20 Top White Papers from November 2020

Popular and Trending Papers from November 2020

November has been a momentous month for markets. Unexpectedly, the main event of the month has not been the US Election, but the announcement of three highly encouraging vaccine trials, triggering a market rotation/reversal (depending on your preferred description) of monumental proportions. 

This month's selection of top papers from November features a wide variety of topics, including the value factor, pension plan design, corporate credit, securities lending, globalization and emerging technologies. We finish with a few of the very first 2021 Outlook papers that have been uploaded to the site in the last couple of weeks.

Can Investors Still Believe in the Value Premium? (Lazard AM, 2020)

Value investors have lived through an extended period of challenging relative returns. This eminently readable eight page note from Lazard discusses the principles of value investing, the implicit risks and recent performance, before exploring the scenarios which might lead to a return of the value premium.

A Mostly Benign Outlook for US Inflation (Janus Henderson, Nov 2020)

For compliance reasons, this paper is only accessible in certain geographies

Investors would love a crystal ball to understand the impact that monetary and fiscal stimulus and COVID-19-induced supply-side distortions could have on the inflation rate. Janus Henderson tells us what they are watching and explains why they believe that a little inflation – but not a lot – is the most likely outcome.

Rethinking Market and Reference Data Management (SimCorp, 2020)

In this 14-page paper, SimCorp argues that buy-side firms need to adopt a new, more holistic approach to their data management.

Global Real Estate Outlook (M&G Investments, Nov 2020)

For compliance reasons, this paper is only accessible in certain geographies

COVID-19 has injected a huge level of uncertainty into the outlook for commercial real estate. In this global outlook, M&G examines the key themes impacting real estate investment.

Oil and Gas Companies: Navigating the energy transition (Federated Hermes, 2020)

For compliance reasons, this paper is only accessible in certain geographies

In this Q4 credit newsletter, the authors analyse how oil & gas debt issuers can best manage their businesses during the transition to a net-zero economy.

Building Resilient Portfolios for Uncertain Times (WisdomTree Investments, 2020)

For compliance reasons, this paper is only accessible in the UK & Europe

In an uncertain, low-yield world, how can investors create strategies which combine both downside protection and upside potential? This 40-page report from WisdomTree suggests a number of different approaches.

Water Disruption: Investment risk from multiple angles (Franklin Templeton)

For compliance reasons, this paper is only accessible in the EMEA region

Given its importance to humanity, it is surprising that water is such a misunderstood commodity. In this comprehensive report, Franklin Templeton provides insight into some of investors' knowledge gaps in the areas of water risk, water pricing, and markets.

Hydrogen Power – Enabling a virtuous decarbonisation loop (Candriam, 2020)

For compliance reasons, this paper is only accessible in certain geographies

Hydrogen technology is an area that is seeing renewed interest. In this paper, Candriam looks at hydrogen from the perspectives of environment impact and future development.

Indexing: Sustainable, simplified (iShares, 2020)

For compliance reasons, this paper is only accessible in certain geographies

In this 22-page presentation, iShares shows how investors can use indexed approaches to help drive sustainable outcomes.

The Evolution of Cities: Land – A valuable resource (First Sentier, 2020)

For compliance reasons, this paper is only accessible in the United States

In this 20-page report, the author explains the factors that drive land values around the world, with a special focus on shopping centre land values, technology, and the competition between physical and online retail.

Retirement at Risk (Jacobi, 2020)

Jacobi examines the design choices to be made around Target Date Funds and other lifecycle products for individual investors, focusing particularly on designs which enhance diversification and downside protection.

Corporate Credit – Delving into global corporate analysis (Metlife IM, 2020)

In this 11-page note, Metlife takes a dive into the deep analysis of corporate fundamentals, with a special focus on emerging markets, TMT, and commodity sectors.

Global Gold ETFs: A popular gateway to the gold market (World Gold Council, 2020)

For compliance reasons, this paper is only accessible in certain geographies

The World Gold Council discusses the growth of gold ETFs, which provide efficient allocations to the precious metal for both retail and institutional investors.

Generating Additional Returns from Securities Lending (State Street, 2020)

In a low interest rate world, every basis point of performance matters. In this 14-page document, State Street explains the fundamentals of securities lending and how it can be used to generate small, but important, additional returns.

Natural Language Processing: Shakespeare Without the Monkeys (Man Group, 2020)

This paper from the Man Institute provides a highly readable introduction to Natural Language Processing and its application to fund management.

Will Globalization Survive COVID-19? (UBS AM, 2020)

In this 36-page report, UBS AM explores the key drivers of globalization and asks how this will be affected by the pandemic. Historically, the emerging economies have benefited greatly from the globalization trend, so how will they be impacted by a trend reversal? The authors examine this question, as well as the impact of negative real rates and higher future taxation.

The Top 10 Emerging Technologies of 2020 (WEF)

This 26-page paper from WEF highlights ten emerging technologies with the potential to have great impact upon our health, society, and industry.

2021 Outlook – Market rotations in an uneven recovery (Amundi, Nov 2020)

For compliance reasons, this paper is NOT accessible in the United States

Presented in PowerPoint style, this 25-page presentation sets out Amundi's investment convictions for 2021 across the major asset classes and risk factors. The authors set out three different economic scenarios, each with different market implications.

2021 Investment Outlook Hub — Beyond the pandemic (PineBridge Investments)

PineBridge's 2021 investment outlook hub is the starting point for accessing their views for the year ahead. They highlight a combination of three Ps – the pandemic, politics, and policy – which will be critical to market outcomes in 2021.

Investment Outlook 2021: Tackling the trilemma (Robeco, Nov 2020)

This 30-page investment outlook sets out Robeco's views for 2021, for each of the major asset classes. In general, they believe that the year ahead will be a constructive one for risk assets, although much will be dependent on the rollout of a working vaccine to a large part of the world's population.