All Briefing articles – Page 21
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Features
An equity substitute
David Newman argues that equities have a similar credit profile to high-yield bonds but offer less protection, worse returns and higher volatility. Add in low correlation, and there is a strong case for replacing some equity exposure with high yield
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FeaturesVolatility regimes and risk drivers
Using factor model to break down two similar-looking periods of declining implied volatility in Europe and the US, Rachael Smith uncovers surprising differences in the actual sources of risk
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In your own back yard
Gail Moss looks at how a number of regional pension funds are investing in their own localities
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FeaturesWhat makes a skilful portfolio manager?
Ignore the sales pitches, advises Rick Di Mascio. Successful managers simply get more decisions right than wrong, and make sure their hits make more money than their misses lose
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Portfolio impact
Gail Moss outlines the concept of impact investing and how it relates to mission-based investing, which is often used in the foundation sector
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Shock factor
Liam Kennedy spoke with Theo Kocken and Kerrin Rosenberg about pensions, behavioural finance and a new definition of fairness
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Bolt-on growth
As a fast-track route to growth with a focus on efficiency gains, buy-and-build seems perfectly-suited to our low-growth world, writes Jennifer Bollen
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On the road again
The convertible bond market finally woke up in September. But Martin Steward finds that there is a long way to go before portfolio managers are out of the woods
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FeaturesGo with the flows
Dividends really do pay off in emerging markets. Martin Steward asks why, and what the theories tell us about how far investors should tilt towards higher yields.
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Squeezing out the last drops
Brendan Maton assesses the favourability of tax-transparent Dublin and Luxembourg pooled funds as a way to avoid being ensnared by US withholding tax
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If the euro breaks up
Declan O’Sullivan and Lindsay Trapp outline some of the operational challenges that fund managers could face in the event of a break-up of the single currency
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Who turned out the lights?
Dark liquidity, which started as a way to hide big trades,now mostly offers liquidity in bitty, small packages. But Martin Steward finds signs that the pendulum is swinging back again
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Lost horizons
The growing gap between trading and investing is changing the face of equity markets, argues Per Lovén
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Speed is good
Richard Olsen argues that, far from slowing down, transaction volumes need to increase by a factor of thousands, and that pension funds should benefit from its uncorrelated alpha
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Features
World Bank rates green bonds
Nina Röhrbein looks at instruments that aim to combine solid SRI credentials with precious yield and a high standard of transparency and stability
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FeaturesCrucial assumptions
Norman Dreger and Andrew Arbour outline why companies with pension obligations in multiple countries should consider carefully which mortality tables to use for accounting valuation
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Unconventional wisdom
The search for yield is leading investors to hunt down illiquidity premia. Florian de Sigy and Benjamin Keefe make the case for secondary hedge fund interests
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Vision to reality
Who’s ahead in the race for cross-border pension assets? Gail Moss reports on factors behind the choice of domicile
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Toxic assets, or toxic prices?
Charlotte Moore finds that the anticipated flow of bank assets is more likely to be a trickle – thanks to the very regulation that was supposed to open the floodgates
