All Investment Briefing articles – Page 17
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Features
Shaking up high yield
Considering the trend to combine loans and high-yield bonds in the same products, Martin Steward finds the sub-investment grade landscape changing and new opportunities becoming apparent – especially in senior secured
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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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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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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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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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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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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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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
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Over-funded, over 2008… and over here
US players are set to rule distressed Europe, writes Jennifer Bollen, but local players could offer crucial cultural advantages
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Smooth operators
The Swiss are taking pains to make their banks as risk-free as possible to ensure client loyalty, finds Iain Morse
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Restless continent
Africa is set for a busy year of elections – and it has already experienced an old-fashioned coup. Charlotte Adlung assesses the political risks behind the investment opportunities
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Boarding time approaches
For liquid investors with an eye on the medium term, investing in the maritime industry could be just the ticket, argues Marcel C. Saucy
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Private assets on public markets
Listed private equity struggles to drum up interest even from private investors. Anthony Harrington asks, does it have any role to play in institutional portfolios?
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Political decisions for investors
Helene Williamson outlines the complex process of assessing political risk in emerging markets and warns investors they ignore this risk their peril
