All topics

Top 20 Whitepapers of October 2018

The Most Popular and Trending Papers of October 2018

This month's list of top whitepapers covers a lot of ground, as the diverse selection of papers listed below reflects the broad interests of our membership base.

Check out a new Asset Owner Survey from bfinance, CFA Institute's take on dual-class shares, Swan's primer on the utility value of options strategies, Invesco's description of the effects of IR 4.0, or other papers below on factor exposures, artificial intelligence, and global interest rate trends.

top papers Oct 2018

Can U.S. midterm elections move markets? 5 charts to watch (Capital Group, 2018)
(For compliance reasons, this paper is only accessible in certain geographies)
How do midterm election results typically affect the U.S. equity markets?  Capital Group looks at historical S&P data going back 85 years in order to examine this relationship, yielding 5 key takeaways.

Insurance Edge: Insights for Insurance Investors (JP Morgan AM, Oct 2018)
JP Morgan Asset Management's 'Insurance Edge' is intended as a quarterly newsletter that delivers insights that are specifically relevant to insurance investors. 

Asset Owner Survey: Innovations in Implementation (bfinance, 2018)
bfinance's 2018 Asset Owner Survey sheds light on the challenges that asset owners face, and also covers insight into new asset classes, factor investing, ESG integration, diversification practices, and the role of specialist consultants.

Asset Allocation Committee Outlook 4Q2018 (Neuberger Berman)
(For compliance reasons, this paper is only accessible in certain geographies)
Neuberger Berman discusses takeaways from its recent Asset Allocation Committee meeting, including divergence between developed and emerging markets, as well as other themes. 

Understanding the Diversity of Options Strategies (Swan Global, 2018)
Swan Global's primer on options strategies explains how options function and how they are used in hedging, income strategies, and alpha generation. 

Industry 4.0: Ghosts of disruption past, present and future (Invesco, 2018)
IR 4.0 may involve radical changes to global economics due to the ability of technological advances such as AI and automation to supplant 'labour' with 'capital.' 

BlackRock's Geopolitical Risk Dashboard (BlackRock, Oct 2018)
(For compliance reasons, this paper is only accessible in the United States)
BlackRock's Geopolitical Risk Dashboard presents the top 10 geopolitical risks at present over the past month and explanations of why they may be waxing or waning on investors' minds.  

Step Optimization and Portfolio Design (Jacobi, 2018)
Constrained portfolio optimization processes may not result in new information.  Step Optimization may be a technique that improves upon the traditional approach. 

Sustainability in Credit Under the Spotlight (MFS blog, Aug 2018)
In this article, Lior Jassur, Director of Fixed Income Research for Europe at MFS, discusses ESG investing and ESG integration within MFS fixed income teams, as well as several case studies. 

Lower Range to Drive Stealth Bull Market in Bonds (PGIM Fixed Income, Oct 2018)
(For compliance reasons, this paper is only accessible in the United States)
Has the bearish case for interest rates in developed markets strengthened, or does a 'lower for longer' thesis make more sense, given various macroeconomic factors? 

Responsible Investing: Facilitating Change via Shareholder Advocacy (Calvert)
(For compliance reasons, this paper is only accessible in the United States and Canada)
As a tenet of their responsible investment policy, Calvert advocates engaging with companies in order to actively bring about changes in their management practices.

Factor Indexes and Factor Exposure Matching (FTSE Russell, 2018)
In this 36-page paper, FTSE Russell constructs two portfolios with different holdings but mimicking factor exposures in order to examine the source of their returns.

How technology will revolutionize asset management (AB, 2018)
(For compliance reasons, this paper is only accessible in North America and South America)
Fixed-income analysis, execution, and portfolio management practices could benefit greatly from an increase in the pace of financial innovation and from the adoption of new financial technology. 

Pricing ESG risk in credit markets: reinforcing our conviction (Hermes IM, 2018)
Hermes expounds upon existing research analysing ESG factors and their impact upon credit spreads. They also produce a unique ESG-risk curve as a result.

MindScope: How Should Investors Measure the Impact of Investing? (NNIP, 2018)
(For compliance reasons, this paper is only accessible in certain geographies)
How do investors actually measure their impact (and the impact of their combined holdings) on the environment and on society as a whole?  This paper looks at specific impact metrics, microfinance, and other climate-aware practices.

Real Assets' Role in Public Pension Portfolios (JP Morgan AM, 2018)
Institutional portfolio managers have bolstered allocations to real assets over the past 5 years.  JP Morgan Asset Management looks into ways for public pensions to build or enhance their real asset portfolios.

Dual-Class Shares: The Good, The Bad, and The Ugly (CFA Institute, 2018)
Although dual-class shares have existed for over a century, they are becoming more en vogue.  Are DCS structures with preferential voting rights here to stay?  What is the extent to which they have been adopted?

A Study on the Use of AI within GPIF's Investment Management Practices (2018)
How can AI be applied to pension fund practices and how can it improve the policies and business models of asset management firms? This case study attempts to answer these and other AI questions through the eye of Japan's GPIF.

The Corporate Governance of Listed Companies: A Manual for Investors (CFA Institute, 2018)
Governance is an important facet of ESG.  CFA Institute examines aspects of governance such as codes of ethics, having sufficient numbers of independent directors, and hiring consultants. 

Global Trends in Interest Rates (FRBNY, 2018)
This Federal Reserve Bank of New York paper looks at the convenience yield and explains why real interest rates for advanced economies have fallen considerably in recent decades.