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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.

Invesco - Industrial Revolution 4.0: ghosts of disruption past, present, and future

We argue that the transitional challenges posed by a “fourth industrial revolution”– dubbed “IR 4.0” – are already well under way. We define this revolution as one featuring much greater use of “capital” – via digitisation, automation and artificial intelligence (AI) – across areas of human endeavour that have hitherto been the province of “labour”.

Company: Invesco
Date added: 22-10-2018
Sector: Markets

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bfinance - Manager Intelligence and Market Trends

bfinance presents an overview of market activity from H2 2017 through H1 2018, as well as manager selection trends, and the performance of active portfolio managers across multiple asset classes.

Company: bfinance
Date added: 21-09-2018
Sector: Markets

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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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2018 Midyear Outlook (Still) Risk On

U.S. economic and market dominance is expected to continue for the balance of 2018, based on faster economic growth and stronger earnings, compared with non-U.S. markets. Although the economic expansion and bull market are getting old, they are not over. Global equity markets can continue to rise.

Company: Nuveen
Date added: 08-08-2018
Sector: Markets

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Allianz - 2018 Outlook Guard against real-world inflation

The gradual reversal of expansionary monetary policies – at differing paces globally – will require some investors to adjust their approaches. Protecting purchasing power will remain a priority as official inflation understates real-world costs.

Company: Allianz
Date added: 15-12-2017
Sector: Markets

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Allianz - Economic Insight: ECB - a secret tapering recipe?

The ECB has to make a move towards normalization. Soft tapering – though not our own core scenario – is an option. It consists of stopping or reducing reinvestments of principal payments before reducing Quantitative Easing (QE). Why choose different sequencing from the Fed?

Company: Allianz
Date added: 30-11-2017
Sector: Markets

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New Capital - Wage dynamics and the ECB’s monetary policy

In this edition of Infocus, Stefan Gerlach and GianLuigi Mandruzzato argue that weak wage dynamics support the European Central Bank’s monetary policy patience.

Company: New Capital
Date added: 25-04-2017
Sector: Markets

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Invesco - Annual Economic Outlook 2017

With widespread misunderstanding about the stance of monetary policy in the financial markets, John Greenwood, Chief Economist at Invesco Ltd. discusses, in further detail, the macro economic outlook for 2017 and beyond, sharing his insights on: How the economic recovery might differ across developed and emerging economies; the impact of China’s credit explosion on emerging economies; the U.S. economy under Donald Trump’s leadership; how the continued Brexit fallout is expected to slow Britain’s GDP; the current European political climate and economic growth.

Company: Invesco
Date added: 06-03-2017
Sector: Markets

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Schroders - Will ‘value investors’ win in 2017?

Value investing enjoyed a turnaround in fortunes in 2016, but after many years of underperfomance compared with growth could 2017 be the year for value investors?

Company: Schroders
Date added: 25-01-2017
Sector: Markets

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Credit Suisse - The Future of Monetary Policy

This Credit Suisse paper looks at the transformative changes central banks in advanced economies have undergone since 2008. The report concludes that the key issue for decision-makers globally remains to consider which fundamental direction monetary policy ought to take next, assessing two alternative scenarios that may evolve: a return to a pre-crisis "normal", or fiscal dominance.

Company: Credit Suisse
Date added: 23-01-2017
Sector: Markets

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Schroders - How big was the global Trump rally – and where does it leave valuations?

The prospect of a Trump presidency has fuelled a rally in stockmarkets. We explain why and look at the latest valuations.

Company: Schroders
Date added: 19-01-2017
Sector: Markets

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Schroders - Quarterly markets review - Q4 2016

An overview of markets in Q4 2016 when the US presidential election dominated the news and bond yields generally rose.

Company: Schroders
Date added: 06-01-2017
Sector: Markets

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Hymans Robertson - 2017 Investment Perspectives for UK Pensions Funds

Investment Perspectives is a monthly publication from Hymans Robertson. This month's issue discusses a variety of themes, for example: how to use factor-based investing in enhance equity portfolios; how to improve DC members' outcomes through smarter default investing; why to revisit infrastructure investing, and more.

Company: Hymans Robertson
Date added: 02-01-2017
Sector: Markets

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Schroders - How low rates affect stock market returns

The world has been living with low interest rates for eight years but such periods are not new. Both the US and UK saw rates below 1% for most of the two decades spanning the Second World War, while Japan has been living with sub­1% rates since 1995. 

Company: Schroders
Date added: 05-12-2016
Sector: Markets

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Schroders - Renzi's resignation will hurt Italy's long­term outlook

Italian Prime Minister Matteo Renzi is set to resign after losing his referendum on constitutional and voting reforms. Having staked his political career on the vote, the larger­ than­ expected defeat (59% vs. 41%) left him no choice but to announce his intended resignation. 

Company: Schroders
Date added: 05-12-2016
Sector: Markets

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BlackRock - Strategic Perspectives for UK Pensions

This quarterly issue from BlackRock is aimed at UK investors, and considers the five year view for a variety of asset classes following the UK's EU referendum. BlackRock have lowered their return forecasts for most asset classes, reflecting the fall in bond yields and reduced global growth expectations. They have also increased their allocation to liability-hedging assets for UK pension portfolios. This issue also examines the path to pension buyout for investors with relevant liabilities.

Company: BlackRock
Date added: 11-08-2016
Sector: Markets

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OppenheimerFunds - Institutional Investors: Shared Expectations, Divergent Paths

In this survey, we take an in-depth look at the viewpoints, practices and most pressing issues facing these institutions today — from asset-allocation strategies and risk management to return objectives. The survey embodies our commitment to listening to our clients and helping them find appropriate solutions to serve their needs. 

Company: OppenheimerFunds
Date added: 16-06-2016
Sector: Markets

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Willis Towers Watson - Global Pension Finance Watch — Second quarter 2016

Market volatility with investment returns and interest rates continues during 2016, driven by various global events and economic news. The recent decision by the U.K. electorate to leave the European Union (i.e., Brexit) has resulted in interest rates dropping dramatically in all global regions during the first half of 2016. Despite positive investment returns in almost all regions during the quarter and the year to date, the downward movements in interest rates resulted in pension liability increases outweighing the portfolio returns, which resulted in overall declines in the pension index over the quarter and the year to date.

Company: Willis Towers Watson
Date added: 15-06-2016
Sector: Markets

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Schroders - Investment Horizons Issue 5

We’re pleased to announce the publication of the latest edition of Investment Horizons, our regular look at vital themes relevant for institutional investors.

Company: Schroders
Date added: 01-06-2016
Sector: Markets

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Schroders - Monthly markets review ­ May 2016

A look back at markets in May 2016 when stronger US macroeconomic data fuelled expectations of a summer rate hike from the Federal Reserve. 

Company: Schroders
Date added: 01-06-2016
Sector: Markets

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Schroders - Economic and Strategy Viewpoint May 2016

In this month's Viewpoint we discuss the options available to policymakers in a world of low growth, the consequences of negative interest rates and emerging market reform progress.

Company: Schroders
Date added: 01-05-2016
Sector: Markets

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Schroders - Economic and Strategy Viewpoint April 2016

In this month's Viewpoint out top economists analyse the global economy and ask whether the panic is over, and what's next? They consider Brexit risks and whether now is the right time to buy emerging markets. 

Company: Schroders
Date added: 01-04-2016
Sector: Markets

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BlackRock - Brexit: Big Risk, Little Reward

A vote on whether the UK should remain a member of the European Union will take place on 23 June 2016. This paper provides the views of BlackRock's Investment professionals on the economic, policy, market, regulatory and financial industry implications of a potential "Brexit".

Company: BlackRock
Date added: 09-03-2016
Sector: Markets

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Schroders - Economic and Strategy Viewpoint March 2016

In this month's Viewpoint we update our global growth forecasts, look at Europe which has become a source of comfort in an uncertain world, and ask whether emerging markets have reached their nadir? 

Company: Schroders
Date added: 01-03-2016
Sector: Markets

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Amundi - Cross Asset Investment Strategy

Concerns over world growth – and China – and geopolitical tensions combined to create a difficult start to the year for the financial markets.

Company: Amundi
Date added: 02-02-2016
Sector: Markets

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Hermes - Economic Outlook 2016

Despite China’s slowdown, concerns about Greece, & imminence of the US Fed’s fi rst rate hike, global growth should not be completely  derailed. But, clearly, these are headwinds, & another reason for central banks to take only baby steps to normalising rates.

Company: Hermes
Date added: 23-01-2016
Sector: Markets

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EFG - Market Update January 2016

As we wrote in our note last week “Tis the Season to be…nervous?”, we believe that the heightened financial market distress of the past few weeks reflects overly fearful sentiment. In the points below, we outline our key thoughts as to our positioning in the context of our views at the beginning of the year and, more importantly, what our strategy is in the short and long-term.

Company: EFG
Date added: 22-01-2016
Sector: Markets

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Newton Investment Management - Investment Comment January 2016

Fans of the Beatles were celebrating at the end of 2015 as the iconic band finally made its 13 studio albums available on streaming services such as Spotify and Apple Music. For financial-market participants, meanwhile, there were plenty of twists and shouts during the closing months of the year, not least in relation to monetary policymaking.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Markets

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Newton Investment Management - Investment themes in practice

Our investment themes are vital in providing a global perspective and helping us identify forces of change. This article looks in detail at how some of our themes influence specific aspects of portfolio construction across our key strategies

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Markets

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World Economic Forum - 2016 Outlook - Subdued Demand, Diminished Prospects

Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017. The pickup in global activity is projected to be more gradual than in the October 2015 World Economic Outlook (WEO), especially in emerging market and developing economies.

Company: World Economic Forum
Date added: 19-01-2016
Sector: Markets

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Legal & General - Defined Contribution Pension Solutions

Amid the jargon and legislation, it is sometimes easy to overlook the goal of any pension scheme: to provide employees with a decent standard of living in retirement. Legal & General Investment Management is a leading provider of solutions designed to help pension schemes meet their objectives.

Company: Legal & General
Date added: 18-01-2016
Sector: Markets

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Brown Advisory - Unicorns: Beyond the Myth

According to legend, the unicorn is a large, horselike beast with a spiraling horn protruding from its forehead. Numerous writers, particularly in ancient times, have described it, but contrary to popular belief, most accounts occur in the literature of natural history rather than mythology. Whatever the case, the animal possessed unusual powers to heal the sick and purify water, and it was considered extremely rare.

Company: Brown Advisory
Date added: 01-01-2016
Sector: Markets

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Capital Group - 2016 Outlook: Seek bright spots in uncertain future

Volatility resurfaced in 2015 and with the US gaining strength and China transitioning towards a more balanced economy, we expect further volatility in 2016. As the year unfolds, investors who can see beyond macroeconomic headlines and seek out bright spots across the investment landscape stand to benefit.

Company: Capital Group
Date added: 01-01-2016
Sector: Markets

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Capital Group - 2016 Outlook: Identify investment opportunities in a slow-growth world

With the slowing of China’s economic growth, weak global oil prices and uncertainty over the timing and path of US rate rises, it’s been a tough year in the financial markets. However, despite the turbulence we believe that there will continue to be ample opportunity for long-term investors.

Company: Capital Group
Date added: 01-12-2015
Sector: Markets

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Capital Group - Fed rate decision: Liftoff at last, but no cause for panic

With the slowing of China’s economic growth, weak global oil prices and uncertainty over the timing and path of US rate rises, it’s been a tough year in the financial markets. However, despite the turbulence we believe that there will continue to be ample opportunity for long-term investors.

Company: Capital Group
Date added: 01-12-2015
Sector: Markets

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DekaBank - A silver lining on the distant interest rate horizon.

What sort of a year was 2015 for the securities markets? In a low-interest environment it turned out, as expected, to be a year for equities, as was 2014. And otherwise? There was more market volatility than in 2014. A varied mixture of news, much of it bad, reached us and had to be processed by the markets. Here the central banks once again played a decisive role.

Company: DekaBank
Date added: 01-12-2015
Sector: Markets

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Robeco - Expected Future Asset Class Returns for 2016-2020

In this excellent 120 page document, Robeco present their forecasts for expected returns for major asset classes during 2016-2020. They also set out in detail the building blocks underlying these forecasts. They argue that longer-term forecasting is more reliable than short-term forecasting. Valuation corrections, for instance, are impossible to forecast on a three month horizon, but over a five-year period, some reversion to normal valuations is likely to occur. Furthermore, the impact of unexpected economic or political developments is more likely to even out, during a five year time frame. Robeco forecast five year global equity returns at 5.5%pa.

Company: Robeco
Date added: 01-12-2015
Sector: Markets

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Capital Group - US interest rate outlook: Expect a slower path to higher interest rates

The key question facing US monetary policy is not when the Federal Reserve will raise interest rates, but how far it can go given mixed economic conditions in the US and intensifying financial pressures around the world. This Investment Insights paper discusses these issues – and more.

Company: Capital Group
Date added: 01-11-2015
Sector: Markets

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DekaBank - Central banks remain dependent – on data.

It could have been so simple. If the Fed had just looked at the US economy and believed in its own assessment of 5 % unemployment as full employment, its interestrate lift-off would have been on September 17th. The Fed, however, had concerns over the state of the global economy and any further monetary policy decisions were to be “data dependent”.

Company: DekaBank
Date added: 01-11-2015
Sector: Markets

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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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LGT - A brief company portrait

Company brief portrait with financial highlights as of 30.06.2015

Company: Lazard
Date added: 22-10-2015
Sector: Markets

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DekaBank - Between hope and fear

The markets are going to find events in the coming weeks hard to swallow. Not only is Greece likely to prove unable to make its repayment to the IMF that falls due at the end of June, or will make it only with great difficulty, but soon after, namely at the end of July, the Fed will raise its key rates again in a lift-off that will signal the beginning of an exit from many years of crisis policy.

Company: DekaBank
Date added: 19-06-2015
Sector: Markets

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Carnegie - Insights Learned Over The Last 25 Years

In the 25 years of actively managing global equities, we have steadily

built our long tradition of stock picking, consistently identifying

themes and trends that drive earnings growth and hence share

prices. In the process, we have gained valuable lasting knowledge

that also will guide us in the years ahead, as we diligently focus on

continuing the journey we began back in 1990.

Company: Carnegie
Date added: 01-03-2015
Sector: Markets

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