All IPE articles in December 2020 (Magazine) – Page 2
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FeaturesAhead of the curve: Grasping intangible assets
Even the name hints at the challenge: intangible assets are hard to value. Recently, investors have looked to these assets to explain a decade of underperformance by value stocks. But new research suggests no tangible performance benefit from adjusting for intangibles.
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FeaturesLong term matters: A time to be hopeful and active?
Jaap van Dam, principal director of investment strategy at PGGM, is right: pension funds need to understand politics. We have two additions. First, the ‘outside-in’ focus – how politics affects portfolios – is a great starting point. But investors cannot stop there, they have considerable influence on politics whether for good or bad.
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FeaturesAccounting Matters: Accounting for the Wedge
The reason why defined benefit (DB) scheme sponsors account for inflation is because International Accounting Standard 19, Employee Benefits, tells them that if they make a benefit promise that is linked to price increases, the effect of that commitment has to be accounted for. The starting point for what by any standards is a gargantuan actuarial task is to look at yields on inflation-linked bonds.
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Country ReportDenmark's ATP: Accelerating diversity
ATP has written its own manual to boost diversity among its senior workforce
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InterviewsOn the record: Outlook 2021
Heading towards the end of one of the most challenging years ever for the global economy, IPE asked three institutional investors about their outlook for 2021
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Special Report2021 Investment Horizons: The QE endgame
An executive board member at Fonds de réserve pour les retraites (FRR), France’s €25bn pension reserve fund, charts a way to relieve the global debt burden
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Special Report2021 Investment Horizons: Prepare for era of high fiscal spending
Fiscal stimulus is likely to be a common feature in the coming decade and investors need to assess how it will affect the economies of different countries and regions
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Special Report
2021 Investment horizons: Sovereign debt in the wake of the pandemic
Current issuance levels look like an experiment in government debt. What are the warning signals for investors?
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Special Report2021 Investment Horizons: Hazy outlook for hedging
Investors must be cautious when navigating today’s cloudy inflation landscape
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Special Report2021 Investment Horizons: A painful year looks imminent
Pension provision is likely to take a hit in 2021 as the pandemic-related crises lead to rising unemployment and greater job insecurity
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FeaturesIPE Quest Expectations Indicator - December 2020
US COVID-19 case numbers were rising rapidly at the time of writing. Western European figures suggest that the lockdowns are repelling the second wave. Japan’s statistics suggest a third wave is coming. Only an efficient vaccination and a high participation in inoculation programmes can end the threat posed by COVID-19.
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Opinion PiecesLetter from US: COVID-19 places new demands on university endowments
COVID-19 has hit a special category of institutional investors in the US hard – college and university endowments. In fact, higher education institutions are facing a decline in revenues because of fewer students enrolling and paying tuition, as well as current students asking for more financial aid. Colleges and universities are withdrawing substantial amounts from their endowments to cover these extra expenses. How is this affecting endowments’ investment strategies?
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Asset Class ReportsGlobal equities – The COVID-19 effect
The pandemic has clearly shaken up the equity markets but which trends are likely to persist in the long term?
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FeaturesBiden signal is green for ESG
For many, US president-elect Joe Biden spells hope. From an ESG-perspective, there are two main aspects to this phenomenon.
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