Markets Outlook

The Top 20 White Papers of June 2017

The Most Popular and Trending Papers from June 2017

Themes in our "Top 20" this month include fund manager selection, the future of the investment profession, ESG, the investment outlook, UK asset management, factor investing, manager selection, sustainable investment and insurance asset management.

All of these papers are free to access for Savvy Investor members.

Savvy Investor

Investment Insights: Active opportunity knocks (UBS, June 2017)
The authors examine the impact on equity markets of a broadening of market drivers and the high degree of policy uncertainty globally.

Selecting Fund Managers & Consultants - What Do Trustees Look For? (Aon Hewitt)
This 11-page paper is a collaborative effort between Aon Hewitt and Leeds University Business School. It examines the relationship between trustees and their fund managers and investment consultants.

ESG: Coming into the Mainstream (Aberdeen AM, June 2017)
Socially responsible investing (SRI), has been available for decades but investors are increasingly moving to a more nuanced approach of integrating qualitative ESG considerations.

Mid-Year Outlook: Great Expectations for Global Growth (PineBridge, June 2017)
We have seen some surprises in global markets and economies thus far in 2017. The biggest risk to global growth – political risk in Europe – has largely been defanged, but political risk in the US and Latin America is gaining strength.

Future State of the Investment Profession (CFA Institute, 2017)
In this 25-page report, CFA Institute discuss in detail different aspects of the investment industry and what the future might hold.

Five-Year Capital Market Outlook (Willis Towers Watson, 2017)
This paper by Willis Towers Watson takes a detailed look at the capital market outlook for the next 5 years. It discusses risk management, portfolio construction, implementation and monitoring, and more.

Multi-asset markets outlook (monthly) Robeco, June 2017
This document by Robeco provides insights into the outlook for multi-assets, such as commodities, bond and equities. The authors provide brief analysis for the United States, Europe, Japan and China.

Under Pressure: Is Inflation Back? (GSAM, June 2017)
Goldman Sachs AM examines recent inflation trends in developed economies. Inflationary forces are gathering in the US, while in Europe and Japan the pressure is on policymakers, as prices have barely responded to heavy stimulus.

Sustainable Finance Report (Deutsche AM, June 2017)
This 71-page paper by Deutsche Asset Management examines how activity in sustainable investing is gathering momentum. It looks into key trends such as asset owner demands, fiduciary duty, regulatory requirements, and climate change.

Insurer Survey 2017: Navigating 'Normalised Uncertainty' (AXA IM, June 2017)
The AXA IM 2017 Insurer Survey seeks to investigate the ways in which insurers are adapting to the challenges they face, examine their response to the uncertain outlook and how they are innovating with regards to their investment policy.

iSTOXX Europe Factor Indices - Equity Returns with Bond-Like Volatility (STOXX)
The iSTOXX Europe Market Neutral Indices offer investors a unique and very innovative way to target and capture premia of six well-documented sources of systematic risk: value, carry, momentum, size, low risk as well as quality.

Global Pensions Asset Study 2017 (Willis Towers Watson)
The 2017 Global Pensions Asset Study covers 22 major pension markets, which total USD 36,435 billion in pension assets and account for 62.0% of the GDP of these economies.

EMEA Regulatory Insights (SSGA, June 2017)
This 35-page quarterly report has been authored by State Street Global Advisors. It gives a detailed overview of important legislative and regulatory developments in the European Union.

Indexes and Benchmarks Made Clear (FTSE Russell, 2017)
This guide provides an introduction to the various purposes indexes can serve and shares some of the important attributes one should consider when selecting an index.

Global opportunities in a de-globalising world (Invesco, June 2017)
(This paper is not accessible in certain geographies)
 
While globalisation has been a dominant trend for many years, there may be a shift back towards nationalism and protectionist policies. Invesco explain that an increase in market disintegration can present new and different opportunities.

Is there Manipulation in the VIX? (Academic Paper, June 2017)
The authors investigate alternative explanations of hedging and coordinated liquidity trading. Tests including those utilizing differences in put and call options and open interest around the settlement.

The Case for Global Listed Infrastructure (Cohen & Steers, 2017)
This paper by Cohen & Steers examines Infrastructure's historical investment characteristics and the secular themes driving significant capital formation in infrastructure globally.

Presidential Politics and Stock Returns: Is there a real relationship? (2017)
Santa-Clara and Valkanov (2003) present evidence that US stock market returns are greater under Democratic presidents than under Republican. This Research Affiliates paper asks: is the relation real or spurious?

No messing with volatility (Deutsche AM, June 2017)
(This paper is not accessible in certain geographies)
 
Betting on low volatility has been a winning strategy lately. But how long can central banks still tame markets? We avoid playing with fire and ride safely.

How America Saves 2017 - Vanguard 2016 DC Plan Data
This comprehensive annual report by Vanguard, provides up-to-date analysis of Defined Contribution pension plans and participant behaviour based on Vanguard's 2016 recordkeeping data.

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