A fundamentally driven bottom-up investment process A unique approach with multi-level risk-management A higher quality approach to credit Environmental, Social and Governance (ESG) issues form an integral part of our approach Established and strong track record – the strategy has
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
A challenging year ahead: According to our 2022 Investment Outlook, next year will feature growth deceleration, persistent inflation pressure and asynchronised central bank action. 2022 will also be a pivotal year for the transition to carbon neutrality and the development
The medium-term outlook for the current cycle remains healthy and supportive for equity markets. However, there are several near-term risks. Short-term growth momentum is slowing, key central banks are moving towards faster policy normalisation, and there is another wave of
Beleggers met allocaties naar obligaties uit opkomende markten moeten nu begrijpen wat de werkelijke impact is op opkomende economieën van langetermijnfactoren zoals de klimaatverandering en de ontwikkeling van menselijk kapitaal.
FOMC statement: The tone of the Federal Open Market Committee (FOMC) statement was hawkish, with a focus on higher inflation risks and more aggressive policy tightening. There were notable changes to the statement: the Fed retired the word ‘transitory’ to
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
The trending charts in 2021
Outlook 2022: As we head into a new year, it’s clear in hindsight that the market downturn of 2020 was short-lived and entirely related to the COVID-19 outbreak. In my view, that means the powerful upswing in equity prices since
Ons model toont welke opkomende landen wellicht het meest kwetsbaar zullen zijn voor Amerikaanse renteverhogingen en welke het meest veerkrachtig zouden moeten zijn. Wanneer Amerika niest, vat de wereld kou. En wanneer 's werelds grootste economie de rente verhoogt, voelen
2022 Global Market Outlook: Despite headwinds from the pandemic, the global economic recovery still appears on track – but inflation risks have risen. In 2022, investors will need to watch what fiscal and monetary policymakers do to try to stem price pressures while
One year after the discovery of anti-Covid vaccines, financial markets will soon have left (or slowly leaving) the pandemic behind. The economy has not. This is demonstrated by the numerous disruptions among supply chains, on labour markets or on commodity
De omikronvariant van het coronavirus heeft misschien tot meer beperkingen geleid, maar het economische herstel blijft niettemin veerkrachtig. De aandelen lijken dan ook niet kwetsbaar voor een correctie. Asset-allocatie: De omikronvariant zal het herstel waarschijnlijk niet doen ontsporen Een nieuw
The challenge of waste management has long been one of society’s primary challenges. Indeed, we can trace the origin of the waste management industry all the way back to the creation of the first municipal dump in Ancient Greece where,
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
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
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
Multi Asset Quarterly: The economic growth outlook is strong, driven by a resilient consumer, low inventories and infrastructure spending. The rapid rise in Omicron cases, however, may limit the service sector’s recovery in Q1 and push out the economic normalization
De omikronvariant van het coronavirus heeft misschien tot meer beperkingen geleid, maar het economische herstel blijft niettemin veerkrachtig. De aandelen lijken dan ook niet kwetsbaar voor een correctie. Een nieuw jaar, oude problemen? De snel verspreidende omikronvariant heeft geleid …
Energy: Most of the companies that survived the initial shocks last year are now leaner with lower cost profiles, lower debt leverage metrics, lower capital spending, and have exhibited flexibility around shareholder distributions, all of which has contributed to stronger
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,
Disappointing US dollar bond returns in EM local currency debt has led to a decline in flows into the asset class over the past decade. In this paper, we discuss the key reasons to invest in EM local currency debt, some of the factors behind the recent weakness in the asset class returns and prospects for the asset class going forward.
Higher inflation and in some cases, rising inflation expectations, have been a key focus for investors this year, in both emerging and developed markets (DM). This is against a backdrop of large fiscal and monetary stimulus from governments around the
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
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
– Global equities were stronger in the final quarter of 2021 as investors focused on economic resilience and corporate earnings. – In bond markets, government bonds outperformed corporate bonds. Markets began to price a faster pace of interest rate rises
December caped off a good year for the asset class, as the Index returned 0.64% for the month, bringing the full-year return to 5.20%. Following November’s softness, the average Index bid price moved up by 49 bps in the final
China’s roar has changed entering the year of the tiger. China will now emphasize quality over speed, not GDP growth at all costs. In the internet sector, blindly adding new users will take a backseat to innovation and quality of
The ongoing digital shift is being driven by an intensified need for enhanced productivity, affordability, and sustainability. The shift to Internet 3.0 (metaverse), electrification (sustainable transport and smart cities) and the need for next generation (low carbon) infrastructure are among
The gap between emerging market (EM) inflation over developed market (DM) inflation has remained contained this time, in part due to weak economic conditions, muted domestic credit creation and proactive EM central banks. Tighter EM financial conditions should anchor longer
Strongly rising numbers of new COVID-19 infections, higher energy prices, and persistent bottlenecks in supply chains are dampening the short-term growth outlook. Beyond that horizon, the economic recovery should continue. The central banks will continue to reduce their purchase programmes.
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
Uncommon truths It is time to forget central scenarios and think about improbable but possible outcomes. Market sentiment is now mixed (thanks to the Fed), so our list of surprises contains something for everybody (these hypothetical predictions are our views
Asset Category ETFs posted nearly $10.2bn of net inflows in the first week of January. Flows were largely driven by Equity, which gathered $8.8bn Fixed Income gathered $1.4bn of net inflows, while Money Market exposures lost $119mn.
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
Omicron uncertainty; inflation certainty The resurgence of the virus cycle, central banks’ reactions to high inflation figures, and Evergrande’s unavoidable default have led to some volatility in the market, but these issues have not caused any major disruption. In the
Using a systematic approach to target consistent alpha Not just active, systematic active In decades past, investors have largely relied on information supplied by companies themselves to understand how business conditions and fundamentals were evolving. Financial statements, meetings with management
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
Thematic investing offers the opportunity to invest in the trends transforming the world around us. David Docherty explains how to identify those themes that combine a meaningful impact with the possibility of strong returns.
Kredietexpert Stéphane Rüegg bespreekt wat zijn klanten denken, de ontluikende groene obligatiemarkt en zijn zeer persoonlijke kijk op verantwoord beleggen. Waarom is duurzaam beleggen belangrijk voor u? Ik werd me daarvan bewust op verschillende manieren. Eerst en vooral herinner ik
High inflation could persist in 2022, but we’re not returning to the 1970s Inflation is like chewing gum. It’s sticky and flexible, and you definitely don’t want to step in it. For the past 30 years, investors in developed markets
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®
The Wildcard. The key factor to variability around real growth at 4% will be the ultimate path of Covid-19. This was prevalent during the ’21 recovery that witnessed a large hiccup when the Delta variant emerged. This is also what
The Covid pandemic again dominated our thoughts in 2021. Nevertheless, cyclical assets did well (though our list of 10 surprises had mixed results). We are more cautious about 2022. A year ago, we were hopeful that vaccines would allow strong
As market fears about inflation and potential central bank actions grow, we show why European asset-backed securities (ABS) tick some important boxes for investors seeking attractive yields, relatively stable returns, and limited sensitivity to interest rates. Before the pandemic spooked
Because of the 2015 Paris Agreement, the development of ESG investing and the emergence of net zero emission policies, climate risk is certainly the most important topic and challenge for asset owners and managers now and will remain so over
Three hikes in 2022? At its December meeting, the US Federal Reserve left policy rates unchanged, near zero, while signaling a willingness to hike as many as three times in 2022 to combat inflation. It also announced an acceleration in
We enter 2022 with a lot to consider. The paths of inflation and interest rates, the profound effects of megatrends such as digitization and decarbonization and numerous sub-themes all demand our immediate attention. As private market investors we view this
Living with inflation – We expect inflation to be persistent and settle above pre-Covid levels. Central banks should kick off policy rate hikes but remain more tolerant of price pressures, keeping real interest rates historically low and supportive of risk
After the shock Covid-19 recession of 2020, global economic growth bounced back in 2021. Earnings soared more than was forecast, and the prospect of monetary tightening emerged with inflation proving less transitory than hoped. Taking the Covid period in its
