Investment Strategies – Page 9
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FeaturesA high-yield lesson from history
Richard Ryan warns investors not to respond to apparently tight spreads in investment-grade bonds by simply stretching for the extra 260 basis points available from high yield
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Features
Rating hybrids
Issuance of hybrid capital in Europe surged at the start of the year and is likely to remain elevated in the near term. Taron Wade discusses how such instruments are rated and why new issuers are getting involved
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Special Report
Food for thought for animal welfare
The horse-meat scandal has alerted investors to the importance of animal welfare in the supply chain, finds Nina Röhrbein
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Features
The case for the investment book of record
It is essential for investment decisions to be based on accurate and complete information, but obtaining that in the form of an investment book of record is easier for some asset managers than others, according to John Mayr
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Asset Class Reports
Structured Credit: Wrong to buy?
Europe’s key RMBS markets remain subdued. Lynn Strongin Dodds reports on whether the lack of activity is just about bank stresses – or a more fundamental economic malaise
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Features
If it looks like a duck
Hybrid corporate bonds are taking off as investors scramble for yield. But Martin Steward wonders if the hybdridity balance is shifting against investors
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Features
Is history quietly repeating itself?
With the system already as heavily leveraged as it was in 2007, markets are hanging on every word from Ben Bernanke. Dan James thinks this only adds to the feeling of déjà vu
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Special Report
With pensions in its sights
Mark Nicholls asesses the UK’s Green Investment Bank plans to target the institutional investment community, and pension funds in particular
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Asset Class Reports
Credit: When the well goes dry
As market markers retreat, Joseph Mariathasan notes that bond portfolio managers are holding more cash, using more derivatives, focusing on primary issues – and preparing for liquidity to get even drier
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Features
Rock ‘n’ roll yield
Music publishing rights are a proven inflation-sensitive cash-flow asset, and Martin Steward finds that fast-changing music consumption habits are generating not threats, but opportunities
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FeaturesUnlocking alpha
New statistical techniques and the computing power to put them to work is opening a space for effective factor modelling of hedge funds, writes Robert J Frey
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Special Report
Beyond microfinance
Nina Röhrbein finds evidence for a sea-change in impact investing with more varied products in developed as well as emerging economies
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Interviews
Of orange blood and quieting storms
It has been a stormy four years at ING Investment Management – but the skies are finally starting to clear.
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Features
Caution in the face of opportunity
Despite the growing clamour for funding, pension funds remain cautious about investing in infrastructure. Michael Wilkins analyses some of the barriers holding back potential investors
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Features
The fallacy of CB independence
Central banks are no longer independent of politics, argues Kommer van Trigt, and investors should take that into account
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Asset Class Reports
Credit: Signs of exuberance
More high yield, more security, more hybrids. Joseph Mariathasan surveys the changing European credit markets and asks, are they changing for better or worse?
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Asset Class Reports
Credit: Where credit is due
Joseph Mariathasan finds there is more to credit hedge funds than an inflated fee structure
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Asset Class Reports
Credit: Smuggling in some spread
Martin Steward finds risk-averse managers picking up spread from asset-backed bonds, subordinated financials and ‘rising-star’ high-yield issuers
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Asset Class Reports
Private Equity: Is mega back?
With the high-yield market on fire and household names being plucked from public markets, Joseph Mariathasan asks if we are heading back to the heady days of the 2006 ‘mega’ buyout
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Asset Class Reports
Private Equity: Bridging the gap
Martin Steward meets the co-founders of OceanBridge Partners, whose flexible new model aims to maximise the potential of private equity investing
