All Asset Class Reports articles – Page 26
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Asset Class Reports
Private Equity: Harvesting illiquidity premia
Private equity outperforms public equity – not least thanks to its illiquidity premium. But, as Cyril Demaria writes, using public equity as a benchmark for valuation can make it difficult to harvest this benefit
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Asset Class Reports
Private Equity: Escaping the crowd
Overview Supplying the mid-market Joseph Mariathasan finds a changing environment altering how established managers approach the market – which in turn alters the market itself
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Asset Class Reports
Private Equity: ‘If you can’t meet demand, you’re finished’
Martin Steward meets Silk Invest, feeding Africa one investment at a time
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Asset Class Reports
Private Equity: Let’s work together
Private equity co-investment looks like a great deal for limited partners. But Martin Steward finds that it is demanding enough to require intermediation, even for large investors withestablished general partner networks
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Asset Class Reports
Private Equity: For the lack of a Bloomberg
Private equity remains opaque, but regulation will improve transparency. However, argues Cyril Demaria, that could result in consolidation and rising fees for investors
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Asset Class Reports
Credit: What’s in a name?
Confusing terminology aside, ‘short-duration high-yield’ looks like a compelling opportunity for low-volatility yield pick-up. Martin Steward assesses the risks, and underlines the importance of defining objectives
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Asset Class Reports
Credit: Coupons and principles
While corporates increasingly have to turn to capital markets for funding, now is the time for investors to push their ESG requirements, writes Joshua Hughes
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Asset Class Reports
Credit: The cleanest dirty shirt
Non-financial corporate credit is perfectly poised for the macro environment, but spreads are tight – and other areas of the credit spectrum present considerable risks. Joseph Mariathasan reports
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Asset Class Reports
Credit: Balancing out the banks
Martin Steward finds corporate bond managers tip-toeing carefully around banks’ capital structures to limit their underweights – and ramping up other sources of risk to compensate
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Asset Class Reports
European Equities: Staying in style
Surprisingly, Martin Steward finds that it was just about possible for pan-European contrarian value to hang in there during 2011’s quality-growth world
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Asset Class Reports
European Equities: Stock prices follow earnings? Sometimes...
Frédéric Dodard looks at European stocks through the 1970s, 80s, 90s and 2000s and finds that the market will often pay much less for companies – or much more – than the fair price suggested by their earnings
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Asset Class Reports
European Equities: ‘You can’t handle the truth’
Martin Steward considers a contrarian strategy that is not afraid to go neutral when the market is not in contrarian mood
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Asset Class Reports
European Equities: The middle way
Successful risk-taking in European equities during 2011 was more nuanced than it first appears, finds Martin Steward
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Asset Class Reports
European Equities: A stockpickers’ environment…
… if you can wait a decade for active risk to pay off. Joseph Mariathasan finds managers enjoying rich pickings for the long term, by taking account of – but also looking through – the dominant macro themes
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Asset Class Reports
European Equities: Two different routes to risk
How should you be positioned at the inflection point of one of the strangest economic cycles in history? Martin Steward finds the consistent performers rotating into pro-cyclical stocks in both top-down and bottom-up strategies
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Asset Class Reports
Small & Mid-Caps: The small-cap dilemma
Small-caps promise so much as an asset class. But Joseph Mariathasan outlines just how difficult it can be to create a viable business out of managing them
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Asset Class Reports
Small & Mid-Caps: Bulls and bears square up
Being on the defensive has paid in 2011, writes Martin Steward. But the US is a confusingly mixed prospect for the coming year
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Asset Class Reports
Small & Mid-Caps: The 800-pound gorilla
UK exposure – or lack of it – has been decisive in European small and mid-caps. But Martin Steward finds that managers have also had to contend with a difficult ‘risk-on, risk-off’ environment
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Asset Class Reports
Emerging Market Equities: Tide of history
Emerging markets, and their trade relationships with one another and the rest of the world, are changing. Traditional investment frameworks are struggling to remain relevant, writes Joseph Mariathasan
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Asset Class Reports
Emerging Market Equities: The evolution of fundamentals
Exposure to global smaller companies can capture diversification by market capitalisation, but also by developed and emerging market exposure, writes Nick Hamilton
