Investment Strategies – Page 31
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Features
Keeping the global engine cool
Emerging markets might not have suffered the same financial pains as developed markets during the credit crisis, but Maha Khan Phillips finds they have a host of fiscal and monetary decisions to make as things get back to normal
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Features
Swiss custodians rule at home
Iain Morse finds that local custodians dominate the Swiss market
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Special Report
Thematic Investing: Nothing gained?
Venture capital has limited capacity, lacklustre returns and a mysterious risk profile that does not reward diversification. Martin Steward tries to find a place for it in pension fund portfolios
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Features
Untapped potential
Charlotte Adlung makes the case for Africa, warning that poor governance and infrastructure is the main stumbling block to investment
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Special ReportLiabilities & Matching Strategies: Stractical
There are several ways to make LDI implementation smarter, but practitioners differ significantly over whether or not these are tactical moves – and the extent to which they should deviate from the strategic de-risking journey plan. Martin Steward reports
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Special Report
Liabilities & Matching Strategies: Bespoke fit, chainstore refund policy
The benefit that swaps bring to liability driven investing, of being able to create a bespoke hedge across almost the entire tenor of a scheme-specific liabilities curve, comes at a price: concentrated counterparty risk. The interbank market in swaps has not had to worry about that since 1999, when LCH.Clearnet ...
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Special Report
Liabilities & Matching Strategies: More bedtime reading from ASB
Stephen Bouvier looks at the UK ASB’s latest recommendations on pension liability accounting, and how they fit with ongoing IASB efforts
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Special Report
Liabilities & Matching Strategies: Inflation and pensions
Theo Kocken welcomes the recommendations of the Frijns Committee, which would bring the FTK in line with the effective ambitions of pension funds to provide indexed pensions
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Special Report
Liabilities & Matching Strategies: Modelling realities
Con Keating identifies some key problems in asset-liability modelling and liability-driven investment based on mixed-attribute accounting
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Special Report
Liabilities & Matching Strategies: All the King’s men
Rodrigo Olivares-Caminal untangles the issues for pension funds that find themselves creditors of a sovereign in default
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Special Report
Sovereign cycles: a return to the norm?
The absence of a sovereign debt crisis between 2003 and 2008 was part of the historical cycle, not a new paradigm, writes Scott B MacDonald. Bond-biased investors should prepare for the inevitable return of the painful part of that cycle
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Features
Multi-asset inflation funds
There are several multi-asset funds mandated to match or beat inflation. Martin Steward asks whether they are anything more than re-packaged absolute return products
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Special Report
ESG risk in a portfolio context
Nina Röhrbein reports on research into the implications that a ESG strategy can have upon asset allocation
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Asset Class ReportsGlobal fixed income: Outward bound
European investors are breaking free of local markets and global benchmarks in the search for yield, writes Joseph Mariathasan
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Features
The emergency room
Fat-tailed models need to adapt well in normal market conditions and differentiate between asset classes. Boryana Racheva-Iotova compares fat-tailed models with GARCH based on stable Paretian distributions, t-distributions and extreme value theory
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Interviews
The full toolbox
Think Lyxor Asset Management’s brand-defining products and the word ‘barbell’ comes to mind: on one end, Lyxor ETFs and other index products (the cheapest and most passive vehicles); at the other, the market-leading hedge fund managed account platform (the most expensive and active investment strategies).
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Features
Bucking the trends
Martin Steward examines the big claims that are made for managed futures’ non-correlation with traditional assets, other hedge funds and even each other
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Special Report
De-risking drives competition
Iain Morse reports from a cost-conscious UK custody market as trustees aim to comprehend, and lower, their risk exposure
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Special Report
Lukewarm on weather derivatives
Nina Röhrbein reports on whether investors are turning to weather derivatives as a means of assuaging climate change concerns
