Investment Strategies – Page 16
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Asset Class Reports
US Equities: Squeezing the last drops
US corporate margins have expanded impressively since the crisis. Joseph Mariathasan asks where the next wave of growth is going to come from
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Features
Smooth operators
The Swiss are taking pains to make their banks as risk-free as possible to ensure client loyalty, finds Iain Morse
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Special Report
Pay proposals in the shareholder spring
Shareholders are beginning to flex their muscles by voting against inflated executive remuneration packages in listed companies, says Nina Röhrbein
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Features
Private assets on public markets
Listed private equity struggles to drum up interest even from private investors. Anthony Harrington asks, does it have any role to play in institutional portfolios?
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Asset Class Reports
Private Equity: ‘If you can’t meet demand, you’re finished’
Martin Steward meets Silk Invest, feeding Africa one investment at a time
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Asset Class Reports
Private Equity: Escaping the crowd
Overview Supplying the mid-market Joseph Mariathasan finds a changing environment altering how established managers approach the market – which in turn alters the market itself
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Asset Class Reports
Private Equity: Pioneering spirit
In frontier markets, private equity is often the first source of investment for business. However, as Joseph Mariathasan reports, there are pitfalls as well as the opportunities
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Asset Class Reports
Private Equity: Harvesting illiquidity premia
Private equity outperforms public equity – not least thanks to its illiquidity premium. But, as Cyril Demaria writes, using public equity as a benchmark for valuation can make it difficult to harvest this benefit
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Features
All change
Iain Morse finds that the creation of a single, mandatory central settlement depositary later this year will have wide-ranging effects on the trading and settlement of securities in Russia
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Interviews
A new titan in Asian equities
The timing could have been better. Just days before the finalisation of the merger of the Sumitomo Trust & Banking Co and Chuo Mitsui Asset Trust & Banking Co, the latter was fined by Japan’s Securities and Exchange Surveillance Commission (SESC) for an insider trading breach that took place nearly two years ago.
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Features
Small is beautiful
Smaller companies make up the vast majority of the economy, are better-aligned with shareholders, more entrepreneurial – and not necessarily young and inexperienced. No wonder they both outperform and diversify large-caps, writes Nick Hamilton
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Asset Class Reports
Private Equity: For the lack of a Bloomberg
Private equity remains opaque, but regulation will improve transparency. However, argues Cyril Demaria, that could result in consolidation and rising fees for investors
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Features
Political decisions for investors
Helene Williamson outlines the complex process of assessing political risk in emerging markets and warns investors they ignore this risk their peril
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Asset Class Reports
Private Equity: Let’s work together
Private equity co-investment looks like a great deal for limited partners. But Martin Steward finds that it is demanding enough to require intermediation, even for large investors withestablished general partner networks
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Interviews
Making an impact on SMEs
The conviction articulated on its website – ‘We believe that market forces and entrepreneurship can be harnessed to do well by doing good’ – hardly distinguishes the £275m (€333m) London-based sustainable growth investor Bridges Ventures (Bridges) from other investors in the environmental, social or governance (ESG) domain. But its investment strategy certainly does.
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Special Report
Moves in microfinance
Despite suffering some negative perceptions, the asset class is cleaning up its act and gaining new fans, says Nina Röhrbein
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Asset Class Reports
Credit: Balancing out the banks
Martin Steward finds corporate bond managers tip-toeing carefully around banks’ capital structures to limit their underweights – and ramping up other sources of risk to compensate
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Features
Custody and banking reform
Iain Morse asks whether European banking reforms will have an adverse impact on securities services providers
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Features
Low beta, high benefits
The significant outperformance of apparently ‘low-risk’ stocks over time is a well-known ‘anomaly’ in investment theory. Martin Steward asks, if it is an anomaly, won’t it eventually be corrected?
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Asset Class Reports
Credit: The cleanest dirty shirt
Non-financial corporate credit is perfectly poised for the macro environment, but spreads are tight – and other areas of the credit spectrum present considerable risks. Joseph Mariathasan reports
