Insights

What Risks and Opportunities Are You Focused on as We Enter 2020?

We see opportunities to deploy capital in some niche areas of the investment landscape and reshape (or at least re-evaluate) some areas of the portfolio. Simultaneously, we are closely monitoring the lurch toward protectionist trade policies and their impact on global economic activity.

December 2019

With Trend-Following Funds Down Sharply This Fall, Should Investors Fish or Cut Bait?

Fish, but only if investors can accept very lumpy returns.

December 2019

A Summary of Climate Change Science for Investors

We are investors, not scientists; however, investors would be wise to consider climate science in their investment decision-making process.

December 2019

Will Weak Economic Data in the Euro Area Undercut Its Equities?

No, we don’t think so. While euro area economic activity has weakened meaningfully, with real GDP growth falling to its lowest annual pace (1.1%) since 2013 in third quarter, strong equity returns aren’t dependent on robust economic growth. Ultimately, we continue to like the bloc as part of a risk-controlled overweight to global ex US equities funded from US equities.

December 2019

Liability-Hedging Strategies for US Plan Sponsors in the Low Interest Rate Era

While many plan sponsors have adapted to dramatic interest rate swings by strategically hedging their liability interest rate risk, some balk when interest rates are low. But failing to hedge long-duration liabilities with long-duration assets can expose sponsors to significant downside risk.

November 2019

Outlook 2020: Ten Investing Themes for the Coming Year

In 2019, returns were driven less by what went right than by what did not go wrong. We highlight ten themes for 2020, with a focus on key macro questions, emerging opportunities, and risks.

November 2019

Pension Schemes in Pursuit of Income, Growth, and Diversification

A universal approach to portfolio construction can help schemes achieve required return targets whilst adding additional upside from alpha generation; reduce risk through true diversification; and generate sufficient income to comfortably meet both planned and unplanned cashflow needs.

November 2019

VantagePoint: Fourth Quarter 2019

As economic growth slows, manufacturing contracts, and major central banks start to ease monetary policy anew, investors need to consider what policy options the world has left in the event this slowdown becomes a recession. In this edition of VantagePoint, we look to the 1930s for some answers, while realizing that intervening changes to the global financial system rule out an exact repeat of that period.

October 2019