Equities

Emerging Markets: Finding opportunity in uncertainty

Published by: Artisan Partners, Barings, BMO Global Asset Management

A panel of emerging market experts that includes Maria Negrete-Gruson, managing director and portfolio manager at Artisan Partners; Ricardo Adrogué, head of emerging markets debt at Barings; and Claire Franklin, portfolio manager at BMO Global Asset Management discuss the macro-environment, share company and country specifics, and offer insights on where to look past the headlines.

2019 Global Market Outlook: Not Over Until It’s Over

Published by: State Street Global Advisors

While we head into the year favoring the US, investors should assume a more defensive posture as late-cycle risks mount and be prepared to reposition to other regions as opportunities shift.

Increasing Financial Security With Workplace Emergency Savings

Published by: Prudential Retirement

As Americans struggle to balance their long- and short- term savings needs, employers may help by supplementing their retirement savings plans with an emergency savings feature.

Can Uncle Sam Protect You From Higher Interest Rates?

Published by: WisdomTree

As the Fed raises rates, the rate hike is reflected in the weekly 3-month Treasury Bill auction, not only offering investors a rate hedge for their portfolios but also providing the opportunity for higher yield enhancement as a result of the Fed’s tightening moves, with essentially no duration risk.

How To Find Value In Growth Stocks And Why That’s Important

Published by: State Street Global Advisors

As U.S. stocks flirt with record highs, the well-documented underperformance of value stocks accelerated. But underneath that underperformance lies an interesting trend that could give investors encouragement, even as some prepare for a market correction.

AsiaNow—Understanding the Rise of Innovation in Asia

Published by: Matthews Asia

The Asia region is riding a wave of homegrown innovation with long-term investment implications. Matthews Asia examines the rise of Asia’s own pioneering—not copycat—brands, intellectual property and market structures. Themes include advances in biotech, AI, banking, electric vehicles and social media.

Bond Avengers: QE Infinity War

Published by: BMO Global Asset Management

What does the Marvel movie franchise have in common with the bond market? And what could reading old comics tell us about the market impact of an inverted yield curve, China's impact on Treasuries or trillion dollar deficits?

Capital Market Assumptions: Methodology Update

Published by: Invesco

Invesco's Capital Market Assumptions are designed to direct the construction of multi-asset portfolios and keep investors informed about the markets. Invesco’s Global Solutions team provides forecasted returns for equities, fixed income and alternatives over a 10-year and five-year time horizon.

Direct Loan Origination: A Superior Alternative in Lower Middle Market Credit

Published by: PennantPark

The most common question investors ask us today is whether credit investments are producing attractive risk adjusted returns at this stage of the cycle. In this paper, we discuss why the best opportunities for yield today likely exist in directly originated private credit opportunities in the lower middle market.

Global Emerging Market Equities: Keeping It in the Family

Published by: Janus Henderson Investors

Glen Finegan, Head of Global Emerging Market Equities, believes that family ties make for a formidable force in both business and investing, and discusses how it is an important consideration in uncovering attractive, long-term investment opportunities within global emerging markets.

Income for the Retirement Years: A New Model for Seeking Stable Retirement Income

Published by: PIMCO

Retirement planning decisions – when to take Social Security, how to allocate assets and whether to buy an annuity – are complex and interrelated. We present a framework that aims to optimize these decisions collectively and seeks stable and consistent retirement income.

Integrating ESG In Portfolio Construction

Published by: QMA

QMA proposes a quant approach to integrating ESG in portfolios capable of classifying companies even if they don't disclose sufficient ESG data - while delivering comparable levels of excess returns to non-ESG portfolios.

Introducing the S&P Risk Parity Indices

Published by: S&P Dow Jones Indices

Risk parity strategies embody diversification—across time and asset classes. However, because there are so many ways to implement these strategies, it can be difficult to define an appropriate benchmark. Discover one transparent, investable solution.

Investing in today’s Commercial Real Estate market: It’s all about that basis

Published by: Schroders

Today, the US Commercial Real Estate (CRE) market is characterized as a market with high property valuations. With this challenge in mind, we believe there are attractive opportunities to lend in areas of the US CRE market, where capital provision is inefficient.

Making an Impact Through Active Equity Ownership

Published by: ClearBridge Investments

Public equities, by virtue of their global scale, make powerful impacts all over the world. At ClearBridge, we amplify this impact by being intentional active investors through capital allocation and direct company engagement, driving positive change while contributing to financial returns.

Tapping a Misunderstood Alpha Source - Effective Corporate Bond Portfolio Construction

Published by: Aviva Investors

Learn how bond portfolio construction can help uncover alpha sources.

The Fed’s Swap Lines During the Crisis: Lender of Last Resort on a Global Scale

Published by: PGIM Fixed Income

A decade after the worst of the Global Financial Crisis (GFC), Nathan Sheets, PhD, former director of the Division of International Finance for the Federal Reserve Board, looks back at the instability of the global financial system and details the role of the Federal Reserve as the international lender of last resort.

To spend or not to spend?

Published by: BlackRock

20 years into retirement most retirees have spent just 20% of their savings. Our latest research explores the behavioral biases that shaped this unexpected finding – and why future retirees may be faced with very different choices.

Why Health Care Stocks May Hold Opportunities for Equity Investors

Published by: State Street Global Advisors

After falling behind technology in earnings growth since December 2016, health care has seen improvements in all segments in Q2 2018.

A Goldilocks Economic Backdrop Demands Caution, Not Complacency, From Bond Investors

Published by: Manulife Asset Management, PFM Asset Management, Segal Marco Advisors

In this round table, Thomas C. Goggins, senior managing director and senior portfolio manager on the global multisector fixed-income team at Manulife Asset Management, Marty Margolis, chief investment officer at PFM Asset Management LLC, and Don Sheridan, a director on the fixed-income research team at Segal Marco Advisors, discuss the trends shaping fixed-income markets, including inflation and the flattening yield curve, opportunities around the globe and risks that investors need to keep an eye on.

Retirement Income Comes into Focus for Plan Sponsors

Published by: Aon, Franklin Templeton Investments, JPMorgan Asset Management

In this round table discussion, Rob Reiskytl, partner, actuarial consultant at Aon, Drew Carrington, senior vice president, head of institutional DC at Franklin Templeton Investments, and Anne Lester, portfolio manager and head of retirement solutions at JPMorgan Asset Management, discuss the opportunities and challenges around retirement income for plan sponsors, how automation may fall short for near-retirees and how to think about fiduciary risks when it comes to retirement income.

Is value ready to turn?

Published by: State Street Global Advisors

Value investing has been bruised and battered over a number of market cycles, but today, institutional investors should look beyond the traditional value metrics and keep a close eye on the macro economic environment, which is shifting to one that will benefit value.

Hedge funds: is the diversification worth the cost?

Published by: Schroders

One of the key reasons hedge funds rose to stardom was the need for uncorrelated returns. But given the mixed results of hedge funds in recent years, do their merits justify the fees?

The End of Sovereignty?

Published by: PGIM

In PGIM’s latest white paper, we take a closer look at the escalating tussle between globalization and nationalism, the implications this could have for global financial markets, and how long-term investors may best position themselves to navigate these uncertain times.

Shifting DC Times

Published by: Invesco

Introducing Shifting DC Times, a thought-leading publication devoted to supporting your mission — to help American workers achieve a more secure retirement. Each issue focuses on the latest DC thinking and offers concrete ways to turn that thinking into action.

Mapping China’s Rise to Asset Class Status

Published by: KraneShares

Is it time to declare that the world’s second largest economy and equity market is an asset class? We developed a framework based on comprehensive research that shows China is more than just an opportunity, it's a strategic investment category.

Don’t let the FANGs bite you

Published by: State Street Global Advisors

The superstar FANG stocks — Facebook, Amazon, Netflix and Alphabet’s Google — still grab a lot of headlines, but investors might be better served ignoring them and focusing on more boring sectors of the market, such as autos, tech hardware and semiconductors.

Targeting International Growth with a Broad Mandate

Published by: ClearBridge Investments

We believe successful investment in international growth equities requires having a differentiated view and a willingness to own overlooked and out of benchmark growth companies. A valuation approach to growth points us to opportunities and contributes to risk management.

Take Bold Steps to Fund and Meaningfully Reduce Liabilities: What CFOs Need to Know

Published by: Prudential Retirement

Pension deficits will not resolve themselves. Billions of dollars have been contributed to fund up plans in 2018. Why? There has never been a better time to make a contribution, close funding gaps, and take steps to meaningfully reduce risk.

Asset Stewardship Report 2017 Year End

Published by: State Street Global Advisors

Our Annual Stewardship Report showcases some of the work we undertook in 2017 to enhance diversity at the board level, strengthen board leadership and improve disclosure on sustainability practices.

Global vision, local benefits: A framework for multi-national companies

Published by: BlackRock

A growing number of multi-national companies are embracing a globally-coordinated approach to managing their retirement plans. To help you build on your retirement plan vision, BlackRock has created a framework for designing global retirement principles and governance.

How Advanced Driver-Assistance Systems, Ridesharing, and Electric Vehicles Are Driving Change Across the Automotive Industry

Published by: William Blair

We believe today’s automotive industry—more than at any other time in its history—presents opportunities for active managers to uncover value. In this paper, we discuss how advanced driver-assistance systems, ridesharing, and electric vehicles are driving change across the industry.

Performance dynamics driving fiduciaries to multimanager target-date funds

Published by: John Hancock Investments

New survey shows multimanager target-date funds are now the majority’s preference What’s behind this sea change in plan design? Fiduciaries directing plan participants to QDIAs dominated by manager concentration risk need to see these survey findings now.

Tapping China’s Emerging Potential

Published by: WisdomTree

China is home to some of the fastest-growing and best-in-class businesses in the world and will be the beneficiary of increased institutional investor positioning in the market as capital market integration continues down its present path.

The Case For Global Bonds

Published by: PGIM Fixed Income

PGIM Fixed Income examines how an actively-managed, hedged global bond portfolio can reduce volatility and improve return efficiency relative to a domestic-only, fixed income allocation over the intermediate to long term.

The case for microcap investing

Published by: BMO Global Asset Management

Historically, many asset owners haven't created separate allocations for microcap. However, that seems to be changing as investors recognize the compelling case for microcap investing, both as a standalone asset class and the role it can play in asset allocations.

The Merits and Methods of Multi-Factor Investing

Published by: S&P Dow Jones Indices

Are multiple factors better than one? Find out why some market participants are allocating to more than one factor at a time, and what types of multi-factor approaches may produce the most targeted, precise exposure.

The Relevance of Gold as a Strategic Asset

Published by: World Gold Council

Gold can play a fundamental role in a portfolio. Our analysis shows that adding 2%, 5% or 10% in gold over the past decade to the average pension fund portfolio would have both increased returns and reduced volatility, resulting in higher risk-adjusted returns.

Tight Spreads Shouldn’t Diminish High Yield’s Appeal

Published by: Artisan Partners

Despite tight credit spreads, Artisan Partners Credit Team believes the benign credit backdrop of strong economic momentum and low default activity should create a favorable environment for high yield investors going forward.

Indexing the World

Published by: FTSE Russell

In June 2018, FTSE Russell announced the launch of the FTSE Global Micro Cap Index Series, extending target coverage of the FTSE Global Equity Indexes (FTSE GEIS) to over 99% of developed and emerging markets globally

Pension Derisking Comes of Age

Published by: Capital Group, Fidelity Management & Research Co, Western Asset Management Co.

In this round table discussion, Gary Veerman, head of LDI solutions at Capital Group, François Pellerin, an LDI strategist in the fixed-income division at Fidelity Management & Research Co., and James So, a product specialist at Western Asset Management Co., discuss how plan sponsors are approaching pension derisking, what mistakes they often make and what the future holds.

Benefits and Beyond: How Employers Think About Financial Wellness

Published by: Prudential

As a long-standing provider of employee benefits; Prudential sponsored a survey to gain perspective on how employers think about their benefits programs overall, and gauge the role that financial wellness programs play.

How Multi-Asset Investing Can Fit in a Modern Portfolio

Published by: Aberdeen Standard Investments, Invesco

In this round table discussion, K. Stuart Peskin, investment director at Aberdeen Standard Investments, Danielle Singer, portfolio director, multi asset, at Invesco, and Mark Andersen, senior vice president at Callan’s Trust Advisory Group, discuss the opportunities and challenges for investors, and the outcome-orientation of multi-asset investing strategies for optimal positioning in all types of market environments.

China’s A-Share Market: More Investable than Skeptics Might Think

Published by: Matthews Asia

Explore reasons why the A-share market is appealing to institutional investors, including improving governance and a fast-growing private sector.

China’s Economic Transformation Boosts Credit Outlook

Published by: ClearBridge Investments

We believe China’s risks for a hard landing have decreased due to a confluence of positive forces. Our optimism is driven by better quality economic growth involving an increased role for the private sector and effective shadow banking regulation.

Dividend Growth’s Drivers: Picking Apart Quality

Published by: WisdomTree

Using the DuPont model to examine ROE and future dividend growth potential.

Emerging Markets Equity: What Do They Know?

Published by: Janus Henderson Investors

Emerging market equity (EME) allocations among investor types vary greatly, with renowned institutional endowments significantly overweight the asset class compared to others. While investors have embraced the return potential of private equity, EME allocations generally remain stagnant, with many simply matching their regional allocation to the MSCI All-Country World Index. We assess the differences and encourage return-seeking investors to revisit their EME allocations.

Has technology become an enemy of globalization?

Published by: AGF Investments

Restrictive trade policies and populist politics are serious hazards for a global economy that is more interconnected than ever before, but new technological advances in automation and artificial intelligence may be even bigger risks to the ongoing pursuit of globalization. Find out why and how investors can respond.

IQ Magazine: Life After Easy Money

Published by: State Street Global Advisors

Our Investment Quarterly Magazine discusses the forces that will influence corporate performance — and, ultimately, asset prices — as the age of easy money draws to a close.

Outperformance in Equal-Weight Indices

Published by: S&P Dow Jones Indices

Equal-weight indices were among the first non-capitalization-weighted indices to emerge as vehicles for passive investments and have demonstrated outperformance in multiple global markets. This paper explores the sources of this outperformance and potential applications of these strategies in a portfolio.

Retirement spending for the next generation

Published by: BlackRock

Will today’s workers actually get the short end of the stick when it comes to generating retirement income? Learn more about new tools and information that can help create more consistent spending for future retirees.

Strategies For Decreasing a Pension Plan’s Unfunded Liability and Help Preserve Cash Through Real Estate

Published by: Colliers International & Kutak Rock LLP

This paper describes corporate and governmental organizations appealing alternative funding of pension plan obligations using owned real estate. In a manner consistent with legal and ERISA requirements, large in-kind contribution credits and freedom from future cash payments can be achieved.

The Power of Focus: Looking for Alpha in a Sea of Beta

Published by: Fred Alger Management, Inc.

Alger asked Greenwich Associates to explore the appetite for and popularity of focused strategies. The Power of Focus: Looking for Alpha in a Sea of Beta indicates that the need for increased alpha is driving the shift toward focused strategies.

Time to Downsize? Big Potential in International Small Cap

Published by: BMO Global Asset Management

In a global rising tide, small craft may get a bigger lift than cruise ships. International small-cap stocks offer a large opportunity set, strong historical performance, diversification benefits and a somewhat lower risk profile than U.S. investors might expect.

What’s Driving Global Inflation?

Published by: PGIM Fixed Income

PGIM Fixed Income investigates drivers of global inflation by analyzing developed and emerging market countries using three sets of variables—domestic (unemployment, labor costs, money supply), external (exchange rate, import/export prices) and global (global inflation, output gap, commodity prices.)

ESG Dialogue Turning to Action

Published by: Candriam Investors Group, Institutional Shareholder Services, Matthews Asia

Pushed by institutional asset owners, more companies get on board, but lack of consistency hampers wider adoption

Invesco Global Fixed Income Study 2018

Published by: Invesco Fixed Income

The study explores six key themes within the fixed income asset class through the opinions and experiences of 79 leading fixed income specialists across pension funds, sovereign investors, insurers and private banks around the world.

Spending retirement assets…or not?

Published by: BlackRock Retirement Institute

Recent research has turned up something surprising about our most current generation of retirees: The vast majority haven't been spending their retirement savings—leaving nest eggs mostly untouched. However, future retirees may be less fortunate.

Opportunities in U.S. Commercial Real Estate Debt Investing

Published by: PIMCO

The CRE market has undergone a significant recovery since the 2008-2009 global financial crisis. However, not all segments of the market have participated equally in the recovery – including within the CRE debt market.

The Power of The Wellness Effect: Seeing the Real Value of Employee Financial Health

Published by: Prudential Retirement

When financial wellness works, we all benefit. It's what Prudential calls "The Wellness Effect." This paper presents Prudential's unique perspectives on financial wellness, along with best practices for implementing financial wellness solutions.

Public Equities as Impact Investments

Published by: ClearBridge Investments

Public companies create impact due simply to their global reach, deep supply chains and communities where they operate. Asset managers can enhance the impact and performance of public equities by actively allocating to those having a positive influence on society and the planet.

The Way Forward - 2018 Investment Outlook

Published by: Macquarie Investment Management

Explore the 2018 investment landscape the Macquarie way: with an eye that’s open to change and opportunity, and with a spirit of innovation and healthy wariness for conventional thinking.

Emerging-market debt: Navigating the allocation dilemma

Published by: Eaton Vance

Positive fundamental changes in emerging markets over the past 10-15 years, along with robust economic growth and the proliferation of emerging-market debt (EMD) indices, have helped transform EMD into a mainstream asset class. Growing interest in EMD has led to increased resources dedicated to these assets and expanded access for investors, adding to the complexity of making allocation decisions relating to this asset class.

Incorporating Free Cash Flow Yield in Dividend Analysis

Published by: S&P Dow Jones Indices

Dividends are a key contributor to total equity returns. This paper studies whether incorporating free cash flow yield into dividend analysis can deliver superior risk adjusted returns than pure dividend yield or free cash flow yield portfolios, without sacrificing income.

Step Forward, Look Both Ways

Published by: State Street Global Advisors

Our annual Global Market Outlook forecasts a year supportive of risk assets, but with a note of caution for investors as the growth cycle extends.

Venturing Abroad for Opportunities in Small-Cap Stocks

Published by: WisdomTree

If we think back to the performance with which we as U.S. investors are most familiar, it is that of U.S. equities. The simple fact has been this: The more exposure one has had to U.S. equities, the better the returns have been over most of the past decade. While we don’t think there are any immediate signs of the U.S. bull market run ending, non-U.S. small caps have begun to outperform U.S. small caps, and their valuation advantage remains compelling.

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