Global Strategy Outlook

The top 12 white papers in October 2015

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These were our most viewed or trending papers from October 2015:

1. Factor Investing: New Paradigm or Marketing Fad? (Edhec)

This bumper 200 page document examines the relative efficiency of standard methods of practical implementation of factor investing, based on widely-used factors in the fixed income, commodity and equity universes.

2. Investing in illiquid assets: A review (Robeco)

What are the benefits of investing in illiquid assets? What level of liquidity premium should investors demand when investing in illiquid assets? And what is achieved in reality? Robeco sets out the pros and cons of investing in an illiquid assets, examining the theoretical and empirical evidence.

3. Long-Term Capital Market Assumptions 2016 (JP Morgan)

This comprehensive 80 page report reveals the thought process underlying JP Morgan's long-term forecast returns for all major markets and alternative asset classes. The report begins with some interesting articles on thematic trends and issues, before discussing the assumptions, rationale, methodology, forecast returns.

4. Front Office and Asset Management Salaries - 2015 survey results

A variety of detailed reports revealing compensation levels across a multitude of investment management roles in the UK, US, Canada, Asia and Australia.

5. JP Morgan Quarterly Guide to the Markets (Q4 2015)

From JP Morgan, a detailed quarterly assessment of global markets; in pictures, and replete with numerous tables and charts. One of the most popular global strategy documents around, with versions available for US, European and Asian investors.

6. Only an investment bank could be this obtuse - why investors are ignoring weakening fundamentals (Tim Price)

Tim Price of Price Value Partners briefly examines a string of recent disappointing earnings results and expresses frustration at what he sees as a denial of the reality by the markets of systemic problems with the global economy.

7. The world's 300 largest pension funds (Towers Watson)

The world's top 300 pension funds now represent over 40% of global pension assets. This 40 page document from Towers Watson provides data for these funds, by type, region, plan type and asset mix.

8. Can Active Management Make a Comeback? (Neuberger Berman)

This 11 pager from Neuberger Berman addresses the issue of active-versus-passive investing. Many in the investor community are closely examining this relationship as they construct and manage investment portfolios.

9. Hedge Funds - A Dynamic Industry in Transition

Lo, Getmansky and Lee examine recent academic hedge fund research and supplement it with their own empirical evidence. They argue that apparent hedge fund returns are halved by survivorship bias and backfill bias.

10. The Five C's of Bond Market Liquidity (BlackRock)

This 8 page paper from BlackRock explores the price impact of changing liquidating fixed income assets. The paper examines five factors which determine the "price" of liquidity, and sets out a spectrum of bond market assets, from most liquid to least liquid.

11. Transforming World Atlas: Maps of Investment themes (BofAML)

Hugely interesting infographics illustrate favourite cyclical and structural global investment themes. These include the allocation of scarce resources including human capital, natural resources and financial capital.

12. Low Volatility Investing - Theory and Practice (Research Affiliates)

This report from Research Affiliates examines two approaches to constructing low volatility portfolios; the first using a minimum variance approach, the second using heuristic measures to screen out volatile companies. Simulated results are presented with varying constraints imposed.

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