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20 Top Investment Whitepapers from January 2020

January 2020's Popular and Trending Papers

Curated by Savvy Investor, the list of 20 Top Papers for the month of January 2020 once again covers a wide range of themes, including approaches to mitigate downside risk in portfolios, thematic investing and behavioral finance. Old favourites such as factor investing and ESG also make an appearance. Papers outlining the prospects for less conventional assets and industries also feature.

 Additional examples of leading institutional investor insights across a wide variety of topics are available elsewhere on the Savvy Investor site. 


E-commerce proliferation: New economy, same old returns? (JP Morgan AM)

JP Morgan AM investigates the proliferation of e-commerce in US markets, how it affects corporations, and how to invest in it via public and private markets.

Indexing Thematic Megatrends (Qontigo)

The STOXX thematic indices are dissected in this paper from Qontigo, identifying drivers of risk and unintended systematic return, and biases that investors need to consider.

Dynamic Strike Selection in Nasdaq-100 Short Put Spreads (Nasdaq, 2020)

Nasdaq outlines the benefits of short put spreads and highlights that dynamic strike selection can offer rewards.

Top Risks 2020: A tipping point (Eurasia Group)

Eurasia Group's annual forecast of the political risks that are most likely to play out in 2020.

Byron Wien & Joe Zidle: The Ten Surprises of 2020 (Blackstone blog)

Blackstone's Byron Wein and Joe Zidle continue their annual prognostication of unexpected events which could shape the political, economic and financial landscape in 2020.

The A-Z of Impact Investing (PEI)

Private Equity International provides a helpful guide to what is meant by 'impact investing', its aims and ambitions.

Raising the bar — impact investing in a changing world (Nuveen)

In this report, Nuveen outlines the results of a decade-long program which has seen them invest over $1bn in impact investing projects.

ESG financial materiality: Integrating ESG into fixed income investments (HSBC AM)

HSBC AM looks at the risks and opportunities of integrating ESG factor investing in fixed income investing.

Markets celebrating, but factor investors not so much (Qontigo, Jan 2020)

In this report, Qontigo looks at market and factor returns in 2019, noting that on most measures, risk fell markedly over the year.

Value, Momentum and Mean Reversion in Factor Returns (MFS IM, 2020)

MFS IM investigates the wide range in factor returns in 2019, and suggests that mean reversion is likely based on historical measures.

Why go global when investing in corporate bonds? (Capital Group)

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

In this Capital Group paper, the authors discuss why investors might want to adopt a global approach when investing in corporate bonds rather than remaining focused on purely regional strategies.

Long-Term Outlook 2020-2023 (Aegon AM)

Aegon offers their annual Long-Term Outlook paper in which they outline their views out to 2023.

2020 Global Alternatives Outlook (JP Morgan AM)

JP Morgan presents its second annual report into alternatives asset classes. The report offers suggestions as to how the use of alternatives may help in portfolio diversification, while also offering the income and alpha generation potential that investors demand.

Global Macro Trends: Play Your Game (KKR, Jan 2020)

KKR's 60-page report suggests that investors look for opportunities within the middle of markets, avoiding both the high valuations placed on the top decile of stocks, nor being lured into the potential 'value traps' offered by the bottom decile, which face significant, mainly structural, challenges.

S&P 500® Low Volatility Index: Five Decades of History (S&P Dow Jones Indices, 2020)

S&P Dow Jones Indices presents its extended returns history for one of the widely followed low volatility benchmarks—the S&P 500 Low Volatility Index—back to February 1972.

Performance Attribution: History and Progress (CFA Institute Research Foundation)

This CFA paper investigates the development of performance attribution from the Fama Decomposition in the 1970's to the more detailed models of today. Various types of attribution are discussed, including returns based, holdings based, and transaction based.

Institutional Gold! (PGIM Institutional Advisory & Solutions)

PGIM Institutional and Advisory examines the use of gold in institutional portfolios, primarily as a hedge and portfolio diversifier.

Behavioral Finance: The Second Generation (CFA Institute Research Foundation)

In this publication from Meir Statman and CFA Institute, the 'second generation' of behavioural finance is outlined, which identifies people as having 'normal' wants, rather than being economically 'irrational,' which is how the first generation of behavioral finance described them.

Insurance roadmap: Three keys to success (Wellington Management, Jan 2020)

Wellington Management's Multi-Asset Insurance Strategist Tim Antonelli presents his 2020 roadmap for insurance clients, whom he suggests need to be mindful of three key issues, namely: (i) downside risk mitigation (ii) climate risk, and (iii) exposure to the junk end of the corporate debt market.

FX Wars, currency wars and money wars: USD vs. EUR vs. RMB vs. … (Amundi AM, Jan 2020)

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

In this paper, Amundi AM investigates the prospects for the world's major currencies, while also reviewing some of the newer iterations of quasi-currency developments in the digital space.