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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

Macquarie - Is your liquidity just a mirage?

The authors of this paper argue that because investors are forgetting the value of liquidity, now is a good time for them to reflect on the capital preservation characteristics of fixed income, and in doing so, ask whether their portfolios’ liquidity may actually be a mirage.

Company: Macquarie
Date added: 04-12-2018
Sector: Fixed Income

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Macquarie - EM Roundtable: Is the emerging market story over?

With a lackluster showing by emerging markets (EM) securities - both equity and fixed income - so far in 2018, we recently sat down with four Macquarie Investment Management portfolio managers who focus on developing market investments. The participants shared their insights and thinking on what has caused the underperformance, their outlook for the investment class, their approach to finding potential winners, and where they spot specific concerns and opportunities.

Company: Macquarie
Date added: 17-10-2018
Sector: Emerging & Frontier Markets

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Macquarie - Is the emerging market story over? Understanding ESG in Credit Portfolios

With a lackluster showing by emerging markets (EM) securities - both equity and fixed income - so far in 2018, we recently sat down with four Macquarie Investment Management portfolio managers who focus on developing market investments. The participants shared their insights and thinking on what has caused the under performance, their outlook for the investment class, their approach to finding potential winners, and where they spot specific concerns and opportunities.

Company: Macquarie
Date added: 21-09-2018
Sector: Emerging & Frontier Markets

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Macquarie - Agency MBS: A broad investment universe

The agency mortgage backed securities (MBS) market is often just associated with physical pass through pools, but the universe is much broader extending to structured securities in the form of agency Collateralised Mortgage Obligations (CMO) and forward contracts called To Be Announced (TBA). This diverse universe can provide opportunities and help address some of the challenges investors face in this low yield environment. This insight provides an overview of the investment universe, focusing on the unique features of the underlying security types and how when managed in an absolute return investment style, can help provide an attractive solution to address some of the headwinds in markets today.

Company: Macquarie
Date added: 21-09-2018
Sector: Securities Services

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Macquarie - US private placements find broadening appeal

Alexander Alston and Frank LaTorraca, Co-Heads of Private Placements at Macquarie, discuss the broadening appeal of the private debt market, especially for insurers.

Company: Macquarie
Date added: 03-09-2018
Sector: Private Debt

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Macquarie - What equities might have left to give in 2018

So far in 2018, equities have seen more turbulence than in recent years, including a sharp volatility spike in February. But in general, bulls have continued to hold sway in global stock markets. Trade wars, rising interest rates, and resulting uncertainty about global growth trends have left investors wondering about economic effects, and whether a historically long bull market is poised to finally wind down, or ramp back up. Below, several of our portfolio managers provide short takes on what might portend for equity markets in late 2018.

Company: Macquarie
Date added: 03-09-2018
Sector: Global Equities

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Macquarie - Inflation to remain a structural challenge around the world

Despite occasional fears of a sudden onset of inflation — such as the recent market volatility that some thought may be related to building inflation pressures — generally, inflation has remained low, part of the challenge in the low yield environment. Synchronized global growth may support inflation cyclically, but issues such as the continuing disconnect between ultralow unemployment and only modest inflation and wage growth continues to puzzle investors. In the sections that follow, we use visuals to help explain our views on macro inflation, the headwinds to significantly higher interest rates, a look to Japan for points of comparison to the United States, and the current backdrop globally — and how modest inflation coupled with high levels of indebtedness remain structural challenges in the years to come.

Company: Macquarie
Date added: 03-09-2018
Sector: Interest Rates

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Macquarie - Supranational EM bonds: Unique access to EM local bond markets

Interest in supranational emerging market debt has picked up recently, as investors have been attracted by investment grade ratings, ease of settlement, attractive yields, and compliance with the highest standards of ethical and socially conscious investing. These characteristics make a compelling case for allocating to local bond markets and their corresponding currencies.

Company: Macquarie
Date added: 03-09-2018
Sector: Emerging Market Debt

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Macquarie - 10 Years Since the Financial Crisis: Those who forget are destined to remember

Brett Lewthwaite, Macquarie's CIO of Fixed Income, reflects on the global financial crisis and the lessons learned from the fateful events that occurred 10 years ago.

Company: Macquarie
Date added: 03-09-2018
Sector: Fixed Income

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Macquarie - Will hedge costs end the Trump dollar slump?

The US dollar has been under pressure, falling 8% between January 2017 and January 2018 alone. This weakening can be attributed to many factors, some related to President Trump and some less so. We had previously argued that the so-called “Trump slump” in the dollar was highly supportive of asset markets over the past year or more. As of this writing, some caution may be warranted regarding the strength of the US dollar, which had its biggest monthly gain in two years in April 2018.

Company: Macquarie
Date added: 03-09-2018
Sector: Currency

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Macquarie - Value remains after investment grade credit selloff, but security selection is crucial

The key to unlocking value in investment grade credit markets and guarding against losses as we approach the end of a historic era of US Federal Reserve market support will be individual security selection and deep, bottom-up fundamental research.

Company: Macquarie
Date added: 03-09-2018
Sector: Fixed Income

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Macquarie - US taxable municipal bonds: Still an opportunity

The municipal asset class continues to represent an opportunity for global investors focused on long-term liabilities. The asset class offers the potential to obtain diversification with good-yielding, high-quality, long-duration assets, and in the case of the EU investors may also receive preferential capital treatment based on current regulation.

Company: Macquarie
Date added: 03-09-2018
Sector: Asset Allocation

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Macquarie - In Japan, active investing amid mixed macro signals

Macquarie's Margaret MacCarthy Bacon discusses the outlook for the Japanese economy, Abenomics, demographics, and other issues, presenting pros and cons related to the investment case for Japanese equities.

Company: Macquarie
Date added: 03-09-2018
Sector: Japan

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Macquarie - Trade: the good, the bad, and the ugly

The risk of a trade war between the United States and China has grabbed markets’ attention in recent weeks, fuelled by headlines, but also because of the threat of retaliatory action from China. Equity markets are under pressure, credit spreads are wider, and bond yields lower as a result. Consensus is that the US and China are in the midst of a noisy negotiation process that (surely) will end at the negotiation table with a sensible solution.

Company: Macquarie
Date added: 03-09-2018
Sector: Markets

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Macquarie - Equity-sector leadership can shift amid rising interest rates

In an environment in which interest rates have been steadily rising — the 10-year US Treasury yield has moved up almost 75 basis points since its recent low in September 2017 — one question that investors face is the potential effect of this phenomenon on equity sectors. Which sectors might be winners or losers in a rising rate environment?

Company: Macquarie
Date added: 03-09-2018
Sector: Global Equities

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Macquarie - Has Goldilocks left the building?

In response to the global financial crisis, central banks undertook unprecedented support for the financial system, including $US20 trillion in bond purchases, reducing interest rates to zero, and even cutting rates into negative territory across much of Europe and Japan. This contained environment of low rates, central bank bond purchases, and implied continued central bank support has been one of the key pillars behind the strong market reaction — one that saw not only risk assets hit new highs but also market volatility measures develop historical lows. Economic growth and inflation since the crisis have been in a generally stable range: Not too slow to suggest a repeat recession, and not too fast to encourage withdrawal of stimulus. The Goldilocks conditions of “just right” economics have been a perfect environment for most asset prices.

Company: Macquarie
Date added: 20-03-2018
Sector: Briefing - Investment

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Macquarie - Understanding ESG in Credit Portfolios

This paper analyses how ESG factors interact with credit quality, how they affect the pricing of credit, and finally how they affect credit returns. 

Company: Macquarie
Date added: 01-02-2018
Sector: Environmental, social and governance (ESG)

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Macquarie - Presentation to investors and analysts

Top 50 global asset manager with $502.3b of assets under management

Macquarie provides clients with access to a diverse range of capabilities and products, including infrastructure and real asset management, securities investment management and tailored investment solutions over funds and listed equities.

Company: Macquarie
Date added: 30-10-2015
Sector: Markets

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