20 Top Whitepapers from February 2019
Popular and Trending Papers from February 2019
Below you'll find Savvy Investor's selection of 20 top papers for the month of February, beginning with an honest review of MiFID II that discusses some of its major drawbacks. Also, Robeco looks at factor significance over a very broad data set that stretches back over 200 years, and Michael Mauboussin of BlueMountain discusses the different types of market inefficiencies.
We've also included some significant papers authored by investment consultants, including Willis Towers Watson's annual study of global pension assets and Mercer's explanation of the diversity of multi-asset strategies. Has February made you shiver, with the extraordinary papers we've delivered?

MiFID II: One Year On (CFA Institute, 2019)
The survey findings presented in this report portray several drawbacks with the MiFID II regime for investment research. They suggest a competitive tilt favoring large firms as research budgets and profit margins come under pressure from client demands, increased competition, and business model disruption.
Applications of ESG to Securitized Assets (PGIM Fixed Income, 2019)
For compliance reasons, this paper is only accessible in the United States
How does ESG apply to the field of securitized assets? The PGIM Fixed Income team contends that ESG considerations, particularly social and governance-related issues, are integral to successful long-term investing in this asset class.
Value: A Practitioner's Guide (S&P Dow Jones Indices, 2019)
S&P Dow Jones Indices introduces the specific value-oriented metrics behind their Enhanced Value Index, along with backtested data and ways to use this index to potentially increase diversification and improve overall portfolio risk.
The inflation story: 2019 and beyond (Hermes IM blog, Feb 2019)
For compliance reasons, this paper is only accessible in certain geographies
As inflation levels are closely tied to the monetary policy actions of central banks, Hermes looks at the drivers of inflation in several global markets, including the US, the Eurozone, and Japan.
Good Credit Selection is Key to Good Returns in High Yield (Eaton Vance, 2019)
For compliance reasons, this paper is only accessible in the United States and Canada
The authors describe why they believe the selection of good credits will be increasingly important in US high yield.
Diversifying into Insurance Risk Premia (Neuberger Berman, Jan 2019)
For compliance reasons, this paper is only accessible in certain geographies
This paper by experts at Neuberger Berman explain how insurance-linked securities (ILS) can potentially improve the diversification in an institutional portfolio.
K2 Hedge Fund Strategy Outlook (Franklin Templeton, Feb 2019)
For compliance reasons, this paper is only accessible in the EMEA region
Franklin Templeton's Hedge Fund Strategy Outlook for this quarter recommends discretionary macro, long short credit, sovereign, and relative value fixed income strategies over others.
Consolidation of UK Defined Benefit Pension Schemes (PLSA, Feb 2019)
For compliance reasons, this paper is only accessible in the United Kingdom
Should UK defined benefit pensions be consolidated into superfunds? This paper presents the response of the PLSA, which is somewhat supportive of the superfund idea, provided certain stipulations are met.
Global Intelligence: 6 Investment Themes for 2019 (Manulife AM)
For compliance reasons, this paper is only accessible in the EMEA region
Manulife Asset Management offers 6 investment themes for 2019, tied together by the theme of emerging risks and how they should be managed.
Global Factor Premiums (Robeco, 2019)
This SSRN paper was authored by experts from Robeco's quantitative equity team. It examines a host of factor premiums across 200 years of data to determine to what extent p-hacking has taken place for factor significance.
Global Pension Assets Study 2019 (Willis Towers Watson)
Willis Towers Watson's latest edition of their Global Pension Assets Study looks at 22 major pension markets, covering over USD 40.1 trillion in pension assets. The study also examines the seven largest markets in more detail (US, UK, Switzerland, Netherlands, Japan, Canada, and Australia) which account for 91% of total pension assets.
Dividends and Buybacks - Facts and Fiction (Aswath Damodaran blog, Feb 2019)
In this blog post, noted academic Aswath Damodaran provides details about the reasons why stock buybacks have been utilised by corporations in recent years.
Asset & Wealth Management 2025: The Asian Awakening (PwC)
Growth in the APAC asset and wealth management industry is expected to rise faster than any other global region. PwC provides some interesting insights into the key trends within this industry.
Making Sense of Multi-Asset (Mercer, 2019)
Mercer attempts to provide some clarity to the range of options within the field of multi-asset strategies, including discussions of market directional or non-directional return drivers, dynamic asset allocation, traditional beta, and active management.
Private Investing for Private Investors (Cambridge Associates, 2019)
Cambridge Associates describes how family offices and asset owners have benefitted when they have opted to allocate large percentages of their total assets to private investments.
Hedge funds: A new way (Willis Towers Watson, 2019)
In addition to the poor returns that the hedge fund industry has delivered in recent years, it faces a number of structural headwinds. The authors discuss a new model for hedge funds, focusing on product design and manager fee structures that work well for all parties.
Market Efficiency: Who is on the Other Side? (Michael J. Mauboussin, 2019)
When trading, knowing the specific source of the inefficiencies that you are trying to capitalize on is important. This paper categorizes market inefficiencies as either behavioral, analytical, informational, or technical.
Global risk management survey, 11th edition (Deloitte)
Deloitte's 11th risk management survey looks at risk management practices in the financial services industry. 94 financial institutions responded to their global survey, representing over USD 29 trillion in assets.
UK Asset Management Market Study - final rules and guidance (FCA, Feb 2019)
For compliance reasons, this paper is only accessible in the United Kingdom
In this statement, the FCA sets out their guidance for fund objectives and the presentation of investment benchmarks for the UK asset management industry.
Global Monitoring Report on Non-Bank Financial Intermediation 2018 (FSB)
This comprehensive 100-page paper from the FSB covers the global shadow banking sector, which is now referred to as NBFI, or Non-Bank Financial Intermediation.