COMMUNIQUE
Communiqué is a newsletter for our occupational pension fund clients. Please find below a list of our recent editions to view.
November 2009 - TIME FOR A FRESH LOOK AT COMMERCIAL PROPERTY
Legal & General Property (LGP) delivered an award-winning performance in 2008/09 despite economic decline and the fallout from the credit crisis. With the income yield from Property above its long term average and the economic backdrop improving, we firmly believe the property market as a whole offers an excellent investment opportunity. Furthermore, Legal & General Investment Management’s (LGIM) innovative new LPI Distribution Property Fund will offer pension investors a higher yielding alternative to long-dated index linked gilts.
November 2009 - Time for a fresh look at Commercial Property
October 2009 - BROADEN YOUR HORIZONS
After reaching extraordinary depths, credit markets have recorded stellar gains during the past six months. As credit spreads have narrowed, though, investors may be wondering whether they have now missed the boat. In the following article LGIM’s Head of Institutional Fixed Income Sales, Malcolm White, explains why we believe this asset class still offers very interesting investment opportunities, which can be enhanced through a global approach.
October 2009 - Broaden your horizons
September 2009 - BROADEN YOUR HORIZONS
After reaching extraordinary depths, credit markets have recorded stellar gains during the past six months. As credit spreads have narrowed, though, investors may be wondering whether they have now missed the boat. In the following article LGIM’s Head of Institutional Fixed Income Sales, Malcolm White, explains why we believe this asset class still offers very interesting investment opportunities, which can be enhanced through a global approach.
September 2009 - Broaden your horizons
AUGUST 2009 - FINANCIALS ARE THE NEW CYCLICALS: FROM POISON TO OPPORTUNITY
The turmoil of the past year has had a well-publicised impact on corporate bond yields, but it has also changed the way that fund managers assess sector-specific drivers. One particular trend that we believe will develop going forward is that financials should become increasingly sensitive to short term macro economic fluctuations, making financials the new cyclical sector.
August 2009 - Financials are the new cyclicals: From poison to opportunity
JUNE 2009 - CREDIT MARKET OPPORTUNITIES
June 2009 - Credit Market Opportunities
OCTOBER 2008 - IMPACT OF RECENT DEVELOPMENTS FOR PENSION INVESTORS
October 2008 - Impact of recent developments for Pension Investors
AUGUST 2007 - SWAPS FOR PENSION SCHEMES: THE DETAILS
Following on from our Communiqué article ‘Introduction to Swaps for Pension Schemes’ we now provide details of the ins and outs of swaps contracts and the risks associated with their use. We look at the contract details of inflation swaps first, followed by interest rate swaps. Finally we touch on some of the risks associated with swaps and how these risks can be mitigated.
August 2007 - Swaps for Pension Schemes: The Details
AUGUST 2007 - GLOSSARY
By Kerrigan Procter, Head of Derivative
Structuring
This Glossary for Liability Driven Investments
accompanies the 'Swaps for Pension Schemes: The
Details' article.
JUNE 2007 - INTRODUCTION TO SWAPS FOR PENSION SCHEMES
By Kerrigan Procter, Head of
Quantitative Products
UK pension schemes have traditionally invested most
of their portfolios in equities and bonds and this
approach served them well in the bull markets of the
last years of the 21st Century. However, in recent
years pension fund trustees and their consultants
have been considering how to meet the challenge of
'deficit repair' following on from the bear market
at the start of the 21st Century. An emerging
solution is a combination of revised pension
benefits, increased scheme contribution levels and a
more structured risk framework for managing the
pension scheme’s assets.
APRIL 2007 - INVESTMENT DIVERSITY THROUGH EQUITY INDEX AND PASSIVE FUNDS
By Julian Harding, Associate Director Index
Funds
In this article we show how index / passive funds
investing in listed Infrastructure, Private Equity
and Real Estate companies can be used to introduce
investement diversity into the growth assets of
pension schemes.
JUNE 2007 - BONDS, GETTING BETTER ALL THE TIME
By Neil Higgins, Director Index Funds
For film goers the debate at the end of 2006 was
“who was the best Bond?” For pension fund trustees
the debate was more likely to have been was any bond
any good given their relative performance compared
to that of equity markets.





