Latest White Papers
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.
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.
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.
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.
Published by: ClearBridge Investments
Investors should reconsider their long-standing practice of overlooking mid cap stocks as ClearBridge research shows that an asset allocation that includes mid caps can deliver higher risk-adjusted returns than one consisting solely of large cap and small cap stocks.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Published by: Vanguard
Learn the key differences between smart beta and traditional market-cap-weighted indexing 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.
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?
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.
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.
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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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