Burgeoning 'green shoots' bring hope for
an economic recovery
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The last time Invesco's Kristina Hooper used the term “green shoots” was the late spring and summer of 2009. Like everybody else, she was looking for signs of economic life after the global financial crisis and searching for indications that the US and other developed countries were rising out of the economic ashes like a phoenix. And now, 11 years later, she finds herself again looking for — and finding — encouraging signs of recovery in the US and other major developed countries. In this article, Hooper focuses on some of the green shoots that she has seen in the last several weeks.
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The nature of volatility has changed, and investors need to adjust
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There have been 56 volatility shocks since the 2008 global financial crisis, defined as when the VIX Index volatility measure increased more than five points in a day. In the seven years previous, largely due to the bursting of the Tech Bubble, that happened five times. Northern Trust Asset Management's Bob Parise writes that investors are in a new era of volatility that leaves them searching for new ways to achieve their portfolio objectives.
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Accelerating secular shifts are
reshaping industries
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The COVID-19 pandemic is disrupting the lives of people around the globe and changing consumer behavior in real time. James "Jim" Golan, of William Blair Investment Management, says that while the long-lasting impacts of this pandemic are yet to be seen, his firm believes the virus is rapidly accelerating several big-picture secular shifts within certain industries that have been developing for years.
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Should investors avoid US healthcare stocks in an election year?
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US healthcare is always a political hot potato, and volatility is expected to rise as the November elections approach. But investors can find good opportunities in the sector in companies with strong long-term business drivers that are relatively immune to political noise, write Vinay Thapar and Frank Caruso of AllianceBernstein.
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Small-cap growth opportunities:
Investment themes in a changing world
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We believe today’s market presents a very compelling case for small-cap stocks, says Brandon M. Nelson of Calamos Investments. Of course, it’s still a very murky picture, and impossible to predict if the bottom of the market is truly behind us, he adds. However Nelson points out a speedy and massive response from central banks and governments worldwide and improving health care data have combined with extremely oversold markets to catalyze a stock market surge that began on March 24.
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Callan's detailed investment management fee study highlights key industry trends
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Callan’s recently published 2019 Investment Management Fee Study provides a detailed analysis on fee levels and trends across multiple asset classes and mandate sizes for both active and passive management. The analysis gives insight into what institutional investors are actually paying (negotiated fees) versus the managers’ published fee schedules, according to Ivan Cliff, the firm's executive vice president and director of research.
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The pros and cons of buy and hold
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The expression “buy and hold” is often mentioned in the equity markets. This means you buy a stock or a mutual fund and hold it for extended periods. It is a logical view as there is a growth component in the equity markets as an economy or firm may grow larger over time. However, what does that holding period look like over time when viewing portfolio metrics? The second question asks what does an investor experience when they buy and hold alternative investments? Indices of both asset classes are examined, and the results are shown in Mark Shore's article from Coquest Advisors.
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The evolution of institutional investment structures: Revisiting managed accounts and the fund-of-one
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With the dawn of the global financial crisis of 2008 now over a decade behind us, it is important to look back and understand the evolution of institutional investment structures that has taken place, write James Perry and Mark Weir of Maples Group. In their report, they say manager-led products of the past are now often ignored in favor of more bespoke investment structures and customised, investor-driven solutions.
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Managed futures:
An all-weather investment
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When most people hear the word “futures,” they associate them with commodities like corn, oil and precious metals, writes Tim Rudderow, president and CIO of Mount Lucas, in an article. In reality, he says, the futures market is incredibly complex, with contracts encompassing both physical goods as well as financial instruments such as currencies, stocks and bonds.
www.texpers.blogspot.com
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How COVID-19's deflation shock may
spawn inflation outbreak
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Coronavirus has sent economies swooning, toppling consumer price indices. Rebounds in stock and bond markets on policy stimulus don’t mean market volatility is over, or that inflation is dead.
www.texpers.blogspot.com
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COVID-19 and the critical role of pervasive tech
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The coronavirus pandemic has had a startling impact on global investment markets and has drastically affected daily life. But one positive trend that may be being overlooked is the way pervasive tech is helping countries weather the crisis, writes Anita Killian of Wellington Management. China was the first to experience the virus and it implemented some of the most extreme measures to help limit the spread. Crucially, it had the technology to adjust.
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TEXPERS | 713-622-8018 | texpers@texpers.org | www.texpers.org
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About Us
The Texas Association of Public Employee Retirement Systems (TEXPERS) is a statewide voluntary nonprofit association that provides education and legislative advisory services to the trustees, administrators, professional service providers and employee groups that manage the retirement money of police, firefighters, municipal and district employees in cities across Texas.
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