Latest Asset Class Reports -3 – Page 19
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Asset Class Reports
Investing In Hedge Funds: About turn for top-down
Macro, the darling of the hedge fund world through the drama of 2008-09, has struggled in the subsequent low-volatility, low-rates environment. Joseph Mariathasan asks whether recent outperformance signals a more conducive backdrop for this family of strategies
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Asset Class Reports
Investing in Hedge Funds: Is the trend your friend?
Alex Greyserman looks at how trend-following at different speeds has fared in equity markets during the post-crisis bull market and over the longer term, and finds compelling diversification benefits
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Asset Class Reports
Investing in Hedge Funds: Uncut hedges
US pension giant CalPERS may have stopped investing in hedge funds, but despite heightened short-term scrutiny, Christopher O’Dea finds that most plans are retaining their allocations, and expecting them to deliver greater value through bespoke strategies
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Asset Class Reports
Investing In Global Equities: Multiple problems
Does the vast amount of central bank liquidity in the system help to make sense of current equity valuations, and should investors therefore be worried about the ‘punch bowl’ being taken away? Joseph Mariathasan tries to evaluate today’s valuations
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Asset Class Reports
Investing In Global Equities: Global rotation
Martin Steward finds pure value and pure growth strategies starting to take the lead as the quality theme begins to run out of steam
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Asset Class Reports
Beleggersberaad 2014: Managers sing praises of frontier markets
Emerging market debt (EMD) has matured and could now act as a “useful addition” to a pension fund’s fixed income portfolio, according to Roy Scheepe, senior client portfolio manager at ING Investment Management.
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Asset Class Reports
Interview - DMO:We want to hear from you
Robert Stheeman, CEO of the UK Debt Management Office, tells Taha Lokhandwala about the importance of ongoing dialogue with institutional investors
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Asset Class Reports
In-house strategies offer greater advantages
On The Record: Do you use external hedge funds?
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Asset Class Reports
High-yield Bonds & Loans: Revolution from above and below
Few markets outside the emerging world have changed to the extent that European high-yield has over recent years. Joseph Mariathasan and Martin Steward find transformation coming from the massive to the micro, from above and below
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Asset Class Reports
High-yield Bonds & Loans: Covenants and calls
Joseph Mariathasan and Martin Steward ask whether investors’ traditional protections are getting squeezed out in the convergence of high yield bond and loan markets
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Asset Class Reports
High-yield Bonds & Loans: Lien and healthy?
Jennifer Bollen finds booming leverage markets bringing second-lien debt back into vogue in private equity deals – and in Europe, that can mean mezzanine-like risk
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Asset Class Reports
High-yield Bonds & Loans: Floored argument
More and more loans are being written with interest rate floors, at lower and lower rates. While these were a great feature over the past five years, Charlotte Moore asks whether they weaken investors’ floating-rate protection for the next five years
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Asset Class Reports
High-yield Bonds & Loans: Slow but steady progress
While some European countries are making progress with respect to non-bank funding for mid-market businesses, others still have some way to go. Yet there is a growing appetite for the standardisation and transparency required to develop this market, write Alexandra Krief and Taron Wade
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Asset Class Reports
High-yield Bonds & Loans: Low yields, high alpha
With spreads so tight, high-yield has become even more of a bottom-up stockpickers’ market than usual. Martin Steward looks for themes in the top-performing portfolios
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Asset Class Reports
Time for some caution with this asset class
How do you invest in high-yield bonds and loans?
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Asset Class Reports
Dangerous liquidity
Following another summer of high-yield bond market volatility, Emma Cusworth asks whether ETFs are to blame for credit markets getting riskier
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Asset Class Reports
Emerging Market Debt: Bonds and the ballot box
Amid a rash of important elections, the rumble of ongoing territorial disputes, a deteriorating situation in coup-plagued Thailand and an alarming rise in tensions between Hong Kong and Beijing, Joseph Mariathasan looks into the impact of political risk on Asia’s bond markets
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Asset Class Reports
Emerging Market Debt: Grade deflation
Take out the 2008-09 crisis, and the past 18 months have seen emerging market credit rating downgrades outnumber upgrades for the first time in over a decade. Joseph Mariathasan asks if the loss of momentum in ratings convergence is a sign of weakening fundamentals or a return to old prejudices
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Asset Class Reports
Emerging Market Debt: Default judgement
The US Supreme Court judgement that led to Argentina’s eighth debt default is an alarming precedent for both emerging and developed sovereigns, argues Rani Mina
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Asset Class Reports
Emerging Market Debt: Carry through the crises
Navigating the switch from fundamentals-driven volatility to carry-driven calm in 2013-14 has been a challenge for emerging market debt managers, Martin Steward writes. The eruption of political crises simply adds to the complexity