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Showing 1 - 50 of 2,134 entries

  1. BLOG

    Real Estate’s Income Risk in the Wake of COVID-19 

    Sep 21, 2021

    Real Estate Investing

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    COVID-19 has weighed heavily on the financial positions of companies that hold leases for commercial real estate. Property investors can track the covenant quality of their tenants and translate it into a probability of default over the length of the lease.

  2. PAPER

    Net-Zero Alignment: Objectives and Strategic Approaches for Investors 

    Sep 20, 2021

    Download Document

  3. BLOG

    The Impact of China’s New Regulations: A Thematic Lens 

    Sep 15, 2021

    Global Investing

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    Regulatory changes in China have investors wondering how different industries could be affected. Evaluating the changes through a thematic lens can provide insight into the growth and crowding levels of megatrends, as industries react and evolve.

  4. BLOG

    Measuring the Temperature of Your Portfolio 

    Sep 14, 2021

    ESG Research

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    Institutional investors are setting targets to align their portfolios with a 1.5˚-2°C global warming scenario. But measuring and reporting portfolio temperature rise remain challenging. How can investors measure the temperature of their portfolios?

  5. BLOG

    Regulatory Risk Rises for South Korean Employers 

    Sep 14, 2021

    ESG Research

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    Are South Korean companies ready to deal with the country’s new workplace-safety law? Our research finds that many of those companies — often located in the machinery and metals and mining industries — are ill-prepared.

  6. BLOG

    How a Shift Toward Buybacks Affected Yield Strategies 

    Sep 3, 2021

    Global Investing , Factor Investing

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    For investors who use yield strategies to generate income, a steady stream of dividend payments is important. But with more companies using buybacks as a way to redistribute profits, investors may want to consider a more holistic view of income.

  7. BLOG

    Benchmarking Pan-Regional Real Estate Funds 

    Sep 2, 2021

    Real Estate Investing

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    Real estate investors have increasingly sought pan-regional funds to diversify globally. But such funds’ exposures can be significantly different from the market at large. What’s an appropriate benchmark for these diversified fund investments?

  8. PAPER

    China’s 2060 Carbon-Neutrality Target 

    Sep 2, 2021

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  9. BLOG

    Building Climate-Aware Factor Portfolios 

    Aug 31, 2021

    Factor Investing

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    Factor investing typically involves both security selection and alternative weighting based on security-level factor exposure. If such a strategy also needs to be climate-aware, what is the cost in terms of target-factor erosion?

  10. BLOG

    A Sector-Balanced Approach to China A Mega-Cap Exposure 

    Aug 27, 2021

    Global Investing

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    For investors seeking exposure to the mega-cap segment of the China A market, a simple top-50 market-cap-weighted approach can lead to large sectoral biases. We explore how a balanced mega-cap approach may help.

  11. BLOG

    Sizing Up Small Caps 

    Aug 25, 2021

    Factor Investing

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    Given small-cap outperformance since March 2020, investors are asking how these stocks size up in terms of short-term valuation, sentiment and macro outlook? Longer term, might small caps help capture opportunities around thematic investing megatrends?

  12. PAPER

    Industry Momentum 

    Aug 12, 2021

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  13. BLOG

    Housing-Bubble Déjà Vu 

    Aug 10, 2021

    Risk Management

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    The U.S. in the past year recorded the highest national house-price appreciation in recent decades. Does the run-up in home prices represent housing-bubble déjà vu? And what can MBS investors do to assess their mortgage credit risk?

  14. PAPER

    Is There a Filings Factor? 

    Aug 6, 2021

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  15. BLOG

    Assessing Private Infrastructure in a Multi-Asset-Class Portfolio 

    Aug 4, 2021

    Real Estate Investing , Risk Management

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    Private infrastructure is a popular element of institutional capital allocations, and increased focus on renewable or carbon-neutral infrastructure may mean significant new investment opportunities. What role could it play in a multi-asset-class portfolio?

  16. BLOG

    Fresh IPO Stocks and Indexes: In or Out? 

    Aug 3, 2021

    Global Investing

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    Depending on a number of factors, stocks may be added to indexes soon after a company’s IPO, which can affect asset managers who use the indexes to create and benchmark portfolios. We investigate the impact of IPO stocks on index performance.

  17. BLOG

    Managing Against MBS Indexes: A Duration Perspective 

    Jul 30, 2021

    Fixed Income , Risk Management

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    Mortgage-backed securities constitute a significant portion of fixed-income indexes. Managing MBS portfolios against these indexes depends heavily on an understanding of the dynamics of MBS duration, especially in volatile markets.

  18. BLOG

    Could Factors Have Explained Cryptocurrency Risk? 

    Jul 29, 2021

    Factor Investing

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    As cryptocurrencies rise in popularity as investment vehicles, the need for standardized tools for this market increases as well. We created a multifactor model to measure whether factors important for equity markets were also important for crypto.

  19. BLOG

    Credit Strategies During the COVID-19 Crisis 

    Jul 27, 2021

    Fixed Income , Risk Management

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    Short-term credit spreads widened to a greater extent than long-term spreads during the March 2020 COVID-19 crisis. As a result, many U.S. corporate-issuer spread curves flattened or even inverted. What were the implications for corporate-bond investors?

  20. BLOG

    Are SPACs Riskier than Conventional IPOs? 

    Jul 27, 2021

    ESG Research

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    SPACs exploded in popularity in 2020, but these “blank-check” shell IPOs offer some unusual governance risks to investors. In this blog post, we examine some of the challenges.

  21. BLOG

    COVID-19’s Uneven Impact on Office Vacancy 

    Jul 26, 2021

    Real Estate Investing , Global Investing

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    What was the precise impact of the COVID-19 crisis on office properties? While the overall vacancy rate at the end of 2020 was lower than the previous cycle’s peak, the percentage of fully leased office buildings reached an all-time low.

  22. BLOG

    What Could a Rate Hike Mean for Portfolios? 

    Jul 22, 2021

    Fixed Income , Risk Management

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    Although the Federal Reserve may not begin raising rates anytime soon, U.S. and global markets are scrutinizing the Fed’s communications about the likely course of policy actions. We consider three scenarios for the timing of policy responses.

  23. BLOG

    Are APAC’s High-ESG-Risk Stocks Cleaning Up Their Act? 

    Jul 20, 2021

    ESG Research

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    The APAC region’s ESG performance has suffered from a combination of low ESG adoption and awareness and limited ESG regulation and reporting. But marked improvements are surfacing in environmental and social performance in certain sectors

  24. BLOG

    亚太高ESG风险公司是否正在“除弊去疴” 

    Jul 20, 2021

    ESG Research

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    亚太市场公司的MSCI ESG评级通常低于全球同业公司。但这种情况正在快速变化,即使是某些表现最差的行业(例如能源和原材料)也开始改善其ESG实践。

  25. PAPER

    Private Real Estate: Valuation and Sale Price Comparison 2020 

    Jul 20, 2021

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  26. PAPER

    Real Estate Market Size 2020 

    Jul 20, 2021

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  27. BLOG

    Hedging Inflation with Equities 

    Jul 16, 2021

    Global Investing , Factor Investing

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    Equities have traditionally been viewed as a hedge against inflation, based on the assumption that companies’ revenues adjust for inflation over time. But what has been the short-term impact on equity portfolios?

  28. BLOG

    How Might Inflation Impact Funding Ratios? 

    Jul 14, 2021

    Risk Management

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    We analyzed two multiperiod inflation scenarios to understand how the funding ratios of defined-benefit pension funds could evolve in each and what they could mean for a pension fund in terms of special contributions over the next 10 years.

  29. PAPER

    ESG and Climate Derivatives in Equity Exposure Management 

    Jul 14, 2021

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  30. BLOG

    Active-Management Opportunities in a Disperse Market 

    Jul 13, 2021

    Factor Investing

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    Disperse markets have historically provided opportunities for active managers to outperform their respective benchmarks. We showed that, based on historical trends, CSV helped shed light on identifying where the dispersion was greatest.

  31. PAPER

    MSCI Liquidity Risk Monitor 

    Jul 12, 2021

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    MSCI Liquidity Risk Monitor is MSCI’s quarterly report that presents liquidity risk indicators over the previous 12 months. This report facilitates discussion and determination of better strategies for liquidity risk management, by providing information on recent indicators and trends, involving U.S. and non-U.S. corporate bonds and bank loans liquidity.

  32. BLOG

    What Can Liquidity Tell Us About ETF Prices? 

    Jul 9, 2021

    Integrated Risk Management , Risk Management

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    As thematic equity ETFs have grown in popularity, concerns have been raised about their liquidity — especially when an ETF holds a large fraction of a constituent’s shares. How can ETF investors get a handle on this risk? 

  33. BLOG

    Eyeing the Crowds from Multiple Perspectives 

    Jul 8, 2021

    Factor Investing

    Learn More

    We observed historically notable crowding across factors, industries and stocks through the first half of 2021. Examining crowding from multiple perspectives and incorporating multiple data elements provides investors a more holistic view. 

  34. BLOG

    Chinese RMBS: A Way to Diversify Fixed-Income Portfolios? 

    Jul 7, 2021

    Fixed Income

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    The market in Chinese residential mortgage-backed securities is growing, as global investors are eying the segment’s relatively high yield and potential for diversification, but seeking improved credit ratings and transparency in data and pricing.

  35. PAPER

    The SFDR’s Articles 8 and 9: The Funds Behind the Labels 

    Jul 6, 2021

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  36. BLOG

    Factors in Focus: Go with the Flow? 

    Jul 1, 2021

    Factor Investing

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    In the latest edition of Factors in Focus, we look at flows into equity factor ETFs and whether it has been profitable, historically, to follow the money, along with our analysis of factor and factor-index performance over the second quarter.

  37. PAPER

    MSCI ESG Healthcare Funds and SDG 3 

    Jun 30, 2021

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  38. BLOG

    Purifying Value 

    Jun 29, 2021

    Factor Investing

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    Unintended exposure to non-value factors was a large contributor to value’s period of underperformance. We investigate value-portfolio construction when controlling for these exposures while maintaining maximum exposure to value factors.

  39. BLOG

    Translating Climate Goals into Action in Real Estate Portfolios 

    Jun 28, 2021

    Real Estate Investing

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    Many investors have made bold commitments to transition their real estate portfolios to net-zero carbon emissions and are now developing and implementing plans to achieve this goal. But what could this transition look like in practice for property portfolios?

  40. BLOG

    Securitized Products’ LIBOR Transition Picking Up Pace 

    Jun 22, 2021

    Fixed Income

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    In 2021, there has been significant progress in the transition from the LIBOR reference rate to its replacement, SOFR. But investors in securitized products are grappling with the challenge of the LIBOR-SOFR transition and its impact on their analytics.

  41. BLOG

    CDS Fading as a Measure of Value in Emerging Markets 

    Jun 17, 2021

    Fixed Income

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    Credit investors use spreads to compare relative value and risk. Studies of emerging-market sovereign debt have shown that credit-default swaps tended to be a better measure of value than spreads computed from bonds. But is it still the case?

  42. BLOG

    What Can Loan-Level Data Reveal About US Auto-Loan ABS? 

    Jun 15, 2021

    Fixed Income , Risk Management

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    U.S. regulators required issuers by Nov. 23, 2016, to disclose data on individual loans bundled into auto-loan asset-backed securities. We looked at whether incorporating loan-level data into our model could sharpen our analysis of this ABS segment.

  43. BLOG

    Escaping to Equities for Yield 

    Jun 10, 2021

    Factor Investing

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    In today’s low-rate world, some investors shifted toward historically higher-yielding equities. For others, especially in the insurance industry, the greater risk limited their ability to do so. Was a minimum-variance equity approach a viable option?

  44. BLOG

    Mining’s Impact on Biodiversity: A Rising Risk? 

    Jun 9, 2021

    ESG Research

    Learn More

    Will biodiversity losses become the next crisis facing humanity, possibly surpassing climate change? Growing scrutiny on biodiversity risks could have implications for mines that threaten biodiversity or environments of high conservation value.

  45. PAPER

    Fund ESG Transparency — Q2 Spotlight: Mutual Funds 

    Jun 4, 2021

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  46. BLOG

    Mining Energy-Transition Metals: National Aims, Local Conflicts 

    Jun 3, 2021

    ESG Research

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    Investors are scouting for companies that mine the metals needed in new energy technologies. But some mining projects key to the transition from fossil fuels may face opposition from Native Americans for threatening sacred areas or traditional ways of life.

  47. BLOG

    Momentum on a Value Hunt 

    Jun 2, 2021

    Global Investing , Factor Investing

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    Momentum, by definition, rotates into securities with recent outperformance. That said, investors who view value and momentum as contra-signals may have questions about the value-momentum convergence and the divergence of momentum and growth.

  48. BLOG

    Exxon Mobil: Drilling Down on the Proxy Vote 

    Jun 1, 2021

    ESG Research

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    The historic win of at least two seats on Exxon Mobil’s board by activist shareholder Engine No. 1 signals a dramatic shift in investors’ thinking about climate change — and in their willingness to vote for climate action. But there is a deeper story.

  49. BLOG

    Bitcoin: Good as Gold? 

    May 26, 2021

    Factors , Risk Management

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    During inflationary periods, equity investors, historically, have turned to gold as a hedge and diversifier. As the issue of inflation becomes more pressing, we ask whether cryptocurrencies, such as Bitcoin, could have played a similar role.

  50. BLOG

    Real Estate’s Climate-Transition Risk: The Path to Net-Zero 

    May 25, 2021

    Real Estate Investing , Risk Management , Global Investing

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    The 2015 Paris Agreement seeks to keep the rise in global temperature to well below 2 degrees Celsius above pre-industrial levels, and many governments are aiming for 1.5°C through nationally determined contributions. What are the implications for real estate markets?

Showing 1 - 50 of 2,134 entries

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