Global Economic Outlook

Top Whitepapers of April 2018

The Most Popular and Trending Papers of April 2018

This month's top white papers list includes Callan's 'periodic table' of investment returns, AQR's application of style investing to the fixed income asset class, Swan's insights into the usage of options strategies within equity allocations, and the CFA Institute's survey of investor trust.

Savvy Investor

Can Absolute Return Protect Against the Comeback of Volatility (Intech, 2018)
(For compliance reasons, this paper is only accessible in certain geographies)
How can recent gains be preserved during the next wave of market volatility? This paper examines the ways in which absolute return strategies could protect on the downside while improving portfolio efficiency.

Overcrowding and capacity in factor-based investing: Should we be worried? (LGIM, Apr 2018)
(For compliance reasons, this paper is not accessible in the US and Canada)
Factor overcrowding and factor capacity are two different things – many investors confuse the two. LGIM attempts to separate these terms, providing clarity on the current state of factor investing.

BlackRock’s 2018 Guide to ETFs and Derivatives
(For compliance reasons, this paper is only accessible in the United States)
Efficiency, precise exposures, improved flexibility and low cost are all features that have contributed to ETFs assuming a more prominent role alongside traditional derivatives. 

Risk and Reward Q1 2018 (Invesco)
(For compliance reasons, this paper is only accessible in certain geographies)
This issue of Risk & Reward contains an interview with a New York VC on cryptotokens, as well as 2 articles on factor investing strategies, an examination of responsible investing in EMD, and a quant piece on econometric modeling.

ESG Factors in Global Macro Investing (Franklin Templeton, 2018)
(For compliance reasons, this paper is only accessible in the EMEA region)
This paper by Franklin Templeton investments reviews the importance of ESG factors in macroeconomic analysis through a series of specific case studies.

Q2 2018 Outlook & Review (QMA)
Rising trade tensions have interjected a new element of caution into an otherwise bullish outlook for 2018. Are recent protectionist moves mostly symbolic in nature, or could they be a tipping point towards graver global consequences?

Risk Analysis: What Are the Odds? (Axioma, 2018)
In this paper, Axioma focuses on risk analysis, specifically the risk and reward aspect of such analysis, and how investors can utilise this information in their risk budgeting process.

Pulling away: Inequality as an ESG risk (Fidelity International, Apr 2018)
(For compliance reasons, this paper is only accessible in the UK & Europe)
Fidelity International examines the distribution of wealth, status quo threats, and the emergence of inequality as a sustainability-related risk - at a company level and a macro level.

The Periodic Table Collection: Rankings of Assorted Indices and Strategies, Year-End 2017 (Callan)
These tables show a ranking of annual returns for each major asset class. The proxies for each asset class are market indices that are well-known and standard within the industry.

Monthly Market Monitor (Eaton Vance, Apr 2018)
Eaton Vance's Monthly Market Monitor reviews asset class data and economic data through clear, impactful charts and insightful graphics.

The Next Generation of Trust - A Global Survey on the State of Investor Trust (CFA Institute, 2018)
This CFA Institute report examines trends in investor trust and provides recommendations for investment practitioners on how to improve trust with clients.

Generation Income - looking beyond traditional real estate (Invesco, 2018)
(For compliance reasons, this paper is only accessible in certain geographies)
How can income be generated in a low-return environment? Real estate investors, may need to look beyond the well-known. This article looks at European hotels, income-focused US investments, and global securities to fill the income void.

US China Trade Dispute May Rankle Markets but Shouldn’t Derail Global Economy (Capital Group, Apr 2018)
(For compliance reasons, this paper is only accessible in the UK & Europe)
Tensions on trade policy between the USA and China have impacted a wide range of global markets, including stocks, currencies, and commodities.

Style Investing in Fixed Income (AQR Capital Management, 2018)
Little research has examined the efficacy of style-based investing in fixed income. Here, AQR summarizes a common framework (style-based) for the purpose of capturing excess returns for gov’t and corp bonds.

Intellectual Property as a Real Asset (Barings, 2018)
There is no one accepted definition of real assets. Past thinking on the subject has been limited by the attempt to reduce real assets to a single characteristic, such as the positive correlation to inflation or physical tangibility.

Regulatory Insights - a quarterly overview of EU legislative and regulatory developments (State Street)
This 64-page report by State Street Corporation provides detailed insights into important legislative and regulatory developments in the European Union - from MiFID II, to GDPR, to some of the regulatory implications of Brexit.

Low volatility investing: Standing out from the crowd (Invesco Europe, Apr 2018)
(For compliance reasons, this paper is only accessible in certain geographies)
The history of low-volatility investing is investigated, including the theory behind the concept, its present day relevance, potential overcrowding in factor strategies, and current opportunities.

IQ Magazine Spring 2018 - Life after easy money (SSGA)
In SSGA's Investment Quarterly magazine, CIO Rick Lacaille discusses the forces set to drive corporate performance as the age of easy money draws to a close. Other sections include US tax cuts, inflation risk, intangibles, and trade.

Long Term Interest Rates: Perfect Storm, Buying Opportunity, or Both? (PGIM, Mar 2018)
(For compliance reasons, this paper is only accessible in the United States)
​PGIM's Chief Investment Strategist addresses questions about interest rates, the impact of increased Treasury supply, monetary policy normalization in developed markets, the increasing Federal deficit, and a weaker U.S. dollar.

A Roadmap for Navigating Protectionism: The elevator and the staircase (BNP Paribas AM, Mar 2018)
Financial markets have endured increased volatility caused by US-China trade tensions and protectionist policies. BNP Paribas describes 2 trade war risk scenarios and presents a road map to navigate these potentialities.

ESG: Is it worth it? (Fidelity International, Apr 2018)
(For compliance reasons, this paper is only accessible in the UK & Europe)
Companies are increasingly taking ESG issues more seriously. What are the biggest ESG issues of the next decade? And does sustainable investing have to come at the expense of returns?

Optimizing Asset Allocation: Hedged Equity (Swan Global Investments, 2018)
Hedging can be a viable solution to managing market risk. Swan's Defined Risk Strategy hedges underlying positions with options and then uses other short-term options strategies to generate income to help pay for the cost of hedging.

related content

Feedback