Insights papers / Publications / Research Center

13.01.2021 - Insights Paper

European insurers: the case for going global in the credit allocation

In the hunt for yield, some years ago European investors started to allocate part of their credit exposure to dollar assets. However, many then put a stop to this diversification due to high hedging costs. In the context of the Covid-19 outbreak, the Fed cut rates to post-Lehman lows. Consequently, euro and dollar interest rates converged significantly, reducing hedging costs and making a case for broadening the investment universe from a European to a global base more attractive.

Gilles DAUPHINE, Romain MUNERA, Natalia SINKOVA, CFA

15.12.2020 - Insights Paper

Sustainability-linked bonds: nascent opportunities for ESG investing

Since the creation of green bonds, many new labels have emerged, including social bonds, sustainability bonds, and recently transition bonds, not to mention water, blue or adaptation bonds. Despite the standardisation efforts led by the International Capital Markets Association (ICMA), creativity in self-labelling has increased the number of labels. Whereas the type of activities financed by these various bond labels differ, they are all anchored to the same initial concept and to a pledge by issuers that the proceeds will be dedicated to a predetermined list of eligible projects. These are ‘use-of-proceeds’ bonds.

Alban DE FAY, Erwan CREHALET

11.12.2020 - Insights Paper

Responsible investing expands further with green convertible bonds

While investors have been aware of the merits of investing responsibly for a long time, the Covid-19 crisis is likely to increase the focus on ESG principles, which should play a critical role in the emergence from the crisis.

Erwan CREHALET, Alban DE FAY, Julia KUNG

Emerging Markets Charts Views 2021 Outlook and Beyond

04.12.2020 - Insights Paper

Emerging Markets Charts & Views - 2021 Outlook and Beyond

The US election outcome and the hopes that the Covid-19 vaccine will be a tangible reality by the end of the year or the beginning of 2021 bode well for a worldwide economic recovery.

Yerlan SYZDYKOV

Global Head of EM

18.11.2020 - Insights Paper

Social bonds: financing the recovery and long-term inclusive growth

With its triple impact on education, income and health, the Covid-19 crisis has exacerbated existing inequalities, both among and within countries. An additional 71 million people, concentrated in South Asia and Sub-Saharan Africa, could be pushed into extreme poverty in 2020 as a result of the pandemic.

Elodie LAUGEL, Isabelle VIC-PHILIPPE

28.10.2020 - Insights Paper

Liquidity trends in the wake of Covid-19: implications for portfolio construction

The Covid-19 crisis has triggered the deepest liquidity squeeze since 2008. Unlike the Great Financial Crisis (GFC), an unprecedented real economy shock led to extremely quick deterioration of financial conditions and showed that, under extreme circumstances, liquidity may dry up not only within risk assets, but also within risk free ones. The peak of this crisis hit in February/March. Market liquidity has improved noticeably since then, although it has not completely normalised yet and areas of weak liquidity remain.

Pascal BLANQUE, Vincent MORTIER, Matthieu GUIGNARD, Gianluca MINIERI

13.10.2020 - Insights Paper

Emerging Markets Charts & Views - Market opportunities looking into 2021

The Covid-19 crisis and its impact on the economy (both oil and commodities dynamics and trade) have been the main drivers of the slowdown in emerging markets. Despite the significant disruption, we see signs of improvement in the virus cycle in most EM economies.

Yerlan SYZDYKOV

Global Head of EM

13.10.2020 - Insights Paper

Building ESG momentum in US equities

US ESG (Environmental, Social and Governance) investors are increasingly likely to benefit as the country’s companies close the gap with best-in-class global companies on ESG disclosure and performance. The trend towards ESG in the United States is being driven by asset owners demanding ESG integration into corporate business strategies, investors using it as a source of alpha1, and regulators looking to formalize ESG into its rules and protocols. A growing body of empirical evidence suggests that companies with improving ESG momentum have been correlated with positive risk-adjusted returns.

Craig STERLING

Head of Equity Research, US Director of Core Equity, Portfolio Manager

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

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