All articles by Martin Steward – Page 5
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Special Report
Credit: Don’t bank on it
The disintermediation of Europe’s credit markets is getting everyone excited. But Martin Steward asks how easy it will be for asset owners and managers to reproduce the banking business models
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Interviews
Performance built on research
Unigestion’s investment principles tell us that it is “not swayed by short-term trends or techniques which are in vogue”. At first glance that might seem a bit rich, considering its reputation for minimum-variance equities – about as “in vogue” as it gets.
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Special Report
Credit: Preparing the ground
A latecomer to credit asset classes, the UK’s East Riding Pension Fund has nonetheless built a rich and varied foundation for its longer-term portfolio strategy, finds Martin Steward
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News
ING, IPE surveys reveal appetite for bank loans
Pension funds cite diversification, low defaults, floating rates - but question industry capacity to provide products
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Special Report
Investing for Income: Cash is king
The background to this month’s Special Report is the confluence of several tremendously powerful forces acting on both the preferences of capital and the enterprises that are the destinations for that capital.marin
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Asset Class Reports
US Equities: How deep is your value?
Martin Steward looks at three US quality-value strategies, two of which exemplify the difference between ‘deep’ and ‘relative’ value and one whose profile belies any stylistic categorisation
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Special Report
Investing for Income: The other vampire squids
Are yield-hungry institutions and the circling sharks of the activist world sucking corporations dry? Martin Steward asks investors how they see their responsibilities
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Features
Three is a magic number
Ever since US 10-year yields bounced off of a low of 1.4% in July 2012, the investing commentariat has been predicting the end of the bond bull market and sky-high levels for benchmark rates.
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News
Ossiam latest to enter smart-beta corporate bond fray
Paris-based ETF manager uses Moody’s Analytics credit-risk measures in systematic portfolio selection strategy
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Features
Why 7 February didn’t cow the bulls
When ex-Federal Reserve chairman Ben Bernanke mentioned the possibility of ‘tapering’ the bank’s quantitative easing programme back in May 2013, the first market response was somewhat confused.
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Special Report
Smart beta: Collecting the premiums
Martin Steward spoke to Denmark’s PKA about its pioneering approach to extracting risk and return from equity markets – and beyond
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Special Report
Smart beta: A question of governance
Andrew Ang and Alfred Slager shared the stage at a recent seminar. Martin Steward reports on how the debate has moved from the ‘if’ questions to the ‘how’
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Special Report
Smart beta: Every drop of return
Martin Stewardspoke to the Environment Agency Pension Fund, 2013 IPE Award winner for smart beta, about its adoption of diversity weighting, fundamental indexation and low-volatility strategies
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Special ReportThe smart beta family tree
The range of new forms of ‘beta’ can leave investors bewildered. Martin Steward’s illustrative taxonomy offers a flavour of how these solutions might be categorised and how they relate to one another, and lists the key research papers that first described each methodology.
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Special Report
Smart beta: Smart investing or smart trading?
There are limited ways to explain the excess returns that smart beta generates over the market portfolio. Martin Steward uncovers a world of contention over which are the most important
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Special ReportSmart beta: A genuine revolution
Remember 130/30 funds? Most investment journalists do, because they delivered one of those periodic lessons in a major peril of their profession – getting caught up with next hot product
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Interviews
Building bridges
They do not come any more Australian than AMP Capital. Its parent company started life as a mutual insurer in Sydney in 1849, and is today headquartered in the city’s first skyscraper, which it financed, and which stands on the site of AMP co-founder and pastoralist Thomas Mort’s wool store. Its commanding views of the famous harbour are the backdrop to board and client meetings.
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Asset Class Reports
European Equities: Transition management
As the market-leading stocks and sectors begin to rotate, Martin Steward finds the top manager positions occupied by those value managers that have maintained pace with their quality peers over the past three years
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News
Research Affiliates, Citi launch corporate bond fundamental index
Smart-beta index claims higher return for less volatility in investment-grade credit
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News
Hermes to develop multi-asset inflation, private debt products
Asset manager working with consultant, UK institutional clients for launch in 2014
