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20 Top Whitepapers from June 2020

Popular and Trending Papers from June 2020

What kind of world awaits us as some countries emerge from lockdown? A less polluted one for sure, though how long that may last is up for debate as economies grind back into life. Perhaps we may also be in a new business cycle, with interest rates kept artificially 'lower for longer' and governments looking to infrastructure projects to combat high levels of unemployment after possibly one of the shortest, but among the deepest, global recessions.  

The list of 20 top papers for June includes the latest addition to the Savvy Investor lineup, a Special Report featuring insights and interviews on the subject of Climate Change. Other papers look at the prospects for the Real Estate sector post-COVID, and of particular interest to some investors may be the Rockefeller Philanthropy Advisors' Guidebook to Impact Investing. Do check out the range of insightful views and articles, but kindly note that due to content-specific geographical restrictions, not all 20 papers may be available in every region.

 

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Climate Change: The Next Most Pressing Threat (Special Report, 2020)

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

Savvy Investor’s first in a new series of Special Reports features interviews and papers on a range of topics that will be of interest to institutional investors. Up first, the crisis that is Climate Change.

Big Cycles Over the Last 500 Years (Ray Dalio, May 2020)

Ray Dalio presents the latest article from his ‘Changing World Order’ series in which he looks at the rise and subsequent falls in several empires and currencies, noting that China’s ascendency is just the latest in a long line.

Global Outlook: Real estate in a crisis (PGIM Real Estate, May 2020)

PGIM notes declining real estate prices due to the impact of COVID-19, but argues that there are still investors with long-term investment horizons seeking to invest in the asset class.

Guidebook to Impact Investing (Rockefeller Philanthropy Advisors, 2020)

Rockefeller Philanthropy Advisors has produced this in-depth guidebook to impact investing, featuring both frameworks and tools to better assist asset owners to ally their values with investments.

‘A New Platform Paradigm’ – Infrastructure that drives change (AMX, 2020)

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

In this piece from AMX they outline why institutional investors should consider asset pooling and platform models as measures to help counter both regulatory and increasing cost pressures.

Multi Asset: A total portfolio approach for a complex world (Amundi blog, Jun 2020)

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

Amundi suggests that more investors are likely to consider a total portfolio approach (TPA) as a result of weaknesses in strategic asset allocation (SAA) approaches, reinforced by the COVID-19 crisis.

ESG and Responsible Institutional Investing (CFA Institute Research Foundation, 2020)

Findings from this survey into ESG and Responsible Investment undertaken by the CFA Institute suggest investors are increasingly using non-financial data (e.g. carbon emissions, governance attributes) in their consideration of stocks within portfolios.

Private Markets 2020 (Blackrock, Jun 2020)

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

In this article, Blackrock suggests that investors should dispense with the asset class view towards private markets investing and adopt an approach comprising four key elements to best optimise a portfolio.

Global Social Infrastructure Finance Guide (Pensions Institute, 2020)

The Pensions Institute outlines its views on the prospects for social infrastructure investing, noting that the public sector will continue to be the main funding and financing source. They also suggest that given the diverse nature of the sector and with increasing interest in impact investing, ESG and sustainable investing, plenty of scope exists for investors to deploy different strategies.

Real Estate Outlook: Global overview (UBS AM, May 2020)

UBS AM expects some declines in real estate pricing as a result of the COVID-19 pandemic, with recovery largely dependent on 2nd wave outbreaks, the ending of lockdowns, and ultimately, a vaccine. Performance is likely to be patchy, with some sectors (logistics, data centres) proving resilient, while others (retail, leisure) bearing the full force of any downgrades.

Are Secure Income Assets Being Overlooked? (LGIM, May 2020)

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

In this short article, LGIM argues that investors may have overlooked some of the attributes of, and opportunities that exist within, private credit markets.

Rethinking the Role of Fixed Income in Retirement Savings (MFS, Jun 2020)

MFS argues for evolving fixed income allocations and risk management in target date funds, rather than focusing on the maximisation of returns.

Value in Recessions and Recoveries (Research Affiliates, 2020)

Research Affiliates notes the extreme levels of dispersion in valuation between value and growth, and argues, amongst other things, that irrespective of the cause of a bear market, Value, Small-cap and Quality tend to perform well during recoveries.

A View from the Midst of the Pandemic (Baillie Gifford, Jun 2020)

Baillie Gifford’s Mark Urquhart, head of Baillie Gifford’s Long Term Global Growth Team, offers his view for the next decade about the impact and implications of the COVID-19 pandemic for such diverse topics as technology, globalism and the role of the corporation in a more socially responsible world.

Asset Allocation: The long road to recovery (NN IP blog, Jun 2020)

NN Investment Partners updates their Global Investment Strategy in the light of continuing demand by investors for riskier assets, as lockdowns began to end. Real-time activity data has shown some positive signs, and economic policymakers, particularly in Europe and Japan, indicated that they were indeed willing to put in place additional recovery plans.

Cinderella Science? Why portfolio construction holds the key (Aviva blog, Jun 2020)

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

Aviva Investors investigates some of the intricacies involved in portfolio construction, highlighting some of the pitfalls that some investors may overlook in determining what constitutes an optimal portfolio.

Perspectives in Today's Real Estate Market: 23 June Update (Nuveen)

Nuveen Real Estate’s regularly updated insight into the Real Estate market takes a look into the disparity in performance between various sectors of the US real estate market. They suggest that trends already present ahead of the COVID outbreak (such as online shopping and retail restructuring) are likely to have been accelerated.

Resilience in Emerging Markets Debt (MFS blog, Jun 2020)

In this paper from MFS Investment Management, they look at recent and historical volatility in emerging market debt, and argue that the asset class is more resilient than investors might suggest, so meriting a strategic allocation.

Debt De-Risking (BIS, 2020)

This behavioural finance paper argues against the use of flexible or swing NAV pricing, particularly in underperforming funds during de-risking periods, as under normal conditions, corporate bond fund managers would tend to reduce risk in response to competitive pressure.

Back to Work: Office demand in a post-pandemic world (MetLife IM blog, May 2020)

MetLife IM examines the conflicting implications of a post-COVID-19 world on demand for office space. A push-pull effect may be seen, as permanent work from home edicts from the likes of Twitter may initially weaken demand. They do however note that several companies have already been revising layouts to include social distancing, which in turn may prove benefit demand for the office space.