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20 Top Whitepapers from March 2019

By: Andrew Perrins, Chief Executive |
28 Mar 2019

Popular and Trending Papers from March 2019

Below you'll find Savvy Investor's selection of 20 top papers for the month of March. First off, Eaton Vance discusses the recent U.S. Treasury yield curve inversion and the risk of a recession in the United States. FTSE Russell looks at differences in factor valuation metrics, and Goldman Sachs Asset Management surveys DB pension plans of all 500 S&P companies.

We've also listed some significant papers on alternative investments in 2019, including Bain & Company's annual Global Private Equity Report, and an interesting take on hedge fund returns that looks at funds with high unobserved performance.

Does the yield curve really predict recessions? (Eaton Vance blog, Mar 2019)

In Q4 of 2018, the US Treasury yield curve flattened materially, which typically is considered an alarm about the future prospects for the U.S. economy. The yield curve has inverted prior to all five most recent U.S. recessions.

How US/China tensions could affect markets (Wellington Management, Mar 2019)

The US-China trade-related power struggle and China's quest for 5G dominance both may have implications for China's neighbors such as Vietnam, Taiwan, Japan, and India.

EM local currency bonds: investing in frontier markets (Capital Group, Mar 2019)

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

The idiosyncrasies of frontier markets may offer unique opportunities for informed investors. The authors discuss the specific challenges that exist within frontier local currency markets.

Factor Valuation Considerations (FTSE Russell, Feb 2019)

Much has been written about factor evaluation, but how are factors valued? This FTSE Russell paper covers factor differences in factor valuation metrics.

A contrarian view on Europe (Invesco, Mar 2019)

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

How is investor sentiment being affected by recently released economic data? What are the long-term growth prospects for the Eurozone? And currently, which areas appear to be most resilient?

Fleeting Alpha: The Challenge of Consistent Outperformance (S&P Dow Jones Indices, 2019)

This 9-page paper by S&P Dow Jones Indices studies the degree to which outperforming funds from one period continue to beat their benchmarks thereafter.

High-yield bonds and floating-rate loans: Is indexing a sensible choice? (Eaton Vance, 2019)

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

This study identifies and analyzes the sources of historical underperformance of index ETFs versus actively managed mutual funds in the high-yield bond and floating-rate loan fund categories, and examines whether such underperformance is likely to persist.

The Overlooked Persistence of Active Outperformance (Neuberger Berman, 2019)

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

By stripping away poorly performing funds from the universe of consideration, it is revealed that active outperformance has been fairly persistent, despite considerable headwinds.

Responsible investing: factor friend or foe? (LGIM, 2019)

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

Can environmental, social and governance concerns (ESG) fit within a factor-based portfolio? In this article, we tackle two issues: the inconsistency in methodologies for ESG scoring, and ways to integrate ESG considerations into factor portfolios.

A Survey of ESG Vendor Data: Strategies for Managing Score Differences (Axioma, 2019)

How consistent are the data sets that contain corporate ESG scores? Axioma examines four vendors, finding that while E-scores may be fairly consistent, the same is not true for the S and G components of the ESG matrix.

Swap spreads and their significance – past, present and future (NNIP, Mar 2019)

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

Yields can differ drastically between categories of fixed-income securities. One example of this is the swap spread between Bunds and interest-rate swaps. This paper looks in depth at historical swap spreads.

The shifting sands of wholesale (HSBC Global Asset Management, 2019)

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

Understanding Millennials is crucial for asset managers, advisers and distributors alike. This 18-page paper by HSBC Global Asset Management takes a closer look at this demographic and explores who they are, what they want, and what the implications for the investment industry might be.