Long-term investors can harness big secular trendsRead more
Long-term investors can harness big secular trendsRead more
Harvesting Alpha via Tactical Asset Allocation - why? how?
TAA and Global Macro managers seek to add value by correctly predicting which asset classes (or currencies) will outperform or underperform. White papers within this blog, set out the case for macro and discuss systematic - or quantitative - approaches to adding alpha from tactical asset allocation.Read more
Global Investment Strategy August 2017
Overall, the papers selected below strike a generally optimistic tone, whilst remaining cognizant of the risks associated with geo-political tensions and interest rates at such low levels. Between them, these reports provide an in-depth analysis of a broad range of economic issues and market features.Read more
The best and most popular white papers on the momentum factor
The momentum factor exploits one of the best-documented anomalies in academic literature - the tendency for securities that have performed well in the recent past to continue to do so in the period ahead.Read more
One of the key variables in arriving at a long-run asset allocation is to determine the desired level of "risk tolerance" or "risk appetite". The papers below cover these issues in a variety of contexts including wealth management, DB pensions and insurance asset management. If the precise topic that interests you isn't covered here, then simply use our powerful search functionality above.Read more
The Investment Industry is Evolving....
In recent months, some great white papers have been released which examine the evolution and the future of asset management. The impact of technology, regulation, demographics, and BREXIT, are all external forces, while the changing preferences of investors are creating pressures from within.Read more
Featured Company: FTSE Russell - a global index leader
Choosing the right index partner has never been more important, but FTSE Russell makes the choice easy - with exceptional commitment to its clients - and indexes universally trusted by investors to measure and benchmark markets across asset classes, styles and strategies.Read more
Debt and credit investing - the best white papers
Our Research Team has selected the top 20 white papers of the last six months. Covering the investment outlook, emerging markets debt, asset allocation strategies, fixed income indexes, ESG, fixed income funds and central banks. All of our fixed income white papers are free to access to members of Savvy Investor.Read more
Institutional investors, real assets and inflation protection
"Reflation" is one of the buzzwords of 2017. In anticipation of an inflationary environment, institutional investors naturally look to real assets to provide inflation-protection. With bond markets selling off sharply in the last few weeks, speculation mounts that a rotation into equities and real assets may be underway.Read more
The Top Factor Investing White Papers from Q2
Factor Investing continues to gain market share and the body of research continues to grow. There are multiple possible routes to implementing factor-based investing strategy, and a growing array of products on offer. Below, the Savvy Research team has curated the most popular factor investing content from April-June 2017.Read more
Global Investment Strategy - Mid Year 2017
As investors look into the second half of 2017, the question of whether the "global reflation" theme remains intact is key. Below we list our selection of the best reports covering the mid-year investment outlook.Read more
The 10 top Sovereign Wealth Fund white papers
Invesco's fifth annual report on SWFs and central banks reveals a continuing gap between target and annual returns. The Invesco survey follows face-to-face interviews with 97 SWFs and notes a recurring evolution of business models, in response to a low yield environment.Read more
15 Top Papers on Portfolio Protection
With investment yields at ultra-low levels and quantitative tightening on the horizon, there is increased incentive for investors to consider the options for downside protection. The best approach depends very much on investor objectives, liabilities and time horizon.Read more
Is inflation dead, or re-awakening? Investment implications…
Following the US Presidential Election, financial markets predicted boosts in growth and inflation. But is this so-called "reflation" trend likely to persist? The papers below reflect contrasting views.Read more
The Most Popular and Trending Papers from June 2017
Themes in our "Top 20" this month include fund manager selection, the future of the investment profession, ESG, the investment outlook, UK asset management, factor investing, manager selection, sustainable investment and insurance asset management.Read more
UK and European Salaries in Asset Management – how do you compare?
Mid-year is a good time to take stock and reflect on how your career is progressing. And a key question, of course, is how well are you paid?Read more
Asset Management Salary and Bonus – how do you compare?
Our Research Team has curated this unique list of the best asset management salary surveys, reviewing the North American investment, pensions and finance industries. Covering a variety of roles within fund management, back office, pensions and finance roles.Read more
Asset Management Salaries – across all job types in Australia and Asia
Our Research Team has curated this unique list of the best salary surveys reviewing the Australian and Asian investment and finance industries. Covering roles within asset management, accounting and finance.Read more
New! Private Equity salary surveys – by job type and seniority
Some of our most viewed papers last month were surveys of compensation packages across a variety of asset management roles.Read more
New Tools for Portfolio Management and Asset Allocation
In recent years, a variety of new tools have become available, enabling asset allocators and portfolio management to gain exposure to alternative asset classes, without making a longer-term commitment. These tools can be particularly useful for tactical allocation for portfolio rebalancing, or to cover variable cash-flows.Read more
Insights on portfolio integration and institutional investor trends
The momentum in favour of ESG investing has been building for some years, but in the last six months we've noticed an acceleration of interest. Our Research Team has curated the top 10 ESG white papers published on the Savvy Investor platform in the last three months.Read more
Scan this list of ideas, then read the relevant white papers
Whatever your role, take a step back from time to time and ask if there's something you could be doing differently. We've compiled a list of 16 ideas, covering new asset classes, more efficient processes, or changes to philosophy. Click on each title to access the associated papers.Read more
Papers helping investors to understand and tackle the issues relating to carbon risk exposure
The investment issues relating to carbon risk and climate change are multi-faceted. Below, the Savvy Research team has selected a "top 10" of recent papers which cover the issues of carbon, climate change and the environment, from a long-term, portfolio management perspective.Read more
Global Macro Outlook - June 2017
In the papers below, BNP Paribas analyses the 5-7 year investment outlook, while Ray Dalio of Bridgewater examines the long-term prognosis for the global economy - and doesn't like what he sees.Read more
Twelve top papers for investment marketers
Please find below our selection of 12 top white papers for investment marketers, as selected by the Savvy Investor Research Team.Read more
Probability of Conservative majority increasing, but polls remain in flux
Our UK ELECTION BAROMETER is updated daily, combining a "poll of polls of polls" with implied probabilities derived from the latest spread-betting and bookmakers’ odds.Read more
How should investors assess the equilibrium real rate of interest?
Later this month it seems likely that the Fed will raise rates once more, continuing its progress towards the normalization of interest rates. But what is “normal”?Read more
The Most Popular and Trending Papers from May 2017
We've expanded our monthly roundup to make it a "Top 20". Themes this month include the future of UK asset management, factor investing, manager selection, secular economic themes, equity volatility and liquid alts. All of these papers are free to access for Savvy Investor members.Read more
FTSE Russell survey highlights growth of multi-factor investing
FTSE Russell's 2017 Smart Beta survey of asset owners reveals robust growth in the adoption of smart beta indexing, particularly multi-factor strategies - the use of which appears to have tripled in the last two years.Read more
Examining the future of wealth management
The wealth management industry faces a range of challenges in the years ahead, including digitization, regulation, remuneration and shifting investor demographics. The Savvy Research team has curated this list of the most popular white papers from the last few months.Read more
CFA releases new paper on the outlook for asset management
Earlier this week, the CFA Institute released a new paper examining the latest views on the outlook for the UK and European Asset Management industry in a post-Brexit world. We include it in this blog post, alongside others, examining a variety of associated themes: globalisation, the City of London, passporting rights, legal challenges, etc.Read more
How should investors adjust their allocations?
With the French election having dispelled some of the unease surrounding the growth of populism, what does the future hold for global equity and fixed income markets? Our round-up of some of the best recent papers, below, covers a variety of interesting topics and opinions. All are free to view on Savvy Investor.Read more
Identifying the characteristics of great investment managers
Identifying the attributes of a great investor is fundamental to the investment process. For an institutional investor, manager selection is a key decision. Equally, one of the characteristics of a successful asset management firm is the ability to understand who are the most talented managers within the firm - and to give them the greatest opportunity to influence portfolio alpha.Read more
Harnessing Artificial Intelligence to Harvest Alpha
Although AI has been on our radar for some time, in the last six months we've seen a surge of interest in the subject, with a number of excellent papers having been published recently on the Savvy Investor site. The papers below highlight a variety of industries and economies where AI has the potential to drive economic growth and improve company earnings.Read more
Fact, Fiction and Value Investing
"Value" in equity markets is a term which is frequently debated and often misunderstood. The papers below examine different aspects of value, so-called "deep value" and value versus growth, both within equity markets and across equity markets.Read more
Eight top papers on ETF use by portfolio managers
According to recent research from BlackRock, ETFs are increasingly being used by investment managers as tools to effectively manage their portfolio objectives. ETF use is expanding rapidly in fixed income, while smart beta ETFs are increasingly being used to manage exposure to selected risk factors.Read more
What does it mean to invest for the long-term?
Many investors believe that taking a long-term approach to investment will bring rewards; potentially not just for investment portfolios, but for society as a whole. These papers examine a number of different considerations relating to long-term investing such as the structure of the investment organization, pension fund governance, investment horizons, risk measurement, investment mandates, climate change, etc.Read more
The Top 10 Papers of 2017 - for Asian Investors
The Savvy Research team has curated this list from amongst the most popular white papers of 2017. Register today for immediate access to our FREE research library of over 15,000 white papers.Read more
The Top 10 White Papers of 2017 - for US Pension Plans
The Savvy Research team has curated this list from amongst the most popular white papers of 2017. Register today for immediate access to our FREE research library of over 15,000 white papers.Read more
Top 10 Papers of 2017 - for Superannuation Funds
The Savvy Research team has curated this list from amongst the most popular white papers of 2017. Register today for immediate access to our FREE research library of over 15,000 white papers.Read more
Top 10 White Papers of 2017 - for European Pensions
The Most Popular and Trending Papers from April 2017
In last month's top papers, emerging markets feature as a strong theme, alongside ESG. Other topics covered include value vs growth, stocks vs bonds, and reflation vs stagnation.
All of these papers are free to access for Savvy Investor members.Read more
The Top 10 White Papers of 2017 - for UK Pension Funds
Forecasting returns across major asset classes
Long-term return forecasts are amongst the most important instruments in the asset allocators tool-box. They help set long-term asset allocation parameters, but also help guard investors against getting caught up with passing fads and fashions. Here we've listed some of the top papers which provide long-term return forecasts.Read more
White Papers for EM Investors, Allocators and Fund Managers
In the last 10-15 years, EM debt has transformed into a mainstream asset class, but benchmarking and allocation decisions remain a complex process. In our first paper below, Eaton Vance outlines the flaws in an index-oriented approach to EM debt, and examines the case for an unconstrained, risk-factor based approach.Read more
White Papers for EM Investors, Allocators and Fund Managers
Since our May 2016 blog post, "Have Emerging Markets bottomed?" the MSCI EM Index has gained around 20%. Are Emerging Market Equities still a solid overweight?Read more
The Top 10 White Papers on Volatility
Over the last 12 months, equity markets have exhibited unusually low volatility, despite a challenging economic and political backdrop. Why is this? Or is it an illusion? Nikko Asset Management argues that risk has moved away from the centre of the probability distribution, and towards the tails.Read more
Here we present the most popular papers on Savvy Investor during Q1 2017. Themes covered include: factor investing, asset allocation, markets outlook, small cap investing and more.Read more
Global Investment Strategy April 2017
Our round-up of the best papers from the last few weeks, examining the Global Investment Outlook.Read more
Featured Company: Robeco
One of Robeco’s core strengths is its quantitative models, using a scientific and disciplined approach to investing. As a pioneer of quant investing in the 1990s, Robeco is widely recognized as a world leader in the field, and this is reflected in the quality of its content. Here is a selection of the most popular Robeco white papers published on Savvy Investor.Read more
The top 12 white papers from the first quarter of 2017
An increasing number of institutional investors are addressing the issue of how to combine their active investment decisions with their ESG preferences. Within the ESG space, more attention is being paid to so-called "sustainable investing", and we are seeing more papers written on this topic.Read more
The Best Private Equity Papers from Q1
The Savvy Research team has curated the best and most popular white papers on private equity investing from the last quarter. Topics covered include private equity trends, diversification, the growth in direct lending, the inclusion of PE funds in target-date funds, and more.Read more
Most popular and trending papers from March 2017
March's top papers on Savvy Investor cover a wide array of topics, including sustainable investing, real assets, emerging markets outlook, wealth management, active management, Brexit and the asset management industry, and more.Read more
The Best Private Wealth Management Papers from Q1
The Savvy Research team has curated this list of the most popular private wealth management white papers from the last few months. Topics covered include the digitization of wealth management, the future of family offices, ESG integration, and more.Read more
The Top 12 Factor Investing White Papers from Q1
Research on Factor Investing continues to evolve. The marketplace is developing quickly and there are multiple pathways to factor investing products. The Savvy Research team has curated this list of the most popular factor investing white papers from January-March 2017.Read more
Are Real Assets set to outperform?
In this month's round-up of the best strategy papers, William Blair argues that there are reasons for optimism in the emerging markets asset class, while Schroders gives a very long-term appraisal of investment returns.Read more
Featured Organization: CFA Institute
CFA Institute is a global association of more than 140,000 investment professionals. The vast majority of members work in the financial services industry, with more than half of them being research analysts, portfolio managers, risk managers, or financial advisers.
The top 10 China papers of the last month
Many investors still lack an understanding of China, its financial markets, and the role that it plays in the global economy. These papers provide great insights into China's equity markets, its economic evolution, the risks of a debt crisis, the dangers of a trade war, and the latest trends in the internationalisation of the renminbi.Read more
Adding value through stock selection
Fund managers around the world use a multitude of different processes and philosophies to try to gain an edge. We've selected a bunch of the best papers that themselves seek to add value in the search for alpha, covering different approaches: bottom-up, top-down, quant, technically-driven, factor-based.Read more
Financial Markets, Reflation and Protectionism
The November-March period has historically been the strongest period for equity markets, and this year that period has coincided with a remarkable post-election rally. With over 100 days having passed since the election, now is a good time to take stock, to analyze exactly what has happened in financial markets and why.Read more
Savvy Investor is delighted to be partnering with the PLSA for this year's Investment Conference in Edinburgh. In honour of the event, our Research Team has put together this list of the top 15 white papers for UK pension schemes. Actually, we tried to do a "top ten", but there were just too many great papers to leave out! So, in no particular order, here is the top 10,11,12,13,14,15.....Read more
Most popular and trending papers from Feb 2017
February's top papers on Savvy Investor cover a wide array of topics, including asset allocation, factor investing, alternative assets, DC pensions, stock selection, ESG, ETFs and real assets.Read more
10 compelling fixed income research papers
This fixed income update captures the best recent papers on debt and credit markets. RLAM have just issued a good paper which explores the benefits of securitised bonds; it suggests that the pricing of this asset class is still over-reliant on rating agencies, creating opportunities for asset managers who are prepared to get under the bonnet of the documentation.Read more
What are the likely next steps for developed market central banks?
The developed market monetary policy landscape is currently undergoing some transformative changes. Economists seem to agree that it has reached an inflection point. The Savvy Research team has curated the most popular monetary policy white papers. They cover a variety of themes, such as helicopter money, quantitative easing, FOMC announcements, and more.Read more
Trump: A Game Changer For Small Cap Earnings?
Small cap stocks soared following the US Election, with the Russell 2000 index marking the best November in the history of the index. Below, we list FTSE Russell's quarterly analysis of small cap index performance, together with other papers which analyse the outlook for the smaller companies sector.Read more
History never repeats, but it "rhymes"….
Inspired by an epic compendium of papers by CFA Institute Research Foundation, the Savvy Research team has selected the "top ten" papers on financial market history, each drawing on ultra-long run data. There are some fantastic nuggets here!Read more
The top Investment Outlook papers for February 2017
The Savvy Investor research team has curated this list of the top investment outlook white papers recently produced by economists, investment analysts and strategists. They cover a range of topics including: China's changing role within the global economy; the outlook for global equities; the future of monetary policy; Trumponomics; and more.Read more
The most popular private equity research from last year
The Savvy Research team has curated this list of the most popular private equity white papers from 2016. Topics covered include private equity secondaries, private debt, risk, industry trends, value creation, and more.Read more
Most popular and trending papers from Jan 2017
Savvy Investor is the world's leading knowledge network for institutional investors. We now have over 16,000 members and a research library containing 15,000 white papers. Here is our list of the most popular and trending papers from January 2017.Read more
The most popular Hedge Fund research from last year
The Savvy Research team has curated this list of the most popular hedge fund white papers from 2016. Topics covered include investor surveys, short selling, systematic investing, alternative beta, and more.Read more
Will dividend growers outperform as rates begin to rise?
Although high yielding equities have performed strongly in recent years, many have loaded up on debt and may come under pressure when rates rise. Quality stocks with a history of dividend growth, on the other hand, may perform better in an environment of rising rates. These recent papers focus on different aspects of dividends. Register today for free access to our research library of over 15,000 papers.Read more
Investing in a new era: is it time for investors to pivot?
Early comments from President Trump, following his inauguration, seem to underscore the protectionist tone of his policy agenda. In recent decades, the steady globalisation of the world economy has helped to keep inflation low. Will "Trumponomics" and the growth of populism around the world lead to a pick-up in inflation?Read more
Introducing the Savvy Investor Awards magazine. This first issue covers the recent Savvy Investor Awards, showcasing the best white papers of 2016, including papers from EDHEC, State Street, CFA Institute, BlackRock, Deloitte, Boston Consulting Group, LGIM and S&P Dow Jones Indices.Read more
Smart Beta strategies continue to gain ground
Factor investing strategies continue to grow in popularity, so it is no surprise that many of the most popular papers on Savvy Investor last year were written on this subject. Here, we list some excellent papers that we have seen recently.Read more
Here, we list the top papers on Savvy Investor from 2016. They cover a wide range of investment themes, including: long-term expected returns, smart beta strategies, global pensions, fund management trends and fintech.Read more
Investment Insight Award 2016
Winner: State Street Center for Applied Research and CFA Institute.
Highly Commended: Salient Partners, Michael J, Mauboussin (Credit Suisse), James Montier (GMO)
What does 2017 have in store?
An uncertain landscape awaits investors in 2017: Trump, Brexit, the Fed, oil prices and European elections. What does this all mean for investors and asset allocators? This selection of white papers, curated by the Savvy Investor Research Team, provide insights into issues affecting the global economic and investment landscape.Read more
Savvy Investor Awards 2016
The accolade for “Best Investment Paper 2016” was awarded to Robeco for their paper, "Expected Returns 2017-2021: It's Always Darkest Just Before Dawn".Read more
Most popular and trending papers from Dec 2016
Savvy Investor is the world's leading knowledge network for institutional investors, with over 15,800 members and a research library containing 15,000 white papers. Here is our list of the most popular and trending papers from December 2016.Read more
The best recent papers on equity investing in 2017
How should equity investors prepare for 2017? As rates rebound, and economic growth accelerates, how will the equity market landscape change? What is the outlook for value versus growth, for small versus large, for developed versus emerging markets? The Savvy Research Team has collated some of the best papers to examine these questions.Read more
Best Pensions Paper 2016 (North America)
Highly Commended: Vanguard, Prudential, Cambridge Associates, QMA
Best Alternative Investing Paper 2016
Winner: Bain & Company
Highly Commended: EDHEC, TIAA, J.P. Morgan, Deutsche Bank, Willis Towers Watson
Best Index Investing Paper 2016
Winner: S&P Dow Jones Indices
Highly Commended: FTSE Russell, S&P Dow Jones Indices, Vanguard
Best Wealth Management Paper 2016
Highly Commended: BlackRock, EY, Accenture
Best Investment Technology Paper 2016
Highly Commended: Robeco, Oliver Wyman/JP Morgan, Deutsche Börse
Best Pensions Paper 2016 (UK)
Winner: Legal and General Investment Management
Highly Commended: Hymans Robertson, Willis Towers Watson, KPMG
Is it time for investors to pivot?
The Fed has raised rates for the second time since 2008 and is beginning a normalization of interest rates after having called time on QE. In the last six months, US 10-year bond yields have risen by over 100bps, as investors begin to look beyond QE and towards a more fiscally expansive global policy framework. Inflation expectations have surged, and Trumponomics will exacerbate the trend. Is it time for investors to pivot?Read more
Best Insurance Asset Management Paper 2016
Highly Commended: PineBridge, Grant Thornton, Standard Life, Aon Hewitt
Best ESG Paper 2016
Winner: Norges Bank Investment Management
Highly Commended: BlackRock, FTSE Russell, Morgan Stanley, Newton IM
Best Investment Industry Paper 2016
Winner: Boston Consulting Group
Highly Commended: Deloitte, Robeco
Best Superannuation Paper 2016
Winner: Centre for International Finance and Regulation
Highly Commended: Frontier Advisors, CEPAR, Centre for International Finance and Regulation
Best Pensions Paper 2016 (Europe)
Winner: World Economic Forum
Highly Commended: Pensioenfederatie, Actuarial Association of Europe, CEPAR
Best Asset Allocation Paper 2016
Winner: JP Morgan Asset Management
Highly Commended: KKR, Willis Towers Watson, BlackRock, PGIM, Vanguard
Best Smart Beta Paper 2016
Winner: EDHEC-Risk Institute
Highly Commended: FTSE Russell, CFA Institute, EDHEC-Risk Institute, S&P Dow Jones Indices
Best Emerging Markets Paper 2016
Winner: FTSE Russell
Highly Commended: EY, KKR, Lazard Asset Management
Most popular and trending papers from Nov 2016
Savvy Investor now has over 15,000 members and a research library containing 15,000 white papers. Here is our list of the most popular papers from November 2016.Read more
Portfolio risk, attribution analysis and risk factors
Some of the most popular papers on Savvy Investor are those which challenge accepted conventions; which oppose the mantra of "we've always done it like this". The papers below all address the analysis of portfolio risk and attribution. Some summarise the status quo, while others challenge investors to think beyond it.Read more
Deutsche Bank research warns against allocations to infrastructure
Infrastructure is a rapidly growing asset class, set to benefit from increasing government stimulus over the next decade. It's not difficult to find reports which set out the why and how of making an allocation to infrastructure. But it's rare to find a contrarian report, like this one from DB, which argues that pension funds should avoid the asset class altogether.Read more
Motivation - the new variable in investment returns
How does the motivation of investment managers impact investment returns? How can this be measured and modified for better investment outcomes? This new study explores these questions and finds some very interesting answers.Read more
November 2016 Investment Outlook - the best papers
These investment white papers examine the implications of Donald Trump's election victory for equity investors, deleveraging, Fed policy, fixed income, and more.Read more
How should investors respond to a Trump victory?
What are the investment implications of a Trump presidency? With the Republicans having retained control of both houses, there is potential for far-reaching policy change across multiple areas. Here is our selection of the best white papers summarizing the market implications.Read more
...or are low rates eventually associated with lower valuations?
QMA has just released a fascinating paper which examines the relationship between interest rates and equity valuations. Their research suggests that low rates are supportive of higher PEs up to a point, but after that, an extended period of low rates is actually associated with depressed PEs!Read more
Reduce pensions risk and maximize shareholder value
The current environment is challenging pension sponsors to design inventive strategies of managing corporate pensions risk. In the last year, we've uploaded some great research which addresses pensions risk in different ways. There are plenty more white papers covering corporate pensions risk on our site, but here are some of the best.Read more
The top 16 papers of October 2016
Here is a sample of the 16 most popular or trending papers from October 2016, covering a range of pensions and investment topics.Read more
12 Top Papers covering the key trends
The investment industry is being reshaped and remoulded by a variety of megatrends. These include the renewed rise of indexing in different forms, technological innovations, changing regulations, aging populations, and an uncharted monetary policy backdrop. Here, we have listed a selection of the best papers covering these secular themes.Read more
Compare your salary – all job types and regions
This blog post includes surveys of investment management remuneration; surveys of fund manager salary and bonus packages, investment marketing compensation surveys and back office salary surveys; covering salary levels in the US, UK, Canada, Asia and Australia. These are perhaps the most popular papers on the Savvy Investor site.Read more
How can fund managers use ETFs most effectively?
The Savvy Investor Research team has curated this list of the best ETF research for institutional investors; white papers which provide an introduction to ETFs, which explore practical issues, and which examine the adoption of ETFs by institutions.Read more
I’m pleased to announce that Savvy Investor is sponsoring the 2016 PAICR Annual Conference in New York: an event which covers all aspects of asset management marketing.Read more
10 Recently Popular Papers from May-Oct 2016
Here is our list of some of the most popular Alternative Investing white papers from the last six months. (We've also included a 2015 paper on illiquid investments, which has racked up over 1000 views).Read more
Global Equity Investment Research – Top Papers
Here is a selection of some of the most popular, recent research on global equity investing, together with some of our favourite papers on this topic from the last year.Read more
Our selection of global research for Q4 2016
Politics has taken centre stage in recent weeks, but financial markets have remained resilient, with continuing support from central bank liquidity. What is the outlook for the remainder of 2016? Here is our selection of the best research examining the investment prognosis. There are some fascinating articles and insights, as strategists and economists analyse the current environment, examine the market opportunities, and make predictions for the months ahead.Read more
12 Great Papers from January to October 2016
As we move into Q4 2016, and head towards the Savvy Awards in December, our Research Team has looked back over the last nine months to select some of the most popular papers from 2016 so far.Read more
Forecasting returns across major asset classes
This selection of white papers examines the building blocks for long-term return forecasts across each of the major asset classes. Authors include Robeco, BlackRock and Northern Trust.
Most popular and trending papers from Sept 2016
Here is our list of the most popular and trending papers from September 2016. They cover a range of themes including global macro trends, factor investing, the world's largest pension funds, private debt, and more.Read more
Alpha Strategies for Equity Investors
Active equity managers use many different investment strategies and processes to meet the challenge of consistently creating alpha within their portfolios. Below we have highlighted some of the top papers, which help equity investors to build successful alpha-generating processes.Read more
The top 10 papers for institutional investors
Here is our list of the best and most popular Hedge Fund white papers so far in 2016. Topics include the use of Hedge Funds by pension funds and insurers, hedge fund return persistence and a number of insightful surveys, including one exploring hedge fund distribution.Read more
The Biggest Funds by Assets Under Management (AUM)
The World's 1000 largest pension funds between them have assets under management (AUM) exceeding $15trn. To rank in the top 20 biggest funds requires a size of over $100bn in AUM.Read more
Analyzing the likely market impact of the US election
What would Trumponomics - or Clintonomics - look like? And what impact would this have on US and global markets? Here is a selection of our favorite papers, compiled by the Savvy Research team.Read more
The 10 top research papers for asset allocators
How should tactical asset allocation decisions be determined? Should they be based on an assessment of market fundamentals? Should decisions be driven by a quant or rule-based strategy, or should they be a blend of the two?Read more
Greater understanding of fee levels equals greater control
There are many factors which impact the level of investment management fees paid by pension plans. Fee levels depend upon asset class, strategy type, fund size and many other variables. It's important to understand how the market works, as when it comes to negotiating investment management fee levels, better knowledge means more power.Read more
Factor Investing - the top research papers from July-Sept 2016
The last couple of months have seen some great papers published on the topic of factor investing. Below we have highlighted the top 10 factor investing white papers, uploaded to Savvy Investor since the beginning of July. Topics covered include factor timing, the quality factor and more.
September Investment Outlook - best papers
Could investors lose money simultaneously in both bonds and equities? As interest rates creep lower and equity valuations extend further, the risk increases. How likely is this “double trouble” and what can investors do to protect themselves? A recent paper from Northern Trust seeks to answer this question, and has been very popular with Savvy Investor members.Read more
Practical papers for integrating ethical and low carbon strategies
ESG and low carbon strategies appear to be slowly gaining market share. Looking at downloads of ESG and low carbon white papers by institutional investors on the Savvy Investor website, engagement is very high. In recent months, some excellent papers have been published, taking a very practical approach to implementing and integrating ESG and low carbon strategies.Read more
Papers on deficit reduction, UK pensions strategy, risk transfer, DC fees, pensions governance and much more
The Savvy Research team has curated this list of the most popular UK pensions papers from June-August 2016. Topics covered include devices to reduce pensions deficits, risk transfer and LDI, other strategies for pension funds, DC exit fees, pensions stewardship and pensions accounting.Read more
A selection of the best research from August 2016
Here is our list of the 16 most popular and trending white papers from August 2016. Subjects covered include blockchain, asset management compensation, the coming pensions crisis, trends in the asset management industry, PE secondaries, stock-bond correlations, and many others.Read more
How can Super investors get better control of fees?
The Research Team at Savvy Investor has curated this list of the top 10 Superannuation Research papers that we've seen over the last few months. Register today for free and immediate access.Read more
The top 10 white papers from this Summer
This list of the top 10 pensions white papers from the summer of 2016 includes papers on DB pensions de-risking, DC plan design, plan governance and the behavior of American savers and retirees.Read more
Definitions of alpha and beta are subtly changing
The asset management industry is evolving, being reshaped and remoulded by a variety of different forces. These include the rise of indexing in a variety of different guises, the impact of technology, changing regulations, demographic change, and an unprecedented economic landscape.
Understanding the market implications of Helicopter Money
The BOJ has promised that its September meeting will include a "comprehensive review" of its monetary stimulus program. Last week (August 18th) an advisor to PM Abe hinted that this would mean bold action being taken - reviving speculation that this could even include some form of monetary financing, or "helicopter money".Read more
Managing underfunding, reducing risk, seizing opportunity
According to estimates from Citi, total unfunded/underfunded government pensions liabilities worldwide exceed $80 trillion (almost double the published figure for national debt). In addition, DB pensions plans are showing huge deficits. What are the implications?Read more
Blockchain may transform the way the investment industry works
In the last few months some great papers have been written on the topic, arguing that Blockchain could provide genuine opportunities for asset managers to make significant cost savings and serve clients better. It is unclear whether the change will be evolutionary or disruptive, but there is a consensus that change is coming....Read more
The most important number you rarely think about
The correlation between equity and bond markets is of vital importance to asset allocators; for risk control and portfolio construction, for assessing the market outlook, and for building models of how markets work.Read more
Global Markets Outlook - August 2016
Here is our curated list of some of the best papers from the last couple of weeks, surveying the Investment Outlook as at August 2016. This includes papers from Goldman Sachs, JP Morgan, BlackRock and Research Affiliates.Read more
How does the absence of a risk-free rate of return impact investment thinking?
Much of modern finance theory is built upon the concept of the risk-free rate of return. But what happens when the real world ceases to offer a positive risk-free rate? In this provocative paper, Chris Brightman argues that the death of the risk-free rate changes how we should think about monetary policy, investment models, long-term returns and portfolio allocations.Read more
Institutional investors rethinking asset allocation and portfolio construction processes
The world's top-tier of institutional investors is a heavyweight grouping with trillions of dollars under management. A new report from McKinsey, below, examines the future plans of these organisations, revealing a significant rethink of their asset allocation and portfolio construction processes.Read more
Selecting an index strategy - the top 8 recent papers
The last few years have witnessed significant growth in index investing by institutional investors seeking to benefit from the high transparency, low turnover, and low costs associated with passive investing. The papers below review the rise of index investing, examining its performance through market cycles and seeking to understand how investors can calculate the probability that active or passive strategies will outperform.Read more
Low yields in conventional asset classes have caused investors to seek out higher return assets. One of the beneficiaries has been Private Equity, which in 2015 raised a best-ever $185 billion of new money. But a recent paper by CEPR argues that investors have been unwise to allocate so much capital to private equity.Read more
1. Global Fixed Income Outlook (Goldman Sachs, August 2016)
2. Death of the Risk-Free Rate (Research Affiliates, July 2016)
3. On the road to recovery (JP Morgan, August 2016)
4. Implementing Factor Strategies in Corporate Bonds (Robeco, 2016)
5. Understanding the Credit Cycle (Loomis Sayles, May 2016)
6. Debt, Growth & Investment Returns: The Inconvenient Truth
It is important for investors to understand an inconvenient, unpalatable truth: investment returns will almost certainly be lower going forward than they have been over the prior decades. If investors don't take this on board, they risk mis-pricing risk and recklessly chasing yield. That is the advice of the first paper listed below, released earlier this month by MFS.Read more
The wealth management industry has some huge challenges over the next twelve months, with advisers needing to get to grips with disruptive new trends in social media and technology in particular. From a technology perspective, the ongoing rise of automation, such as electronic distribution platforms and robo-advisors, is likely to reshape wealth management distribution and disrupt the core operating model of many firms — for both institutional and retail business.Read more
The last quarter has seen some great papers published on alternative investing - here is our list of the top 10 papers. We've sneaked in an alternative investing paper from 2015 as well - Robeco's paper on illiquid assets - which has racked up over a thousand views!Read more
“Alternative beta” refers to risk exposures, commonly exhibited by hedge funds, which can be mechanically replicated (either long, short, or dynamically) as portfolio risk factors. If alternative beta factors can be identified which replicate the systematic exposures from successful hedge fund strategies (such as long-short equity, convertible bond arbitrage and merger arb) then in theory these "alternative beta" exposures could become investable propositions, either as stand-alone products, or as portfolio risk factors. Here is our listing of the best "alternative beta" papers.Read more
Britain's historic vote to leave the EU will unleash a wave of change impacting the asset management, investment banking and pensions industries. This selection of Brexit white papers examine the implications for the UK and European investment industries.Read more
A stunning BBC / ComRes poll reported last night that 66% of Brits believe that maintaining access to the single market is more important than controlling immigration – an overwhelming 2:1 majority. If this view is accepted by those negotiating the UK’s exit from the EU, this could have significant implications for the pound and for UK equity sectors.Read more
Events of the recent weeks have given economists, asset allocators and portfolio managers plenty of food for thought. A flight to quality following the UK's Brexit vote has seen low bond yields even more firmly embedded, whilst US and European monetary policy now seems to be heading in different directions. Here is our selection of some of the best research examining the investment outlook for Q3.Read more
What are the key investment policy issues currently occupying the minds of institutional investors? In the short-term, of course, it may be difficult to look beyond market volatility and the implications of BREXIT. But in terms of investment policy, a helpful new survey from Pioneer Investments identifies investors' top policy issues: capital protection, alpha generation, income generation, volatility mitigation, goal-oriented strategies and multi-asset solutions.Read more
1. The Future of Asset Management (Robeco, 2016)
2. Understanding the illiquidity risk premium (Willis Towers Watson)
3. BREXIT: Implications for the UK financial services sector (PwC, 2016)
4. Front Office and Asset Management Salaries 2016 - New Surveys
5. Smart Beta - Global Survey of Asset Owners (FTSE Russell, 2016)
6. Factor Investing: From Traditional to Alternative Risk Premia (EDHEC)
New research from PIMCO suggests that U.S. Commercial Real Estate values could fall by 5% over the next 12 months, driven down by stock market volatility, regulatory pressures and a drying up of overseas capital. Could this be a pattern for commercial property values around the world?Read more
The UK is facing an unprecedented political crisis. The June 23rd referendum vote ended with a win for "Brexit". But according to these recent articles on Savvy Investor, a Brexit from the EU is not at all guaranteed.Read more
Understanding the illiquidity risk premium (Willis Towers Watson, June 2016)
Illiquidity risk is a potentially appealing means of generating additional yields in a low-return world. The authors of this 10-page document discuss three different dimensions of illiquidity risk premium that investors should demand for a given asset.
Savvy Investor is the world's leading knowledge network for institutional investors, with 12,000 members, a research library containing 12,000 white papers, and an entire section of the site dedicated to curating the best new, research and white papers on insurance asset management.Read more
The final EU Referendum result has been announced. Read our most recent, popular papers on the subject here.
What is the probability of BREXIT? In the run up to Britain's EU Referendum poll on June 23rd, you can keep abreast of the latest polls and probabilities here. We'll keep the scores updated day-to-day. We'll record the scores of three "polls of polls" and three measures of implied probability.Read more
In May and June we've had some excellent papers uploaded to the site. Including separate surveys of large- and medium-sized DB pensions schemes. We also have a couple of first-class publications from consultants covering the current issues of interest to UK pension funds, plus some other timely and insightful research papers.Read more
How should investment policy be framed to adjust to the realities of a low yield landscape? Some investors may respond to low beta by moving further out the risk curve or by paying more attention to alpha. Many will increase allocations to alternatives, including illiquid assets. Others will adopt a more dynamic approach to asset allocation.Read more
How technology and megatrends are reshaping the investment industry
The asset management industry is set to undergo a period of transformative change. Demographic and regulatory trends have imposed gradual change in recent years, but technological developments are now injecting real urgency into the equation.
In the last ...Read more
The smart beta philosophy continues to gain ground amongst institutional investors. The speed of adoption of factor investing strategies has been impressive, with papers on these topics consistently amongst the most popular on the Savvy Investor site.Read more
The Global Outlook: Stable But Not Secure (PIMCO, June 2016)
PIMCO's investment professionals recently gathered to discuss and debate important questions about the stability of the global economy. Conversations covered central bank activity, China, political populism and other risks. Good investment opportunities remain, but investors must be mindful of heightened uncertainty and policy exhaustion.
Whether it's the size of AUM, the level of investment returns, or the size of our salaries, there is a certain fascination about comparing, contrasting and seeing league tables of where we stand. So it was no surprise recently to see the popularity of this table showing the world's largest investment consultants, ranked by assets under advisement.Read more
As a former asset allocator myself, I find the current investment environment fascinating. From a monetary policy perspective, we are in uncharted waters. It's difficult to assess the "correct" levels of market valuations, and difficult to know the extent to which prices are skewed by the impact of QE.Read more
Savvy Investor is a major new knowledge network with a focus on curating the best pensions and investment white papers and articles, news and blogs from around the web. These were our most viewed and trending papers from the last month:Read more
Capital has been exiting emerging markets over the last two years, driven by lower growth expectations and the prospect of higher interest rates in the US. But now, there appears to be a fundamental change occurring in emerging markets. What are the indicators - the signposts - that investors need to see, in order to believe that capital should be committed to the asset class?Read more
How should a Pension Fund or other Asset Owner approach the process of selecting an investment manager? What are the hallmarks of successful managers? What are the characteristics that trustees should be looking for? On Savvy Investor, you'll find a whole section of the site devoted to the Fund Manager Selection process. Here is a selection of some of the best papers on the subject:Read more
In the US and UK, investment consultant recommendations drive the vast majority of institutional investor relationships with asset managers. Getting onto a consultant's short-list and staying there is fundamental to a firm's success, and the role of consultant relations staff is crucial.Read more
How does your organisation measure risk? Do you measure portfolio diversification separately from portfolio risk? Or do you bundle it all into a single measure? The last few months have thrown up some great research to challenge your approach to managing and measuring portfolio risk. Some of these papers should be required reading for portfolio managers.Read more
At Savvy Investor we’re always on the lookout for great content, and our vast research library contains some of the world's best quant papers. But we don't often read much about the dangers of bad quant practice. So we were pleased to come across this infographic – “The Seven Deadly Sins of Quantitative Data Analysts” – by Quandl, a Toronto-based financial data company.Read more
A recent survey by MSCI suggested that institutional investors were relatively relaxed about the upcoming referendum, despite the likely market consequences of a BREXIT vote. The probability assigned to BREXIT, for instance by reference to spread betting, has tended to move within a range of 20-35%. But are investors too relaxed about the outcome?Read more
The landscape delegated investment management services has evolved considerably in the last few years, and pensions and endowment trustees have a range of factors and providers to consider. Here are some of the best papers that we've curated on the Savvy Investor site.Read more
Value Investing - staying the course after the "harsh winter"
Oh, the fickle finger of style investing! Value has outperformed growth for most of the last ninety years, but the last 10 years have on the whole been painful for value investors, with 2015 being particularly harsh. But is the tide now turning? In the last month, some great papers have been published on the value versus growth conundrum. Here are some of the best:Read more
May 2016 Global Investment Outlook
The US economy appears to be recovering from its prolonged slowdown, but the tone of many strategists remains cautious in the medium-term. Papers featured in this list include contributions from Nouriel Roubini, Gavyn Davies, Bill Gross and Byron Wien.Read more
Challenges for Canadian DB Plan Sponsors (Northern Trust)
Sponsors of Canadian DB pension plans face numerous challenges staffing and resourcing a pension function that is generally not a core competency for the organization. The Northern Trust team was curious to find out what challenges are top-of-mind for these sponsors, given the ongoing changes in the regulatory and investment environment.
1. Is Smart Beta just Monkey Business? (EDHEC-Risk Institute)
The “Monkey portfolio” proposition is that smart beta strategies can be deployed naively, with the assurance that all such strategies will add value. EDHEC's research suggests otherwise, with many smart beta strategies having exposure to other factors. The authors warn that care is needed to avoid over-extrapolating the implications of a particular test specification of a smart beta strategy into a wider setting.Read more
A question for DB plan sponsors: To LDI or not to LDI (Vanguard)
This paper briefly compares the experiences of two different defined (DB) clients. One client chose LDI and the other, having initially considered LDI, decided not to adopt it. Philip C. Daubney compares these two experiences in both rising and falling rates environments, and both strong and weak equity markets. He considers the effects of the actual market environment not just on assets, but on the funded status of the plans.Read more
The Rise of Factor Investing – is it just monkey business?
According to a recent BlackRock survey, nearly two-thirds of institutional investors have increased their use of factors – the broad “drivers” of risk and return - in the last few years. But like any other investment process, factor investing strategies must be selected – and deployed – intelligently. The factors selected should be robust and persistent, and implemented efficiently at reasonable cost.Read more
Can Active beat Passive over the long-term?
Over the last year, there has been an increased focus on whether active management can beat passive over the long-term. After examining recent relative returns and the impact of fees, an increasing number of investors have been defaulting to an index approach. But how should institutional investors make this call, and how can they assess which active managers are likely to create long-term alpha?Read more
Access The World’s Top Investment Research and White Papers
Savvy Investor is a free resource hub and research library for institutional investors. We curate the world’s best investment papers, enabling asset managers, asset owners and investment consultants to stay abreast of the best white papers and thought leadership, within their specific areas of interest.Read more
SAVCA 2015 VC Survey - Private Equity in Southern Africa
This SAVCA survey follows similar studies conducted by the association in previous years. It aims to create greater understanding of the South African venture capital industry. It covers VC-type deals made by private and public fund managers as well as by public-funded entities.Read more
Global Investment Outlook Q2 2016 (BlackRock)
Strategists from BlackRock's Investment Institute Outlook examine the global economic and financial outlook. Fears of a global recession have waned since early 2016 and the authors argue that this, combined with the slow pace of US interest rate increases, stabilizing growth and the dimming of dollar strength, bodes well for markets near term.Read more
Applying ESG data to the investment process
Year-on-year, there is increasing pressure - both moral and commercial - for asset owners and investment institutions to consider seriously their wider responsibilities toward ethical and sustainable investment. With respected organisations such as the World Economic Forum and the UN championing the cause, an increasing number of investors are accepting ESG factors as an important component of successful long-term decision making.Read more
Here are the some of the papers most popular with investment marketers, so far in 2016. Register today for free access to all research.
How can Fintech facilitate fund distribution? (Deloitte, March 2016)
Fintech is proving to be an asset management industry game changer. This report describes the impact this recent phenomenon is having on the industry distribution model and the strategies to be adopted by key players.
Fat-tail frequencies and the new non-normal: how volatility extremes skew returns (Hermes, March 2016)
This paper from Hermes suggests that market volatility follows a broad pattern alternating between higher and lower volatility, with measurable impact on returns. Different volatility regimes suggest different risk management strategies and different tools for managing extreme risks.Read more
Endgame Portfolios and the Role of Credit (LGIM, 2016)
Pension schemes are maturing and an increasing emphasis is being placed on the endgame. With the majority of pension schemes closed not just to new members but also to future accrual, this “endgame” involves either transferring liabilities and assets to an insurance company or other third party (buy-out), or alternatively running them off (self-sufficiency).
Global Investment Outlook – April 2016 Research
JP Morgan Guide to the Markets (Q2 2016)
This excellent 70 page chart-book from JP Morgan is packed with tables and graphs showing economic indicators, growth and inflation dynamics and metrics for global asset classes. This is the latest in a regular series of quarterly reports.
These were our most viewed and trending papers from March 2016:
1. Expected Returns on Major Asset Classes (Antti Ilmanen)
2. Robustness of Smart Beta Strategies (EDHEC-Risk Institute)
3. Multifactor Indexes: The Power of Tilting (FTSE Russell, 2016)
4. Front Office and Asset Management Salaries 2016 - New Surveys
Smart Beta strategies are possibly the investment idea of the decade. The speed of adoption of risk factor models has been impressive, and many of the most-read papers on Savvy Investor are those which tackle issues surrounding smart beta and factor indexes. When designing a smart beta strategy for your portfolio, there are many different questions to consider...Read more
Is it time for institutional investors to abandon hedge funds?
Over the last five years, hedge fund indices have underperformed global equities by 8% pa. Active managers in general have been struggling, whilst “passive” alpha-seeking strategies such as smart beta have been gaining ground.Read more
How to calculate expected returns on major asset classes
Asset allocation is the most important contributor to investment returns, and a reliable framework for timing the market is the "holy grail" of investment analysis. To what extent is market timing possible? How useful are risk premia and measures of market valuation? Can they be used to harvest alpha over the long-term?Read more
Private Equity - the top 10 white papers so far in 2016
Global Private Equity Report 2016 (Bain & Company)
The authors of this 64-page paper examine the state of the PE industry over the last year, and their expectations for the next ten. It examines the deal-making marketplace, fund-raising, new private equity strategies, LP demand and GP supply, the backdrop for exits, and the outlook for PE returns, among other issues.
Here is a selection of the best papers on the investment outlook as at March 2016, with contributing firms including PIMCO, BlackRock, Janus Capital and Pioneer Investments.Read more
A framework for institutional portfolio construction (Vanguard)
Institutional investors typically pursue one of four investment goals: liability-driven investment, total return, absolute return, or principal protection. Generally, they choose from four different investment approaches: traditional active management, market-capitalization exposures, static tilts, and alternative investments. Given these potential goals and approaches, this document considers which are the best for investors building their portfolio.
Here is our list of the 16 most popular and trending papers from February:
1. A Comprehensive Framework designed for Goals-Based Wealth Management (EDHEC)
2. A Framework for Institutional Portfolio Construction (Vanguard)
3. Front Office and Asset Management Salaries 2016 - New Surveys
This week, UK Prime Minister David Cameron announced a date for the referendum vote on the UK’s membership of the European Union. Frenzied debate and a dramatic fall in sterling followed. The “Brexit” choice poses some serious questions for investors and the long-term health of the UK economy, particularly the City of London. Fluctuating opinion polls suggest that a vote to leave the EU is entirely possible, with UK bookmakers currently assigning a 30% probability to such an outcome. Here is our list of the latest “Brexit” research papers on Savvy Investor.Read more
Here is our list of some of the papers which have been most popular with our UK Pensions members over the last three months.
Global Pension Risk Survey 2015 - UK Findings (Aon Hewitt)
Part of a larger, global report, this UK analysis reveals that the number of defined benefit plans implementing more robust pensions risk solutions continues to increase.
Here is our list of some of the papers which have been most popular with our US Pensions members over the last three months.
2015 Defined Contribution Plan & Fee Survey (NEPC)
This NEPC paper aims to help employers and plan sponsors understand the pricing and fee structures of their defined contribution (DC) plans.
Here are two recent papers that we highly recommend:
World Economic Forum - The 2016 Global Risks Report
This is a fascinating document, with a much wider perspective than most investment reports. It’s well worth 10 minutes of your time to skim the highlights of this 100 page paper, to gain a better understanding of both the global risks and global trends in the world economy today.
Goals-Based Wealth Management - Introducing a new Investment Framework (EDHEC)
This paper develops a framework to be used by financial advisors. Allowing individual investors to optimally allocate assets to risk categories that are faced across all stages of life and segments of wealth, the framework achieves financial goals that are meaningful and relevant to the individual.Read more
2016 began with the worst January in recent memory, many risk assets appearing to be repriced indiscriminately. What is the outlook for the rest of 2016? Here is our appraisal of some of the best analysis.Read more
Savvy Investor is a new knowledge network site with a focus on curating the best white papers and articles, news and blogs from across the pensions and investment industry.
These were our most viewed and trending papers from the last month.Read more
The 60-page paper, titled: “Long-Term Investing – Portfolio Guide”, is the collaborative effort of nine global institutions: Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, BlackRock, Capital Group, New Zealand Superannuation Fund, GIC, Ontario Teachers’ Pension Plan, PGGM, and Washington State Investment Board.Read more
WINNER: State Street Center for Applied Research
This paper explains that, for investment professionals, true success lies ...Read more
This paper has been produced by the Australian Institute of Superannuation Trustees (AIST). It examines the current superannuation governance environment in ...Read more
WINNER: Cambridge Associates
Co-investing (or making direct investments in portfolio companies alongside a financial sponsor and at the invitation of the GP) is gaining favour, ...Read more
WINNER: Ernst & Young
This paper establishes a framework for the examination of de-risking strategies that are available in today’s market. The authors examine the tools available ...Read more
WINNER: Research Affiliates
Published in the Journal of Index Investing, this article argues that the academic literature is littered with a "zoo" of ...Read more
WINNER: Patpatia & Associates
This excellent 120-page report from Patpatia & Associates provides a comprehensive guide to investment practices and policies within ...Read more
Savvy Investor is a professional network for the pensions, superannuation and investment communities, curating the best research and white papers from around the world.
Here are some of the best white papers on the subject of superannuation governance:Read more
The top 15 investment white papers in December
Savvy Investor is a fast-growing knowledge network site with a key focus on curating the top pensions and investment white papers, articles, blogs and news from across the worldwide web.
These were our most viewed and trending papers from the last month:
Happy New Year! How will 2016 play out? Will the US fall back into recession in response to tighter monetary policy? Will wage pressures return and inflation re-awaken? Will bond yields rise with the reversal of QE? Can high PEs around the world be sustained?Read more
Smart beta, scientific beta, factor models, fundamental indexation.....
Whatever you want to call it, smart beta strategies are trending. In the space of a few years, the smart beta philosophy has won over hearts and minds in the investment world. The number of smart beta products - indexes, ETFs and manager strategies - is growing ...Read more
Since we launched in March 2015, the Savvy Investor site has been an instant hit with UK Pension Funds and other institutional investors. Here are some of the most popular white papers for UK Pension Funds, so far in 2015.Read more
Hedge Fund Manager Selection is a crucial part of the investment process, requiring skill and knowledge. For those with responsibility for oversight of a multi-asset fund, the decision to make an allocation to hedge funds is relatively straightforward. Selecting the right hedge fund strategies and the right manager is far more difficult.Read more
What if we live in a low-return world? Implications for US pension funds (JP Morgan, 2015)
The first section of this paper examines long-term economic and demographic trends. It discusses the outlook for long-term interest rates and capital market returns. The second section explores the portfolio implications of the market backdrop, plus possible investment strategies.Read more
We've curated a range of papers on European pension funds. Here is a flavour of some of the best papers:
European Pension Funds (including UK) make up 28% of the ...Read more
Some of our most popular short papers on the fixed income investment process cover the subjects of either absolute return fixed income, or unconstrained fixed income investing.Read more
There are many factors driving asset prices and equity market valuations. Some influences are temporary - a political scare, a flurry of M&A activity or a technical rally. Some factors are driven by the business cycle, such as company earnings or bond yields. Other factors may be part of a secular trend, for instance the profit share of GDP, the level of stock buy-backs, or forces driving the asset allocation decisions of large institutions.Read more
In the last few months a number of heavyweight reports have been released by consulting firms, assessing the hedge fund business environment in 2015-2016 and recommending business imperatives to be taken by managers. We highlight some of the best, from the likes of KPMG, PwC, Towers Watson, Deloitte, SSGA and Citi.Read more
If they are to serve their employees well, DC plans must be well designed and well communicated, successfully persuading all employees to take their future financial security seriously, and to make their DC pension plan a priority. In this post we highlight some of the best papers that addressing the question of DC plan design and education.Read more
You’re probably aware that Savvy Investor is the world’s fastest growing professional network for institutional investors. Something you may not have heard, however, is that we’ve reached another milestone - Savvy Investor now has over six thousand members! Since March, the team has been working hard to spread the word, letting institutional investors know about this new resource.Read more
In a recent article for the CFA, I discussed the results from four major asset managers that publish their long-term return forecasts. Three of the four institutions share a broadly common view on the expected returns from the major asset classes. However, the estimate of long-term US equity returns from Research Affiliates is distinctly different from those above. We explore the reasons...Read more
Data is growing fast and many investment analysts believe this has the potential to transform modern economics, driving innovation and giving a competitive edge to those who are able to harness its power. Many asset management companies, hedge funds and proprietary traders are already investing to find innovative ways of using big data for investment research – and you can be sure that the best ideas will be closely guarded secrets.Read more
Forecasting future hedge fund returns is difficult. It doesn’t help that investment professionals and academics can’t even agree over historic returns, given the problems of survivorship bias and backfill bias. “Survivorship bias” is the tendency for dead funds to be excluded from measures of historic performance. Failed funds have, on average exhibited much lower returns than surviving funds. Depending on which hedge fund studies you place most faith in, this means that historic hedge fund index returns are overstated by 3-8% pa. “Backfill bias” is similar, in that it will tend only to be successful hedge funds that join an index, at which point they will provide the index provider with data of their historic returns.Read more
Savvy Investor curates the best investment research and white papers from around the web. These were our most viewed or trending papers from October 2015...Read more
The private wealth management industry has some huge challenges over the next 12 months, with advisers needing to get to grips with new trends in social media and technology in particular. From a technology perspective, the ongoing rise of automation, such as electronic distribution platforms and robo-advisors, is likely to speed the evolution of wealth management distribution and disrupt the core operating model of many firms — for both institutional and retail business. Here we select some of the best white papers on these topics...Read more
Interest in hedge fund replication appears to be re-awakening. Perhaps stirred by the popularity of smart beta and factor models in general, alternative beta strategies are receiving more attention, and recent months have seen the launch of a number of new hedge fund replication ETFs. Therefore, it seems an opportune time to review the best papers and research on hedge fund replication and alternative beta.Read more
An introduction to dark pools - should you be afraid of the dark?
A dark pool is a private, off-exchange venue for stock trading, not accessible by the general public, and where trade details are confidential. The proportion of trades conducted within such forums has surged in recent years, with a significant portion of all stock trading now taking place in such ...Read more
A number of our most popular private equity papers explore the issues around secondary investments in private equity. Here are three of the best:
This ...Read more
The Savvy Investor Research Team has curated a wide variety of excellent papers which seek to identify market anomalies that can be used to generate alpha. The research includes seasonal factors, mean-reversion, earning surprises, intra-day momentum, sentiment indicators, size factors, buyback anomalies and technical analysis.
Academic research listed in our third paper below ...Read more
The Savvy Investor Research Team has curated a wide variety of excellent papers on SWFs. Here is a taster of a few papers, but please click through for the full list:Read more
The Savvy Investor Research Team has curated a wide variety of excellent papers on the stock selection process, with papers that cover valuation, risk factor models, the informal value in buybacks, size and momentum factors, earning surprise indicators and others.
Here is a taster of a few papers, but please click through for the full list of stock selection papers.Read more
Our most popular "risk management" papers appear to be those which challenge users in their methodologies for risk measurement and management.
Here is a small taster of three of these papers:
This ...Read more
Asset managers continue to face significant regulatory challenges. Many of these new regulations are significant and will cause upheaval and change in the sector. Savvy Investor has curated many of the best papers from around the web.
Three of these are shown below, but please click through for a full listing:Read more
The Savvy Investor Research Team has curated a large number of Commercial Real Estate white papers, including a number which focus on REITs (Real Estate Investment Trusts). A few of these are listed below:Read more
One of the key tensions in generating alpha is the trade-off between "value" and "momentum". Which of these works best in each asset class and in each market environment? And how do you define these variables?
The Savvy Investor Research Team has curated some of the best white papers on the subject; here is a taster:Read more
Some of our most-read wealth management white papers are those which examine how the industry will change in the coming years.
Here are three reports which examine the future of the wealth management industry:Read more
Many of our most popular DC pensions ask what fund choices should be on offer.
Here are six papers which explore a variety of different fund ideas, including ETFs, Liquid Alts and Real Estate.
Index funds have become a popular ...Read more
Many of our most popular pensions white papers are on the subject of de-risking.
Here are some of the best:
This paper from E&Y develops a common framework to define the pension risk reduction ...Read more
We've curated a range of great papers on Canadian pensions. Here is a flavour of some of the best papers:
This 48 page document, from CFERF / Mercer, reveals that 60% of Canadian financial ...Read more
We've curated a range of papers on Australian superannuation. Here is a flavour of some of the best papers:
This 40 page report from KPMG examines the trends influencing ...Read more
We've curated a range of papers on pensions governance across the world. Here is a flavour of some of the best papers:
This 44 page document is aimed ...Read more
We've curated a range of great papers on Fiduciary Management and OCIO strategies. Here are some of the best:Read more
Secular trends can often drive investment markets for year after year after year. Understanding these trends, and figuring out whether they are set to reverse or continue, can be crucial to long-term investment success.
The Savvy Investor Research Team has curated numerous papers which examine secular or ...Read more
Savvy Investor is a global site with a special section for Middle East investors. Here is a flavour of some of the papers in that section:
This report is based on three years of research under the auspices of ...Read more
Infrastructure allocations for institutional investors typically focus on unlisted investment options, including direct investment and private funds.
Listed infrastructure, on the other hand, has traditionally been dismissed as more of an equity play - having greater volatility than private infrastructure and less control over the management of ...Read more
Amongst our most recently popular papers are those which examine liquid alternatives.
These regulated products with lower investment minimums, such as alternative mutual funds and UCITS, are on the rise, bringing with them newfound potential for smaller investors to invest in hedge funds.
Here are some of the best papers referenced on our ...Read more
Some of our most popular currency white papers are those which consider the user of factor models in managing currency exposures.
What works best: momentum, value or carry? A combination of all three? Or different factors in different environments.
These papers try to answer the key questions.Read more
What is Timberland Investing and should institutional investors be doing it?
Timberland, or Forestry, is a classic long-term investment, relatively uncorrelated with traditional assets, and therefore providing excellent diversification potential for long-term investors whose liabilities allow them to invest in illiquid assets.
Forestry Investment remains an asset ...Read more
What is a Family Office?
A Family Office may manage the assets of a single ultra-high net worth family. A multi-family office manages the investments of multiple UHNW families. Sometimes a multi-family office has grown out of an original, single family office. More often, the term "multi-family office" refers to a solution offered by a private, wealth management ...Read more
Papers exploring the practicalities of impact investing are amongst the most popular the ESG section of our site. Here is a taster of some of the most-liked papers:
This report follows a ...Read more
In the last decade, many Endowments have pursued what has become known as the "Endowment Model". Many were encouraged by very successful results from some of the top colleges and universities. But is the Endowment Model worth the hassle? Wouldn't a simple 60:40 allocation be simpler? Some of our most popular endowment papers explore this theme:Read more
Had you spotted that Former Fed Governor Bernanke began writing a blog last month? He covers some fascinating ground - and not without controversy! Here is a taster of some of his posts:
The Taylor rule is a ...Read more
Our experience is that Fund Managers appreciate papers which clearly describe practical ways of using derivatives to improve portfolio tradeoffs. Here are some of our most popular papers.Read more
We've curated a range of great commodity papers covering: super-cycles, value and momentum, seasonal effects, alternative beta in commodities, inflation hedging properties, explosive booms and busts. You can't claim to really understand the complexities of commodity investing until you've understood many of these features of the asset class.Read more
In the past few months we have curated a range of excellent papers on cleantech investing. Here are some of the best:
This 16 page study analyses the trends within the various different sectors of the ...Read more
In recent weeks, Investment Operations surveys and reports have ranked amongst our most popular back office. Here are some of the best:
This 25 page report ...Read more
In recent weeks, Hedge Fund and Private Equity surveys have ranked amongst our most popular alternative investment papers. Here are some of the best:
This 30 page report from KPMG, AIMA and the MFA follows from a ...Read more
The most viewed and trending papers on Savvy Investor from the last month:
This 15 page document from Michael Page sets out average compensation levels (salary plus bonus) for UK front ...Read more
Here's a roundup of some of the stories that have been popular on the Savvy Investor site in the last few days.
Recent news & blogs you may have missed:Read more
In the two months since Savvy Investor launched, we have been thrilled to see over 2200 institutional investors join up to the site. Users range from pension funds to investment consultants, asset managers to marketers, CEOs to social media managers.
These were our ten most viewed white papers on Savvy Investor in the last month:Read more
Two papers on Savvy Investor set out 2015 compensation levels (salary and bonus) across a variety of front office and investment management roles in the US and UK. Between them, the two surveys cover portfolio manager salary levels and investment analyst salaries for both equity research and fixed income; not only traditional fund manager salary levels but also ...Read more
It's just three weeks since our official launch. Already, over 800 members have joined; investment professionals from all over the world, mainly from pension funds, asset managers and investment consultants. We've seen some great pensions and investment white papers uploaded to the site. Here are our seven, most-viewed papers of March 2015.Read more