What’s new in munis?
Let’s make an (infrastructure) deal. On June 24th, the bipartisan Senate coalition reached a compromise on a US$1.2 trillion infrastructure package over the next eight years, which includes
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Tag "alternatives"
How L/S equity managers play value vs.growth?
Since March and April tapering and inflation concerns eased up, U.S. value stocks have regained their lost ground and are outperforming growth stocks by 40% since the vaccine announcement late 2020. How long the value rally will last is yet
From Alternative to Mainstream – Alternatives Ascending – Chapter One
The specter of market volatility brought on by large-scale events, such as global pandemicrelated lockdowns in early 2020, has had a strong influence on investor approaches to their portfolios. Investors are responding by building resilience into their portfolios to navigate
How To Analyse Discretionary Macro Fund
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
Guide to Alternatives
Q1 2021
Some like it hot?
We have seen an exceptionally sharp pickup in growth expectations, centered on the United States. Economists have adopted a narrative of a rapid fiscally fueled expansion, which supports a strong rebound in corporate earnings. Some of the drivers are global in nature, such as the continued rollout of vaccines that appear to be having the desired effect …
Podcast: A true alternative – private debt and real assets
Private debt and real asset markets can offer investors meaningful return potential along with diversification. David Bouchoucha, head of private debt and real assets, discusses the opportunities of this alternative investment segment. He underscores how important sustainability is in constructing a resilient portfolio.
Managed Futures 2020 Strategy Review
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
No alternative to equities
European Gazette | Autumn 2020 While political risk, a second Covid-19 wave, lower economic activity and suppressed inflation might trigger a short-term sell-off, in the medium term a high equity risk premium and low rates will support equities After a
How replicating early reporters can strengthen returns
Before researching whether we can use this outperformance to strengthen our Alternative Beta strategy, we first assessed whether the differences in "performance might result from composition biases between the Flash and Final update."
Merger arbitrage firms up despite equity plunge
Amid the sound and fury of renewed Covid-19 lockdowns across Europe, global equities took a plunge at the end of October, bringing the MSCI World down -3% for the full month. Bonds did not provide much protection, as fiscal stimulus
The future of office spaces
Contrary to common fears, Covid-19’s long-term effect on office demand might actually be accretive, or at least not destructive. Many observers have claimed that the pandemic has revealed city-center offices to be relics of the 20th century. We take a
Refining alpha in the hedge fund world
The current challenging market environment suggests a greater need than ever for alternatives. Hedge funds, which target differentiated, positive absolute returns, provide clear potential benefits. However, institutional investors have …
Asset Allocation and Alternatives – Top Five
#37 Next week, a lot of webinars are coming up. For example, on Tuesday Jupiter AM hosts a webinar about “The Great Inflation Debate“, on Wednesday UBP hosts a webinar on “Small Caps Specialties” and on Thursday Krane Shares hosts
A good story drives markets…
Narratives, US election and CTAs The US presidential election is less than two months away. As usual, many observers label this election as perhaps the most important one ever. This time, it might very well be true. Many observers are
Alternatives in 2020
Alternatives AUM exceeds $10tn milestone amid challenging market conditions The alternatives industry has just set a new record: global assets under management (AUM) have surged to $10.31tn. We’re now well on our way to meeting Preqin’s 2018 forecast of $14tn
Valuing Bitcoin
“It’s an insurance policy in case inflation comes back again as it did in the 1970s. I would say that if that’s a sensible thing to do, then, certainly to have 1 to 2% of your assets in Bitcoin makes
Private equity is from Mars; hedge funds are from Venus
Uncommon truths What role can alternative assets play in our model asset allocation framework? We look at real estate, commodities, private equity, hedge funds, diamonds and fine wines. We think some are core assets, others tactical while some have no
Impact loans with government guarantees
July 2020 – Alternative Fixed Income and R.I. series – Webinar 3 The downturn in financial markets as a result of the coronavirus crisis reached a turning point in March. Since then, markets have recovered strongly, with a recovery of
Loans to Dutch SMEs: Attractive returns and a positive impact
July 2020 – Alternative Fixed Income and R.I. series – Webinar 2 The downturn in financial markets as a result of the coronavirus crisis reached a turning point in March. Since then, markets have recovered strongly, with a recovery of
Where are the opportunities in Asset Backed Securities?
Where are the opportunities in Asset Backed Securities? …that can meet ESG risk and positive impact objectives July 2020 – Alternative Fixed Income and R.I. series – Webinar 1 The drawdown in the markets provoked by Covid-19 reached its lowest
Morningstar – Webinar – Market Observations Across Asset Classes in Europe
Webinar – Market Observations Across Asset Classes in Europe The last months have proven to be an extraordinary and unique period with some of the most volatile movements that have ever been seen, even surpassing those witnessed during the height
Guide to Alternatives
Market Insights Powerpoint by JP Morgan Asset Management
Ctas As Shock Absorbers
Market conditions improved in the wake of the aggressive Federal Reserve announcements to tame risks in the financial system (link). The MSCI World bottomed on March 23rd and rose more than 20% since then, leaving the broad equity market benchmark
Servicing beyond solutions
The fourth quarter ended on a high note with US equities marching to new record highs. It closed a year where the narrative mostly had been pessimistic. Uncertainties around trade tensions, Brexit, political drama and recession fears have dominated. The
Pandemic Threat
Global Asset Allocation The coronavirus outbreak has become a worldwide health crisis, impacting lives across the globe. The uncertain extent of the outbreak has caused a sell-off in risk assets. Many have compared this health emergency with the Severe Acute
CTAs lead the pack on global risk appetite. what’s next?
Risk assets have largely shrugged off recent headwinds on the back of robust macro and corporate dynamics in the U.S. The Q4-2019 earnings season delivered better than expected outcomes especially in the Technology sector. Meanwhile, labor market conditions remain buoyant
Triodos – How impact alternatives add value to well-diversified portfolios
Webinar Alternative investments can play an important role in setting return expectations, diversification, and the overall risk profile of a portfolio. During the webinar we will take a closer look into how adding alternative investment funds benefits the risk-return characteristics
Asset allocation views: Multi-Asset Group
Introduction All the major asset classes ended 2019 on a positive note; equities rallied particularly strongly, especially growth stocks. Part of the reason last year was so robust was the rebound from the awful fourth quarter of 2018. Despite the
Chasing Your Own Tail (Risk), Revisited
AQR White Paper One of the most important topics on investors’ minds following the Global Financial Crisis was how to protect their portfolios from the next crisis. Our paper "Chasing Your Own Tail (Risk)" was our response.1 In it, we
Beyond 2020 – the age of the responsible investor
For investors, last year was a heady mix of trade wars, Brexit upheaval, economic pessimism, historically low interest rates and positive, but volatile, markets. It’s therefore reasonable to ask – are we in for more of the same in 2020?
2020 ESG trends to watch
Climate change innovators: spotting the sleeping giants Solving the climate crisis is likely to take innovative technology, scalable deployment and a bit of luck. Many envision climate saviors coming in the form of plucky startups. But alternative data is hinting
Uncertainty tempers our enthusiasm
Allocation views Our view of global growth has been getting more optimistic over the last few months as signs of stabilization have appeared in many economies. Areas that were notably weak, such as manufacturing in Germany, have turned up somewhat
Bulls infected by a virus
Multi Asset Monthly Economic Outlook The trade truce and the stabilization in manufacturing data have reduced recession risks, but it is still too early to give an all-clear signal. How much damage business confidence has already suffered remains a question,
Stabilization amid heightened uncertainties
Allocation views – Perspective from Franklin Templeton Multi Asset Solutions The new year started with a bout of volatility, driven by tensions in the Middle East. US forces assassinated General Qassem Soleimani, leader of Iran’s Revolutionary Guard Corps, which grabbed headlines and
How to grow and protect wealth for 100 years
The allegory of the hawk and serpent The opportunity is subject to one final choice. You must decide what assets to invest in and maintain that allocation for an entire century without ever changing it. The future of your children’s
Global Asset Allocation Views
Themes and implications from the Multi-Asset Solutions Strategy Summit This year was dominated by trade tension, weak manufacturing and a sharp dovish shift in monetary policy. In 2020, we anticipate that headwinds from trade and manu- facturing dissipate while policy
Insurers 2020 vision
Keeping it simple in a complicated world Throughout 2019 we focused on the concept of “Braving the Elements — Surfing the Late Cycle.” We addressed this theme at our Global Investment Forums, held in major cities across the globe…
2020 Global Alternatives Outlook
ONE-DIMENSIONAL. FLAT. SILOED. GENERIC A common criticism of alternatives investment guidance is that it lacks the depth, breadth and context to have a meaningful impact on broader portfolio design and implementation. In this, our second annual Alternatives Outlook, with an
Hedge Fund reactions to the coronavirus
Uncertainty remains but we still expect a transitory economic impact from the Coronavirus outbreak. In a best- case scenario, authorities measures could help reverse the trend within weeks, with containment by the end of Q1. In a base-case scenario, the
2020 Outlook A Call for Resilience
A letter to investors from Darrell L. Cronk December 2019 2019 was largely characterized by a tug-of-war between substantial geopolitical drags and offsetting global monetary policy easing. The third slowdown of this expansion took hold at midyear, once again creating
Presidential Election Cycles and the Markets — Blurred Vision
20/20 Vision Founding father and Philadelphia’s adopted son Benjamin Franklin is commonly credited with the invention of bifocals. He created them to fix his dual near- and far-sightedness. In August 1784, he wrote that he was “happy in the invention of double spectacles, which
Questions amid a constructive backdrop
IN SHORT Questions surround the coronavirus outbreak, with an impact expected on Q1 data, especially in China. Markets have proven mostly resilient so far, but short-term volatility is likely to remain elevated. We maintain a more constructive view for the
Yearly Performance Review 2019
In 2019, RPM portfolios again delivered mixed results in a difficult market environment with little exploitable time series momentum (TSMOM) outside of fixed income markets. After an initial sell-off, the year was characterized by a major bond rally on the
Cyclical investing
TAA Model Allocation – as at December 2019 As the calendar year ends, it is customary to look ahead to what the New Year might hold. In this edition of Global Outlook, we summarise the latest thoughts from our quarterly Global investment Group
Financial Intermediary Trends for 2020
As financial intermediaries navigate the current industry landscape to seek the best results for clients and help maximize their own performance, Mercer and Morningstar have identified five key areas for firms to consider. 1. Strong Governance Financial intermediaries are moving
Aviva: Real Assets Study In search of resilience in an uncertain world
Much has changed since we published our 2018 Alternative Income Study. At that time, the global economy was running along nicely, which was expected to bring an end to a decade of monetary easing by central banks; most major equity
The Waiting Game Managed Futures Outlook 2020
What’s in store for managed futures and global macro in 2020 is really a question of how much longer we’re all willing and able to play the ‘waiting game’ with global markets seemingly hell bent on obliterating past records for
Which alternative strategy to hedge against abond sell-off?
The year that has just started will challenge investors’ expectations, just as 2019 eventually contradicted the bearish mood that prevailed one year ago. For the time being, risk appetite remains strong and we believe it is unlikely to be derailed
When focusing on the future, where do you look?
2019 Global Alternative Fund Survey The alternative asset management industry must pivot strategies to focus on the future and make real-time adjustments that control that path.
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