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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Features
Three is a magic number (again)
Last month I wrote about how bond-market valuations are supported by the shape of the yield curve. This month (inspired by a presentation by BNP Paribas’ Kokou Agbo-Bloua I saw recently) we will turn to equities.
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Special Report
Africa: African horizons
Four years ago I attended the launch of a Middle East and North Africa fund. Much was made of the long-term potential of the region’s young population, which seemed to compare so favourably with Europe’s – not to mention Russia’s and large parts of Asia’s. I asked about the risks associated with a preponderance of young men in the event of sluggish growth or job-creation and the portfolio manager politely played them down. Nine months later Mohamed Bouazizi set himself alight in Tunisia.
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NewsING, 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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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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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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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: 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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NewsOssiam 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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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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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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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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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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NewsResearch Affiliates, Citi launch corporate bond fundamental index
Smart-beta index claims higher return for less volatility in investment-grade credit
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NewsHermes to develop multi-asset inflation, private debt products
Asset manager working with consultant, UK institutional clients for launch in 2014
