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Savvy Investor Awards 2018: The Best White Papers

  • ,  Chief Executive |
  • 04 Dec 2018
  • Updated 28 Nov 2019

JP Morgan Asset Management wins "Best Investment Paper"

The Savvy Investor Awards 2018 celebrate the best investment and pensions papers from the last twelve months.

The overall award of “Best Investment Paper 2018” goes to JP Morgan Asset Management for their report, "2019 Long-Term Capital Market Assumptions."

JP Morgan's content has been consistently popular with Savvy Investor's institutional audience, with the winning paper racking up over 2,500 views within weeks of its release. See below for the full list of winners and commended papers.

 Savvy Investor Awards 2018 Trophies

Best Investment Paper 2018

Overall Winner: 
2019 Long-Term Capital Market Assumptions (JP Morgan Asset Management)

This excellent 110-page study sets out JP Morgan’s assumptions for future long-term returns and describes the “building block” methodology used to construct their forecasts. The analysis uses a 10- to 15- year time frame and covers equities, fixed income, currencies and alternative asset classes. For the first time, this year’s “Capital Market Assumptions” also includes forecasts for each of the key equity “risk factors”.

Whether investors prefer to take the “Capital Market Assumptions” at face value, or to apply the methodology to construct their own forecasts of risk and return, this a valuable resource for strategic asset allocation decision-makers.


Best Asset Allocation Paper 2018

King of the Mountain: The Shiller P/E and Macroeconomic Conditions (Robert D. Arnott, Denis B. Chaves, and Tzee-man Chow)

Highly Commended:
Demographics, Inflation and Asset Prices by Goldman Sachs Asset Management
5-year Expected Returns 2019-2023: Patience is a virtue by Robeco (not available in US)
What Does Population Aging Mean for Growth and Investments? by KKR
The Currency-Hedging Dilemma by Morningstar
Stock/Bond Correlations: Relationship Troubles by UBS Asset Management
Optimizing Currency Exposures under Solvency II by Neuberger Berman (available in selected countries only)

Best Factor Investing Paper 2018

Fact, Fiction, and the Size Effect (AQR Capital Management)

Highly Commended:
Exploring the world of factors - Nine academics on smart beta and factor investing by Robeco
A Framework for Analyzing Multifactor Funds by Morningstar
Implementation considerations for factor investing by FTSE Russell
Low Volatility: A Practitioner's Guide by S&P Dow Jones Indices
Diversification, Volatility, and Surprising Alpha by Intech

Best Fixed Income Paper 2018

FTSE Fixed Income Factor Research Series – The Value Effect (FTSE Russell)

Highly Commended:
Foundations of High-Yield Analysis by CFA Institute Research Foundation
Style Investing in Fixed Income by AQR Capital Management
Eight centuries of the risk-free rate: bond market reversals from the Venetians to the ‘VaR shock’ by Bank of England
Invesco Global Fixed Income Study 2018 by Invesco (available in selected countries only)
How technology will revolutionize asset management by AB (available in Americas only)
Standing Still: A Symptom of Less Synchronization and Giant Collisions by PGIM Fixed Income (available in US only)
Understanding ESG in Credit Portfolios by Macquarie Group

Best Pensions Paper 2018 (North America)

2018 US Defined Contribution Trends Survey (Callan)

Highly Commended:
Defined Contribution Investments on Trial by PGIM (available in US only)
2018 Guide to U.S. Retirement by JP Morgan - Asset Management
The World's Largest Pension Funds by Willis Towers Watson
2018 Retirement Income Adequacy at U.S. Plan Sponsors by Aon Hewitt (available in US only)
The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2017 by Investment Company Institute

Best Pensions Paper 2018 (UK and Europe)

The Age of Peak LDI (Hymans Robertson/Nomura)

Highly Commended:
UK Pensions De-Risking Report 2018 by Willis Towers Watson
UK Pensions: The DC Future Book by Pensions Policy Institute & Columbia Threadneedle (available in UK only)
2018 UK Pension Strategy Survey by Willis Towers Watson (available in UK only)
Annual Risk Transfer report by Hymans Robertson (available in UK only)
Global Pension Asset Study by Willis Towers Watson

Best Strategy & Economics Paper 2018

Multi-Asset Outlook 4Q2018 — How late in the cycle are we? (Wellington Management)

Highly Commended:
JP Morgan Quarterly Guide to the Markets - Q4 2018 by JP Morgan - Asset Management
A Map for the Future of the Euro by Invesco (Europe)
Globalization, nationalism and the implications for institutional investors by PGIM (available in US only)
Multi-asset markets outlook by Robeco
Superstars: The dynamics of firms, sectors, and cities leading the global economy by McKinsey & Company

Best ESG Paper 2018

The Big Book of SI (Robeco)

Highly Commended:
How ESG Engagement Creates Value for Investors and Companies by UN Principles for Responsible Investment
2018 ESG Trends to Watch by MSCI
Incorporating ESG Factors into Fixed Income Investment by World Bank Group
Climate risks and opportunities in the investment process: A practical guide for trustees and boards by IIGCC
Modern Slavery: The True Cost of Cobalt Mining by Hermes Investment Management (not available in US)

Best ETFs Paper 2018

ETFs in Insurance General Accounts (S&P Dow Jones Indices)

Highly Commended:
Macro-Financial Scenario Analysis for ETF Manager Selection by Morningstar
Index your bonds: 7 myths addressed in fixed income indexing by iShares by BlackRock (selected countries only)
Comparing ETFs and Futures for a Fully Funded Investor by State Street Global Advisors (selected countries only)
Global ETF Research 2017: Reshaping around the investor by EY

Best Innovations Paper 2018

Industry 4.0: Ghosts of disruption past, present and future (Invesco)

Highly Commended:
The Technology Frontier: Investment Implications of Disruptive Change by PGIM (available in US only)
Fintech and Regtech in a Nutshell, and the Future in a Sandbox by CFA Institute Research Foundation
Autonomous Vehicles Readiness Index: Assessing countries' preparedness for autonomous vehicles by KPMG
Artificial Intelligence: It's Not the Future, It's Now by Capital Group (available in selected countries only)

Best Quant Paper 2018

Volatility Lessons (CFA Institute/Fama and French)

Highly Commended:
Robust Asset Allocation for Robo-Advisors by Amundi Asset Management
The Correlation See-Saw by Axioma
Combining Investment Signals in Long/Short Strategies by Goldman Sachs Asset Management
If We Don't Believe Markets are "Efficient", What Do We Believe? by Winton Capital Management
The Current State of Quantitative Equity Investing by CFA Institute Research Foundation
Pulling the Goalie: Hockey and Investment Implications by AQR Capital Management - Cliff Asness & Aaron Brown

Best Emerging Markets Paper 2018

Understanding China's Economic and Market Developments (FTSE Russell)

Highly Commended:
Mapping shadow banking in China: structure and dynamics by Bank for International Settlements
Reaping the Returns: 25 years of EMD investing by NN Investment Partners (available in selected countries only)
Investment Insights: The multi-asset opportunity in China by UBS Asset Management
EM Roundtable: Is the emerging market story over? by Macquarie Group
Rethinking Asia allocations: The investment world's distorted view by Fidelity International (available in Europe only)

Best Investment Industry Paper 2018

Asset Owner Survey: Innovations in Implementation (bfinance)

Highly Commended:
Investment Firm of the Future by CFA Institute
Asset & Wealth Management Revolution: Pressure on profitability by PricewaterhouseCoopers
Passive Investing: Reshaping the Global Investment Landscape by DWS & CREATE Research
Regulatory Insights Q4 2018 - an overview of EU legislative and regulatory developments by State Street Corporation
Digital advice raises profits for investment services industry by Pitchbook & Morningstar

Best Real Assets Paper 2018

Disruption: Is commercial real estate ready for change? (TH Real Estate)

Highly Commended:
Real Assets' Role in Public Pension Portfolios by JP Morgan - Asset Management
Rethinking Real Assets by bfinance
The Wealth of Cities and the Opportunities for Institutional Investors by PGIM (available in US only)
Timberland and Farmland: Working Together in a Mixed Asset Portfolio by Manulife Asset Management (EMEA only)
Intellectual Property as a Real Asset by Barings
Cash-Flow Driven Investing, Private Credit and Real Assets by BNP Paribas Asset Management
Social Infrastructure in Europe: Private Investment Opportunities by Franklin Templeton Investments (EMEA only)

Best Alternatives Paper 2018

Alternative Investments: A Primer for Investment Professionals (CFA Institute Research Foundation/CAIA)

Highly Commended:
Private Markets Due Diligence Survey 2018 by eVestment
Global Private Equity Report 2018 by Bain & Company
2018 Global Alternative Fund Survey: At the tipping point by EY
Alternative Income Study 2018   by Aviva Investors (available in Europe only)
CAT Bonds and ILS: Three Manager Selection Pitfalls by bfinance
The rise and rise of private markets by McKinsey & Company

Notice for Award Winning companies (incl. highly commended) 

We have created digital assets (award banners, links, click-to-tweets) for you to publicize your award, e.g. on social media, blog posts, emails and on your website. To access your digital assets, please email


About the Savvy Investor Awards

Savvy Investor is the world’s leading resource hub for institutional investors. Since launch in March 2015, more than 33,000 members from across the world have registered for the site, with 200-250 new members now joining every week.

Savvy Investor curates the best pensions and investment white papers from around the globe, and having published more than 25,000 papers since launch, we have a unique platform (literally!) from which to host the Awards. Papers short-listed for the Awards are assessed based on their quality and readability and their appeal to our institutional investor audience.

To find out how you can partner with Savvy Investor this year to enhance your thought leadership credentials in the institutional investor marketplace, please contact our Business Development Manager, Stuart Blake,