Our team of expert economists, researchers and strategists bring clarity to the latest market trends and developments that matter
Just another week
16.08.2019 It is difficult to say what was the most important event this week: The yield curve inversion in the US and the equity market sell-off, the postponment of some of the US-tariffs on Chinese imports, the primary election results in Argentina or today’s start of the new Bundesliga football-season? ...
CIO Update: Central banks to the rescue
05.07.2019 Announcements by key central banks indicating that they will support the economy with interest rates cuts, if needed, have made an impression on financial markets...
Global View Q3 2019
03.06.2019 Fears of a global recession have receded as the global economy is slowly turning around. ...
Risk of currency war is increasing
09.08.2019 There were hardly positive economic news this week. Global trade remained roughly at last years’ level as latest CPB-data for May showed – no surprise given the level of political uncertainty that we face around it...
Here comes the 'mid-cycle adjustment'
02.08.2019 The Fed delivered the 25bp cut in the Fed Funds rate, that most market participants expected. It characterised the rate cut as an insurance against downside risks from global growth and trade policy uncertainty...
The ECB and the law of diminishing returns
26.07.2019 The ECB has given a strong signal that it will present a significant package of easing measures, probably in September, as the euro area economy is slowing down and inflation expectations have moved further away from the ECB’s objective....
The 'global' central bank pivot
19.07.2019 More Emerging Market central banks have joined the rate-cutting cycle as both the Fed and the ECB are set to loosen policy over the next few months....
The ECB is 'ready and prepared' to loosen policy
12.07.2019 The ECB’s Governing Council is “ready and prepared” to provide more monetary accommodation, as indicated in the June’s meeting minutes....
Central banks to underwrite Trump's trade war
05.07.2019 The escalation in trade tensions in May was a step too far for central banks, with the Fed and the ECB indicating their intention to lean against the risks to the growth outlook. We still expect global growth to pick up later this year as China’s economy recovers....
Failure of G20 meeting would hurt business confidence
28.06.2019 This weekend’s G20 meeting will give further indications as to the strategy of both Trump and Xi in dealing with the current trade issue. In spite of more conciliatory tones ahead of the meeting, the likelihood of a breakthrough remains low....
The Fed has run out of patience
21.06.2019 The Fed gave what markets wanted: a clear signal that now is no longer the time to be ‘patient’ – the word was removed from the statement....
CIO Update: Need for patience
06.06.2019 The renewed escalation of the trade war between the USA and China has caught investors off guard and triggered a sharp setback in financial markets in May.
CIO Update: Need for patience
09.05.2019 Given the strong rally in equity markets since the beginning of the year, the time for a break has come. Clearly, equity prices do not travel on a one-way street but...
CIO Update: Reduced portfolio risk
04.04.2019 Markets are likely to shift into consolidation mode after the strong first-quarter rally in all risky assets. This has prompted us to take profits on some of our positions...
CIO Update: Green shoots lift equities
08.03.2019 Financial markets, buoyed by a return of liquidity, experienced a strong uptrend in the first two months of this year. Cautious central banks should provide markets with support in the coming months as well...
Global View - Outlook Q2 2019
03.03.2019 Global growth is set to slow further in the near term. But we expect the world economy to rebound somewhat in the second half of the year, in part reflecting looser macroeconomic policy in China....
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Read more about our pioneering thought leadership and research on investing sustainably
Targeting the SDGs: Impact and Performance in Listed Equities
03.07.2019 All investments have an impact - not only on individual investors, but also on communities, the environment and the economy at large...
Active Ownership is making an impact
01.04.2019 When it comes to the concept of sustainable investments, many investors still only think of exclusions for the time being. However, the range of instruments has been greatly expanded over the years.
Hazardous chemicals - or the new carbon
12.12.2018 Chemicals are increasingly present in everyday consumer products: from plastics and clothes to flame retardants in mattresses and couches.
Sustainability - a key factor for real estate
07.01.2019 Electromobility is on everyone's minds: as an investment theme, as a fun factor, but above all as a solution to climate change. However, it is less well known that the real estate sector is also an important jigsaw piece in the fight against global warming.
Active ownership - reaching record levels in 2018
02.10.2018 Assets under management for investment strategies that integrate engagement and proxy voting are growing continuously.
Global challenges and investment themes
26.09.2018 The summer of 2018 has brought an unprecedented heatwave to the Northern hemisphere. Forest fires have raged from Sweden down to Greece, claiming the lives of many victims.
Living among robots
29.08.2018 Technological progress and economic growth have triggered an unprecedented expansion phase of robotics adoption and applications across sectors.
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Investing in sustainable long-term thematic equities
Institutional Spotlight: Big value in small caps
11.06.2019 In this issue, we delve deeper into our analysis on small cap companies and how they can offer investors higher average returns over the long-term. Our analysis shows that small caps out-perform during phases of economic re-covery and expansion, but they tend to lag during downturns and recessions. However, looking at returns over a longer period of time over economic cycles clearly shows that small caps outperform the broader market. Therefore, taking a long-term view is crucial when investing in small caps. Additionally, our portfolio optimisation shows that allocating a por-tion to small caps improves the return profile without compromising on the risk level.
Advantages in investing in European smaller companies
High yield bonds with a sustainable angle
Beating low yield with a Global Multifactor Strategy
What sets our Tech Disruptor Strategy apart
Institutional Spotlight: Why invest in Total Return strategies?
03.2019 We explore the attraction of unconstrained fixed income strategies and how this investment style can be relevant for many institutional clients. In contrast to equities, active fixed income managers tend to outperform their passive peers, in part due to several drawbacks that come with trying to replicate a fixed income benchmark...
Institutional Spotlight: An adaptive allocation to overcome challenges for the pension system
We discuss several challenges faced by many pension systems today, including changing demographics, depressed long-term expected returns and the prospect of a cyclical downturn…
Institutional Spotlight: Commodities in a portfolio context
Although the performance of commodities has been disappointing in recent years, we see fundamental reasons why it should not be overlooked…
Interview: Caution, Disruption Ahead!
01.2018 Portfolio manager Tomasz Godziek discusses his views on technology disruption…