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White Paper
June 2024
Specialty Finance: High-Yielding, Short-Duration and Uncorrelated Private Credit
The underlying assets, bespoke structuring and market dynamics of Specialty Finance can complement a traditional private debt strategy.
White Paper
May 2024
The Equity Breakdown: Parsing the Key Debate in Five Sectors
Five of our senior equity analysts weigh in on the crucial conversation in each of their sectors.
White Paper
May 2024
De-Siloing Your Fixed Income Portfolio
The potential benefits of multi-asset over siloed fixed income management, and why we think asset allocation should be a bottom-up as much as a top-down process.
White Paper
May 2024
Corporate Hybrids Take the World Stage
Why a predominantly European asset class is now growing in the U.S., creating new opportunities for seasoned investors.
White Paper
April 2024
The Pitfalls of Investing In Factor Indices
Factor indices are a far cry from “passive” investing and may be ill-designed to deliver optimal risk-adjusted returns.
White Paper
March 2024
Cyber Risk and ILS
Exploring opportunities in the cyber (re)insurance market.
White Paper
February 2024
The Muddy Logic of Passive Commodity Investing
Passive investing in commodities is a bit of an oxymoron.
White Paper
February 2024
Private Credit Is Gaining Steam—Where Do We Go From Here?
A vast menu of private credit arrangements now finance nearly every aspect of the real economy.
White Paper
November 2023
European High Yield: A Clear Case for Active Management
Passive European high-yield strategies may not be as cheap as they appear, and may pose more risk than you think.
White Paper
November 2023
The Limitations of Passive Investing to Achieve a Net-Zero Outcome
In our second installment of The Fine Print of Indexation, we tackle the challenge of building net-zero-aligned portfolios.
White Paper
October 2023
Japan: Unlocking Hidden Value Through Engagement
Reforms could continue to drive performance, particularly in a small to midcap space that is ripe for engagement-driven capital efficiency gains.
White Paper
September 2023
A New Energy Investment Paradigm
Using today’s fossil-fuel profits to invest in the long-term growth and emissions reduction of clean and renewable power.
White Paper
September 2023
Asset Allocation at Official Institutions: Three Critical Steps
Three critical steps for asset allocation at Official Institutions: embrace less liquid markets; explore a fuller credit universe; think globally.
White Paper
September 2023
The Active Foundations of Sustainable Investing
As ESG and sustainability indices proliferate, we argue that sustainable investing is inherently an active management discipline.
White Paper
July 2023
Net-Zero Alignment: Beyond the Numbers
There is no shortcut to assessing a portfolio’s net-zero alignment: data is incomplete, and we believe analysts’ insights are critical.
White Paper
July 2023
Climate Innovation and the New Capex Cycle
The backdrop for investing in climate innovation is at a critical infection point
White Paper
June 2023
The Fine Print of Indexation
A look at opportunity costs, long-term risks and complementary solutions
White Paper
June 2023
Commodities and Responsible Investing: An Impossible Marriage?
A framework for thinking about commodities in a responsible investing context.
White Paper
June 2023
How to Get the Most From Private Placement Debt
Private Placement Debt can offer fixed income investments enhanced diversification, risk-adjusted yield and downside mitigation. We anticipate growing recognition of the role it can play in a wide range of investor portfolios.
White Paper
May 2023
International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
White Paper
May 2023
The Case for Private Credit in Insurance Portfolios
An ever-expanding menu of private credit strategies can offer insurers the potential for attractive risk-adjusted returns.
White Paper
March 2023
Private Credit: An All-Weather Asset Class
As private-credit markets continue to expand in size, choice and sophistication, we believe they should play an important role in well-diversified investment portfolios.
White Paper
March 2023
Simply Put(Writing)
PutWrite strategies can improve the risk-return efficiency, liquidity, flexibility and cost-effectiveness of investor portfolios.
White Paper
December 2022
The Rise of GP-Led Secondaries
As private equity investors scramble for liquidity in this volatile climate, more general partners are orchestrating transactions in the secondary market.
White Paper
November 2022
Hardening Borders: Opportunities in Security, Health and Trade
Seeking the potential beneficiaries of a new age of deglobalization and insecurity.
White Paper
November 2022
Key Considerations When Navigating the Net-Zero Transition
What investors should keep in mind when decarbonizing their portfolios
White Paper
September 2022
Investing at a Crossroads: Three Themes for Today’s New Challenges
As 40-year tailwinds turn to headwinds, we distill an era of sometimes bewildering change into three themes and a new investment playbook.
White Paper
September 2022
The Case for Unconstrained Multi-Asset Portfolios: Navigating the Challenges of Public-Private Investing
As investors navigate the challenges of integrating public and private markets we believe a single, unconstrained multi-asset portfolio can deliver a more efficient and opportunistic solution.
White Paper
August 2022
Value, Growth and the True Exposures in Your Portfolio
If your portfolio has fallen more heavily than you anticipated this year, it may be because it has become biased to growth stocks: a full analysis could help restore the balance—and the exposure to a more disciplined style of value investing—you intended.
White Paper
May 2022
Investing in Infrastructure
The world faces a $15 trillion infrastructure financing gap by 2040, and cash-strapped governments are increasingly calling on private capital to achieve their digitalization, decarbonization, supply-chain enhancement and social-infrastructure goals.
White Paper
May 2022
Integrating Climate Risk Into Strategic Asset Allocation
Is your strategic asset allocation process missing climate risks—and foregoing climate opportunities?
White Paper
April 2022
Transitioning to Net-Zero in Credit Portfolios
From defining and setting interim targets from day one, to the critical role of bondholder engagement, we reflect on the process of putting together a major net-zero credit portfolio.
White Paper
February 2022
Integrated Liquidity Management for Private Markets Programs
As allocations to private markets grow, so do the cashflow, liquidity and “j-curve” challenges of capital calls and distributions. How might investors set aside assets to fund commitments without disrupting other parts of their portfolios, and without sacrificing too much return potential?
White Paper
February 2022
Emerging Sovereigns and Sustainability
Global sustainability cannot be achieved without sustainability in the world’s poorer countries—so how can we address the challenges of sustainable investing in emerging markets sovereigns?
White Paper
December 2021
Japan’s Coming Wave of Reform
Regulatory changes in Japan could accelerate change on governance, capital efficiency and sustainability.
White Paper
November 2021
Taking the “Byte” Out of Bitcoin
In this paper, we share our proposal on how to gain Bitcoin exposure in what we view as a more risk-efficient, hedged format that seeks to benefit from one of its most notable qualities—its volatility.
White Paper
August 2021
Durable, Sustainable, Adaptable: Identifying Potential “Transition Winners”
In the modern economy, we believe the best long-term prospects belong to companies that have a durable competitive position, do little to no harm to society or the environment, and can adapt to change.
White Paper
July 2021
Private Equity in Focus
We believe private equity constitutes an appealing addition to traditional assets, with an array of options for access and diversification.
White Paper
April 2021
Transitioning to Net-Zero Investing
Support for the goal of net-zero emissions gained strong momentum during 2020. What does this imply for market participants, and what initial steps can asset owners and managers take on this daunting path?
White Paper
April 2021
“Hidden Quality” in International Equity Markets
Traditional “quality” companies are bunched in a few sectors and appear expensive—is there a more subtle definition that can uncover “hidden” quality?
White Paper
February 2021
Time to Get Strategic: Emerging Markets Debt as a Core Insurance Portfolio Allocation
We believe emerging markets debt warrants a strategic allocation by insurance companies—but while our own conversations indicate change is coming, holdings analysis suggests insurers are not yet taking advantage of the opportunity.
White Paper
January 2021
Catastrophe Bonds: Natural Diversification
Following another eventful year in reinsurance, we offer a primer on catastrophe bonds—a growing and genuinely diversifying asset class that we believe is attractively valued.
White Paper
September 2020
The Growing Case for Global REITs
Fast growth potential and diversification could make a strong case for going global with real estate—and listed real estate is arguably the only practical way to do it.
White Paper
September 2020
Investing in Connectivity: Beyond Telecoms, Beyond 5G
Almost every aspect of our lives is likely to be changed by the coming of 5G, so we believe understanding the true breadth and depth of this investment theme means understanding more than just the semiconductor and telecoms industries.
White Paper
August 2020
Tax Alpha: Managing Equity Portfolios for Tax-Efficiency
Tax Loss Harvesting, even in its simplest form, can be a powerful tool to enhance long-term net portfolio returns.
White Paper
July 2020
Corporate Credit in China: Beyond Domestic Ratings
Investors remain skeptical of domestic corporate credit rating agencies in China, but independent credit research can be used to categorize bonds in accordance with international credit-rating norms.
White Paper
June 2020
Parametric Insurance: Beneficial By Nature
How a little-known corner of the insurance market brings real benefits for both buyers of protection and investors.
White Paper
April 2020
Navigating Volatility in Global Non-Investment Grade Credit Markets
High yield spreads and loan prices appear attractive for long-term investors, in our view.
White Paper
February 2020
Life after LIBOR: Two Years and Counting
An update on what regulators, markets and Neuberger Berman have been doing to prepare for the transition from LIBOR.
White Paper
February 2020
Mitigating Inflation Risk at Lower Opportunity Cost
Inflation-mitigating allocations can drag on returns when inflation is subdued: diversifying and tactical allocation can help.
White Paper
February 2020
The Data Science Revolution
How the new richness and accessibility of data, and advances in data science, are enhancing both quantitative and traditional fundamental investment research—and sparking a revolution in active management.
White Paper
January 2020
The Solvency Sharpe Ratio: Strategic Asset Allocation for Insurers
New approaches to Strategic Asset Allocation for increasingly complex insurance balance sheets.
White Paper
December 2019
Equity Portfolio Construction: Filling the Gap Between Alpha and Beta
Separating equity alpha and beta is a good first step—but could investors be doing more in the space left between them?
White Paper
May 2019
Quantitative Investing in China A Shares
How China’s retail investors create a rich opportunity set for quantitative strategies.
White Paper
May 2019
An Insurers’ Guide to Below-Investment Grade Exposure: The Platform Approach
Exploring the advantages of a broad platform approach to fixed income and credit for insurance company investors.
White Paper
April 2019
Index Option Writing Strategy Benchmarks
How the continued success of option strategies arguably depends on the investment industry’s ability to consistently benchmark the strategies.
White Paper
April 2019
FX Markets: What’s Top-Down and What’s Bottom-Up?
Introducing a new five-factor model of the global, top-down determinants of foreign-exchange returns.
White Paper
March 2019
The Term Premium Conundrum
What is the “term premium”, why is it so low, why might it rise—and what does it mean for investors?
White Paper
January 2019
Diversifying into Insurance Risk Premia
How Insurance Linked Securities can potentially improve the diversification in an institutional portfolio.
White Paper
January 2019
Life after LIBOR
The all-important LIBOR benchmark is likely to disappear after 2021. What does that mean for investors?
White Paper
January 2019
ESG for EMD: Toward Best Practice
A serious approach to ESG in emerging markets is increasingly a proprietary approach.
White Paper
December 2018
Strength in Numbers
Volatility and correlations are rising. Here are three liquid, high-value proposition quant-investing ideas to fortify portfolios.
White Paper
November 2018
Combining Public and Private Debt: Considerations for Investors
We believe there are a number of good reasons fixed income investors should consider a one-portfolio public/private debt solution.
White Paper
October 2018
ESG Fixed Income Engagement Report
Our engagement process, key themes and observations, data summarizing our engagement activities and relevant case studies.
White Paper
September 2018
How Risk Parity Can Cope with Rising Rates
It seems counterintuitive that risk parity can outperform when rates are rising—we explain why it is not.
White Paper
August 2018
Improving Diversification by Adding Momentum
For investors looking to balance risk mitigation with cost considerations and return potential, we offer momentum strategies as a potential solution.
White Paper
August 2018
BBBs: Beyond the Headlines
The growth of BBB credits is causing many investors to worry, but the reality is far more nuanced than the headlines would suggest.
White Paper
August 2018
Unlocking Shareholder Value in Europe
While European equity markets outpaced much of the developed market competition in 2017, a bout of global volatility in the first half of 2018 dampened their momentum.
White Paper
June 2018
Optimizing Currency Exposures under Solvency II
Recalibrating the Dynamic Ideal Hedge Ratio for European Insurers.
White Paper
April 2018
Welcome to the Real China Bond Market
China’s onshore bond market liberalizes further, offering more exposure to China’s economic transition.
White Paper
December 2017
Inflation: Slain Dragon or Sleeping Giant?
As markets price for a long period of low inflation we ask, is it really as low as it seems, and are there really no signs of it stirring?
White Paper
February 2017
The Case for Floating Rate Loans
In a rising interest rate environment, the case for investing in senior floating rate loans should be revisited.
White Paper
November 2016
Multi-Asset Income: Re-thinking Risk
Investors who need income face unprecedented challenges in the current low-yield environment.
White Paper
March 2016
Emerging Markets: The Fear, The Facts and The Future
Where emerging markets are today and where they need to go next.
White Paper
September 2015
Beyond Beta
Alternative Risk Premia may offer a low-cost, transparent route to uncorrelated returns.