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Unconstrained Bonds – taste the secret sauce

Page Title Unconstrained Bonds – taste the secret sauce

Unconstrained fixed income has become a popular strategy. By choosing investments that are free from benchmark constraints and that allow the managers wide-ranging discretion, investors aim to achieve consistent positive performance irrespective of a potential turn in the interest rate cycle. But in a world of low prospective returns, a successful unconstrained bond strategy needs

May 31, 2017 Categories: Investment, Investment Strategy, Markets
Global Fixed Income Survey

Fixed Income Survey Results: Spotlight on Local EMD, Rates & Credit Spreads

Last October we initiated a quarterly global fixed income survey using responses from leading bond and currency managers highlighted by our research process. This quarter’s survey included 165 responses from managers with specialisms ranging across Global Rates, Global Investment Grade Credit, Global Leveraged Credit, Securitised, US Municipal Bonds, Active Currency, and Emerging Markets (EM) including

May 12, 2017 Categories: Investment, Investment Strategy, Markets
Russell Investments Wire Blog Factor Exposure

Using factor exposures to in pursuit of better returns in a multi-asset portfolio

The low interest rate environment of recent years has created a challenging return outlook for institutional investors. In response, one area that many investors have turned to in their pursuit of incremental returns is factor exposure management (widely referred to as smart beta). Factor exposures in a multi-asset context The management of factor exposures is

Apr 13, 2017 Categories: Investment, Investment Strategy
Brexit

The Fed throwing caution to the wind? Not so fast.

The U.S. Federal Reserve (the Fed) hiked interest rates again today, raising the target range by a quarter point to 0.75-1.0%. We and, it seems, markets were fully expecting this move, particularly after Fed leaders provided very strong guidance last week that a March hike was in the pipeline.  The bigger issue for investors now

Mar 15, 2017 Categories: Investment, Markets

Multi-asset investing – how much risk can you afford?

Investors today face a challenging landscape, with high valuations across many traditional asset classes. Those high valuations come with low prospective returns, below-normal yields and, last but not least, high risk of significant drawdowns. More than ever, investors need to consider how much risk they can afford in pursuit of their investment goals. And more

Quarterly Fixed Income Survey: bound in a narrow range

After an 80 basis point jump in US Treasury yields following the US presidential election, fixed income money managers have adjusted to the new environment. Across rates, spreads and major currencies, our second Global Fixed Income Survey1 shows managers’ forecasts are mostly clustered in a narrow range. The tightest consensus of all is for 2-3

Feb 24, 2017 Categories: Investment, Investment Strategy, Markets

ESG in fixed income – do bond managers walk the walk?

I’ve just completed our second annual survey of fixed income managers’ attitudes to Responsible Investment and Environmental, Social and Governance (ESG) factors. Our new 2016 survey highlighted an increasing level of ESG awareness and a widespread willingness to incorporate ESG factors into fixed income managers’ investment processes. ESG is becoming increasingly important for many investors,

From brown to green energy: How investors can adapt their portfolios in the transition to a low-carbon economy

The world is getting hotter. The potential consequences of a two-degree Celsius temperature rise has not only driven diplomats to sign a historic climate change agreement, but also spurred regulators in countries around the globe into action. This rapidly evolving regulatory landscape is creating numerous opportunities for investors who are interested in capitalising on the

Jan 18, 2017 Categories: Investment, Investment Strategy

Bulk Annuities – 2017 NOT the year of the buy-out?

A couple of articles on the bulk annuity market caught my eye this week and reminded me of a great blog post authored by my Seattle based colleague, Bob Collie back in October, “What about the 98% of plans NOT doing annuity buyouts?”. Wednesday’s Financial Times contained an article* predicting a big recovery in the

Jan 6, 2017 Categories: Investment, Markets

Multi-asset investing: Wizard of Odds

In probability theory the Kelly criterion is a way to decide the optimal size of a series of bets. It was discovered by a physicist named Kelly who figured out the idea when he was working in telecommunications research at Bell Labs in the 1950s. Kelly figured out the formula which showed the optimal amount

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