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 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 Alternative risk premia weathering Brexit storm well
Pierre-Yves Moix, co-manager of the Alternative Risk Premia strategy at GAM, comments on how the growing alternative risk premia industry has delivered strong performance in the uncertain Brexit environment – proving once again its strong diversification and market neutral (...)
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Strategy Buying the oil dip
A recent drop in energy-related assets looks to be overdone. We believe this creates opportunities in selected energy equities and credit — even as we see oil prices trading mostly sideways in the near term.
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Strategy Buy in January, Sell in May? The seasonality of commodity performance
Most commodities outperformance is skewed to the early months of the calendar year, according to ETF Securities, one of the world’s leading independent providers of Exchange Traded Products (ETPs).
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Strategy Agricultural land rush of investment funds!
After launching products indexed to changes in prices of agricultural products, many banks and investment funds are turning now to the land acquisition...
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Strategy How I learned to stop worrying and embrace the “vol”
According to Christopher Gannatti, Head of Research, WisdomTree, the lesson here for investors is the potential to embrace volatility. Where a rising VIX typically equates to a short-term equity sell-off, EM investors who have used the dips as buying opportunities (...)
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Strategy Risk factor investing explained
Risk factor investing is growing in popularity, but there’s a risk of getting lost in the factor “zoo”. In this Expert Opinion Thierry Roncalli, Head of Quantitative Research at Lyxor Asset Management, explains the concept of risk factors and distinguishes between facts and (...)
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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 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 Management of hedge fund portfolios during crisis periods: the contribution of systematic overlays
The implementation of systematic overlays can be considered as an alternative to short-term rebalancing of hedge fund portfolios, or as an active component of alternative allocations.
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Strategy Airports versus toll roads - A novel reversal
Following previous macro shocks – the gulf wars, 9/11, SARs and cyclical major economic downturns – global air traffic has bounced back rapidly in a sharp V-shaped recovery, while toll road volumes followed more of an (...)
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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 How do L/S Equity Hedge Funds position on the recovery?
The consensus now expects a supportive 2021 backdrop for risky assets. With vaccines rolling out and continued reflation policies, the normalization of the world economy would accelerate, amid lower geopolitical uncertainties, still ample global (...)
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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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