First Signs of Moderation in Global Economic Growth

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The first signs of a moderation in global economic growth are on the horizon. According to the latest market report by BLI – Banque de Luxembourg Investments, the moderation in activity seems to be more the result of the ongoing disruptions in supply chains than any major weakening of demand.

“Although most activity indicators are holding up, they appear to be starting to drop back from the very high levels of previous months. In the United States, for example, the manufacturing activity index fell for the second consecutive month after 15 months in a row of almost uninterrupted growth”, points out Guy Wagner, Chief Investment Officer and managing director of the asset management company. Besides, in services, the activity index was also down slightly due to the rise in coronavirus infections, although, in his view, “this should prove temporary.”

The “Highlights” report shows that trends appear similar in Europe, with activity remaining robust but possibly at a turning point.

Moderation in China continues

In China, the pace of growth has continued to moderate in recent months. According to BLI, this is due to the simultaneous effect of strict restrictions to curb the epidemic, tighter regulatory measures in almost all economic sectors, a shortage of electricity, and the financial difficulties of China Evergrande, the country’s second biggest property developer. In Japan, exports continue to be the most dynamic segment, as yet showing no signs of weakening.

Upcoming reduction in asset purchases

The FOMC (the Federal Reserve’s monetary policy committee) left its monetary policy unchanged at its September meeting. Nevertheless, Fed Chair Jerome Powell signaled that it would start tapering asset purchases, from the next meeting in November through to mid-2022. The report reminds that when it comes to the future level of interest rates, Powell reiterated that the end of asset purchases did not mean a simultaneous rise. “Opinion in the FOMC seems to be divided on this subject since half its members are expecting a first interest rate hike in 2022″, it adds.

In Europe, in view of the economic improvement and the surge in prices, the ECB announced a slight readjustment of asset purchases under the pandemic emergency purchase program to a level slightly below that of the previous two quarters. At the December meeting, the monetary authorities expect to give more details on the monetary policy outlook for 2022.

More volatility in equity markets 

Lastly, BLI highlights that having risen almost every month since the beginning of the year, equity markets were more volatile in September. “Uncertainty surrounding the financial difficulties of property developer China Evergrande and the rise in long-term interest rates weighed on share prices. In consequence, the major indexes in the United States, Europe, and the MSCI Emerging Markets recorded losses“, says Wagner.

Meanwhile, the Topix in Japan was alone in rising, partially making up for the accumulated lag of previous months. “In terms of sectors, energy stocks stood out with a sharp increase in their share price on the back of rising oil and gas prices”, concludes the Luxembourgish economist.

La industria financiera global vuelve a encontrarse en el Investment Summit 2021 de Funds Society

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. Foto cedida

La séptima edición del Investments Summit & Golf de Funds Society volverá a reunir a gestores de activos de todo el mundo que compartirán ideas de inversión y estrategias este jueves 14 de octubre.

Además, en el evento, que tendrá cita en el Ritz Carlton Golf Resort de Naples, se disputará un torneo de golf el viernes 15 en el Tiburon Golf Club.

Dentro de los temas que propondrán las gestoras se encuentran los mercados emergentes. En este sentido, John M. Malloy Jr de RWC quien presentará la oferta de la compañía “Emerging and Frontier Markets”.

Janus Henderson también profundizará sobre los emergentes con Daniel J. Graña, CFA, portfolio manager de Mercados Emergentes que estará acompañado por Matthew Culley, assistant portfolio manager.

M&G Investments discutirá los beneficios, las valoraciones de mercado y las oportunidades de los High Yields a tasa flotante con James Tomlins, manager de M&G (Lux) Global Floating Rate High Yield Fund, quien hablará sobre las oportunidades que el alto rendimiento puede ofrecer en un escenario de presiones reflacionarias.

Por otro lado, Thornburg intervendrá con una conferencia sobre inversión en bonos en un entorno de bajo rendimiento a cargo del administrador de la cartera de clientes, Robert Costello, CFA. El técnico hablará tanto del Thornburg Limited Term como del Thornburg Strategic Income en su presentación “Bond Investing in a Low Yield Environment”.

Vontobel, en cambio, centrará su disertación en la importancia de los activos de calidad a la hora de buscar inversiones. Bajo el lema “Quality or Nothing”, Ben Falcone, CFA, Head of Client Portfolio Manager Team Quality Growth Boutique, hará su presentación demostrando la importancia de esta característica al momento de colocar inversiones.

Alec Murray, Senior Vice President Head de Equity Client Portfolio Managers en Amundi, hará su presentación sobre management. El experto dirige un equipo de portfolio managers de clientes que son responsables de representar la filosofía de inversión, el proceso y el desempeño de las estrategias de renta variable de la empresa, y proporcionar actualizaciones sobre las tendencias del mercado financiero y las perspectivas económicas de la empresa a los clientes y sus asesores.

Finalmente también se hablará del futuro. En ese sentido George Saffaye, Managing Director de Global Investment Strategist en BNY Mellon presentará “Mobility Innovation for the future”. En su rol, Saffaye guía el mensaje y el posicionamiento de las estrategias de inversión. Es una interfaz crítica entre el personal de cara al cliente y los equipos de inversión, según la información de la firma.

Por último, Manulife Investment Management también hablará acerca de los desafíos para las nuevas generaciones. Clinton Graham, Vice President and Portfolio Advisor of Wellington Management, hablará sobre su estudio “Next Generation Themes”. La presentación se dividirá en cuatro partes bien definidas: el caso de los temas a largo plazo, la oportunidad FinTech, la inversión temática en atención médica y, finalmente, la evolución de datos 5G.

Si desea obtener más información del evento puede acceder a través del siguiente enlace.  

 

Jupiter Appoints Huw Davies Assistant Fund Manager on its Strategic Absolute Return Bond Team

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Jupiter nombramiento
Foto cedidaHuw Davies, gestor de fondos adjunto para su equipo de bonos estratégicos de retorno absoluto de Jupiter AM.. Jupiter nombra a Huw Davies gestor de fondos adjunto para su equipo de bonos estratégicos de retorno absoluto

Jupiter AM has strengthened its Strategic Absolute Return Bond (SARB) team with the appointment of Huw Davies as Assistant Fund Manager of Fixed Income. He joined the firm in the summer of 2020 following the company’s acquisition of Merian Global Investors, where he started his previous role as Investment Director of Fixed Income in the same team.

In a press release, the asset manager has explained that Huw will now report directly into Mark Nash, Head of Fixed Income Alternatives, and will work alongside Assistant Fund Manager James Novotny, strengthening the resource dedicated to Jupiter’s alternative fixed income offering.

Following the Merian acquisition, the team’s flagship portfolio, the Jupiter Strategic Absolute Return Bond (ICVC) fund, has been incorporated into the firm’s offering. This vehicle looks to deliver positive total returns uncorrelated to bond and equity market conditions, with stable levels of volatility. Powered by its flexible approach to navigating volatile fixed income markets, the fund has delivered 18.23% over three years and 20.4% over five. The fund is Jupiter’s first footprint in the alternative fixed income space and has added a new dimension to the its existing Alternatives business.

In addition to Huw’s appointment, the company has also announced that it is strengthening the client-facing support offered to its flagship fixed income strategy with the promotion of Matthew Morgan to Investment Director, Fixed Income and Multi-Asset. Having joined Jupiter in 2019 as Product Specialist on its Multi-Asset strategy, in his new position he will co-ordinate the activities of the team of Investment Directors across the company’s £15.3 billion Fixed Income and £1.1 billion Multi-Asset ranges, leading a growing team of strategy specialists.

“Since the onset of the Covid pandemic, the policymaking landscape has dramatically changed. Fiscal spending is unlikely to disappear anytime soon as inequality and global warming issues are addressed. Central banks will remain supportive but will take more of a backseat, while ensuring that banking systems are in good health to support the recovery”, said Mark Nash.

In his view, this reflationary environment will see higher growth and higher inflation, with yields rising. “A more ‘absolute return’ approach will be needed to achieve positive returns from fixed income, and I am pleased to be welcoming Huw to the team at this important time in for the strategy”, he concluded.

Manulife Will Talk About the Trending Topics for the New Generations at the Funds Society Investment Summit 2021

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Clinton Graham
Foto cedidaClinton Graham, vice president y portfolio advisor de Wellington Management. Foto cedida

The concerns for the future and the issues that the new generations of the industry will have to deal with will be the focus of the presentation of Manulife Investment Management at the seventh edition of the Investment Summit & Golf of the Funds Society.

During the event, which will be held on October 14th and 15th at the Ritz Carlton Golf Resort in Naples, Manulife will present “Next Generation Themes” by Clinton Graham, Vice President and Portfolio Advisor of Wellington Management.

The presentation will be divided into four well-defined parts: The Case for Long-term Themes, The FinTech Opportunity, Thematic Healthcare Investing and finally the 5G 5G Data Evolution.

As a portfolio advisor with Wellington Management, Clinton works closely with portfolio managers as well as the firm’s macroanalysts and asset allocation strategists to articulate the firm’s investment strategies to clients and prospects.

Within the Portfolio Advisor Group, he covers a variety of strategies and asset classes, including equities, alternatives, and fixed income. He represents the firm’s global investment capabilities and advises clients, prospects, and consultants on global investing issues.

For more information and/or to register for the Investments Summit 2021, follow this link.

BNY Mellon To Discuss Mobility Innovation for the Future at Funds Society’s Invstment Summit 2021

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Foto cedidaGeorge Saffaye, Managing Director, Global Investment Strategist de BNY Mellon. Foto cedida

George Saffaye, Managing Director of Global Investment Strategist at BNY Mellon will present “Mobility Innovation for the future” in the seventh edition of Funds Society Investment Summit & Golf.

Saffaye is a global investment strategist for the Thematic Equity, US Large Cap Growth Equity, US Small Mid Cap Growth Equity and Global Natural Resources strategies. In this role, George guides the messaging and positioning of investment strategies. He is a critical interface between client-facing staff and investment teams, according to the firm information.

Before joining the firm, George worked as a portfolio specialist on the Small Cap team at Dreyfus, serving as a liaison between small cap portfolio managers and Dreyfus sales and marketing professionals as well as external consultants and clients. Prior to that, he worked at Credit Suisse Asset Management and Warburg Pincus, where his team was responsible for institutional client service and marketing in the Midwest region of the US. George has been in the investment industry since 1990.

The expert will speak during the event that will take place on October 14th and 15th at the Ritz Carlton Golf Resort in Naples.

For more information and/or to register for the Investments Summit 2021, follow this link.

The Importance of Active Management for Today by Amundi at Funds Society’s Investment Summit 2021

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Foto cedidaAlec Murray, Senior Vice President Head of Equity Client Portfolio Managers at Amundi . Foto cedida

Alec Murray, Senior Vice President Head of Equity Client Portfolio Managers at Amundi will make his presentation on management today at the seventh edition of the Funds Society Investment Summit & Golf.

Alec Murray leads a team of client portfolio managers that are responsible for representing the investment philosophy, process and performance of the firm’s equity strategies, and providing updates on financial market trends and the firm’s economic outlook to clients and their advisors.

The expert will speak during the event that will take place on October 14th and 15th at the Ritz Carlton Golf Resort in Naples.

For more information and/or to register for the Investments Summit 2021, follow this link.

The VII Edition of the Funds Society Investments Summit will Bring Together Asset Managers from Across the World

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The VII edition of the Funds Society Investments Summit will bring together again asset managers from across the globe. The event will be held on October 14th and 15th at the Ritz Carlton Golf Resort in Naples (Florida). After listening to the investments ideas and the outlook of the sponsors during the Investments Day (October 14th), the VII edition of the “Funds Society Golf Tournament” will be held in the morning of October 15th at the Tiburon Golf Club.

This seventh edition will have John M. Malloy Jr from RWC as one of its speakers, who will be presenting the company’s Emerging and Frontier Markets offer. At the event, the RWC portfolio manager will comment on the fund which is managed by a team of 21 people. These strategies are managed by him and James Johnstone. A 21-strong team, prioritising face-to-face research to inform idea generation. This provides on-the-ground knowledge and ability to seek out a wide range of opportunities across the emerging and frontier markets spectrum. The investment team brings together the economic and cultural perspectives of 14 nationalities, speaking 17 languages and drawing on business experience having worked together around the world for over twenty years, according to the company’s information.

Emerging markets will also be the theme that Janus Henderson will address in its presentation. The company will introduce “Emerging Market Equities” by Daniel J. Graña, CFA, portfolio manager of Emerging Markets who will share the presentation with Matthew Culley, assistant portfolio manager. The Janus Henderson Emerging Markets Fund aims to provide a return, from a combination of capital growth and income over the long term. The Fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in emerging markets, according to the firm information.

M&G Investments will discuss the benefits, market valuations and opportunities of floating rate high yields. James Tomlins, manager of M&G (Lux) Global Floating Rate High Yield Fund, will speak about the opportunities that high yield can offer in a reflationary pressures scenario. Tomlins has more than a decade of experience in high yield credit, joined M&G in June 2011 and started managing fixed income portfolios in January 2014. He manages Global High Yield Bond, the Global Floating Rate High Yield and the Global High Yield ESG Bond strategies.

As for Vontobel, it will focus its dissertation on the importance of quality assets when seeking investments. Ben Falcone, CFA, Head of Client Portfolio Manager Team Quality Growth Boutique, will be presenting “Quality or Nothing”. Falcone joined Vontobel Asset Management in March 2015 as a Client Portfolio Manager for the firm’s Quality Growth Boutique. He is responsible for communicating the firm’s philosophy, process, performance, portfolio positioning and risk management.

Alec Murray, Senior Vice President Head of Equity Client Portfolio Managers at Amundi, will make his presentation on management. He leads a team of client portfolio managers that are responsible for representing the investment philosophy, process and performance of the firm’s equity strategies, and providing updates on financial market trends and the firm’s economic outlook to clients and their advisors.

George Saffaye, Managing Director of Global Investment Strategist at BNY Mellon will present “Mobility Innovation for the future” in this seventh edition of the Funds Society Investment Summit & Golf. Saffaye is a global investment strategist for the Thematic Equity, US Large Cap Growth Equity, US Small Mid Cap Growth Equity and Global Natural Resources strategies. In this role, he guides the messaging and positioning of investment strategies. He is a critical interface between client-facing staff and investment teams, according to the firm information.

Meanwhile, Thornburg will intervene with a conference on “Bond Investing in a Low Yield Environment” by the client portfolio manager, Robert Costello, CFA. He will talk about both the Thornburg Limited Term and the Thornburg Strategic Income. The first one is a flexible, actively managed, core portfolio of high-quality U.S. dollar-denominated bonds. The Thornburg Strategic Income Fund is a global, income-oriented fund with a flexible mandate focused on paying an attractive, sustainable yield. 

Lastly, the concerns for the future and the issues that the new generations of the industry will have to deal with will be the focus of the presentation of Manulife Investment Management. During the event, Clinton Graham, Vice President and Portfolio Advisor of Wellington Management, will talk about his study “Next Generation Themes”. The presentation will be divided into four well-defined parts: The Case for Long-term Themes, The FinTech Opportunity, Thematic Healthcare Investing and finally the 5G 5G Data Evolution. As a portfolio advisor with Wellington Management, Graham works closely with portfolio managers as well as the firm’s macroanalysts and asset allocation strategists to articulate the investment strategies to clients and prospects.

For more information and/or to register for the Investments Summit 2021, follow this link.

Water and Artificial Intelligence: Among Allianz GI’s Investment Bets for the Future

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Water scarcity and the development of artificial intelligence, or the so-called fourth industrial revolution, are two of the main challenges facing societies, but also investors. At the latest Funds Society Virtual Investment Summit, Allianz Global Investors’ artificial intelligence portfolio manager James Chen and AllianzGI’s product specialist for the firm’s Global Water strategy Alexandra Russo discussed the potential investment prospects in both sectors together with Alberto D’Avenia, who heads the firm’s U.S. non-resident and Latin America distribution efforts. This event can be viewed again at this link (password VIS_AliianzGI_09/28).

Titled, “From water to artificial intelligence: investing in next-generation infrastructure”, AllianzGI analysed the role of infrastructure in the development of both themes. In the case of water infrastructure, we are at a key moment for investment in the United States, where the Biden administration is planning massive infrastructure stimulus to prepare the country for an increasingly digital and environmentally sustainable world as well as the challenge of climate change.

With a new plan for billions of dollars of investment, a commitment to renewing water infrastructure has a major role to play. But while the United States is taking a leadership role in its commitment to development and innovation, governments around the world have begun to upgrade their water infrastructure on their own, creating an opportunity for investors to achieve attractive investment returns while advancing the UN’s Sustainable Development Goals.

Alexandra Russo, AllianzGI’s Product Specialist for Global Water, explained that the opportunity for investment in water infrastructure in the medium to long term is due to the water scarcity affecting the entire planet. Given that with today’s population there is already a problem of water scarcity in a world where water is needed not only for human consumption, but to produce almost every good we use and consume, from clothing to technology, it is to be expected that as the population grows, governments and businesses will increasingly focus on providing smart water-saving and water-management solutions.

“Given that there is no alternative to fresh water, companies that offer solutions to real challenges, whether it’s improving our infrastructure, or helping us do more with less… are well positioned to capitalise on a long-term resilient growth opportunity,” she said.

Some of the factors that will drive investment in water infrastructure are, in addition to population growth, urbanisation, rising living standards, electrification and a preference for water-intensive foods such as meat, she said. For example, the growing increase in the population living in cities will lead to investment in infrastructures to be supply water and treat it properly, and increasing living standards will lead to a greater demand for clean, quality water for domestic use, while in developing countries, progressive industrialisation will increase water consumption. For example, in an industrialised country such as the United States, industrial use accounts for almost 50% of water use.

Furthermore, investing in water is a sustainable investment in line with the United Nations’ Sustainable Development Goals, No. 6 of which is “universal access to safe and affordable drinking water for all by 2030”. According to Russo, beyond investing in distribution companies, it is possible to direct capital towards those that are producing solutions to the challenges we face. She said opportunities include, “companies that are helping to preserve and protect our existing water supplies, or companies that are creating the technology to do more with less water supply, such as in agriculture. Also in companies that help us treat our water and filter it so that we can then drink it and know it’s safe,” all of which would be in line with that goal.

In terms of the approach to investing in this sector, Russo said active asset management can be helpful to identify “those companies that are developing technology and providing solutions” to the world’s water problems. Special attention should be given to companies which have a significant portion of their profits tied to water. “Water scarcity is not something that is going to be solved, so the companies that are providing the solutions are well positioned to offer far-reaching investment support and also serve to generate a positive environmental impact,” she said.

Artificial intelligence: a bet on multi-sectoral productivity

On the other hand, the AllianzGI experts explained that investing in companies developing products and services that leverage artificial intelligence is shaping up to be a potentially great opportunity to profit in the short to medium term in the context of what many are already calling the “fourth industrial revolution”. For James Chen, artificial intelligence portfolio manager at Allianz Global Investors, artificial intelligence is a “transformative force that is going to bring about profound change in the economy”.

In fact, AI-based technology has already moved beyond the digital industry and is being deployed in many other sectors, such as agriculture and healthcare, he said. Asked about the potential of AI to improve the water problem, Chen said that the construction of water infrastructure will provide a lot of accumulated data that could be more effectively managed by this new technology.

Although, according to Chen, the development of AI is at an early stage and it will take decades for computers to be able to operate as effectively as, or even exceed, the capacity of a human, in the next 10-20 years AI-based technology will drive an increase in productivity, making it a safe investment value. “In particular, artificial intelligence could be worth up to 15.7 trillion euros by 2030, which is more than the GDP of China and India combined,” Chen explained, citing PwC research.

However, the Chen said, it is worth bearing in mind that there are going to be many waves of innovation and investment and that, while investment in AI has the potential to produce a return on investment faster than other sectors, there may be periods of stagnation and growth. Nevertheless, in the long term, the economy and industry should benefit greatly from the transformation that artificial intelligence could drive, he said.

Moreover, for Chen, this “fourth industrial revolution” that will be led by the development of AI is compatible with ESG parameters. For example, he explained, in the field of agriculture, the ability to eliminate the use of pesticides and increase water savings could allow for more eco-friendly crops. In general, according to Chen, AI can serve to enhance ESG aspects in industry, although in each sector and each company the applications of this new technology are very different and there is no universal approach to link artificial intelligence and ESG.

Nuveen Enhances its Real Assets Platform with the Launch of Two New Business Units

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Pixabay CC0 Public Domain. Nuveen amplía su plataforma Real Asset con dos nuevas unidades de negocio: Nuveen Natural Capital y Nuveen Infrastructure

Nuveen has announced the strengthening of its Real Assets platform, by bringing together its private real asset capabilities and launching two new business units. Its goal is to create a more streamlined proposition as investors seek to increase exposure to real assets and alternatives.

In fact, according to research conducted by the firm, over two thirds of institutional investors are planning to increase allocation to infrastructure, natural resources investments and other alternative assets, as they seek to reduce climate-related financial risk exposure and align portfolios with the transition to a sustainable low-carbon economy.

The newly structured Nuveen Real Assets platform will consist of capabilities in real estate, farmland, infrastructure, timberland, agribusiness, and commodities; which will be organized under three core pillars, including two newly launched units: Nuveen Natural Capital and Nuveen Infrastructure. These two will sit alongside Nuveen Real Estate and will be enhanced by targeted and complementary capabilities across Nuveen’s Private Impact and Commodities segments.

“We’re hugely excited to be enhancing our Real Assets proposition, which will include bringing expertise together to create the newly launched businesses. Investor demand for real assets is increasing at an extraordinary pace and by bringing together our unrivalled expertise in alternatives, we will be better positioned to respond to meet growing global investor demand for long-term sustainably managed investments. The strengthening of the platform represents the next step in our evolution in becoming the leading land-based asset manager, investing in a sustainable way for the enduring benefit of our clients and society”, commented Nuveen’s CEO of Real Assets, Mike Sales.

The company has highlighted that its sustainable investment philosophy will underpin the entire Real Asset platform’s approach, “offering investors access to alpha driven strategies that are deployed via a responsible investing lens“. Under the leadership of Mike Sales, the enhanced platform will launch in January 2022.

The three core pillars

Regarding the new offering, the company has revealed that Nuveen Natural Capital will combine Westchester Group Investment Management, Nuveen’s farmland investment business with over $7.7bn of farmland assets under management, with GreenWood Resources, which specialises in the acquisition and stewardship of forestry assets and currently manages $1.5bn of timberland assets across over 760,000 acres. Martin Davies, current CEO of Westchester Group, will lead this business unit.

As for Nuveen Infrastructure, it will combine private equity and equity-like strategies through Glennmont Partners, one of Europe’s largest renewable energy fund managers with over $2bn in assets under management, alongside Nuveen’s existing diversified private infrastructure platform and its agribusiness platform- AGR Partners. Following a 16-year period at Nuveen, Biff Ourso, will be the Global Head.

Meanwhile, Nuveen Real Estate is one of the largest real estate managers globally, with over $133bn of assets under management, and will remain under the leadership of Chris McGibbon. The business consists of six core business lines across the retail, office, logistics, housing, debt & alternatives sectors

BNY Mellon IM Appoints Kristina Church as New Head of Responsible Strategy

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BNY Mellon IM nombramiento
Foto cedidaKristina Church, Head of Responsible Strategy de BNY Mellon IM.. BNY Mellon IM nombra a Kristina Church nueva Head of Responsible Strategy

BNY Mellon Investment Management has announced the appointment of Kristina Church as Head of Responsible Strategy. In her new role, she will collaborate with its investment firms, as well as its parent company BNY Mellon, in relation to their responsible and sustainable investment strategies and approaches.

In a press release, the asset manager revealed that Church will help drive BNY Mellon IM’s positioning relating to responsible investment as a provider of investment solutions, engage with clients, input on product development, contribute to public policy and related initiatives, and advise on data and reporting. Based in London, she will report to Gerald Rehn, Head of International Product and Governance at the firm.

Church joins from Lombard Odier Investment Managers where she was most recently Head of Sustainable Solutions and earlier, Senior Investment Strategist and Deputy Head of Sustainability. Prior to this, she spent a decade at Barclays Capital, latterly in its sustainable and thematic research team and formerly as Head of European Automotive Equity Research. She began her career as an accountant at Deloitte and later an automotive equity analyst in Citigroup.

“I am delighted to welcome Kristina to BNY Mellon Investment Management. She has a wealth of experience gained in different parts of the investment industry and a very strong understanding of the evolving trends in responsible and sustainable investment across various asset classes”, said Hanneke Smits, Chief Executive Officer.

She also pointed out that BNY Mellon IM’s multi-investment firm model provides clients with a “unique and relevant” range of responsible investment solutions. “Kristina will play an integral role in further positioning and articulating our approaches to responsible investment with our clients globally”, she concluded.