Latest Special Reports – Page 103
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Special ReportRisk Management: Extreme risks
Tim Hodgson takes a qualitative approach to ranking extreme risks and assessing their interconnectedness
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Risk Management: Crash testing: don’t be a dummy
Instead of chasing after an infinite number of possible events, a risk manager must consider a limited number of impacts when stress or crash testing, argue Arcady Novosyolov and Daniel Satchkov. The challenge is to pay more attention to more plausible impacts without making specific timing predictions
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Special ReportAsian debt takes centre stage
Asian debt provides diversification and good risk-adjusted returns, argue emerging markets managers. Maha Khan Phillips takes a look at how institutional investors can access the asset class and where the best opportunities lie
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Going green in emerging markets
Green is gaining in currency with investors. ATP has just announced a €1bn investment to a fund focused on emerging markets and climate change, while the World Bank’s green bond issues have been snapped up. Nina Röhrbein reports
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ESG progress in emerging markets
China had more than its fair share of bad press off the back of December’s UN Climate Change Conference. But Andrew Ness points to cutting-edge sustainable technologies in Asia, as well as real progress on social and governance fronts
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A venture for Asia exposure
A joint venture between Marshall Wace and GaveKal brings together top-flight long/short capabilities with seasoned Asia research. Martin Steward finds that 2008 gave it a baptism of fire
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Time to build the new world
The growth of Asia is undoubtedly one of the great investment stories of the coming generation, and infrastructure is one of the key areas of exposure for European investors. But Martin Steward finds that the opportunity might be surprisingly short-lived
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Corporatising Asia
It’s no news that Asia offers long-term growth. But the value locked up in its disparate corporate structures means private equity could represent the keenest form of Asian risk, writes Joseph Mariathasan
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Special ReportRisk on or risk off?
The financial crisis and subsequent massive policy responses have dislocated asset markets from economics. Martin Steward attempts to delineate an investment framework to cope with the confusion
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Alphabet soup
W, U, V, L? It’s all a symptom of the misleading ‘patternicity’ that dogs traditional macroeconomic thinking, argues Damian Handzy
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Hidden value
Klaus Blaabjerg tells Martin Steward that hunting down the size and value effects in high-yield credit spreads can minimise downside risk and maximise acquisition risk
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Carry on recovery
Uncertain economic recovery and the global rebalancing to a ‘new normal’ argues for volatility and directional emerging market FX trades, but Lynn Strongin Dodds finds that it’s too early to write off the carry trade
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The convexity of convertibles
The logic for a tactical position in convertibles was clear at the beginning of 2009. CQS told Martin Steward about the strategic case as we enter 2010
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Stock responses
The speed and extent of this year’s equity bull market has arguably made it trickier to position for the longer-term economic recovery. Martin Steward asks portfolio managers about the courses they are setting
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Governance push in Japan
The Japan Engagement Consortium aims to improve Japanese corporate governance standards at the same time as companies realise they must improve to attract investors, reports Nina Röhrbein
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SMID sweet spot
Patrick Quinn argues for specific small and mid-cap mandates – and active management – as attractive risks at this point in the economic cycle
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Dark forces
Uncertainties govern any future projection of the equity risk premium, argue Wim Barentsen and Svetlana Rodionova, making scenario analysis essential to APG’s asset-liability matching process
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Special ReportPricing equity risk appetite
Historic excess returns from equities tell us little about the risk premium embedded in valuations at any given time. Toby Nangle and Hartwig Kos explain how a forward earnings-based model allows them to take account of extreme economic scenarios that could disrupt those earnings
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Dynamic alpha risk budgeting
Dynamic management of core/satellite allocations might seem an ideal strategy for maximising return while minimising costs. But this approach can be difficult to execute, argues Daniel Wallick
