Pension funds don’t face the many constraints that make buy and maintain strategies so well-suited to insurers, and can make use of these freedoms when designing portfolios to meet the liability-aware investment needs of pension funds.
Many UK defined benefit (DB) pension funds are well along on their de-risking journey. What lies ahead now is relatively unexplored territory. Here we set out things to consider in building a runoff investment strategy.
Michael Cembalest discusses the aches and pains constraining growth around the world, the severity of these ailments, and the degree of contagion from emerging to developed economies.
Scott McKee, Emerging Markets Corporate Bond portfolio manager, explores the opportunity set in corporate EMD
Markets, economy, stocks, growth, global, fixed income, international, asset classes
A summary of the factors driving global markets over the last month.
We cut the chances of recession to 25% after a thaw in the trade war and a year of rate cuts; our forecast is for sub trend growth. Favored sectors include emerging market local currency debt and higher rated short-duration securitized credit.
Pascal’s Wager argues that belief makes more sense than disbelief when the worst outcome is a total loss.