Investment Strategies – Page 28
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FeaturesThe truly balanced portfolio
Martin Steward spoke with the pioneer of alpha/beta separation and ‘risk parity’ about strategic diversified beta portfolios
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Asset Class Reports
Sovereign Bonds: Calling in the plumbers
Joseph Mariathasan takes a look at proposals to unblock the pipes of Europe’s repo market
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Asset Class ReportsSovereign Bonds: Macro madness
Emerging market strength versus developed market weakness, European core versus periphery, inflation versus deflation – Joseph Mariathasan finds a market rapidly rediscovering its complexity
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Special ReportCurrency: Common currency
Portfolio engineering with FX exposures would be much simpler if we could identify its beta. Martin Steward looks at the range of candidates
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Special Report
Currency: Keep an eye on your weighting
The Big Mac index tells you nothing about your need to diet, but might help to value currencies. Matthew Craig looks at the more technical version, ‘PPP’
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Special Report
Currency: Steering for safety
Has the financial crisis changed investor perceptions about safe havens? Christine Senior looks at the question in the FX context
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Interviews
Facing forward, facing outward
Janus was the Roman god of doorways, and by extension of beginnings and endings. Double-faced, he looked both forward and backward, which is why he lent his name to the month of January. Janus Capital Group also takes its name from this god, but rather than facing forward and backward, ...
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Special ReportGerrmany: Walk the talk
Murat Ünal argues that genuine corporate social responsibility should go hand in hand with socially responsible investment. Despite the prevalence of CSR policies in Germany, Austria and Switzerland, by contrast, only 10% of institutional investors actively invest along SRI criteria
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Special ReportGermany: Kandlbinder 2010
Till Entzian charts the consolidation trend in his annual review of the German Spezialfonds marketplace, during and after 2009’s year of asset recovery
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Features
Barbarians at the gate
Gold may be a good hedge against an investment portfolio’s fiat currency exposures. But, Martin Steward asks, does it matter that some investors may be holding it for very different reasons?
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Features
Spanish custody is set for change
Iain Morse reports on the expected effects of Target2 Securities
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Asset Class ReportsEmerging Market Debt: Localising, globalising
Joseph Mariathasan finds that fast developing emerging debt markets present opportunities for risk-taking and challenges for benchmarking and performance measurement
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Asset Class Reports
Emerging Market Debt: Local currency bonds
Emerging market debt (EMD) originated as a hard currency debt market but today it is the local currency issuance that dominates the sovereign debt marketplace, while hard currency issuance in 2007-08 was 70% corporate.
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Asset Class Reports
Emerging Market Debt: What role do indices play?
The key sub-components of the emerging market debt (EMD) are the original hard currency sovereign debt, followed now by local currency sovereign debt and, increasingly, hard currency corporate debt. At some stage local currency corporate debt may also come to have significant size. There are two questions that need to ...
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FeaturesNatural Catastrophe Risk - Cats land on their feet
Catastrophe risk delivered positive returns in 2008 amid rising downside correlation but was not immune from credit exposure, finds Martin Steward
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Asset Class Reports
Emerging market debt: Emerging market debt goes local
Building out term structures, liquidity and diversity in emerging market debt will improve the efficiency of both emerging economies and investors portfolios, write Peter Botoucharov and Edouard Stirling
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Special Report
Securities Services: Managed accounts: an efficient way to build hedge fund portfolios?
There has been a buzz around managed accounts for some time – but the problems with liquidity mismatches and outright fraud that bubbled up in 2008, and investors like CalPERS setting out plans to use them wherever they can, seem to have made the case even more airtight.
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Special Report
Securities Services: Regulatory arbitrage: herd mentality
Systemic wrisk has to be limited say industry bodies, inter-dealers, consultants, lawyers and those on the operational side of the OTC market. But they also say that, following the financial crisis, there have been changes in markets that are heading in the exact direction that the regulators would want. They ...
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Special ReportSecurities Services: Clearing for take-off
Central clearing of OTC derivatives is supposed to increase transparency and reduce systemic risk. But Richard Hemming finds that pension funds might be among those counting the costs
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Special Report
Securities Services: One-frastructure
Working with ATP, Citi has developed a single data management platform that can facilitate risk management across the life cycle of the investment process, says Nick Roe
