Publications

EFG Asset Management - Inview: House View & Investment Perspectives June 2017

Welcome to the June edition of Inview: Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

Date added: 04-07-2017

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EFG Asset Management - UK election aftermath

In this updated edition of Indepth, Daniel Murray, Deputy CIO and Global Head of Research, EFG, examines the aftermath of the UK’s snap general election, which confounded the pollsters as the young turned out to vote.

Date added: 04-07-2017

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EFG Asset Management - UK election: déjà vu

In this edition of Indepth, Daniel Murray, Deputy CIO and Global Head of Research, EFG, examines the UK’s snap general election on 8 June – the background, the polls and what the outcome could mean for the markets.

Date added: 04-07-2017

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EFG Asset Management - Market Outlook 2017

The recurrent concern of many, that the developed world will tip back into recession, will prove wrong again in 2017 in our view. Indeed, we think that average gross domestic product (GDP) growth across the main developed (OECD) economies will be just over 2%, compared to just under 2% in 2016.

Date added: 04-07-2017

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EFG Asset Management - Quarterly Market Review Q2 2017

Expectations of more reflationary policies around the world have so far run ahead of actual events. Hard data show a relatively tranquil global economy, with reasonable real growth and low inflation.

Date added: 04-07-2017

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World Economic Forum - The Inclusive Growth and Development Report 2017

Over the past several years, a worldwide consensus has emerged on the need for a more socially-inclusive approach to generating economic growth. However, inclusive growth and development remain primarily an aspiration. No systemic framework has emerged to guide policy and practice. 

Date added: 17-01-2017

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Willis Towers Watson - The world's 300 largest pension funds - year ended 2015 (2016)

This comprehensive paper by Willis Towers Watson provides invaluable insights into the financial state of the largest 300 pension funds in the world. Total assets fell by over 3% in 2015 to a sum of US$14.8 trillion. Despite this first drop in assets, cumulative asset growth since then is almost 19%.

Date added: 21-09-2016

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UBS Asset Management - Pension Fund Indicators 2016

The Pension Fund Indicators (PFI) 2016 is an annual publication produced by UBS AM with an enduring aim of putting current topics in their long-term context. As an industry-standard text on pension fund investment we hope that you will find it a useful source of data and practical explanations.

Date added: 21-09-2016

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EFG Asset Management - September/October 2016 Global House View & Investment Perspectives

Welcome to the September/October edition of Inview: Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months. 

Date added: 20-09-2016

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EFG Asset Management - Quarterly Market Review Q3 2016

The concerns raised in the UK Brexit vote – sovereignty, globalisation and migration – reverberate around the world. Dealing with these challenges is a global, not just an EU, issue. 

Date added: 20-09-2016

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New Capital - Brexit: The Curse of the Conservatives

In a month’s time - on 23rd June - the UK will hold a referendum to determine whether or not the country remains part of the European Union (EU). The vote is of international significance because the consequences of a vote to leave would have global ramifications. Amongst other things it would call into question the future of the EU. In this latest Indepth research note, EFG’s Chief Economist Daniel Murray discusses the costs and benefits of EU membership and the market implications of a vote to remain.

Date added: 02-06-2016

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DGC Asset Management - Critical Insights Part 3: Economic Policy

Moving into part 3 of the Critical Insights series, we now take a look at the economic and geo-political trends that are shaping the global economy, and influencing financial markets. Having already revealed in parts 1 and 2 how evolving global demographics and shifting patterns in consumption are shaping a new global supply chain, we now turn our attention to the impact of economic and wider political policy for investors today.

Week 3, Economic Policy: Within this report we look at the real drivers behind current economic policy such as quantitative easing and interest rate suppression, and how these will impact investment portfolios in 2016. An insight into the changing behaviour of the global population, and how future demand for goods and services will be most prevalent in a small number of niche sectors and markets.

Date added: 26-02-2016

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DGC Asset Management - Critical Insights: Part 1 Demographics

In this series of 8 short reports – delivered weekly – we identify, analyze and interpret the most important developing trends in key fundamentals that are shaping the future of investing. In an economic climate beset by low growth, volatility and low interest rates, investors must look elsewhere to grow wealth sufficiently to provide an adequate retirement, and to protect and preserve it for the next generation. In this series we cover:

Week 1, Demographics: How the changing size, shape and demographic profile of the global population is impacting the economy, robbing traditional assets of long term returns, and shifting value and growth to other alternative asset classes.

Date added: 19-02-2016

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DGC Asset Management - Critical Insights: Part 2 Socio Economics

In this series of 8 short reports – delivered weekly – we identify, analyze and interpret the most important developing trends in key fundamentals that are shaping the future of investing. In an economic climate beset by low growth, volatility and low interest rates, investors must look elsewhere to grow wealth sufficiently to provide an adequate retirement, and to protect and preserve it for the next generation. In this series we cover:

Week 2, Socio Economics: An insight into the changing behaviour of the glob al population, and how future demand for goods and services will be most prevalent in a small number of niche sectors and markets.

 

Date added: 19-02-2016

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Legg Mason - Low oil prices, low interest rates — A shift in perceptions

Our last letter discussed the possibility of a minor rise in interest rates. We concluded that it was hardly worth worrying about, because any lift would be small and gradual. The market had plenty of other things to worry about and rates seemed low on the list. We suggested that near zero rates were having an impact counter to the original intent of the Federal Reserve (Fed).1 The necessary zero interest rate policy of 2008–2013 was now harming savers and pension funds, both of which needed much higher returns to avoid financial stress. The ultra-low rates have affected spending by individuals and have created fiscal problems for municipalities trying to meet pension obligations. There are also warnings about bubbles in art and real estate because of the ultra-low rates, which made leveraged borrowing too easy.

Date added: 11-12-2015

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Legg Mason - Spread sectors rally; but risks remain, No easy answers

Fixed-income markets have gyrated wildly this year, constantly shifting from pessimism to optimism and back. Early in the year, plunging oil prices and fears of European recession pushed German bund3 rates to near 0%, while 10-year US Treasury yields hit 1.6%. Then optimism returned with the spring, as growth sentiment about the US and Europe improved, oil prices stabilized in the $60s, stock prices rebounded and so did bond yields. During the summer, expectations of global growth dropped sharply, driven by fears of a pronounced slowdown in China, and knock-on fears for the emerging market (EM)4 sector as a whole. All this led to the most brutal performance for spread sectors5 since the euro crisis of 2011.

Date added: 11-12-2015

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Legg Mason - Balancing income and volatility, a dividend centric approach

Gone are the days when investors could satisfy their income needs with low-risk investments, like government bonds. The extraordinary intervention by central banks in the aftermath of the financial crisis has left behind an ultra-low rate environment, making it more difficult to meet income needs.

Date added: 11-12-2015

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Office for National Statistics - Investment by Insurance Companies, Pension Funds and Trusts Q2 2015

Information about the investment choices of insurance companies, self-administered pension funds, investment trusts, unit trusts and property unit trusts. This release contains quarterly net investment data arising from financial transactions (investments and disinvestments) made by these institutional groups. Also included are quarterly balance sheet data for short-term assets and liabilities, along with quarterly income and expenditure data for insurance companies and self-administered pension funds. All data are reported at current prices (effects of price changes included).

Date added: 27-10-2015

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Towers Watson: The worlds largest 300 pension funds

Review of the worlds largest 300 pension funds.

• This research shows that the world’s top 300 pension funds now represent around 43% of global pension assets

• Total assets of the world’s largest 300 pension funds grew by over 3% in 2014 (compared to around 6% in 2013)

• By individual region North America had the highest five-year combined compound growth rate of around 8%

Date added: 06-10-2015

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Bank of England - Breaking the Tragedy of the Horizon – climate change and financial stability

Breaking the Tragedy of the Horizon - climate change and financial stability.

Speech given by:

Mark Carney
Governor of the Bank of England
Chairman of the Financial Stability Board
Lloyd’s of London
29 September 2015

Date added: 06-10-2015

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