The challenges of investing in illiquid private assets while also facilitating member switching and early release schemes are addressed in a new PGIM IAS framework to help CIOs examine how to adjust asset allocations when faced with differing levels of early access permissioning.
Decumulation – the process of turning capital into income – has been recognised as a most difficult task, as perhaps best emphasised by strong statements made by two recipients of the Nobel Prize in economics. Richard Thaler describes it as a 'more difficult challenge than accumulation', while William Sharpe calls it the '…
This white paper is the third in a series. First, it introduces a new equity market valuation metric that outperforms the traditional ones. Second, it reveals 10 largely unknown but highly significant facts about the U.S. economy and financial markets, which improve investors’ ability to navigate market moves. Third, it re-…
Featured Papers and Interviews with Industry Thought Leaders
Over the past century, the global economy has transitioned from being dominated by agriculture and manufacturing to being powered primarily by services. Services now represent three-quarters of the workforce in developed markets and generate two-thirds of…
Asset allocation and portfolio construction are considered to be the main determinants of investment risk and returns for investors. The challenge for asset managers has always been finding an optimal asset allocation that meets both investors’ risk and reward requirements. Asset allocation methods have developed and…
In this eleventh edition of Robeco's annual five-year outlook, they are incorporating climate change for the first time as a medium-term risk affecting return forecasts for asset classes. The effect that climate change policies, such as legislation following the European Green Deal, will have on asset prices is one of the…
The credit markets are finally embracing quantitative investing and this paper provides an in-depth primer to quant credit. Readers will learn about the dynamics of systematic trading, the factors employed in quant models, and the future path this rapidly-evolving strategy is likely to take.
China has emerged from the coronavirus pandemic with renewed confidence after it was one of the first countries to achieve positive growth post-Covid. The way in which China contained the virus, and how rapidly the Chinese economy recovered, has impressed institutional and private investors alike. The swift recovery and…
Real assets are tangible, physical assets that have an inherent value deriving from their attributes and usefulness. The asset class includes commodities, land, precious metals, real estate, equipment and machinery, and natural resources. Occasionally, this definition is expanded to include an element of inflation protection…
Dimensional Fund Advisors study the performance of different investment and spending strategies for retirement. Investment strategies include wealth-focused glide paths that combine equities with short-term, high-quality fixed income. They also consider an income-focused glide path that combines a moderate equity allocation…
In 1952, the American economist Harry Markowitz published a paper titled 'Portfolio Selection’. In it, he introduced the concept of "the efficient frontier" which he described as a collection of portfolios that contain the highest returns for a given amount of risk. The paper later gave rise to Modern…
Institutional portfolios such as corporate pension plans are increasing allocations to illiquid private assets seeking better returns and diversification. However, as allocations increase, a portfolio’s liquidity structure changes, sometimes abruptly. How can a CIO increase their confidence with private asset allocations and…
The key theme of this year’s report, the ‘S’ pillar of ESG (environmental, social and governance) investing, is highly pertinent. As politicians and policy makers across the world aim to ‘build back better’, Create-Research and DWS believe they need to take the time to fully understand the social part of ESG.
In PGIM’s new Megatrends paper, they propose an actionable climate-change agenda that addresses both hidden portfolio vulnerabilities and potential opportunities in the transition to a lower-carbon world. PGIM's research draws on the insights of more than 40 PGIM investment professionals, 30 leading policymakers, scientists…
Alternative investments are attracting ever more investors. According to the Chartered Alternative Investment Analyst (CAIA) Association, between 2003 and 2018, the size of the global investment market doubled, while alternative investments almost tripled to $13.4 trillion. This would mean around 12% of worldwide investments…
2020 was the year of the pandemic, instant recession, and US election drama, while UBS AM think 2021 is poised to be the year of vaccines and a more durable, comprehensive economic reopening. Dive inside their Panorama report to see what their attention is focused on for 2021.
Investment regime shifts are rare, critically important, and have widespread consequences for investors’ portfolios. The current extremes in deflation, inequality and debt mean the conditions are right for several major shifts over the next decade.
Overall Winner of Savvy Investor Awards - Best Investment Paper 2020
In a world of low return expectations and even lower interest rates, pension plans are re-evaluating their portfolios, looking for alternative ways to achieve return targets and improve funded status. Diversifying portfolios with real assets helps address these challenges. Real assets may reduce portfolio volatility, enhance…
Showing 1000 of 17703 results - please use the search filters to refine your results.
