Strategy In troubled markets, the dividend is what the investor remembers when he has forgotten everything
According to Eric Labbé, Thematic equity manager at CPR AM, for 2019, the high dividend strategy is therefore an advantageous alternative in the framework of defensive equity management in the context of a challenging (...)
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Strategy VARPS: 2019 Update
GAM Investments’ Tim Love reflects on the performance of his frontier market plays, Vietnam, Argentina, Romania, Pakistan and Saudi Arabia (VARPS) so far this year and discusses the investment opportunities and risks associated with these (...)
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Strategy Targeting positive returns in an uncertain climate
A decade after the financial crisis, the uncertain economic conditions it ushered in are starving Europe’s investors of returns. We believe this makes our approach to long/short equity investing more valuable than (...)
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Strategy We have reduced our equity exposure through option strategies
Samir Saadi, Multi-Asset Portfolio Manager of CPR AM explains that he started the year heavily invested in equities to capture the good momentum of this beginning of the year. Convinced that the year would be special, CPR AM introduced optional hedging (...)
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Strategy Nordic Sovereign bonds, the last safe investment in Europe?
The yield of the Swedish 10 year notes fell to a new historical low. A move which indicates that Sweden is viewed by Investors as a new hedge…
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Strategy Bond market headaches: The Fed and Greece but select opportunities remain
A cagey US Federal Reserve and unfinished business in Greece will likely continue to unsettle the credit markets, but Australian government bonds may offer one route to mitigate risk, and select opportunities exist in countries such as Cyprus and India, according to Ariel (...)
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Strategy US dollar now sole safe haven currency
The US dollar will increasingly benefit from the flight to quality as the appeal of other ‘safe haven’ currencies wanes, according to Jack McIntyre, portfolio manager at Brandywine Global, a subsidiary of Legg Mason.
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Strategy CTAs Rally despite dreadful momentum in Equity Markets
With investors questioning the sustainability of equity valuations in a context of rising bonds yields, a Momentum reversal in equities is taking shape. Defensive sectors, and more recently Technology stocks, faced downward pressures while Financials and Energy (...)
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Strategy Does a liquidity factor premium exist in the stock market?
Academic studies present ample evidence in support of the existence of four factor premiums in stock markets: Low Risk, Value, Momentum, and Quality. Factor investing puts these concepts into practice by enabling investors to allocate their capital explicitly to these (...)
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Strategy How Smart is ‘Smart Beta’ Investing?
Investors increasingly embrace “smart beta” investing, by which we mean passively following an index in which stock weights are not proportional to their market capitalizations, but based on some alternative weighting scheme. Examples include fundamentally-weighted indices (...)
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Strategy Low volatility, the hidden factor
Robert Haugen, who discovered the low-volatility anomaly in 1972, wrote numerous articles and books to try to popularise what he called the ‘hidden factor’. To some extent, it was only the advent of smart beta investment strategies that turned his dream into reality, as low (...)
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Strategy Should you care about biodiversity ? Investors have a role to play in habitat and species protection
Biodiversity is in the spotlight nowadays as previous international agreements expire, making 2020 a year of assessment and target-setting for politicians, legislators and businesses. What exactly is biodiversity and why is it (...)
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Strategy Philippe Aurain: "The choice of flexibility is not trivial"
According to Philippe Aurain, CEO of Fédéris MANAGEMENT, given the diversity of processes called Flexible Management; we should probably define a typology helping investors to find themselves in a multi-faceted (...)
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Strategy Are L/S Equity Managers playing the European Recovery?
Economic prospects in Europe are noticeably improving. The new wave of virus infections since late fall 2020 led to tighter mobility restrictions, which delayed the European recovery. High frequency indicators suggest economic activity was down around 20% from normal over (...)
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Strategy The index revolution (finally) comes to hedge funds
One common knock on factor models is that they “replicate only beta” – not the pure alpha gold that allocators seek. This critique pre-dates the appreciation of factor rotations. Outside of some ivory tower statistics class, no one questions the “alpha” generated by, for (...)
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