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Investment Insights Our view of the investment landscape

Investment insights

Editions of Investment Insights

September 2017

Multiple choice (PDF, 1 MB)

The price to earnings ratio (PE ratio) is used by investors as a core measure of equity market value. But its ubiquity leads us to question whether investors place greater weight on the ratio's robustness and evaluative power than it deserves. With US equity multiples looking full, we take a deeper look at the PE ratio and assess its information value to investors as a predictor of forward index returns.

August 2017

Human capital: power to the people (PDF, 627 KB)

It is all too easy to ignore demographics in modern markets. Real time news and daily macroeconomic data demand investors' attention at every turn. So what role should plodding structural population trends play in investors' analytical armoury when shorter-term market sentiment seems to offer the key to performance?

July 2017

Trouble with the curve (PDF, 1 MB)

With potentially significant implications for monetary policy and for a broad range of asset classes on both a tactical and strategic basis, this month's Investment Insights digs a little deeper into what economists have dubbed 'the wage growth conundrum'.

June 2017

The reversal of US QE: everything you need to know (but were afraid to ask) (PDF, 393 KB)

With Quantitative Easing such a key influence on markets, we analyze why the Fed has decided the time is now right, how the Fed will reduce its holdings and the likely reactions of investors across asset classes. With the security buffer of liquidity slowly being reduced, our view is that all asset classes will gradually become more susceptible to bursts of higher volatility.

May 2017

Active opportunity knocks (PDF, 621 KB)

In this edition of Investment Insights we analyze the impact on equity markets of a broadening of market drivers and the high degree of policy uncertainty globally. With sector correlations falling, we look at the implications for investors and analyze whether the opportunity set for high conviction active managers is now improving materially.

April 2017

Liquidity: does less equal more? (PDF, 320 KB)

Can assets that are difficult to price or sell really justify a place in investors’ portfolios? In the quest for improved income and risk-adjusted returns, this question has been driving institutional investors’ fast-growing interest in a broad range of illiquid asset classes including infrastructure, private credit, real estate and private equity. But how should investors approach making an allocation to illiquid assets? We believe the reward investors have historically enjoyed for accepting the risk of less easily tradable assets —the so-called “illiquidity premium”—makes it worth their while to explore illiquid options, though there are pitfalls and guidelines to keep in mind.