Asset Allocation – Page 260
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Features
Poor understanding of risk
It has been a busy autumn for UK pension funds. There has been so much going on, so many important issues to consider. The problem is where to start commentating. One of the more fascinating subjects is the current court action between The Unilever Superannuation Fund and Merrill Lynch Investment ...
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Features
Return of the 'R' word
Equity and bond markets have exhibited heightened volatility in the aftermath of the terrorist attacks in the US. The slowdown in global economic activity since the beginning of this year and the associated deterioration in corporate profits growth has caused equity markets to fall sharply, leaving equity valuations at attractive ...
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Features
Post the 11th
Reports in the media suggest that the terrorist attack in the World Trade Center on September 11 have ‘changed the world forever’. For those directly involved that must tragically be true. However, in the broader sense, what has changed in the professional lives of those of us involved in the ...
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Features
No almighty black box
There are currently a number of high profile risk assessment services available to the investment management industry. Upon closer examination, few of these appear to be delivering the goods. The basic thrust of each of the services is that a statistical model of risk is calibrated by reference to historic ...
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Features
Down to earth approach
The electricity sector in Spain is among the industries that historically have always provided a benefit to complement the social security pension system for their employees, and Unión Eléctrica Fenosa is no exception. Until 1993, the company itself was responsible for looking after this complementary benefit which was provided directly ...
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Features
Tax breaks needed to get assets moving
A year ago Spanish companies were working against the clock to meet the government’s deadline for externalising their pension reserves through a pension fund or an insurance contract before the end of the year. The industry, which has been quite since the first pension funds were created at the beginning ...
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Features
Hunting for the bargains out there
Magnifying an existing trend appears to be the consensus view emerging among fixed income fund managers as to the main economic effects of the terrorist attacks and subsequent retaliations. For Matthieu Louanges and his colleagues at Allianz-PIMCO, the markets have moved rapidly – over the space of a few days ...
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Features
Benefits of passive TAA rebalancing
The long-term investor has to make many decisions in response to certain problems within the investment process. One of these pertains to the tactical asset allocation (TAA) decision, which is the portfolio’s current deviation from the strategic asset allocation (SAA). This article considers how decisions on deviations from SAA should ...
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Features
Hefty blow to fragile market
Hurtling towards its fourth recession in 10 years, the Japanese economy is once again in a vulnerable state. And the terrorist attacks on the US on 11 September have dealt the fragile Japanese equities markets a hefty blow, say equity strategists. Export levels have contracted, and this vital source of ...
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Features
Climbing the wall of worry
There is far too much liquidity in the markets but at long last some positive signs beginning to seep into economic data. This is the view of John Dreyer, head of equities at Fortis Investment Management (FIM) in Paris. “We are very happy right now. Basically, the bullish stance that ...
