities offer attractively priced and more visible earnings growth for 2021 and beyond. Nevertheless, Japanese equities are currently trading at a discount to global equities. And Japan equity markets have outpaced major developed market equities both in 2020 and year-to-date in 2021 as the world seeks to transition to a post-pandemic recovery.
Global investors are facing a serious conundrum. While core yields have sold off, they remain very low by historical standards. In addition, most spread assets offer spreads that are also at historically tight levels. The combination means … Access the
The dominant theme in emerging markets over the last few weeks has been Chinese corporate bonds, particularly high-yield issuers, which have cheapened markedly in recent months as the Chinese government tightened policies, particularly in the … Access the content here:
CDS indices outperformed bonds and behaved better in times of stress thanks to better liquidity High-yield CDS indices have outperformed the high-yield bond market over the long term regardless of the interest rate exposure, as illustrated in Figure 3. This
Welcome to the first edition of the UBP Impact Newsletter. Between the annual impact report and the regular thought pieces the team produces, we felt that our clients – current and future – would welcome a more informal update from
In this paper, we will take a closer look at why it is important to systematically evaluate material ESG risk factors in fundamental credit research across emerging market sovereigns. We go on to discuss the ESG framework we developed for
Inflation? The debate about inflation has been hotting up. During the earnings season, many companies flagged up the fact that they were experiencing higher supply costs. In April, the latest US CPI print – a measure of inflation in the
Monthly Investment Outlook: Global equity markets continued to climb in August while fixed income investors saw headwinds with rising risk-free yields joining volatile …
