Bringing our most compelling thoughts to help you make more informed investment decisions.
With global interest rates remaining near all-time lows, and $15 trillion of debt providing investors a negative yield, bond-market bears are in danger of becoming extinct. But could today’s ageing society finally provide the trigger for a sustained bond-market selloff?
Nervy investors are eyeing top-heavy market-cap indices with suspicion. But how can they use factors to navigate the trade-off between diversification and concentration risk?
Good governance is crucial to all boards, whether they oversee a FTSE 100 multinational, a multi-billion pound pension scheme or a national charity. There is no one-size-fits-all approach to how boards should be run but we have learned that there are plenty of ways to evolve and enhance effectiveness.
We look at whether TIPS (Treasury Inflation Protected Securities) deserve a greater role within UK defined benefit (DB) schemes’ portfolios.
A future in which there is less work to be done will radically reshape the economy, with important consequences for investors – including some contrarian implications for the consumer and real-estate sectors.
We stay bullish on risk assets as we believe the medium term outlook for markets has actually improved
Can environmental, social and governance concerns (ESG) fit within a factor-based portfolio? In this article, we tackle two issues: the inconsistency in methodologies for ESG scoring, and ways to integrate ESG considerations into factor portfolios.
Does a decarbonising world need atomic energy?
Unfortunately for markets, our bearish outlook for 2018 came to pass. For 2019, the key question is how tightening fnancial conditions will impact heavily indebted borrowers – and whether this raises the risk of recession.
The economic expansion of the last decade has been a consistent tailwind for financial assets. We see next year as the start of the twilight zone between expansion and an eventual downturn that will likely mark the end of the cycle.
What determines a city’s future success and how is this linked to property investment?
Battery costs have declined rapidly in recent years, but the market is likely too optimistic about both the timeline for lower battery costs and what happens when we get there.
In the next economic downturn, central banks will likely have to reach further into their unconventional playbook. But which policymakers have the most freedom to act and what does that mean for asset prices?
Whether you’re looking at equities, bond yields, currencies or economic strength, it’s the US that’s been leading the charge. Is this likely to continue?
Will it become more common for DB schemes to run off without sponsor support?
DB pension schemes typically pay inflation-linked benefits with caps and floors, called limited price indexation (LPI) linked benefits. How should trustees manage these cashflows?