Latest from IPE Magazine – Page 284
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Special Report
Liability-Driven Investment: Banks and the linkers market
As government linker issuance shrinks, Harris Gorre argues that banks are in a much better position to issue secured, structured bonds with index-linked yields than corporates are
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Features
Smaller firms, better mousetraps
While innovation can take place in companies of any size, smaller companies sometimes get the edge through fresh thinking and nimble structures. Christopher O’Dea finds that innovation opportunities are abundant both abroad and at home
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Features
Inflated expectations
Investors often assume that inflation protection comes as standard with infrastructure investments. Vivian Nicoli warns that it depends on a number of variables and may come at the price of lower expected nominal returns
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Features
Investing in a slow-growth world
Demographic trends probably mean slower economic growth in the developed world. Katherine Davidson argues that a thorough understanding of demographics will be essential for generating alpha in this environment
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Features
Fuelling risk
Investors need to consider the extent to which their portfolios are exposed to rising climate-change risk, writes Mark Nicholls
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Asset Class Reports
Developed Market Sovereign Bonds: A damaging subjectivity
Credit rating agencies make decisions about sovereign debt issuers based on objective, fundamental data and subjective judgement. Vasileios Gkionakisof UniCreditassesses each factor’s influence on decisions and argues that subjective input has been highly distorting
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Asset Class Reports
Developed Market Sovereign Bonds: 'No attempt to challenge facts'
Moody’s Albert Metz responds to UniCredit’s paper on subjective bias in sovereign bond credit ratings
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Asset Class Reports
Developed Market Sovereign Bonds: 'UniCredit's analysis is flawed'
Standard & Poor’s Moritz Kraemer responds to UniCredit’s paper on subjective bias in sovereign bond credit ratings
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Features
The big picture
The dovishness of the developed markets (DM) central banks continues to be one of the main themes for capital markets.
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Features
Rates of change
Carolyn Tavares argues that the roller-coaster start to 2014, with its disconnect between economic indicators and bond yields, makes the case for holding to strategic, funding level-based de-risking programmes
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Features
Focus Group: Do you get what you pay for?
Asset management offers poorer value for money than other service industries, if IPE’s latest Focus Group survey results are anything to go by.
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Features
Look to the north
In the Netherlands we are sensitive to environmental problems and are aware of our vulnerability as a low-lying nation to rising sea level. After all, you have to if a fifth of your land and a fifth of your people are below sea level.
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Special Report
Risk and Portfolio Construction: Annus horribilis?
After a 30-year bond bull market and an arguably easy run for risk parity, in 2013 practitioners suddenly found themselves grappling with significant problems in multiple asset classes. Jennifer Bollen asks four leading managers how they coped with the consequences of last summer’s bonds slump
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Special Report
Risk and Portfolio Construction: Risk parity preferences
The asset allocation strategy can reduce drawdowns, but doesn’t improve long-term returns, argues Andrew Clare. Moreover, those findings are reversed when risk parity is applied within an asset class
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Special Report
Risk and Portfolio Construction: All change
Tapan Datta asks how investors can begin to address uncertainty in a rising yield environment, in bond portfolios, multi-asset portfolios and LDI strategies
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Special Report
Risk and Portfolio Construction: Keep calm and carry on
Against the broad consensus that rising bond yields have to be bad for bonds, Charlotte Moore finds that being short duration can be punishing if those yields rise more slowly than the market expects
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Special Report
Risk and Portfolio Construction: Absolutely clear
Absolute return bond strategies are understandably attracting a lot of attention, but it is a complex and diverse sector. Joseph Mariathasan looks at some key characteristics
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Special Report
Risk and Portfolio Construction: Rising interest
Chris Redmond asks whether absolute return bonds could play a bigger role in institutional portfolios
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Special Report
Risk and Portfolio Construction: Beefing up the midfield
Investors that need both to limit the volatility of their funding-levels and achieve returns in excess of their liabilities face the twin challenge of low-growth and rock-bottom interest rates. In response, Lynn Strongin Dodds finds them adapting their traditional ‘barbell’ portfolios, albeit slowly, into something more broadly diversified
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Special ReportTop 400: Preventive medicine
Risk departments and portfolio managers don’t speak the same language on risk, argues Ian Webster. An integrated approach is essential
