Insights papers / Publications / Research Center

21.09.2020 - Insights Paper

Risk budgeting and trade sizing: why they matter to multi-asset portfolio construction

In the current environment of heightened uncertainty, managing a multi-asset portfoliohas rarely looked as complex as it does today, especially for those investors looking for an appropriate governance model on which to take investment decisions.The issue is not only to make accurate market forecasts and formulate appropriate investment views, but also to construct an efficient portfolio based on these views within a given risk budget.

Matteo GERMANO, Shane MCDONALD, Matteo ORTISI, Eric TAZE-BERNARD, Claudia BERTINO, Massimiliano MATRAIA, Lorenzo PORTELLI, Nuria TRIO

01.09.2020 - Insights Paper

Looking for hidden ESG gems: a new frontier for responsible investing with “improvers”

The ongoing Covid-19 crisis and the resulting market turmoil have confirmed a pre-existing trend within equity investing: the increasing relevance ofintegrating ESG criteria andsustainability into the investmentdecision. We believe doing so will add value both in terms of being able to deliver better risk-adjusted return, but also in terms of helping to put focus on - and ultimately improve - important ESG parameters for companies and society.

Kasper ELMGREEN, Piergaetano IACCARINO

27.07.2020 - Insights Paper

The Case for US Equities in Global Portfolios

As you construct and monitor client portfolios, we hope you find our Blue Paper informative, insightful and rather complementary to your ongoing due diligence and asset allocation endeavors – both for the balance of 2020 and in the long-run. Recognizing the presence of potential constraints you might encounter through the lens of existing investment guidelines, the composition of your benchmarks, regional exposures, or investment styles, we believe the findings of our research suggest the consideration of US equities for inclusion in either regionally or globally-focused portfolios, to help raise the odds of longer-term risk-adjusted outperformance in client portfolios. The latter is informed by our analysis and what we deem secular—rather than merely cyclical— tailwinds for US equity markets.

Craig STERLING, Marco PIRONDINI

23.07.2020 - Insights Paper

The New Silk Road routes: Why investors should care

The global outbreak of Covid-19 has brought the world and its economy to a standstill, highlighting the importance of sustainable and resilient infrastructure (healthcare, water, power, telecommunications). Countries with fragile infrastructure have less capacity to handle crises, so they will need to increase their infrastructure investments. This is especially crucial in the context of health security and rapid urbanisation.

Yerlan SYZDYKOV

Global Head of EM

10.07.2020 - Insights Paper

Time to play a cyclical recovery in European equity

Cyclical conditions are turning more positive for Europe. Easing geopolitical risk and the prospect of massive fiscal resources (national and EU-wide) and monetary support could support a recovery in 2021. The improved sentiment could benefit European assets, equities in particular, that have been a laggard due to the pandemic. This could lead to a catch up of EU equities in relative terms vs other markets.

Pascal BLANQUE, Vincent MORTIER

17.06.2020 - Insights Paper

Covid-19: short-term pain, long-term opportunities for European commercial real estate

The Covid-19 crisis now appears to be deeper and more widespread than initially estimated by financial markets, and it is placing a huge strain on the global economy. In this new and evolving context, real estate is likely to share in the economic pain in the short run, but could prove resilient in the longer term given its defensive features, including its ability to dampen volatility and bring diversification to portfolios.

Pedro Antonio ARIAS

Global Head of Real & Alternative Assets

02.06.2020 - Insights Paper

Multi Asset: a solid total portfolio approach for a complex world

An increasing number of institutional investors have adopted a total portfolio approach (TPA) as a response to the weaknesses of more traditional strategic asset allocation (SAA)-based methodologies. We believe the current crisis will reinforce this trend, as it is probably marking a paradigm shift in financial markets. This shift could be as important as the change in US monetary policy brought in by Federal Reserve Chairman Paul Volcker at the beginning of the 1980s, which led to a long period of disinflation, lower interest rates and high asset returns.

Eric TAZE-BERNARD, Matteo GERMANO

19.05.2020 - Insights Paper

Emerging Markets Charts & Views - Market dislocation creating long-term opportunities

Two major drivers are shaping the landscape for EM countries: Covid-19 and oil dynamics. We are mindful that current events will have very significant negative effects on the economic outlook for EM this year, leading many countries into recession. However, for those experienced in financial markets, shocks are nothing new, particularly within EM.

Yerlan SYZDYKOV

Global Head of EM

28.04.2020 - Insights Paper

Covid-19 will redesign sector opportunities amid gradual normalisation and focus on earnings

The spread of coronavirus in Europe and the United States triggered a worldwide stock market crash in March, followed by a partial rebound. Many questions - such as the length of the pandemic and the extent of the consequent recession - remain unanswered. We outline three scenarios to analyse the situation. In a rosy scenario, a U-shaped recovery could begin in Q3, whereas in our central scenario (50% probability), a U-shaped recovery would have a lower and a longer bottom, and a recovery would not occur until Q4. In a risk scenario, the pattern would be L-shaped and the initial stages would be very weak. According to our analysis of three different scenarios of potential index returns for US (S&P 500) and European equities (Eurostoxx 50), each index level would be 2,450 and 2,550, respectively, in a bearish scenario, 2,780 and 3,100 in a central case, and 3,000 and 3,500 in an optimistic situation.

Kasper ELMGREEN, Eric MIJOT, Ibra WANE, Luc MOUZON

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