Latest White Papers

A Framework for Understanding Inflation Conditions

Published by: American Century Investments

We look at four factors to gain a clear view of the inflation picture—services, goods, currency, and government policy. These indicators suggest inflation remains tame, though we believe that the risk over the next three to five years is for higher inflation than the market expects.

When and Where to Go Active

Published by: State Street Global Advisors

After a horrible year for many active managers, Marcus Schulmerich argues that we’re entering one of those periods that should be considerably friendlier for active management. Yet, in some ways that only increases the challenge of distinguishing true active alpha from more systematic approaches disguised as alpha.

Why Momentum Matters in International Small Cap Investing

Published by: ClearBridge Investments

Think international small cap performance is mainly driven by faster growth, less analytical coverage and shorter operating history? Think again. Momentum plays an often overlooked role—yet it can enhance return potential when captured with a multi-dimensional view.

Understanding the Risks of Smart Beta, and the Need for Smart Alpha

Published by: INTECH

What is smart beta; what are its risks; and why should it matter to investors? Is there an alternative strategy that might help investors meet their investing objectives over time? These questions and more will be answered in this paper.

Overlay or Pray . . .

Published by: Berenberg Asset Management LLC

Annual volatility and end-of-period asset value can have a meaningful effect on institutional investors. Most investment committees are not set up to make tactical allocations at times of market stress. Risk overlay solves this problem.

Emerging Markets Debt: Building Efficient Allocations

Published by: HSBC Global Asset Management

The growth of Emerging Markets Debt (EMD) comes with considerable complexity, and many investors are not fully aware of their exposures to this multi-dimensional asset class. Here we analyze and evaluate the factors driving EMD returns and discuss how to build efficient, well-diversified EMD portfolios.

A revolution in equity investing: A deeper dive into non-financial data

Published by: UBS Asset Management

Non-financial data is playing an increasingly important role in equity analysis and investment strategy today. We explain the evolution in equity investing and why non-financial factors matter to financial performance, particularly those that pertain to environmental, social and governance issues.

Adapting portfolios to evolving risk in emerging-market debt

Published by: Eaton Vance

The growth of index-based investing in emerging-market debt exposes such strategies to increasing levels of systemic, developed-market risk. Actively managed strategies that incorporate off-benchmark countries are essential to building portfolio allocations that are more closely aligned with unique emerging-market fundamentals.

Growth and Inflation…Not Rates

Published by: Western Asset Management

While investors are understandably concerned about the Fed’s timetable for rate increases, there are bigger issues to think about: growth and inflation. Spread sectors seem to be bracing for the worst; see why Western Asset CIO Ken Leech believes that the reality may not be as dire as the markets appear to think.

The Case for Geographically Unconstrained Equity Strategies

Published by: OppenheimerFunds

The diversification benefits of adding international equity exposure to a domestic portfolio are fading, given heightened correlations between regional equity indices. But global strategies may provide better diversification and, in the case of skilled managers, higher returns.

The Art and Science of CLO Analysis

Published by: Prudential Fixed Income

Prudential Fixed Income’s investment process for CLO tranches comprises a blend of art and science. This paper describes how they combine quantitative structured credit analysis, traditional credit analysis, and qualitative assessments of the collateral manager, CLO structure, and underlying portfolio to identify value.

The Dividends of a Quality and Growth Factor Approach

Published by: WisdomTree Asset Management, Inc.

Quality can be measured in a variety of ways and we think that earnings consistency or growth, low debt and high return on equity are common threads. We’ve seen over time, focusing on quality has generated out-performance over different periods.

Why young investors should start saving and invest in equities

Published by: Prudential Investments

Millennials tend to be more risk averse and sensitive to market volatility than other age cohorts – putting their retirement asset accumulation at risk. Allocating more to equities early on – such as through target date funds – can help lessen the risk.

Adding Value to Your DC Investment Lineup: Global Multi-Sector Fixed Income Strategies

Published by: T. Rowe Price

Core bond strategies remain the primary fixed income option in many defined contribution (DC) plans. However, these allocations may offer only limited diversification and return potential, especially in the current market environment.

A (mis)calculated risk: How focusing on the wrong risk has undermined wealth preservation strategies

Published by: Schroders

Finding an innovative and balanced growth and preservation strategy is the next frontier for successful wealth preservation. How prepared are you for this journey? At Schroders, innovation and forward-thinking are part of our 210-year investment heritage. Find out more.

Introducing the Standish LDI PROGRAMME

Published by: Standish

Standish outlines a framework that takes plan sponsors through the decision-making process along each stage of implementing an LDI program. The framework includes nine components that address key areas that we believe merit consideration for plan sponsors undertaking the journey.

Getting Real Exposure: Implementing a Real Asset Strategy

Published by: QMA

Real assets have found a place in the strategic asset allocation mix of most institutional investors and can play many roles in a diversified portfolio, including total return potential, diversification from low correlations, and inflation sensitivity.

The Story of Factor Based Investing

Published by: S&P Dow Jones Indices

This paper examines the origins, evolution and theories underpinning factor-based investing. It analyzes the economic intuition behind factor performance and presents different equity and commodity index implementations. Finally, it briefly considers likely innovations and future product strategies of factor-based investing.

From Here to Normality: Fixed Income Investing Amid Shifting Interest Rates

Published by: PineBridge Investments

It's time for investors to reset and evaluate their traditional fixed income portfolio positioning for a new type of rate cycle. Successfully adapting will require repositioning allocations to navigate what's on the horizon. Learn how to prepare for what's next.

How Can You Help Your Employees Retire?

Published by: Morningstar Investment Management

You’ve read the headlines about retirement: employees aren’t prepared and employers aren’t confident. Retirement is in trouble. But the path toward solving the problem isn’t as well-defined. Download Whitepaper from Morningstar Investment Management: How Can You Help Your Employees Retire?

Amid Corporate Bond Market Challenges, Achieving Sponsor LDI Objectives Using Custom Benchmarks.

Published by: T. Rowe Price Associates

With higher rates on the horizon, de-risking activity is poised to increase. Plan sponsors should begin preparing for the future today. We present an in-depth look at the challenging corporate credit environment, which demands diligent research and customized LDI solutions.

Evaluating smart beta and other rules-based strategies

Published by: Vanguard

Learn the key differences between smart beta and traditional market-cap-weighted indexing strategies.

Archived White Papers by Topic

All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

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