Articles & White Papers for Institutional Investors

Macro Pulse offers holistic global economic, geopolitical, and asset allocation views. We believe the next 3 months mark a major inflection point for global asset allocation. Will U.S. growth slow, allowing rates to decline and global growth to converge? Or will it re-firm, increasing the likelihood of a more pronounced…

This guide will help practitioners evaluate investments and capital projects globally by providing a good understanding of the cost of capital.

With the paths of major economies poised to diverge, we believe it is critical to actively seek out investment opportunities globally.

Explore the frontiers of EMD, the opportunities within infrastructure investing, and the shift across global wealth.

We show how private equity (PE) buyouts fuel loan sales and non-bank participation in the U.S. syndicated loan market. Combining loan-level data from the Shared National Credit register with buyout deals from Pitchbook, we find that PE-backed loans feature lower bank monitoring, lower loan shares retained by the lead bank,…

Must stocks beat bonds over the long run? Should investors expect a stock portfolio to compound in real terms at 6% to 7% per year?

How much trend-following should investors hold in a portfolio?

In the initial analysis of U.S. and Canadian asset owners (endowments, foundations, SWFs, and pension funds), 13F filings were used to analyze ETF holdings and trends in these investments. In 2023, asset owner ETF AUM increased 22%, to USD 56 billion. Over the past 10 years, ETF usage has increased 4x, with most of that…

It’s a defining 12 months for the world we live in today and wake up to tomorrow as billions of people across more than 50 countries head to the polls in 2024, although not all national elections will be free and fair. Romil Patel looks at some of the key votes from the world’s oldest to its largest democracies, as well as…

Explore key highlights and return forecasts for the next decade: impact of climate delays, AI gains, and valuations on asset class profiles.

S&P Dow Jones Indices has been the de facto scorekeeper of the ongoing active versus passive debate since the first publication of the S&P Indices Versus Active (SPIVA) U.S. Scorecard in 2002.

Bruce Feibel of State Street provides a primer that covers vital aspects of the alternative investment performance measurement process. Analysts need to carefully consider, and sometimes modify, the return calculations, ex post risk measurement, and performance presentation methods used in traditional investment performance…

In this primer, we’ll explore this strategy’s fundamental principles, key performance and investment characteristics, and the role global macro can play in building more resilient investment portfolios. ​

While participants await the presumptive rate cuts from most major central banks, yields remain in rarefied air. Considering that yield is destiny, the demand for fixed income will continue exerting its influence across the global bond markets in the quarters to come.

The Franklin Templeton Fixed Income team believes nations facing economic turmoil, marked by currency devaluation and hyperinflation, see dollarisation as a fast track to restoring economic equilibrium.

With emerging market bond weightings set to grow in portfolios, we look at the implications for investors.

The quarterly Relative Value & Tactical Asset Allocation Outlook for Q2 2024: We continue to expect the United States to enter a recession in 2024; fundamentals of consumers and housing remain strong; commercial real estate fundamentals are generally stable outside the office sector.

This paper provides a qualitative assessment of the central banks for the Group of Ten nations plus two additional countries (China and South Korea).

US high-yield issuers are likely to refinance their pandemic-era debt and potentially benefit from lower interest rates in the next two years. The US Federal Reserve’s pause in rate hikes, the market’s expectations of rate cuts, and the increase in mergers and acquisitions may incentivize high-yield issuers to come to market…

A potential outperformance for the Chinese equity market in the quarters ahead could reward investors who overweight emerging-market equities.