Fixed Income and Treasury - Articles & White Papers
White papers and reports on fixed income portfolio management and treasury management, examining issues related to the management of bond portfolios (from cash management through to longer-dated fixed income portfolio management). The most common fixed income research in this section covers specific elements of fixed income investing such as managing... cash investment portfolios, unconstrained fixed income investing, absolute return fixed income investing or fixed income overlay strategies. Other interesting topics within this section include fixed income attribution, responsible investment for fixed income investors, and factor models / smart beta approaches to fixed income portfolio management. Other popular articles and papers assess the valuation of fixed income securities, the expected returns from bonds, and the valuation of UK index-linked gilts and TIPS. Other popular papers cover bond ETFs, integrating ESG into fixed income, and issues surrounding negative yields. Unsurprisingly, a salary survey which details the salaries of fixed income fund managers has also proved popular.
The 2019 edition of J.P. Morgan Asset Management's Long-Term Capital Market Assumptions draws on the best thinking of our experienced investment professionals worldwide. Refined and expanded over 23 years, our in-depth, proprietary process provides 10- to 15-year risk and return projections for more than 50 strategy and…
This detailed report (169 pages) is a collaborative effort between CFA Institute and Principles for Responsible Investment. It provides important global insights into the ESG integration techniques of leading portfolio managers and analysts around the world.
There are a variety of widely-accepted metrics to define and capture the value factor in equities. But there has not been such a broadly-accepted approach to capture the value effect in fixed income. This paper outlines FTSE Russell’s approach to the value factor utilizing a model-implied OAS framework to identify under and…
Climate change could be one of the defining problems of the 21st century. Financial markets form part of the solution, but fixed income markets lag in their response. The ‘green’ bond market remains modest, with some environmentally conscious investors deterred by its lack of standardisation and uncompetitive returns. We…
eVestment analyzed the actions that U.S. public plans are taking to mitigate the downside risk from shifting and rising rates. In U.S. markets, this has resulted in a flattening yield curve and heightened awareness and anticipation of a U.S. rising rate environment.
We believe global stocks have greater performance potential than global bonds, supported by continued global growth. Within both bonds and equities, we continue to forecast stronger return potential for emerging markets, over a seven-year investment horizon. With short-term interest rates and government bond term-premia…
An allocation to emerging market debt (EMD) can offer investors a range of potential benefits in the context of their broader portfolios – not least its low correlation with other sub-asset classes of fixed income. The growth dynamics and strengthening economic fundamentals of many emerging market (EM) countries are…
An allocation to emerging market debt (EMD) can offer investors a range of potential benefits in the context of their broader portfolios – not least its low correlation with other sub-asset classes of fixed income. The growth dynamics and strengthening economic fundamentals of many emerging market (EM) countries are…
Institutional investors can no longer rely on the old bond trading model to meet their liquidity needs. Bond ETFs allow for liquid, low-cost bond exposure without the structural challenges of the over-the-counter market.
This guide is designed to offer the tools and resources necessary for institutions to integrate…
Initially factor investing was primarily popular in the equity domain, but the same forces that make factor investing work for equities – investor behavior, market constraints and regulations – are also applicable to other asset classes. In this paper we present a number of client cases that illustrate different rationales…
SPDR ETFs’ inaugural Bond Compass report provides unique insight for investors via a snapshot of both fixed income flows & holdings indicators, extracted from a wider data set that represents $10 trillion of assets, and PriceStats®, an innovative inflation tool tracking daily price changes of millions of online items.
SPDR ETFs’ inaugural Bond Compass report provides unique insight for investors via a snapshot of both fixed income flows & holdings indicators, extracted from a wider data set that represents $10 trillion of assets, and PriceStats®, an innovative inflation tool tracking daily price changes of millions of online items.
How a metric glamorous only to economists may hold the key to whether recent market turbulence simply reflects an adjustment to higher rates or a miscalculation by the Fed.
Fixed-income investing hasn’t kept up with the rapid pace of technological innovation in the rest of the financial industry. But that’s about to change. Machines will empower humans to achieve unique insights and act faster in a market where speed and alpha are inextricably linked.
Unconstrained bond assets are on the rise. Across both retail and institutional accounts, assets under management in these strategies rose from $153.2 billion in Q2 2013 to $289.7 billion in Q2 2018, for a five-year compound annual growth rate of 13.6%, according to eVestment data.
To analyse credit risks with greater precision, we developed a pricing model last year to capture the influence of environmental, social and governance (ESG) factors on credit spreads. It showed a convincing relationship between ESG risk and credit spreads, manifesting as an ESG-risk curve. After expanding this research, we…
Fixed income markets have undergone significant structural change since the 2008 financial crisis. These seismic shifts are forcing investors to adapt to a new market paradigm that will challenge not only how they trade fixed income, but also what types of products they use to build bond portfolios and manage risk.
