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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 Global Factor Investing Study 2018

Invesco's 3rd annual Global Factor Investing Study is based upon interviews with over 300 institutional investors and is the largest in-depth analysis of global factor investing.

Company: Invesco
Date added: 04-12-2018
Sector: Risk Management

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Invesco - Risk & Reward Research and investment strategies

This issue compares factor investing to the two other common investment approaches: traditional alpha strategies and market cap-weighted indexing. We argue that each of these three distinct investment approaches has its own merits and purposes and that, by understanding these differences, investors can make more informed decisions. In our interview, Invesco’s factor investing expert Stephen Quance shares insights from his daily contact with investors trying to make up their minds and decide between active, passive and factor investing.

CONTENTS

  • Factor investing: the third pillar of investing
  • India: Modi lays down building blocks for growth
  • Currency carry strategies Avoiding currency carry pitfalls
  • Risk mitigation strategies
  • Performance attribution through a factor lens

Company: Invesco
Date added: 09-07-2018
Sector: Risk Management

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Invesco - Risk and Reward: July 2018

This issue compares factor investing to the two other common investment approaches: traditional alpha strategies and market cap-weighted indexing. We argue that each of these three distinct investment approaches has its own merits and purposes and that, by understanding these differences, investors can make more informed decisions. In our interview, Invesco’s factor investing expert Stephen Quance shares insights from his daily contact with investors trying to make up their minds and decide between active, passive and factor investing.

CONTENTS

  • Factor investing: the third pillar of investing
  • India: Modi lays down building blocks for growth
  • Currency carry strategies Avoiding currency carry pitfalls
  • Risk mitigation strategies
  • Performance attribution through a factor lens

Company: Invesco
Date added: 09-07-2018
Sector: Risk Management

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Invesco - Risk & Reward Research and investment strategies

We are pleased to share with you our latest Risk & Reward article. This issue examines the effect of rising interest rates in the US on bond investors, the favourable conditions for Emerging Markets and an article on Risk-based currency management. The publication also looks at factor investing, which we see as a timely investment approach. We examine how to construct a balanced portfolio using factors. Our analysis compares a multi-factor portfolio against combinations of single-factor portfolios, and seeks to answer whether a third way is possible.

Company: Invesco
Date added: 06-04-2017
Sector: Risk Management

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Invesco - Risk & Reward Research and investment strategies

At Invesco, we’re dedicated to delivering an investment experience that helps people get more out of life. In fact, our entire firm has been built over many years with a single focus: to help clients achieve their investment objectives.

Company: Invesco
Date added: 01-12-2016
Sector: Risk Management

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Hymans Robertson - Risk Transfer Report

This paper by Hymans Robertson tracks key changes and trends in the bulk annuity market across four important areas: bulk annuity insurers; insurance company strategies; regulation; and demand from DB schemes. The authors explain what these changes mean for UK DB pension schemes. They also give their expectations for the medium- to long-term and the possible implications for defined benefit pension schemes seeking to capture opportunities to transfer risk to insurance companies.

Company: Hymans Robertson
Date added: 30-08-2016
Sector: Risk Management

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Legal & General - De-Risking Journeys of Mid-Sized Pension Schemes

This 50-page document examines the long-term de-risking objectives and strategies of mid-sized UK schemes. Over the last couple of years, there has been a marked rise in the number of larger pension schemes using de-risking strategies, with the largest buyout, buy-in and longevity insurance transactions to date completed. Smaller schemes tend to follow where larger schemes go which makes this report a timely read. Over 40 mid-sized schemes with total assets of between £100 million and £1 billion were surveyed.

Company: Legal & General
Date added: 09-06-2016
Sector: Risk Management

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Schroders - Three ways to head off threats to your funding ratio

There are many techniques to manage equity market risk, but most tend to be onerous from a governance standpoint and are typically short term, while their objectives may not be aligned with the specific pension scheme’s longer­term needs. 

Company: Schroders
Date added: 01-06-2016
Sector: Risk Management

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Pensions Institute - UK Pensions: The medical underwriting revolution in the DB de-risking market 2016

This report seeks to understand the potential impact of medical underwriting on the bulk annuity market generally. To do that, the authors examine the costs and benefits of medical underwriting. They start by considering the theoretical underpinnings for underwriting before discussing a range of other matter, such as: the evolution of medically written bulk annuities to date; the factors to be considering before purchasing a medically-underwritten bulk annuity; the process involved in a medically-underwritten transaction; and the potential evolution of the market in the future.

Company: Pensions Institute
Date added: 14-03-2016
Sector: Risk Management

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Prudential - The $260bn Pension Risk Transfer Market: Going Global

The UK has led the way in pensions risk transfer, and the trend is now going global.  By transferring longevity risk to insurers, pension plan sponsors can both strengthen their own financial stability and also improve the financial security of retirees. This 16 page report from Prudential discusses the global marketplace for longevity risk transfer, examining individual transactions and exploring the process for determining the optimal solution for an individual fund

Company: Prudential
Date added: 14-03-2016
Sector: Risk Management

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Schroders - Where does real estate fit in pension scheme derisking plans?

De­risking has been a key trend for UK pension schemes over the last 10 years. In an attempt to attain and retain higher funding levels, allocations to growth assets such as equities and real estate (property) have been reduced, whilst holdings of bonds have been on the rise. However, is blanket de­risking across growth assets, or even a move wholly out of real estate, necessarily the best way to reduce risk?

Company: Schroders
Date added: 07-03-2016
Sector: Risk Management

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Barnett Waddingham - PPF Levy Forum Survey 2015

The results of Barnett Waddingham’s fifth PPF levy forum survey show that the industry broadly supports the PPF’s decision to switch to using a bespoke model developed with Experian as the means for assessing insolvency risk.

Company: Barnett Waddingham
Date added: 02-02-2016
Sector: Risk Management

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World Economic Forum - The Global Risks Report 2016

The Global Risks Report 2016, 11th Edition is published by the World Economic Forum within the framework of The Global Competitiveness and Risks Team.

Company: World Economic Forum
Date added: 02-02-2016
Sector: Risk Management

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GMO - Who Ate Joe's Retirement Money? Sequence Risk and its Insidious Drag on Retirement Wealth

In this white paper, Peter Chiappinelli and Ram Thirukkonda discuss how Defined Contribution plan participants are haunted by an invisible risk called sequence risk (sometimes called sequence-of-returns or path dependency risk), that is, getting the "right" returns but in the "wrong" order.

Sequence risk in the retirement phase has been studied extensively, but not as much attention has been paid to sequence risk during the accumulation phase. Sequence risk rears its head in this way:

Even if an individual employee does everything "right" - participates in the plan, defers income religiously, takes full advantage of the company match, and even gets his exact expected return from his investments - he can still fall victim to disappointing final wealth outcomes if the order of those returns works against him.

Current models of asset allocation – the most popular being static, or predetermined, target date glide paths - "know" that sequence risk exists, but behave as if there is nothing that can be done to mitigate it. Valuation- based dynamic allocation, on the other hand, can help soften the bite.

Company: GMO
Date added: 11-11-2015
Sector: Risk Management

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