Investment Strategies – Page 16
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Interviews
Surviving the seven years of famine
Rogge Global Partners operates out of one of London’s most spectacular offices, the neo-Gothic Sion Hall, its traders toiling beneath the gaze of stained-glass images of heroes of the English Reformation.
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FeaturesIn defence of pro-cyclicality
Adina Grigoriu asks, is pro-cyclical risk management necessarily a cost – or can it be an unexploited source of performance?
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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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Features
Low beta, high benefits
The significant outperformance of apparently ‘low-risk’ stocks over time is a well-known ‘anomaly’ in investment theory. Martin Steward asks, if it is an anomaly, won’t it eventually be corrected?
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Features
Custody and banking reform
Iain Morse asks whether European banking reforms will have an adverse impact on securities services providers
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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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Features
There will be no escape
Iain Morse finds that custodians will face greater levels of liability for the assets they safeguard for clients under AIFMD rules
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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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Features
One year later
The Tohoku earthquake of March 2011 was one of the most devastating natural disasters of recent times. Martin Steward asks if it has changed the way investors look at their Japanese equity portfolios
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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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Special Report
Sovereign debt in sights of ESG ratings
Nina Röhrbein finds out how the sovereign debt crisis is affecting countries’ ESG rating
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Features
Keiretsu culture
Japan’s corporate governance culture has been moving, albeit slowly, towards Western models. But Nina Röhrbein finds that the Olympus scandal could lead to some push-back
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Interviews
On an ambitious journey
The name ‘AXA’ was chosen in the early 1980s, so the story goes, because it can be easily and uniformly pronounced in any language, and, as far as anyone knows, it also doesn’t mean anything rude anywhere around the world. But slick branding can’t make you good at everything, of course.
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Features
The real safe haven?
High yield is priced so keenly it would take a euro-zone break-up to really threaten investors, finds Anthony Harrington
