Investment Strategies – Page 13
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Asset Class Reports
Sovereign Bonds: Competing premia
Martin Steward finds portfolio managers agreeing on the need to find some spread. But where – in corporate bonds, or peripheral sovereigns?
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Asset Class ReportsSovereign Bonds: Curve balls from credit markets
The temptation to look beyond sovereigns for yield is understandable. But Martin Steward finds that the obvious move into top-quality corporates may not be the way to do it
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Asset Class Reports
Emerging Market Debt: Why liquidity matters
Lorenzo Naranjo offers a case study of the Chilean corporate bond market to show how difficult pricing can be in illiquid markets, and tenders a solution
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Asset Class Reports
Emerging Market Debt: Blurring the lines
Many emerging market credits look better than most in the developed world. But Joseph Mariathasan finds that progress towards approaching global sovereign debt as a single asset class has been slow
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Features
Who turned out the lights?
Dark liquidity, which started as a way to hide big trades,now mostly offers liquidity in bitty, small packages. But Martin Steward finds signs that the pendulum is swinging back again
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Features
Lost horizons
The growing gap between trading and investing is changing the face of equity markets, argues Per Lovén
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Features
Speed is good
Richard Olsen argues that, far from slowing down, transaction volumes need to increase by a factor of thousands, and that pension funds should benefit from its uncorrelated alpha
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Asset Class Reports
Emerging Market Debt: The real issue
Do negative real rates in inflating economies make a case for taking emerging currency exposure without the bond duration? Joseph Mariathasan finds a complex picture
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Asset Class Reports
Emerging Market Debt: Sorting though the ‘stuff’
In an asset class dominated by top-down commentary, Martin Steward finds bottom-up alpha defining performance
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Special Report
Extracting the true cost of gold
Institutional investors have been integral to the boom in gold prices over the past five years, but are they fully aware of the high-impact nature of their investments? Nina Röhrbein reports
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Asset Class Reports
Emerging Market Debt: Beyond Brazil
Martin Steward talks with Jorge Unda of BBVA Asset Management, who warns that Latin America’s biggest economy is heading in the wrong direction if it wants to keep up with its more successful neighbours
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Features
World Bank rates green bonds
Nina Röhrbein looks at instruments that aim to combine solid SRI credentials with precious yield and a high standard of transparency and stability
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Interviews
Holding hedge funds to account
Bond yields sit at historic lows, growth is sparse and equities aren’t cheap. The result: a search for yield in credit assets and for alpha in liquid alternative investments.
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Asset Class Reports
Structured Credit & Loans: A structural spread
European loans seem to offer compelling value against the US market. But Joseph Mariathasan uncovers some telling structural disadvantages on this side of the Atlantic
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Asset Class Reports
Structured Credit & Loans: Senior secure
David Gillmor and Taron Wade find Europe’s senior loan market delivering a strong recovery over its first cycle
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Asset Class Reports
Structured Credit & Loans: It’s a good cop-bad cop thing
Martin Steward speaks with David Creighton of Cordiant Capital on structuring emerging market loans alongside the world’s major development banks
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Asset Class Reports
Structured Credit & Loans: Collateral damage
Tarred with the same brush as the US securities that sparked the 2008 crisis, Europe’s ABS are shunned by investors and regulators alike. Joseph Mariathasan finds that pension funds might be the key to bringing depth to the market again
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Special Report
Commodities: Capturing risk premium
The risk of inflation hangs ominously over the heads of investors, so an active approach to commodity investing could be the way to maximise risk-adjusted returns, says Brent Bell
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Special Report
Commodities: An American story
The shale revolution has taken the price of natural gas, a relatively clean fossil fuel, from $13/mbtu to $2/mbtu. How can it fail to challenge renewable energy? Nina Röhrbein reports
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Special Report
Commodities: All hail the shale
The US natural gas revolution is not just an arcane energy issue. Martin Steward considers its potential to reverberate throughout the entire economy – and your portfolio
