Latest White Papers

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.

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.

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.

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.

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.

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.

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.

Emerging Market Debt: A Blended Approach

Published by: Aberdeen Asset Management

With emerging market debt it may pay to be adventurous and blended. Constructing an optimal portfolio across countries, instruments and industries helps diversify your fixed income approach. With 70 emerging market investment professionals, Aberdeen roams the globe for sources of income and yield.

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.

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.

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.

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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