Extended-lister
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Drivers of China Equities’ Sell-Off
Apr 20, 2022 Wei Xu , Shuo XuEmerging Markets , Global Investing , Equity Themes , Equity indexes
Learn MoreFollowing the recent sell-off in Chinese equities, global investors may have some concerns and questions about their China exposure. Have fundamentals changed? What role did the Russia-Ukraine war play? Which factors are important to keep an eye on?
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Which Companies Lost Most in Europe’s Lost Decade?
Dec 14, 2021 Anil Rao , Jean-Maurice Ladure Learn MoreIf uncertainties over deglobalization persists, the performance divide between Europe and the U.S. could widen further. Have European firms been more at risk, given they have had more international revenue than U.S. companies?
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Inflation watchers, aware of how COVID-19 led to trillions of dollars of stimulus, may want to note the longer-term shift toward deglobalization. As these forces collide, they may lead to rising global inflation and affect asset-allocation strategies.
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Spotlight on the Markets: Are Supply Chains the New Grinch
Dec 3, 2021 Ana Harris , Mehdi Alighanbari Learn MoreThe holiday season may only exacerbate supply-chain challenges affecting the availability and prices of goods. In this inaugural edition of Spotlight on the Markets, we analyze performance and how investors are working to rise to the occasion.
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After Evergrande: Bond Liquidity of Chinese Property Developers
Nov 17, 2021 Daniel F. MolnarFixed Income , Risk Management , Global Investing
Learn MoreEvergrande, one of China’s largest and most indebted property developers, had a recent close brush with bankruptcy that generated considerable concern among global bond investors. In this time of distress, how has market liquidity responded?
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Market fundamentals may not be significantly affected by new regulations in China. But, given the regulations’ focus on ESG-related issues, investors can use ESG data as they seek to identify risks and opportunities across industries and securities.
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How can investors help accelerate the net-zero transition? This was the central question at MSCI’s 2021 Global Investing Conference. We present the core takeaways from the two-day event, which featured senior corporate and investment thought leaders.
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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.
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How a Shift Toward Buybacks Affected Yield Strategies
Sep 3, 2021 Mehdi Alighanbari , Arihant JainGlobal Investing , Factor Investing
Learn MoreFor 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.
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A Sector-Balanced Approach to China A Mega-Cap Exposure
Aug 27, 2021 Shuo Xu , Zhen Wei Learn MoreFor 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.
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Fresh IPO Stocks and Indexes: In or Out?
Aug 3, 2021 Arihant Jain , Mehdi Alighanbari Learn MoreDepending 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.
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COVID-19’s Uneven Impact on Office Vacancy
Jul 26, 2021 Niel HarmseReal Estate Investing , Global Investing
Learn MoreWhat 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.
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Hedging Inflation with Equities
Jul 16, 2021 Ashish Lodh , Jean-Maurice LadureGlobal Investing , Factor Investing
Learn MoreEquities 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?
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Momentum on a Value Hunt
Jun 2, 2021 Abhishek Gupta , Ashish LodhGlobal Investing , Factor Investing
Learn MoreMomentum, 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.
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Real Estate’s Climate-Transition Risk: The Path to Net-Zero
May 25, 2021 Will RobsonReal Estate Investing , Risk Management , Global Investing
Learn MoreThe 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?
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The Pressure of the Crowd: Stress Testing Thematic Indexes
May 17, 2021 Anil Rao , Thomas VerbrakenEquity Themes , Risk Management , Global Investing
Learn MoreSome investors may be concerned about crowding within the fast-growing thematic-investing segment. Using MSCI’s stock-crowding model, we identify crowded themes and run stress tests to understand how they might respond to an equity sell-off.
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Bringing Value to the 21st Century
Apr 28, 2021 Arihant Jain , Mehdi Alighanbari , Saurabh Katiyar Learn MoreIn the second post in our series, we further probe value’s underperformance over the past decade and ask if the historic definition of value remains relevant. We specifically look at whether a company’s valuation can be enhanced by reflecting R&D investments.
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Modern Slavery: The Unseen Risks
Apr 26, 2021 Morgan EllisESG Research , Global Investing
Learn MoreModern slavery occurs all over the world and can impact virtually all industries. Meanwhile, regulations requiring more detailed reporting on potential supply-chain exposure is increasing. How can investors identify portfolio holdings most at risk?
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Some ESG Funds Are Not Like the Others
Apr 19, 2021 Rumi MahmoodESG Research , Global Investing
Learn MoreESG funds’ holdings can vary significantly, depending on their objectives, methodologies and geographic exposures. We examined the 20 largest equity funds in our coverage universe.
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Innovation Remix: Adding Thematics to Equity Programs
Apr 14, 2021 Raman Aylur Subramanian , Anil Rao , Subramanian AylurEquity Themes , Factor Indexes , Global Investing
Learn MoreHow can investors incorporate transformative, but volatile thematic investments while seeking to control for valuation and total and active risk? We examine three approaches that improved a portfolio’s “innovation profile” with modest changes to risk.
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Including Microcaps in Benchmark Indexes: Japan vs. US
Apr 7, 2021 Naoya NishimuraEquity Themes , Global Investing , Factor Investing
Learn MoreSelecting an equity benchmark may mean balancing market coverage and investability. For example, exhaustive coverage may include microcap stocks, with lower liquidity and investment capacity. But excluding them may reduce low-size-premium exposure.
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Reopening Economies and the Resurgence in Value
Mar 31, 2021 Waman Virgaonkar , Hitendra D VarsaniFactor Indexes , Global Investing , Factor Investing
Learn MoreAfter 15 years of challenging performance, many have asked if value is still a valid investment strategy. But the reopening of the global economy following vaccination rollouts has reignited interest across stocks, sectors, countries and regions.
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Value-Performance Anxiety
Mar 23, 2021 Mehdi Alighanbari , Saurabh KatiyarGlobal Investing , Factor Investing
Learn MoreDespite a recent performance lift, many still ask whether the value factor is broken. We analyze the reasons behind its underperformance and start exploring the potential of updates to value definitions and approaches to value-portfolio construction.
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Considerations for Dedicated China Equity Allocations
Mar 18, 2021 Zhen Wei , Wei ZhenEmerging Markets , Global Investing
Learn MoreChina provides global equity investors a unique set of opportunities and challenges as they evaluate a potential dedicated investment program and how to approach asset allocation from policy configuration to portfolio implementation.
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鉴于中国进一步开放金融市场,一些投资者指定了一个专门计划来负责处理与中国相关的一系列投资机会。
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Managing the Risks of LIBOR Replacement
Mar 17, 2021 Greg Scheuer , Maks OksFixed Income , Risk Management , Global Investing
Learn MoreInvestors now have clarity on the process of transitioning away from LIBOR and falling back on replacement benchmark rates. We used stress tests to show that fallback modeling may be necessary to measure and manage the risks of LIBOR instruments.
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The Pace of Fast Change: Growth vs. Thematic Investing
Mar 16, 2021 Anil Rao , Stuart DooleFactor Indexes , Factors , Global Investing , Factor Investing
Learn MoreInvestors considering thematic investments to gain exposure to firms whose fortunes may not be captured by fundamental growth measures, may ask: What are the key opportunities – and challenges – that distinguish thematic from growth investing?
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Are Growth and Value Indexes Still in Style?
Mar 9, 2021 Guillermo Cano , Abhishek GuptaFactor Investing , Risk Management , Global Investing
Learn MoreGrowth and value indexes were created in the 1980s as finer tools than market-cap indexes to measure the performance of growth and value funds. Are style-specific indexes still a relevant choice to use as benchmarks for these funds?
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How Inflation Could Affect Multi-Asset-Class Portfolios
Mar 3, 2021 Thomas Verbraken , Daniel SzaboReal Estate Investing , Fixed Income , Global Investing , Integrated Risk Management
Learn MoreMarket participants are hotly debating whether U.S. monetary and fiscal policy may cause inflation. We consider four scenarios — reflation, disinflation, an overheated economy and stagflation — and their potential impact on multi-asset-class portfolios.
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How Have Stocks Responded to Changes in Climate Policy?
Mar 1, 2021 Guido Giese , Zoltán Nagy , Bruno RauisESG Research , Global Investing
Learn MoreTo what extent has climate risk been priced into equity markets? Is there a “brown” discount and a “green” premium? Has this shifted over time? How can we model such risks as the world moves toward net-zero targets? We examine the financial impact of climate transition risk on global equity markets.
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Currency-Risk Hedging in Real Estate Benchmarks
Feb 22, 2021 Bert Teuben , Lionel Ebener , Chirag GosarReal Estate Investing , Risk Management , Global Investing
Learn MoreGlobal real estate investors can expose themselves to currency risk. Using a hedged index, they may better align their benchmark and investment approach and ensure currency risk is accurately treated in allocation modeling and performance attribution.
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Stress Testing Climate-Change Scenarios
Jan 28, 2021 David Lunsford , Thomas VerbrakenGlobal Investing , ESG Research
Learn MoreRegulators around the world are upping the ante on climate-related financial disclosures. How can investors stress test potential exposures to these changes in policy? We take a look within Europe.
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A Thematic Lens for Portfolios
Dec 17, 2020 Stuart Doole , Kumar Neeraj , Vishad Bhalodia Learn MoreWe show how MSCI Thematic Exposure relevance scores helped position growth funds, as an example, alongside thematic funds, and highlighted key megatrends that drove performance. A thematic lens can help analyze other categories and strategies as well.
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Kuwait’s Move from Frontier to Emerging Market
Dec 14, 2020 Saurabh Katiyar , Ashish Lodh Learn MoreKuwait’s reclassification from frontier to emerging market and inclusion in the MSCI Emerging Markets Index provides investors exposure to yet another Gulf Cooperation Council member, one that has worked to open its doors to foreign investors.
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Accounting for Revenue Sources Tells a Richer Story
Dec 11, 2020 Jean-Maurice LadureGlobal Investing , Emerging Markets , Economic Exposure
Learn MoreDespite North America’s outsized weighting in the MSCI ACWI Index, companies in the index generated only 30% of their global revenues there. We explore how examining revenue sources may help uncover opportunities of economic growth around the world.
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China Tech Investing: An Indexed Approach
Dec 2, 2020 Wei Xu , Kumar Neeraj , Devika Ghate Learn MoreChina’s emergence as a tech leader holds great potential. But its technology value chain isn’t limited to IT firms. Opportunity lies across sectors, from electric vehicles to medical devices. How does one effectively gain exposure?
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经过数十年的快速经济增长,中国开始将发展重点从出口和固定资产投资转移到国内消费和技术创新。
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The universe of stocks represented by the MSCI USA Index comprises over 600 securities. U.S. investors might assume there are ample opportunities for diversification and potential risk reduction in the domestic market. Is this assumption correct?
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Chinese Government Bonds: Higher Yield, Less Risk?
Nov 12, 2020 Greg Recine , Juan Sampieri , Andy SparksGlobal Investing , Risk Management
Learn MoreGlobal investors’ interest in Chinese government bonds has risen, as these bonds offer higher yields than developed-market sovereign debt. For investors thinking about adding Chinese bonds to their portfolios, what could be the impact on portfolio risk?
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China A Shares: What Have We Learned?
Oct 30, 2020 Zhen WeiEmerging Markets , Global Investing
Learn MoreIn this first of a series of blogs covering specific index-inclusion stories, we explore China A shares’ inclusion in the MSCI Emerging Markets Index by looking back at how it occurred and what’s happened since with market and investor reaction.
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Aligning with the Paris Agreement: An Index Approach
Oct 22, 2020 Stuart Doole , Véronique Menou , Kumar NeerajESG Research , Global Investing
Learn MoreInstitutional investors are under pressure to align their strategies with a maximum global temperature increase of 1.5oC as targeted by the Paris Agreement. We examine how they can approach this while respecting other investment constraints.
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Factors in Focus: Impact of Inflation on Style Factors
Oct 2, 2020 Hitendra D Varsani , Waman VirgaonkarFactor Investing , Global Investing , Risk Management
Learn MoreGlobal equities continued to rally in Q3, brushing aside fear of a second wave of COVID-19 and a large economic slump. We review what it meant from an equity and fixed-income factor perspective and look at what our models showed headed into Q4
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Assessing Company Alignment with UN SDGs
Sep 14, 2020 Olga EmelianovaESG Research , Global Investing
Learn MoreFive years ago, the United Nations adopted 17 UN Sustainable Development Goals (SDGs) in an effort to end extreme poverty, reduce inequity and protect the planet by 2030. Using a new tool, we examine whether companies are walking the walk.
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ESG in Mexico: At a Fork in the Road?
Aug 27, 2020 Mario López-AlcaláESG Research , Emerging Markets , Global Investing
Learn MoreMexican companies’ ESG risk-mitigation practices have come a long way over the past decade, but there has been some slippage over the past two years. We examine the current status and why investors may want to pay attention.
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Alternative Views of Equity-Market Liquidity During COVID-19
Aug 26, 2020 Saurabh Katiyar , Reil Abucay , Chirag GosarEmerging Markets , Global Investing , Risk Management
Learn MoreInstitutional investors have typically used traded volume as a way to assess market liquidity. Adding alternative measures that gauge market impact and trading costs can provide a more comprehensive view for portfolio managers and traders.
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Hedging Inflation: A Scorecard
Aug 26, 2020 Juan Sampieri , Andy SparksIntegrated Risk Management , Fixed Income , Global Investing , Risk Management
Learn MoreAggressive actions by central banks and soaring government budget deficits have raised concerns among some investors that inflation may significantly rise. We examine whether an inflation hedge was worth the cost over the past 13 years.
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Understanding the Industry-Momentum Factor
Aug 19, 2020 Alex Johnson , Simon MinovitskyFactor Investing , Risk Management , Global Investing
Learn MoreWhen COVID-19 first swept through global equity markets, many factors exhibited unprecedented performance swings. How could institutional investors interpret the industry-momentum factor’s moves in the context of the underlying market dynamics?
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Index Futures and the Expansion of Equity Markets in EM and Asia
Aug 4, 2020 Zhen WeiGlobal Investing , Emerging Markets
Learn MoreGiven equity market growth in the emerging markets and Asia, and the dispersion of returns across individual subregions and countries, some have looked beyond traditional long-only approaches, to others, such as futures. We explore those options.
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Managing Climate Risk in Equity Portfolios: A Case Study
Jul 15, 2020 Bruno Rauis , Zoltán NagyESG Research , Global Investing
Learn MoreInstitutional investors are increasingly focused on mitigating their climate-related risks. How could a “typical” active global equity manager have managed these exposures without disturbing the portfolio’s risk and return characteristics?
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Would Integrating ESG in Chinese Equities Have Worked?
Jul 7, 2020 Naoya Nishimura , Shuo XuESG Research , Emerging Markets , Global Investing
Learn MoreESG ratings have reflected financial risk and returns in developed-market and emerging-market equities. But was this true in China, where ESG considerations are still in their infancy?
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将 ESG 融入到中国股票的成效如何?
Jul 7, 2020 Naoya Nishimura , Shuo XuESG Research , Emerging Markets , Global Investing
Learn More过去两年,中国企业的 ESG 评级大幅提升。通过回测,剔除一些 ESG 评级低的股票,能够有助于一批聚焦中国的主动型基金在过去五年半时间内降低风险和提高投资回报。
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Did Value-Factor Exposure Deliver for Value Funds?
Jun 29, 2020 Saurabh Katiyar , Ashish Lodh , Vishad BhalodiaFactor Investing , Global Investing
Learn MoreBuilding on previous MSCI research into the nuanced performance of the value factor, including the impact of sectors and other style factors, we look at how exposure to value drove the performance of actively managed value funds.
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ESG Ratings: How the Weighting Scheme Affected Performance
Jun 29, 2020 Zoltán Nagy , Linda-Eling Lee , Guido GieseGlobal Investing , ESG Research
Learn MoreOur recent research suggests that environmental and social issues were more industry specific and tended to show up in financial measures over a longer time frame compared to governance issues. How can E, S and G issues be combined?
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Which ESG Issues Mattered Most? Defining Event and Erosion Risks
Jun 22, 2020 Guido Giese , Zoltán Nagy , Linda-Eling LeeGlobal Investing , ESG Research
Learn MoreVery different ESG issues can be material for different industries. Our research suggests that risks can be divided into two main types: “event” risks and “erosion” risks to companies’ long-term competitiveness. Which ones mattered most for E, S and G?
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Is ESG All About the ‘G’? That Depends on Your Time Horizon.
Jun 15, 2020 Linda-Eling Lee , Guido Giese , Zoltán NagyGlobal Investing , ESG Research
Learn MoreThe conventional wisdom has it that governance is the most dominant of the three E, S and G pillars. But our analysis finds different results when looking at contribution to performance over different time horizons.
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Equity-Market Dislocation and Index-Based Investing
Jun 3, 2020 Shuo Xu , Zhen WeiEmerging Markets , Global Investing
Learn MoreMarket turbulence amid COVID-19 presented risks and opportunities. We explore how indexes , combined with the use of fundamental data, provided a wealth of information to help identify potential market dislocations.
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Outcome-Oriented Factor Investing with a ‘Barbell’ Approach
Jun 1, 2020 Zhen Wei , Shuo XuFactor Indexes , Factor Investing , Global Investing
Learn MoreThough relatively new to wealth investors, index-based factor investing has some similarity to a high-conviction, outcome-oriented approach. We explore combining the two when seeking outcomes such as equity growth, yield enhancement and risk mitigation.
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Building Better ESG Indexes: 30 Years On
May 27, 2020 Stuart DooleGlobal Investing , ESG Research
Learn MoreHow ESG indexes have evolved over the past 30 years: A Q&A with Stuart Doole, head of new index development at MSCI, about his conversations with investors since the COVID19 crisis started, the growth of ESG investing and how MSCI Research uses AI and machine learning in developing its ESG indexes.
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Dividend cuts following the COVID-19 slowdown led to approximately USD 194 billion of lost dividends between February and April 2020. An approach that looked beyond dividend-yield ranking would have avoided some affected companies, based on our analysis.
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Five lessons for investors from the COVID-19 crisis
May 19, 2020 Dimitris MelasESG Research , Factors , Global Investing
Learn MoreCOVID-19 unleashed a torrent of sharp movements across global financial markets. We highlight five key lessons for investors regarding global investing, managing factors, active management, indexed investing and ESG investing.
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Index Rebalancing During High Volatility: A Balancing Act
May 13, 2020 Abhishek Gupta , Pavlo Taranenko , Sebastien LieblichGlobal Investing , Emerging Markets
Learn MoreSignificant volatility during COVID-19 highlights a need for index reconstitution, but some may worry about trading costs and excess turnover. We investigate the balance between appropriate market representation and avoiding high index turnover.
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Consumer ABS Under Coronavirus in the US and China
May 11, 2020 Yini Yang , Jian Chen , Joy ZhangEmerging Markets , Fixed Income , Global Investing , Risk Management
Learn MoreBeyond COVID-19’s steep human toll, the pandemic’s disruption of economic life has led to widespread loss of income and impaired some borrowers’ ability to repay loans. What could the impact be for investors in consumer asset-backed securities in the U.S. and China?
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Using Derivatives to Manage Volatile Markets
May 4, 2020 Hitendra D Varsani , Rohit MendirattaEmerging Markets , Global Investing , Risk Management
Learn MoreWe’ve previously noted growth in derivatives contracts to manage emerging-markets exposure in normal and stressed times. Now, facing a real-world stress test, how did investors use these tools? How have implied volatilities and option premium changed?
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MSCI ESG Indexes during the coronavirus crisis
Apr 22, 2020 Zoltán Nagy , Guido GieseESG Research , Emerging Markets , Global Investing
Learn MoreThe COVID-19 outbreak is the first real-world test since the 2008 global financial crisis of the resilience of companies with high MSCI ESG Ratings. We analyze the performance of four standard MSCI ESG Indexes over Q1 2020 and longer periods.
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新冠疫情期间的 MSCI ESG 指数
Apr 22, 2020 Zoltán Nagy , Guido GieseESG Research , Emerging Markets , Global Investing
Learn More在新冠疫情的恐慌抛售期间以及更长时期内,我们将四个全球 MSCI ESG 指数与其母指数进行了比较。
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Can diversification help weather the coronavirus storm?
Apr 16, 2020 Raina Oberoi , Abhishek Gupta , Jean-Maurice LadureEmerging Markets , Factor Indexes , Factor Investing , Factors , Global Investing
Learn MoreWhether investors include a tactical approach or invest strategically for the long term, diversifying across factors, sectors and geographies has historically played an important role in portfolio construction.
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Green bonds: Growing bigger and broader
Apr 14, 2020 Meghna MehtaESG Research , Fixed Income , Global Investing
Learn MoreAs the green-bond market matures, it is developing offshoots. The types of projects financed, as well as the emergence of innovative types of bonds and loans linked to the ESG targets, is growing. These initiatives may broaden the market for green investment options.
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Will coronavirus reduce emissions long term?
Apr 3, 2020 Oliver Marchand , Nathan FaigleESG Research , Global Investing
Learn MoreHas COVID-19 affected carbon emissions? Using satellite imagery from NASA and the European Space Agency, we examined the empirical data so far to understand the potential impact, and if there may be a decline in global greenhouse-gas emissions in 2020.
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Asset allocation and index futures during market crises
Mar 25, 2020 Shuo Xu , Wei Xu , Zhen WeiEmerging Markets , Global Investing , Risk Management
Learn MoreDuring market crises, institutional investors have employed derivatives contracts to hedge market risks or express views on certain performance/risk characteristics. We explore prior use of futures for exposure management and tactical asset allocation.
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市场危机中的资产配置与指数期货
Mar 25, 2020 Shuo Xu , Wei Xu , Zhen WeiEmerging Markets , Global Investing , Risk Management
Learn More机构投资者通常利用期货、期权等衍生品合约对冲市场风险,或在某些特定市场环境中表达投资观点。
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How coronavirus could hurt Chinese consumer ABS
Mar 20, 2020 Yini Yang , Jian ChenRisk Management , Global Investing , Fixed Income , Emerging Markets
Learn MoreThe slowing Chinese economy and trade uncertainty had already put strains on the performance of Chinese consumer asset-backed securities. The COVID-19 pandemic could further harm the performance of these securities. Investors may wish to gauge the risks.
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Integrating ESG in emerging markets and Asia
Mar 18, 2020 Zhen WeiESG Research , Emerging Markets , Global Investing
Learn MorePreviously, we have examined the relationship between ESG characteristics and financial performance in developed markets. In this blog post, we explore whether ESG characteristics have had financially significant effects in emerging markets and Asia.
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将ESG融入新兴市场和亚洲市场
Mar 18, 2020 Zhen WeiESG Research , Emerging Markets , Global Investing
Learn More在我们研究的时间区间内,ESG 评级较高的股票在新兴市场和亚洲(日本除外)地区表现较好,整合ESG 提高了这些地区的回报。
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Coronavirus and oil hit equities — how low can we go?
Mar 12, 2020 Dimitris MelasRisk Management , Global Investing
Learn MoreWe compare the market turmoil sparked by the coronavirus pandemic with levels of volatility, drawdown and recovery after 9/11 and the global financial crisis (the two other similarly severe economic and market shocks of the last 20 years).
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The coronavirus market impact spreads globally
Mar 5, 2020 Jun Wang , Jay Yao , George BonneFactor Investing , Global Investing
Learn MoreFear of a coronavirus pandemic and ensuing economic impacts caused sharp drops in global markets after an initially mild response. We look at recent performance from a factor perspective and how quickly factor returns and volatility reverted in past crises.
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A coronavirus stress test for global markets
Mar 4, 2020 Juan Sampieri , Thomas Verbraken , Chenlu ZhouFixed Income , Global Investing , Risk Management
Learn MoreAfter the coronavirus spread to multiple continents, markets recorded the worst week since the crisis. How much further could markets drop if epidemic turns into pandemic? Our stress test indicates room for further losses.
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ESG and the cost of capital
Feb 25, 2020 Ashish LodhESG Research , Global Investing , Emerging Markets
Learn MoreWe know a lot about the relationship between companies’ ESG characteristics and financial performance. But was there a correlation between ESG scores and cost of capital?
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The coronavirus epidemic: Implications for markets
Feb 12, 2020 Jun Wang , Zhen Wei , Thomas VerbrakenEconomic Exposure , Emerging Markets , Factor Investing , Fixed Income , Global Investing , Risk Management
Learn MoreThe toll from the coronavirus has been felt throughout societies, leading to repercussions on the global economy and financial markets. We examine investor impact through markets’ economic exposures to China and factors and by stress testing portfolios.
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Aramco IPO shows importance of timely index inclusion
Feb 4, 2020 Saurabh KatiyarEmerging Markets , Global Investing
Learn MoreSaudi Aramco’s IPO showed why single-country index providers may sometimes need to include companies (especially larger ones) outside of scheduled reviews, as they work to bridge gaps between a country’s equity index exposure and economic drivers.
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Private-capital funds enjoyed record inflows from 2014 to 2018, as asset owners sought high-returning assets that had low correlations to traditional public asset classes. Did private capital deliver?
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Trade deal broadened access to China’s nonperforming loans
Jan 29, 2020 Yini Yang , Jian ChenRisk Management , Fixed Income , Global Investing , Emerging Markets
Learn MoreThe phase-one U.S.-China trade deal lets U.S. asset managers acquire nonperforming loans directly from Chinese banks. We assess the market’s characteristics, as investors face challenges estimating recovery rates and liquidation timing of these loans.
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Looking to the futures of emerging markets
Dec 11, 2019 Hitendra D VarsaniGlobal Investing , Risk Management , Economic Exposure , Emerging Markets
Learn MoreEmerging-market (EM) equities have delivered unique risk and return characteristics over the last 30 years. Are futures on EM stocks a liquid enough means to gain exposure during normal and stressed conditions?
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The emerging-market (EM) equity segment has evolved substantially during the two and a half years since MSCI announced the inclusion of China A shares in the MSCI Emerging Markets Index.
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Standards can establish a common language and provide clarity among market participants. We examine three to see how they can help evaluate returns, quantify factor exposures and measure the impact of changes in sector and industry trends.
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A default wave for Chinese consumer ABS?
Nov 18, 2019 Yini Yang , Jian ChenEconomic Exposure , Emerging Markets , Fixed Income , Global Investing , Risk Management
Learn MoreThe default rate for auto loans in Chinese consumer asset-backed securities increased rapidly in recent months, and China may be moving toward a more borrower-friendly bankruptcy regime. Could this lead to even higher default rates?
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Have regional equity-market correlations risen?
Nov 15, 2019 Guido Giese , Roman Kouzmenko Learn MoreGlobal equity investors use regions as building blocks in asset allocation, typically segregating markets by how developed they are and by geography. Has globalization reduced the potential for geographical portfolio diversification?
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The state of global investing
Nov 12, 2019 Dimitris MelasEconomic Exposure , Emerging Markets , Global Investing
Learn MoreFinancial markets are inherently unpredictable, while structural forces such as shifts in monetary policy, trade conflicts and climate change compound the challenges facing investors. Read our analysis commissioned by Norway’s Ministry of Finance.
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Emerging market country allocation matters
Nov 6, 2019 Jean-Maurice LadureEmerging Markets , Global Investing , Economic Exposure
Learn MoreInvestors with strong convictions on emerging markets might consider an approach allowing tilts toward or away from specific themes, such as active allocation to single-country index-based funds. We explore considerations linked with this approach.
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Cyclicals vs. defensives: Did tariffs tip the scales?
Nov 5, 2019 Guillermo CanoEconomic Exposure , Emerging Markets , Global Investing
Learn MoreDid tariffs imposed by the U.S. and China in May trigger a shift to defensive from cyclical stocks? How did they affect different U.S. sectors and industry groups?
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Value investing is down. But is it out?
Oct 23, 2019 Abhishek Gupta , Anil RaoFactor Indexes , Factor Investing , Factors , Global Investing
Learn MoreValue stocks generally underperformed the broad U.S. equity market over the past decade — just as they did in the late 1990s. What drove that underperformance? Was it consistent globally? Within U.S. sectors?
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Stress testing US-China trade wars
Oct 22, 2019 Anikó Maráz , Thomas Verbraken , Maraz AnikoEmerging Markets , Fixed Income , Global Investing , Risk Management
Learn MoreAmid ongoing U.S.-China trade tension, we have updated our stress test to consider three scenarios for how the situation could unfold — and their impact on currency, bond and equity markets around the world.
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Chinese convertibles: Equities in fancy dress?
Oct 14, 2019 Gergely SzalkaEmerging Markets , Fixed Income , Global Investing , Models/Client Cases , Risk Management
Learn MoreChinese corporate bonds that convert to A shares display equity-like characteristics. But investors who view these securities as equities in disguise are overlooking the complexities of the asset class.
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Stress testing Brexit: Deal or no deal?
Oct 9, 2019 Anikó Maráz , Thomas Verbraken , Maraz AnikoGlobal Investing , Models/Client Cases , Risk Management
Learn MoreBrexit has roiled markets since U.K. voters chose “leave” in the June 2016 referendum. We used our stress-testing model to examine how markets could react to deal and no-deal scenarios.
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What’s the downside in real estate?
Oct 4, 2019 Bryan ReidReal Estate Investing , Global Investing
Learn MoreReal estate has always been marked by periods of expansion and sometimes painful corrections. But all cycles are not alike.
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Is climate-change risk all about fossil fuels? Think again.
Sep 19, 2019 Michael DisabatoESG Research , Global Investing
Learn MoreWhen it comes to reducing greenhouse gases, investors tend to focus on fossil fuels and power generation. But other companies also need to adapt to a lower-carbon world. We look at the implications for five types of companies.
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Real estate may be yielding less than you thought
Sep 12, 2019 Bryan ReidGlobal Investing , Real Estate Investing
Learn MoreIncome has long been an important part of real estate returns meaning yields are often heavily scrutinized by investors. However, headline yields do not factor in capital expenditure requirements which can vary significantly. Investors looking to better understand potential “free cash flow” positions of portfolios post-capex may want to adjust the yields they use to account for it.
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Using multi-country multi-currency futures in portfolio management
Sep 3, 2019 Hitendra D VarsaniGlobal Investing , Risk Management
Learn MoreInvestors seeking to more tightly manage their exposures to regional or global benchmarks are turning to multi-country multi-currency futures.
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The changing face of real estate portfolios
Aug 14, 2019 Bryan ReidGlobal Investing , Real Estate Investing
Learn MoreOffice and retail investments’ historic dominance of commercial real estate portfolios is decreasing, with other property types — including logistics centers, student housing, and data centers — increasing. This evolution highlights how technology and the search for yield have led investors to diversify and seek exposure to other property types.
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Home bias in fixed income: Has it helped or hurt?
Jul 29, 2019 Anikó Maráz , Andy Sparks , Maraz AnikoFixed Income , Global Investing , Integrated Risk Management
Learn MoreHas global diversification historically helped reduce risk in the fixed-income portfolios of U.S. defined-benefit (DB) pension plans? Our backtests show that globalizing bond allocations would have increased risk measured relative to a liability benchmark. For such plans, home bias in bond portfolios would have reduced active risk over the period of our study.
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Is there another Woodford waiting to happen?
Jul 11, 2019 Laszlo HolloGlobal Investing , Risk Management
Learn MoreWhen the Woodford Equity Income Fund suspended redemptions on June 3, 2019, it showed how, when a fund’s liquidity profile is misaligned with its shareholder profile and redemption constraints, a single large redemption request can trigger gating.