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Publications

LA Forum publications provide a comprehensive overview of the end to end research and investment process across a range of asset classes.  Our aim is to help our members understand complex problems and plan efficiently.

Written and published for Local Authority officers, these thought provoking documents highlight investment issues, available options and trends in key areas of the UK's public sector pension scheme space.

Targeting investment officers, policy makers, industry specialists, and the pensions board in order to promote debate and understanding.  It is not intended for use directly in either market forecasting or for investment decision purposes, where specialist advice should be sought.

Please note: some of the media sources, publications or articles featured on LA Forum may require registration to gain access.

Interested parties should contact Mark Turnbull (Director: LA Forum) T: 01260 226610 E: mark@laforum.co.uk

Legg Mason - Pricing pressures and global high yield

Credit investors in developed and emerging markets (EM) have been trying to understand the rapid decline in credit and foreign currency valuations. The reasons for these valuation declines have been pinned on weak commodity prices and institutional structures in EM, lack of inflation and impotent monetary policy in developed markets, the ever present concern of lower growth emanating from China, and a broader EM malaise based on EM central banks facing a classic, but treacherous dilemma of having to keep policy tight in the face of slowdowns to avoid currency instability.

Date added: 11-12-2015

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Legg Mason - Pricing pressures and global high yield

Legg Mason - Why global bonds?

Global bonds are a unique “opportunity class” that can produce superior returns, provide diverse sources of alpha,1 and reduce the overall volatility of a purely domestic bond portfolio. We believe active global bond investors may have an intrinsic advantage due to an expanded opportunity set. Investors who focus on government bonds in a single country are limited largely to binary duration2 decisions, while global managers who have the skill to manage currencies can capture much more complex relationships. In allowing managers to invest globally, investors diversify their source of return and, in our view, allow greater potential for outperformance, in our opinion.

Date added: 11-12-2015

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Legg Mason - Why global bonds?

Legg Mason - Global bond review and outlook: European bonds rise on QE expectations

Policy accommodation from central banks around the world will continue to underpin growth given global inflationary pressures that remain very subdued and show little sign of increasing. The decline in commodity prices should support global growth by increasing real consumer incomes and corporate earnings in the medium term.

Date added: 11-12-2015

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Legg Mason - Global bond review and outlook: European bonds rise on QE expectations

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