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FeaturesIs the US heading for a soft landing?
Rare though they are in history, a soft landing for the US economy seems to be the consensus forecast, a view aided by news of a sharp contraction in the Institute of Supply Management (ISM) Services Purchasing Managers index in December. The jobs market also looks like it is slowing down and there are signs of a cooling off in wages, with lower-than-expected average hourly earnings reported in December’s non-farm payroll report.
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Features
Fresh views on emerging markets
Despite a large, heterogeneous universe of opportunities across countries that have little or no commonality, risk contagion in the emerging market universe is still an issue, highlighted most dramatically by the 1997 Asian crisis and the risk on/risk off capital movements after the 2007-08 global financial crisis.
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Features
High yield bonds: do your homework
Last year, European bond markets were struck by a toxic a combination of geopolitical, economic and market tensions. The picture has improved with the dawning of 2023, although the markets will continue to experience bouts of volatility and uncertainty will persist. High yield is back on the agenda, but selectivity and careful analysis will be key in identifying the right opportunities.
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Features
Did smart beta go ‘horribly wrong’?
In 2016, we published a paper titled ‘How can ‘smart beta’ go horribly wrong?’, the first in a series on the future of factor investing and other forms of so-called smart beta. Did smart beta go horribly wrong? Yes and no.
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Features
US: Sponsors back pension buyouts
In 2022, pension risk transfer (PRT) deals in the US reached a record of over $50bn (€46.5bn), according to estimates. And many industry observers expect demand from plan sponsors for PRT solutions to remain strong in 2023.
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Features
Australia: Super funds face the future of fossil fuels
After a year when fossil fuel stocks outperformed all other shares, Australian super funds face a conundrum – to buy, hold or sell?
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Features
Research: Thematic investing is set to attract fresh capital
In the second article on the new Amundi-Create Research survey, Vincent Mortier and Amin Rajan highlight pension plans’ interest in thematic investing
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Features
Ahead of the curve: Time to automate collateral management
The resilience of financial markets has been tested several times in recent years, from the so-called ‘dash for cash’ at the start of the coronavirus pandemic in March 2020 to the spike in UK Gilt yields in September 2022.
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Features
Will the US pushback against ESG slow global progress?
Hostility towards asset managers embracing climate action and stewardship is raising questions on both sides of the Atlantic
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Features
Accounting: Happy birthday to the ISSB
The International Sustainability Standards Board (ISSB) finds itself at a crossroads as it marks its first anniversary. On the one hand, it is redeliberating its first two sustainability standards and could finalise and issue them during the first half of this year.
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Features
Guest viewpoint: The importance of asking the right questions about derivatives and net zero
“What is the carbon footprint of my portfolio?” is thought as the most dangerous question in sustainable investing. But do investors stop and ask: “Why am I measuring the carbon footprint? And how am I planning to manage it?”
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Features
IPE Quest Expectations Indicator: February 2023
Russian attacks against Ukrainian civilians are hampered by efficient air defence. With weapons for the Ukrainian military on the way, a new offensive seems imminent. US President Joe Biden’s troubles over classified documents are a relief for Republicans. The threat of a US-EU trade conflict over China is growing as both sides retreat into nationalistic behaviour. In the UK, Conservatives are under threat of predicted historic losses, while Prime Minister Rishi Sunak so far has done nothing to repair relations with the EU.
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Features
Qontigo Riskwatch - February 2023
*Data as of 30 December 2022. Forecast risk estimate for each index measured by the respective US, World and Emerging Markets Qontigo model variants
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Features
PensionsEurope: Not all doom and gloom for 2022
After the bumper investment returns of 2021 – the best that many pension funds had ever experienced – last year’s results were disappointing.
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Features
Research: Pension investing in an inflation fuelled world
Monica Defend and Amin Rajan highlight the big upheavals facing pension investors
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Features
ESG: Germany’s energy options
The country’s reliance on Russian gas means its change of energy sources will carry a larger environmental cost
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Features
Pension funds at risk from cyber security threats
Regulators are increasingly focusing on the vulnerabilities of pension funds to the threat of cyber attack, which can bring disruption and potentially large-scale reputational fallout for schemes and sponsors
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Features
Fixed income, rates & currency: Inflation strengthens its grip
Whereas news of the hostilities in Ukraine may be losing their potential to shock and dislocate the world economic order, inflation news has maintained its powerful hold over financial markets across the world throughout 2022, with many economies recording their highest inflation levels for decades.
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Features
Climate risks – pay now or later?
Climate change is an emergency that requires all hands on deck. What should be the role of investors when it is governments that have the most power to effect change?
