Over the course of this restructuring series, MV Credit will explore the lessons learnt in private debt for 20 years as well as the key pillars of minimising the impact of credit losses on risk-adjusted returns
Chances of success are higher for sector specialist funds with low leverage and enhanced operational skills.
Downside protection really paid off in 2020. But it’s not as simple as buying the VIX.
Why DC schemes may need to rethink their default options
Amid high market stress robust strategies can continue to deliver
In times of an economic slowdown where businesses are fighting to stay alive, a distressed debt investor has a potentially fertile hunting ground.
Following the March sell-off, markets rebounded strongly in April, despite dismal economic data, as large fiscal and monetary stimulus helped lift sentiment
Despite regulatory changes relating to ESG and Impact Investing, Trustees are still none the wiser about how to account for climate change in their scheme’s SIPs.
Jens Peers, CEO & CIO of Mirova US and manager of the Mirova Global Sustainable Equity Strategy, reveals why his strategy has held up well against global equity indices during the crisis and suggests why some ESG strategies outperform over the long term.
Creating value and enhancing asset resilience with a long-term approach.
How much of the IG market is likely to be downgraded? Possibly a lot more than anticipated just over a month ago.
The quickest, sharpest decline in history has been followed by the quickest, sharpest rebound, so the question now is: Where do we go from here? In this paper we take a look back at the history books and call on some veterans of the industry to help understand what the road to recovery might look like.
Ostrum Private Debt Real Assets team looks into the impacts of the Covid-19 crisis on the real estate debt.
Ostrum Private Debt Real Assets team looks into the impacts of the Covid-19 crisis on the aircraft debt.
For investors, a major challenge is to identify those portfolio managers who are most likely to deliver superior risk-adjusted returns in the future. Understanding how an investment philosophy informs a manager’s decision-making can provide meaningful insights into how and why a particular manager generates alpha.
Both consumers and businesses are subscribing more and more to products and services. This Insight of Thematics AM shines the light on some of the long term factors that are driving the broad adoption of subscription based models across a nice mix of industries.
Flexstone's co-investing philosophy focuses on providing increased exposure to high conviction managers in their core areas of expertise (“Sweet Spot”).
Q&A with Loomis Sayles Global Fixed Income Portfolio Managers
Persistent cross-asset trends during periods of market stress, crisis alpha and the strategic role of managed futures are explained.
Paul Black, co-CEO and Portfolio Manager at WCM Investment Management, talks about COVID-19 market turbulence and how an active approach seeks to uncover opportunities in down markets.
Consumer asset-backed securitized (ABS) sectors should continue to face headwinds as consumers feel the full impact of the dramatic economic slowdown ignited by the COVID-19 outbreak.
Michael Crowell and Tom Fahey of Loomis, Sayles, & Company look at how periods of maximum uncertainty often make the most attractive entry points.
The extreme shock caused by COVID-19 came at a time when global central bank policies were coalescing toward a more accommodative stance to keep the late expansion phase of the credit cycle going.
Unprecedented times call for unprecedented measures. Facing a global health crisis that has morphed into a global economic crisis, central banks and governments around the world have announced massive stimulus measures in anvattempt to avoid a full-blown financial crisis.
Whether voluntarily or in response to regulation, investors are increasingly looking at the links between their portfolios and climate change. So far, there is no clear consensus as to how to perform such evaluations.
The Natixis Investment Managers Solutions Global Market Strategy team February review of the market.
We believe the expansion phase of the credit cycle is over. Several countries are now heading into downturns, largely because of the demand shock from Covid-19.
What will be the impacts of the oil price war triggered by Saudi Arabia and Russia on the economy?
Ostrum Private Debt Real Assets team looks into the direct and indirect impacts of the Covid-19 crisis on the infrastructure sector.
Nobel Prize winning economist Professor Robert Shiller talks Coronavirus, Artificial Intelligence and narrative economics.
The 2019 Global Survey of Professional Fund Buyers reveals that fund buyers worry that the current market environment is not sustainable – but they don’t know what it will look like or when the change will happen.
Four senior female executives discussed how investors’ attitudes have changed at a recent event to celebrate International Women’s Day.
Fund’s investment strategy and loan documentation should consistently be reviewed in anticipation of economic cyclicality, whether in an up or down market, not in reaction to ongoing events.
Harris Associates, which is exposed through its equity strategies to some of the strongest European banks, explains why they still believe the European financials can provide strong returns for their shareholders in spite of the coronavirus crisis.
What’s the impact of COVID-19 on the finance industry (private Equity, banks, debt funds and non-bank lenders) and what it could mean for lenders and borrowers.
Nitin Gupta of Flexstone Partners discusses the benefits of focusing on the smaller companies in the global private equity markets.
Find the point of views of the experts of Natixis Investment Managers and its affiliates regarding the Coronavirus and its impact on global markets.
Staying ahead of investors’ expectations.
Since the end of January, news headlines are almost exclusively dedicated to the spread of the Coronavirus out of Wuhan, in China. Here, we will focus on the economic impact.
Exploiting the cyclicality of investment factors.
Can you combine Artificial Intelligence (AI) and environmental, social and governance (ESG) investing? This question was at the core of a fascinating debate between two AI experts: Dr Luc Julia and Dr Carmine de Franco.
Nonbank lenders now dominate the US mortgage market for loans to low-income families guaranteed by the federal government. They are heavily reliant on short-term funding and have only a slim cushion to weather a shock.
Ostrum Asset Management expert’s economic and market analysis.
Interview of Cyril Marie, CFO, Head of Strategy & Corporate Development at Natixis Investment Managers about the specificities and strengths of its multi-affiliate model and recent acquisitions.
A value investor usually requires a substantial price discount at the company’s intrinsic value. But the latter exceeds the mere accounting value of its tangible assets.
A quarterly look at data and topics in the syndicated loan market.
Green shoots of a global mini-cycle recovery have encouraged stronger risk appetite and a benign forward outlook.
Fundamental investors tend to be skeptical of price-based strategies, because they generally believe that markets are efficient. Yet, during certain scenarios, markets move in unexpected directions temporarily exhibiting price momentum.
Are we at the dawn of a cyclical change?
Fundraising for private infrastructure funds is booming. In 2018, $80billion were raised in closed-ended Infrastructure funds and funds raised are increasingly ending-up in fewer hands.
If neither the structure of life insurers’ assets changes, nor the level of long-term interest rates, the attractiveness of life insurance for savers may rapidly diminish.
Ostrum Asset Management expert’s economic and market analysis.
A fixed income alternative in a low rate environment.
Taking human judgement out of equity portfolios can help investors stay ahead of market reversals.
The latest Global Survey of Institutional Investors reveals ten market trends institutions are watching in 2020.
Jens Peers explains how divestment from conventional resources and business models, must also be accompanied with strategies for investment into sustainable solutions for the future.
In this study, Ossiam has run two conditional models regressions of the Shiller Barclay's CAPE® US Sector Value Strategy over standard factor models and considered the regime-dependend nature of the Value premium.
Insurers around the world are stuck between a rock and a hard place. Low rates inflate liabilities, but regulation prevents insurers from pursuing alternatives.
The purpose of this paper is to highlight the growing threat of natural disasters to human safety and explore how technological innovation and adaptation are enabling an effective response.
The “illiquidity premium” has been a much-debated topic in economic theory for some time now, the premise being that if an asset cannot be readily sold without meaningfully impacting its value, then it should reward the holder with an enhanced return.
The Schumpeterian concept of Creative Destruction is alive and well and the waves of innovation are becoming both faster and more violent, especially those backed by large-scale social movements such as climate change.
Since 2008, Flexstone Partners investment team has been an active co-investor committing over €700 million to 87 co-investments in Growth and Small to Middle-Market Buyout deals.
Infrastructure is unlike other asset classes. It has a direct impact on people’s lives, facilitating the functioning of critical activities without which everyday life would grind to a halt.
The European Insurance and Occupational Pensions Agency (EIOPA) published on October 15th 2019 its Consultation Paper on the Opinion on the 2020 review of Solvency II.
For the second year in a row, Natixis Investment Managers, Ossiam and Barclays Investment Bank gathered two economic titans, Robert Shiller and Patrick Artus, to discuss the potential catalyst of the next downturn.
In 1983, the S&P 500® hit an all-time high of 166. Anyone who said then “I’m too smart to buy into the market near an all-time high – I’ll wait for it to fall 10%” – is still waiting. It never fell 10%.
A quarterly look at data and topics in the syndicated loan market.
As they search for portfolio opportunities, WCM looks at how companies define their objectives, encourage talent, and foster innovation.
To unearth the best mid-market companies worldwide requires a global team with local expertise in the world’s major regions.
In this report, AEW shares initial analyses of loan-level data to allow answering the question: is commercial real estate debt priced efficiently for investors in European markets?
Some markets are growing faster than the broader global economy due to a range of long-term, secular growth drivers.
On earth as in markets, humans have been trying to domesticate mother nature for their own benefit. But Nature always takes back its place.
The 2019 Global Retirement Index reveals three critical threats to retirement security – interest rates, demographics, and climate change – as well as what they mean for individuals and institutions.
Over 6,500 lines of data have been investigated, spanning back to 2004 to explore a comprehensive set of eight asset classes and their respective traits, highlighting return and volatility over various points in the cycle.
ASG Research has identified eight sources of potential return dispersion across portfolios of risk premia strategies. A simulation analysis shows, returns can quite differ based on few alterations of these sources.
Clear Path Analysis sits down with Denis Prouteau, CIO of Private Debt & Real Assets at Ostrum AM, to talk about the prospects of real assets, infrastructure and private debt going forward.
Clear Path Analysis invited Christian del Valle, Managing Director at Mirova Natural Capital, to a panel discussion on Impact investing and its drivers.
An interview by Clear Path Analysis with Nicole Downer, Managing Partner at MV Credit, about investing in the competitive Private Debt Market in Europe in 2019.
Most asset classes have earned strong total returns year to date and could continue to rally through year-end.
Investors may view emerging markets as particularly vulnerable to volatility, since the asset class typically sees outflows during times of market stress. However, emerging markets are not all one and the same.
Charlse Regan, Head of Asia-Pacific Infrastructure Debt Ostrum AM Hong Kong, discusses the top 10 reasons to consider Infrastructure Debt as a portfolio diversifier.
Daniel Nicholas, Client Portfolio Manager at Harris Associates, looks back to the volatility in Asian markets during the 1990s and draws six key conclusions for investing in Emerging Markets.
Considering the current macroeconomic environment with little expectation for a rise in interest rates in the short term, insurers may want to consider a more dynamic approach to lock in spread levels.
In this report, the factor investing approach is applied to close to 40 European office markets for the first time comparing it to traditional core and value add investment styles.
Continuing to seek risk-adjusted excess returns.
Managing expectations for managed futures and crisis alpha.
Investing in aircraft asset class is a logical departure for institutional investors
Custom-made service gives investors more choice, while reducing the risk of costly mistakes.
An insightful approach to ESG investing may require deeper analysis of societal trends and business fundamentals.
Keving Kearns, Portfolio Manager and Senior Derivatives Strategist at Loomis, Sayles & Co, discusses the diversification and drawdown management benefits arising from balancing interest rates and credit risk through a multi-asset credit strategy.
Members of WCM’s investment team explain why two overlooked elements – moat trajectory and corporate culture – are the keys to uncovering the best long-term, global growth opportunities.
The constant growth in demand for passenger air travel, combined with airlines’ improvement of their capacity management, have led to an enhanced profitability of the industry.
2018 has been a very positive year for volumes in infrastructure debt with conventional and renewable energy reaching peak volume and the appearance of new high-potential territories.
Individuals and professionals say ESG investing can help them align assets with personal values—and has the potential to drive real results
The outlook for fixed income and equity market performance looks favorable. That said, risk asset valuations currently reflect a fairly benign macroeconomic environment.
How UK Defined Contribution (“DC”) schemes can overcome the misconceptions that stop them offering investments with superior risk-return potential.
Limits of the static approach: Assessing the value added of a multi-factor portfolio from a performance-agnostic point of view.
The retrenchment of investment banks in the private debt space has given rise to unserved demand of credit and debt financing as an opportunity to private debt funds across Europe.
There is a growing consensus that educating and employing larger numbers of women can lead to economic growth.
Understanding Loomis Sayles' approach for investment grade corporates
Strong case for including non-financial information in investment decisions.
MV Credit shares their thoughts about the European leveraged loan market
How computing power can extract alpha from complex ESG data
Why economic uncertainty need not deter investors from real estate, explain Arnaud Heck and Cyril Hoyaux in a Q&A.
Aircraft debt can deliver consistent income and superior risk adjusted spreads.
How to source stable, long-term cashflows from infrastructure debt with a strong ESG focus
Céline Tercier, Head of Infrastructure Private Debt at Ostrum Asset Management, explains why financing infrastructure through private debt with an ESG lens contributes to energy transition.
Aymeric Angotti, Head of Aircraft Private Debt at Ostrum Asset Management, explains why institutional investors should consider aircraft private debt.
In the annual CDP Europe Awards, Climetrics awarded ten investment funds for their outstanding climate performance.
Ostrum AM: Interview with Denis Prouteau, CIO Real Assets Private Debt
Frederic Nadal, CEO at MV Credit, explains how important it is for a private debt investor to select loans with an ESG lens
Creating bespoke portfolios through alignment of bank and asset management capabilities
The Water and Waste sector is central to the development of a sustainable management for natural resources, both at environmental and social levels
Harris Associates believes that the most significant investments firms are making today are value-creating intangible assets like intellectual property
MV Credit: Interview with Frederic Nadal, CEO
Loomis Sayles' sector teams return scenarios and relative value recommendations for 2019
Since the size of different futures markets varies from contract to contract, having risk in a number of smaller markets can provide better returns.
Natixis Investment Managers'affiliates share their thoughts on what might be on the horizon for investors in 2019.
Going into 2019, trend following strategies are positioned for potential change.
Our 2019 Institutional Outlook explores the nine trends driving institutional strategy for 2019.
VIDEO (34’43) – Vincent Chailley, CIO and portfolio Manager, H2O Asset Management
2019 European annual outlook
Many institutions, sovereign wealth funds and family offices ploughed in to government bonds 10-15 years ago when yields were attractive. Those bonds are now maturing and need replacing.
The case for investing in U.S. large-cap stocks is encountering scepticism.
The deterioration of the world’s oceans is becoming a global debate.
A wave of extreme digitisation is disrupting companies’ business models.
Experts call for directing private capital to land restoration.
Ossiam Research Publication
Aligning Economy with Ecology
Collective defined contribution (CDC) is part of the fabric of Dutch society. Could it be exported to the UK?
Growth and inflation within the world’s largest economies should remain near current levels.
Limited new supply drives rental growth.
Fixed income investors may be stymied by the current mix of interest rate projections and global macroeconomic news.
The developed economies of Europe, US and Japan no longer have a monopoly on invention and progress. The New World is being built on a stage far, far away. The world is not just changing, it is being reinvented.
An in-depth assessment of retirement in the world.
The European Commission has launched its action plan to channel the capital held by institutional investors and the savings of private citizens towards a sustainable economy.
Following MiFID II, institutional investors need to provide higher levels of transparency and reporting on their trading activities than ever before.
Insurance companies called upon to keep pace with the energy transition.
Only climate-conscious, active management investment strategies are fit for a 2°C world.
Discover the analysis of Philippe Zaouati, CEO of Mirova and Chair of Finance For Tomorrow.
European Research Monthly Update
Loomis Sayles' quarterly macro and market commentary
A buy and maintain strategy focuses on a desired level of income and aims to ensure the bond portfolio is not impacted by default risk as interest rates rise and economies overheat.
Ostrum AM uses its long-standing expertise in the management of fixed income products to develop an "Enhanced Beta" strategy that combines the benefits of active management and the smart beta approach.
Innovate to meet the e-commerce challenge.
"Put-write" strategies have nearly kept pace with U.S. equities, but with fewer drawdowns
In fulfillment of the article 173 of the French energy transition law.
Ostrum AM focuses on stockpicking and avoids market "noise".
If one is truly honest, one must admit that most asset markets across the globe appear expensive today, at least through the lens of historical valuation metrics.
As yields on European commercial real estate have tightened to record lows over the last two years, investors are fully justified to question whether direct real estate offers sufficiently attractive returns.
A good match for fixed income investors' concerns.
Mirova's comment on the IPBES report on the state of land degradation around the world.
Seeking risk-adjusted excess returns
Scorecard for unique Enhanced Beta investment strategy.
Multi-asset credit strategies aim to capture global credit risk premiums.
The high yield market can provide compelling investments within most stages of the economic cycle.
Renewable energy is one of the fastest growing segment within the infrastructure market.
The blockchain will disrupt the way in which transactions are made.
Four key insights on Golden State residents and green bonds.
Annual outlook of aircraft industry.
Three ways institutional investors are preparing for the fallout of a market shift
VIDEO (3’19) – Gautier Quéru, Director of the Land Degradation Neutrality Fund Project at Mirova
VIDEO (4’18) – Raphael Lance, Head of Renewable Energy Funds at Mirova
Mirova's analysis of HLEG recommendations.
Loomis Sayles’ sector teams return scenarios and relative value recommendations for 2018.
AEW US Q4 2017 Real Estate Market Outlook
How a combination of member profiling and applying a risk-first investment approach improves member outcomes.
Responsible Investment Research
Natixis Investment Managers’ affiliates share their thoughts on what might be on the horizon for investors in 2018.
As a nascent but promising market, conservation finance could offer diversified opportunities for institutional investors while fighting global land degradation and deforestation.
Compared to investment grade bonds, corporate loans provide a sizeable yield pick-up and excellent risk-return characteristics relative to other credit instruments.
An interview with Mirova's CIO.
Institutional investors warn of volatility, asset bubbles and fragile markets.
IFRS 9 accounting standards could have a major impact on the results of banks, insurers and listed companies.
Analyzing likely impacts of market changes and the state of debt markets in Europe, this report provides an overview of current conditions, highlighting strategies that have the potential to deliver outperformance.
Discover an effective way to access European small and mid-cap private equity companies.
On top of favoring sustainable development, broadband networks are true infrastructure investment opportunities.
The carbon footprint of the major equity indices exceeds the +2°C objective of the Paris Climate Agreement (COP 21).
Non-US investors could benefit from allocating to US municipal bonds.
Collateralised assets benefit insurers under Solvency II.
An in-depth assessment of retirement security in the developed word.
AEW Europe Q2 2017 Real Estate Market Outlook
Overlay and Minimum Variance, two strategies to hedge its equity portfolio against volatility.
Comments on US withdrawal from Paris climate agreement.
In fulfillment of the article 173 of the French energy transition law.
Annual outlook of aircraft industry.
French institutional investors are bound by the Energy transition law to take action.
AEW Europe Q1 2017 Real Estate Market Outlook
How to incorporate SCR constraints into the portfolio allocation for insurer.
What does the outcome mean for global financial markets?
Institutional investors embrace risk in pursuit of better returns and yield, finds Natixis Global Asset Management Survey.
Allocations to infrastructure assets are rising fast, so specialist skills are required to maintain outperformance and manage risk.
Forces outside of Trump's influence may continue to drive development of clean energy in the US.
Mirova discusses market standards and the lack of a regulatory body for Green Bonds.
Rapid growth of green bonds shows that investors are seizing the opportunity to drive energy transition.
How to get paid for scarce capital and liquidity.
Our expert's insights into the 4th December's Italian referendum and its impact on financial markets.
Passive investing may not be all that bad for active management.
As US investors save for retirement, why advisors, employers, and policy makers should stand ready to help.
Despite recent volatility, emerging debt still offers the potential of higher returns than developed market bonds.
Insurers need innovative investment strategies in response to regulation and low yields.
Pension schemes face up to new challenge.
Private debt can be a lower-risk, higher-yielding alternative to traditional bonds.
How passive is your active manager?
Institutional investors are increasingly attracted by real asset private debt.
4 key trends shaping the future of retirement security: access, incentives, engagement and economics.
How can pension providers keep up in an evolving space?
Transforming non-core assets into prime property requires skill and resources.
Post-referendum Q&A with AEW Research & Strategy.
Q&A with Dr. Andrew Lo.
Capital Market Notes
Vaughan Nelson insight.
How investor behavior is rewriting the job description for financial professionals.
Brexit implications for UK and global markets.
Managed futures may provide shelter from storms and diversified returns in calm markets.
Improved assessment of carbon impact could spur ESG investment and drive innovation.
Including alternatives strategies in a portfolio can help to improve performance whilst reducing risk.
An alternative to conventional fixed income investments.
NAM Fixed Income ideas.
With the rise of artificial intelligence, nanotechnologies and genomics, we are at the dawn of a period of intense technological progress in life sciences.
Seeking to respond to rapid shifts in markets while reducing risk.
A fixed income strategy combining active management and smart beta.
Not all high active share managers are created equal.
Institutional investors bullish on stocks, alternatives in 2016, wary of global political tensions, Natixis survey shows.
Mirova's insights on COP21's conclusions.
Companies grapple with new regulatory constraints, capital rules and increased risks.
Investing for a low carbon economy.
Mid-market private companies have the potential to expand rapidly while avoiding high exposure to volatile public markets.
Neither active, nor passive, factor investing equity strategy is an alternative to conventional stock-picking strategies.
New regulations raise the bar for liquidity management.