Equities

Pension Derisking Comes of Age

Published by: Capital Group, Fidelity Management & Research Co, Western Asset Management Co.

In this round table discussion, Gary Veerman, head of LDI solutions at Capital Group, François Pellerin, an LDI strategist in the fixed-income division at Fidelity Management & Research Co., and James So, a product specialist at Western Asset Management Co., discuss how plan sponsors are approaching pension derisking, what mistakes they often make and what the future holds.

Benefits and Beyond: How Employers Think About Financial Wellness

Published by: Prudential

As a long-standing provider of employee benefits; Prudential sponsored a survey to gain perspective on how employers think about their benefits programs overall, and gauge the role that financial wellness programs play.

How Multi-Asset Investing Can Fit in a Modern Portfolio

Published by: Aberdeen Standard Investments, Invesco

In this round table discussion, K. Stuart Peskin, investment director at Aberdeen Standard Investments, Danielle Singer, portfolio director, multi asset, at Invesco, and Mark Andersen, senior vice president at Callan’s Trust Advisory Group, discuss the opportunities and challenges for investors, and the outcome-orientation of multi-asset investing strategies for optimal positioning in all types of market environments.

China’s A-Share Market: More Investable than Skeptics Might Think

Published by: Matthews Asia

Explore reasons why the A-share market is appealing to institutional investors, including improving governance and a fast-growing private sector.

China’s Economic Transformation Boosts Credit Outlook

Published by: ClearBridge Investments

We believe China’s risks for a hard landing have decreased due to a confluence of positive forces. Our optimism is driven by better quality economic growth involving an increased role for the private sector and effective shadow banking regulation.

Dividend Growth’s Drivers: Picking Apart Quality

Published by: WisdomTree

Using the DuPont model to examine ROE and future dividend growth potential.

Emerging Markets Equity: What Do They Know?

Published by: Janus Henderson Investors

Emerging market equity (EME) allocations among investor types vary greatly, with renowned institutional endowments significantly overweight the asset class compared to others. While investors have embraced the return potential of private equity, EME allocations generally remain stagnant, with many simply matching their regional allocation to the MSCI All-Country World Index. We assess the differences and encourage return-seeking investors to revisit their EME allocations.

Has technology become an enemy of globalization?

Published by: AGF Investments

Restrictive trade policies and populist politics are serious hazards for a global economy that is more interconnected than ever before, but new technological advances in automation and artificial intelligence may be even bigger risks to the ongoing pursuit of globalization. Find out why and how investors can respond.

Implementation considerations for factor investing

Published by: FTSE Russell

Institutional investors should care about factors. They are systematic drivers of portfolio risk and return and at the heart of risk management tools. A more recent offering is the introduction of smart beta—or factor-investing techniques—to the allocation decision of many institutions.

IQ Magazine: Life After Easy Money

Published by: State Street Global Advisors

Our Investment Quarterly Magazine discusses the forces that will influence corporate performance — and, ultimately, asset prices — as the age of easy money draws to a close.

Outperformance in Equal-Weight Indices

Published by: S&P Dow Jones Indices

Equal-weight indices were among the first non-capitalization-weighted indices to emerge as vehicles for passive investments and have demonstrated outperformance in multiple global markets. This paper explores the sources of this outperformance and potential applications of these strategies in a portfolio.

Retirement spending for the next generation

Published by: BlackRock

Will today’s workers actually get the short end of the stick when it comes to generating retirement income? Learn more about new tools and information that can help create more consistent spending for future retirees.

Strategies For Decreasing a Pension Plan’s Unfunded Liability and Help Preserve Cash Through Real Estate

Published by: Colliers International & Kutak Rock LLP

This paper describes corporate and governmental organizations appealing alternative funding of pension plan obligations using owned real estate. In a manner consistent with legal and ERISA requirements, large in-kind contribution credits and freedom from future cash payments can be achieved.

The Power of Focus: Looking for Alpha in a Sea of Beta

Published by: Fred Alger Management, Inc.

Alger asked Greenwich Associates to explore the appetite for and popularity of focused strategies. The Power of Focus: Looking for Alpha in a Sea of Beta indicates that the need for increased alpha is driving the shift toward focused strategies.

Time to Downsize? Big Potential in International Small Cap

Published by: BMO Global Asset Management

In a global rising tide, small craft may get a bigger lift than cruise ships. International small-cap stocks offer a large opportunity set, strong historical performance, diversification benefits and a somewhat lower risk profile than U.S. investors might expect.

What’s Driving Global Inflation?

Published by: PGIM Fixed Income

PGIM Fixed Income investigates drivers of global inflation by analyzing developed and emerging market countries using three sets of variables—domestic (unemployment, labor costs, money supply), external (exchange rate, import/export prices) and global (global inflation, output gap, commodity prices.)

ESG Dialogue Turning to Action

Published by: Candriam Investors Group, Institutional Shareholder Services, Matthews Asia

Pushed by institutional asset owners, more companies get on board, but lack of consistency hampers wider adoption

Invesco Global Fixed Income Study 2018

Published by: Invesco Fixed Income

The study explores six key themes within the fixed income asset class through the opinions and experiences of 79 leading fixed income specialists across pension funds, sovereign investors, insurers and private banks around the world.

Spending retirement assets…or not?

Published by: BlackRock Retirement Institute

Recent research has turned up something surprising about our most current generation of retirees: The vast majority haven't been spending their retirement savings—leaving nest eggs mostly untouched. However, future retirees may be less fortunate.

Opportunities in U.S. Commercial Real Estate Debt Investing

Published by: PIMCO

The CRE market has undergone a significant recovery since the 2008-2009 global financial crisis. However, not all segments of the market have participated equally in the recovery – including within the CRE debt market.

The Power of The Wellness Effect: Seeing the Real Value of Employee Financial Health

Published by: Prudential Retirement

When financial wellness works, we all benefit. It's what Prudential calls "The Wellness Effect." This paper presents Prudential's unique perspectives on financial wellness, along with best practices for implementing financial wellness solutions.

Public Equities as Impact Investments

Published by: ClearBridge Investments

Public companies create impact due simply to their global reach, deep supply chains and communities where they operate. Asset managers can enhance the impact and performance of public equities by actively allocating to those having a positive influence on society and the planet.

The Way Forward - 2018 Investment Outlook

Published by: Macquarie Investment Management

Explore the 2018 investment landscape the Macquarie way: with an eye that’s open to change and opportunity, and with a spirit of innovation and healthy wariness for conventional thinking.

Emerging-market debt: Navigating the allocation dilemma

Published by: Eaton Vance

Positive fundamental changes in emerging markets over the past 10-15 years, along with robust economic growth and the proliferation of emerging-market debt (EMD) indices, have helped transform EMD into a mainstream asset class. Growing interest in EMD has led to increased resources dedicated to these assets and expanded access for investors, adding to the complexity of making allocation decisions relating to this asset class.

Incorporating Free Cash Flow Yield in Dividend Analysis

Published by: S&P Dow Jones Indices

Dividends are a key contributor to total equity returns. This paper studies whether incorporating free cash flow yield into dividend analysis can deliver superior risk adjusted returns than pure dividend yield or free cash flow yield portfolios, without sacrificing income.

Step Forward, Look Both Ways

Published by: State Street Global Advisors

Our annual Global Market Outlook forecasts a year supportive of risk assets, but with a note of caution for investors as the growth cycle extends.

Venturing Abroad for Opportunities in Small-Cap Stocks

Published by: WisdomTree

If we think back to the performance with which we as U.S. investors are most familiar, it is that of U.S. equities. The simple fact has been this: The more exposure one has had to U.S. equities, the better the returns have been over most of the past decade. While we don’t think there are any immediate signs of the U.S. bull market run ending, non-U.S. small caps have begun to outperform U.S. small caps, and their valuation advantage remains compelling.

Making a better benchmark: A practical guide to effective market representation

Published by: FTSE Russell

Everyone knows what makes a quality benchmark — or do we? Learn more about the core principles of benchmark design and the inevitable trade-offs required to make the most practical index tools.

Rapid Evolution - 10 years of Investing in Emerging Markets Local Debt

Published by: T. Rowe Price

Emerging markets have evolved considerably in the last 10 years ago. However, dispersion of performance between individual emerging markets countries is still evident, reinforcing our view that an active management approach is the best way to approach the asset class.

A Birds Eye View of Real Estate Markets: 2017 Update

Published by: PGIM Real Estate

With real estate becoming more firmly established in the wider multi-asset investment universe, it’s important for investors to understand the scale of its opportunity set. In this paper, PGIM Real Estate estimates the size of real estate markets around the world.

The Chairman – How Xi Jinping is shaping China’s future

Published by: Aviva Investors

Xi Jinping is set to begin another term as Chinese President--and become the most powerful Chinese leader since Chairman Mao. What does this mean for China and the world? Find out in the latest AIQ magazine from Aviva Investors.

A Smart Beta Approach For Corporate Bonds: Screen For Quality, Tilt Toward Income

Published by: WisdomTree

“Smart beta” or fundamentally weighted strategies have become an increasingly popular way for investors to allocate to equity markets in recent years, as weighting by market capitalization does not always lead to the most efficient portfolio. This trend has been slower to develop in fixed income, but our sense is that this may be starting to change.

Active Managers Well Positioned for Shifting Global Economy

Published by: ClearBridge Investments

The global economy is entering a period of balanced growth that should alter how equities are valued and create greater opportunities for active managers. Characteristics unique to international markets should allow active managers to capitalize on trend changes and mispriced stocks.

Making STRIDEs in Evaluating the Performance of Retirement Solutions

Published by: S&P Dow Jones Indices

The S&P Shift to Retirement Income and Decumulation (STRIDE) Index Series incorporates an innovative risk management framework focused on providing increasing levels of clarity and stability around sustainable annual consumption in retirement. This paper tests S&P STRIDE’s approach to consumption risk management and asset allocation over the period 2003 to 2016.

The growth of passive investing: Has there been an impact on the US equity market?

Published by: FTSE Russell

What could the growth of passive investing mean for the market? Learn more about the influences at play on the markets, the investment industry and pricing.

Emerging Markets at the Crossroads

Published by: PGIM

Engines of EM growth will be reshaped over the next decade. Which opportunities and risks should investors focus on?

Bond Market Complexities Warrant a Smarter Approach to Indexing

Published by: T.Rowe Price

Passive portfolios often fail to fully deliver benchmark returns on a consistent basis due to the complexities and inefficiencies of fixed income markets. In light of these realities, investors could benefit from a smarter approach to bond indexing.

Climate change: redefining the risks using Carbon VaR

Published by: Schroders

We’re concerned that investors are focused more on urging action than developing risk management solutions. With nearly 20% of corporate earnings potentially depleting to meet carbon price targets, we introduce Carbon VaR as a new tool to manage climate risks.

Decumulation in Defined Contribution: The second act

Published by: BlackRock

Is your DC plan ready for the shift from saving to retirement spending? As today’s employees retire, they will increasingly want (and need) assistance to translate their retirement assets into income. Explore how DC plans can help provide a solution.

From Stall Speed to Reflation: A Turning Point for Investing

Published by: PineBridge Investments

Markets have finally entered a new regime of improving confidence, growth, leverage, and prices. For investors, success ahead will require a more active approach.

Invested in Disruption

Published by: State Street Global Advisors

Disruptive forces across markets, industries and global demographics are driving new thinking and opportunities for investors. Our Investment Quarterly magazine analyses the trends and how investors can capitalize on them.

Rethinking Portfolio Analysis - Living Standard Risk & Reward Over the Life Cycle

Published by: Mackenzie Investments

Research shows that a life-cycle financial planning framework can help investors reduce “living standard risk”. The paper “Rethinking Portfolio Analysis: Living Standard Risk and Reward over the Life Cycle” says this framework can help improve investors’ spending and investment decisions.

The Pension Plan Underfunding Dilemma: Analyzing The Trends

Published by: Conning

Getting you to your destination while avoiding turbulence along the way. At Conning, our experienced Liability-Driven Investment (LDI) team delivers customized investment solutions for pension plans throughout their de-risking journey. For more than 30 years, we have delivered innovative, asset liability focused investment mandates for pension plan and insurance clients, and our commitment to disciplined pension risk management is the cornerstone of our LDI philosophy.

What Does the Future Hold for Infrastructure Investing?

Published by: P&I Content Solutions

This roundtable defines and identifies opportunities in infrastructure investing, explains the nuances of investing via public and private markets, and breaks down due diligence best practices.

The Science of Superior Service research

Published by: Wells Fargo Asset Management

Gain insight into what plan sponsors really want Our Science of Superior Service research reveals what sponsors want and what you’re delivering may be light years apart. Access research now

Emerging-market debt: Navigating the allocation dilemma

Published by: Eaton Vance

Today, institutional investors are well versed in the arguments typically advanced for investing in emerging market debt (EMD); not least, arguments about diversification and yield pickup. However, in reality, interest in this asset class is often tempered by the challenges institutional investors experience in deciding on a correct allocation strategy and the perception that an allocation to this asset class appears to demand a disproportionately large proportion of their risk budget for what is usually a small allocation.

Getting smart (beta) about target date funds

Published by: BlackRock

Can factor investing help target date funds achieve their objectives? Explore how carefully selected smart beta exposures can be implemented within the glidepath to seek additional return for younger participants and reduced volatility near retirement.

High Conviction Active Management Asserts Strength Over Time

Published by: ClearBridge Investments

Arguments against the ability of active strategies to outperform market benchmarks fail to differentiate the many active management approaches available to investors. A recent ClearBridge analysis identifies turnover rate and number of holdings as determinants of performance among active strategies.

The Merits and Methods of Multi-Factor Investing

Published by: S&P Dow Jones Indices

With a wealth of smart beta indices to choose from, market participants may find it difficult to decide when each factor-based strategy is best suited to deliver returns. Is it wise to rely solely on the performance of one factor? If not, what multi-factor approaches could be considered and how effective are they?

The Participant Magazine Winter/Spring 2017: The Longevity Issue

Published by: State Street Global Advisors

The Participant Magazine, State Street Global Advisors Defined Contribution flagship publication, takes a deeper look at longevity in this special issue. It explores how increasing human life spans are creating new opportunities and challenges for retirement savers.

The Path to Transparency In Alternatives Investing

Published by: Northern Trust

A Northern Trust sponsored survey of 200+ asset managers and investors reveals evolving priorities around transparency and risk, as well as a need for industry consensus with regard to governance. Gain insights into alternatives and download the paper today!

Not your parents’ ESG

Published by: P&I Content Solutions

As responsible investing gains steam among asset owners, the concept is evolving from a distinct approach to a set of factors that influence a broader range of investments and investors.

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