All Special Report articles – Page 72
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Special ReportSmart beta hedge fund replication: Aping alpha
The first wave of hedge fund replication petered out nearly 10 years ago, but new approaches are reviving interest and allocations
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Special ReportTactical asset allocation: When diversification is a better bet than timing
Practical difficulties of tactical asset allocation confirm the case for buying, holding and diversifying
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Special Report ESG: Carbon Risk, Emission Impossible
When Chris Hitchen, CEO of the UK’s Railpen, thinks about portfolio fossil-fuel exposure, there is no room for moral absolutes. The discussion is “quite different” now that oil trades at $45/bbl rather than $115/bbl, he insists.
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Special Report ESG: Carbon Risk, A changing climate
After years of campaigning, a series of recent moves from influential investors suggests that anti-fossil fuel groups are getting money on their side. Mark Nicholls looks at how the risk management and divestment movements are shaping up
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Special Report ESG: Carbon Risk, a timeline
July 2011: The Carbon Tracker Initiative launches its seminal ‘Carbon Bubble’ report which, for the first time, puts the 2°C climate change target into a capital markets context…
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Special Report ESG: Carbon Risk, Leaving smaller footprints
Bee-Lin Ang, Jonathan Williams and Martin Steward hear from pension fund investors around the world about why carbon and fossil-fuel risk matters, and how they are addressing it
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Special Report ESG: Carbon Risk, A low-risk path to carbon reduction
The low-carbon index approach adopted by AP4, FRR and ERAFP aims to mitigate climate change (and career) risk, writes Liam Kennedy
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Special Report ESG: Carbon Risk, How the low-tracking-error green index strategy works
As pioneered by the Swedish pension buffer fund AP4, low-tracking-error green indices work on a remarkably simple principle: weighting the stocks in each sector by carbon intensity (CO2 per unit of sales) and removing the most carbon-intense companies and exposure to stranded asset risk in intensity based on market cap.
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Special Report ESG: Carbon Risk, Yielding results
Green, or climate bonds, are gradually becoming a mainstay in the market. Jonathan Williams assesses who is active in the market, whether it remains dominated by government-backed bonds – and who is assessing the impact of capital raised in this way
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Special Report ESG: Carbon Risk, How green are your govvies?
On the face of it, sovereigns and their debt should be very sensitive to carbon and climate-change risks. Mike Scott finds that uncertainty around data and the lack of a price for carbon is holding back the discounting of those risks
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Special Report ESG: Carbon Risk, What if we could capture carbon?
There is a big question begged by the ‘stranded assets’ thesis: What if there were no link between burning fossil fuels and emitting greenhouse gases?
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Special Report ESG: Carbon Risk, Borderless potential
Energy security concerns have pushed international power connectivity up the European agenda. Jonathan Williams finds early pension fund investors attracted by stable cash flows in the low-yield environment
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Special Report ESG: Carbon Risk, Not a binary choice
Paul Younger draws attention to the irreplaceable role fossil fuels play in many industrial processes, as well as their importance for economic development, to suggest that divestment is not necessarily a responsible course of action
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Special Report ESG: Carbon Risk, Two tactics are better than one
As investors come under increasing pressure on fossil fuels, Gordon Noble and Matthew Kiernan urge them to remember that divestment without engagement is as futile as engagement without the threat of divestment
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Special Report ESG: Carbon Risk, Accounting for carbon
To avoid putting garbage into the atmosphere, companies need to stop putting garbage into their accounts and investors need to stop putting garbage into their risk models. Elisabeth Jeffries finds a complex web of carbon disclosure protocols making that a big challenge
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Special ReportNorwegian oil fund offloads firms over environmental, human rights records
Sovereign wealth fund divests from three companies after concerns raised over environmental, ethical and human rights records
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Special ReportOracle board's refusal to engage with shareholders ‘untenable’ – PGGM
Dutch pension manager joined by Railpen in calling on US company to engage over governance concerns
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Special Report, The M&A Cycle: Will it be different this time?
In the past, studies have questioned whether M&A adds long-term value and there is plenty of academic and anecdotal evidence of badly-botched integrations. “There are plenty of train wrecks out there,” as Steve Allan, M&A practice leader at Towers Watson, puts it.
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Special Report, The M&A Cycle: Feeding frenzy
While European valuations have dipped recently thanks to growth fears, cash and equity-rich trade buyers are still competing for assets against the private equity titans like never before, finds Lynn Strongin-Dodds
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Special ReportSpecial Report, The M&A Cycle: Raw Deals
Mergers and takeovers can be traumatic for bondholders. Beverly Chandler finds portfolio managers carefully scrutinising their covenant protections
