Latest from IPE Magazine – Page 318
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Special ReportInsurance-Linked Investments: Berkshire’s leverage
Andrea Frazzini, David Kabiller and Lasse H Pedersen unpick Warren Buffett’s business model and find a low-beta quality portfolio leveraged with an insurance float and derivatives
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Features
‘Great rotation’, or liquidity-trap trade?
There’s a puzzle at the heart of this month’s Strategy Review on US equities. All four interviewees run defensive portfolios – one is so bearish, he expects a re-rating to 10 times earnings – but have struggled to keep pace with a rally led by quality defensives.
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Features
Whistling in the dark
Starting this month, the Dutch are implementing wholesale benefit cuts. It’s brutal. The Dutch central bank has calculated that the cuts will affect 2m active employees, 1.1m retirees and 2.5m deferred pension plan participants – well over a third of the total population of 16.7m.
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Features
Scrutiny: it’s here to stay
If you were to organise a people’s initiative against being ripped off, you might be guaranteed some measure of success. The fact that the people allegedly doing the ripping off are highly-paid executives makes the issue all the more piquant.
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Features
Why say no to ownership?
Nina Röhrbein asks Martin Clarke, executive director at the UK’s Pension Protection Fund and UKSIF chairman, about ownership duties and opportunities
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Opinion Pieces
End s-factor blindness
Sustainable capitalism is now in vogue. This is very welcome but advocates would have more credibility and impact if they paid greater attention to the ‘s’ (social) of ESG.
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Features
Pensions Accounting: A history lesson
In order to understand why the IASB and the IFRS Interpretations Committee will struggle to identify a principle behind the IAS19 discount-rate objective, let us delve into the history of how the board’s predecessor, the International Accounting Standards Committee, arrived at the AA-corporate bond rate ‘rule’.
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Opinion Pieces
Felix Goltz, Head of applied research, EDHEC-Risk Institute
EDHEC-Risk Institute conducted a study on corporate bond indices in 2011 to analyse construction methodologies, risk and return properties, and the stability of their risk exposures. Subsequently, EDHEC-Risk Institute organised a ‘call for reaction’ in which it asked investment professionals to give their reactions to the research. Here, we report on the results.
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Features
Developments in Dutch pooling
Recent bilateral agreements and regulatory developments are making the Netherlands more attractive as a jurisdiction for asset pooling, according to Wilfried Mulder and Mischa Muntinga
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Features
A tale of two jurisdictions
Expatriate pensions are still an offshore game, and Luxembourg and Liechtenstein are vying for supremacy, writes Gail Moss
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Features
Swimming against the tide
While the entire European pension industry seems to be fretting about the implications of a Solvency II-style directive for pension funds, in the far northeastern corner of Europe, solvency takes on an entirely different meaning.
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Features
It’s a war out there
Anthony Harrington finds optimism among active currency managers, and that a top-down discretionary approach might be best-suited to surviving and thriving through the ‘currency wars’
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Features
The business of uncertainty
Lynn Strongin Dodds takes a look at a sector beset by uncertainty over regulations, profitability and dividends
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Features
The EM lending gap
Bank lending to emerging markets is falling sharply – but David Creighton writes that the growth in bond issuance isn’t filling the lending gap
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Asset Class Reports
US Equities: Too big to grow?
No company can grow its earnings forever, but drawing the ‘ex-growth’ line is almost impossible. Joseph Mariathasan delineates the characteristics of pro-growth mega-caps from the US equity market
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Asset Class Reports
US Equities: It’s a gas
The hydraulic fracturing revolution could re-shape the US economy – and US equity portfolios with it, writes Joseph Mariathasan
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Asset Class Reports
US Equities: Growth – but at what price?
US equity managers’ performance has been determined by a long period of convergence between value and growth strategies. Martin Steward outlines these characteristics in four portfolios and asks if this era is coming to an end
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Special Report
Insurance-Linked Investments: Appetite for catastrophe
Investors cannot get enough of the catastrophe bond market, writes Charlotte Moore, but the potential for equilibrium, albeit at lower returns, is there
