The Nordic Brief - NordicInvestor

Private credit: Europe vs the US

Investors’ appetite for private credit shows no signs of abating, with estimates suggesting it will double in value over the next five years. But within the asset class, choices need to be made. With Europe and the US dominating almost 90% of the market, what are the key differences between these regions and where should investors set their focus?

Small caps riding the AI wave

The rapidly spreading use of artificial intelligence is even further and more dramatically intensifying the demand for powerful semiconductor chips. But how does the increased use of artificial intelligence impact the semiconductor sector and what risks and opportunities does it provide to small-cap companies in particular?

Quant factors, discretionary analysis and carbon measurement for danish mortgages

Jyske Bank’s independent asset manager, Jyske Capital, is the first manager we have seen applying quantitative style factors as part of its process for selecting Danish mortgage bonds. It is also unleveraged. Allan Willy Larsen, Head of Mortgage Bonds, talks to us about the strategy which has outperformed it´s benchmark over the last decade.......

DCAP Select launch: a barbell of AI venture capital and liquid strategies

How can investors combine exposure to cutting edge venture capital investing, with daily liquidity? A new hybrid vehicle, combining a fund of funds with direct investments into private companies, could be a solution......

Growing investment opportunities amid bank deleveraging trend

As banks double-down on capital relief and balance sheet optimisation, this is creating an attractive and unique entry point for investors to gain exposure to the core, yet ‘harder-to-access’, parts of bank balance sheets and earn potentially attractive risk-adjusted returns.....

Gaining exposure to surging military spending

With Finland and Sweden joining Nato, continued war in the Ukraine and tensions in the middle east, weapons are in high demand. While they are a controversial topic, investors are carefully evaluating obvious ESG concerns as they consider the defence sector and how to access it.....

Aegon Asset Management´s alternative credit platform – Yield pickups across the risk spectrum

The Dutch insurance giant continues to add innovative strategies to an already impressive range of alternative credit products. We spoke to Frank Drukker and Peter Slob to find out what they are bringing to the Nordics......

Are markets too complacent on inflation?

Markets believe central banks have solved the inflation problem without causing a recession. Not so fast! The re-emergence of inflation could again be one of the biggest risks to markets in 2024.

The “Fallen Angels” anomaly – a special sub-asset class in credit investing

Fallen angels – or high yield bond issues that were formerly investment grade – have seen an extraordinary run of outperformance, through multiple credit market and sector specific cycles over the past two decades. We look at why........

Transaction Cost Analysis: Has Transparency Really Improved?

Transaction cost analysis (TCA) awareness is on the rise, with equity and bond investors increasingly recognising trading as a key area of leakage.....

Will China’s economy regain its roar in the Year of the Dragon?

As East Asia celebrates the Lunar New Year on 10 February 2024, investors in Chinese equities will be relieved to bid farewell to the disappointing Year of the Rabbit, and may wonder whether the Year of the Dragon – traditionally considered one of the luckiest in the Chinese zodiac – will live up to its reputation......

Additionality: the secret sauce or the snake oil of impact investing?

Many impact investors are keen to demonstrate or be assured that the world changed as a result of an investment made. Brunno Maradei, CFA, Global Head of Responsible Investment at Aegon AM, suggests there is a need to look beyond additionality in the pursuit of authentic impact investing

Is sustainable aviation fuel an oxymoron?

It is critical that we reduce and decarbonise aviation as soon as possible, but this is challenging as alternative technologies are not ready today. Does Sustainable aviation fuel offer a real-world way to continue flying more sustainably?

Defining impact investing – evidence, measurement and positive outcomes

As impact investing is picking up increasing interest amongst Nordic investors, we look at some of the nuances and specifics that should be considered when defining strategies......

Inflation, Rates and Risk Management: Implications for Insurers

In a dramatically reshaped macro and market landscape, insurance investors are in uncharted waters. What are the keys to navigating them?

Private credit: attractive income and return potential in a ‘higher for longer’ world

While global interest rates raced higher last year, 2023 has been characterised by a cooler economic environment as central bank tightening slows and rates stabilise. Invesco´s experts from their direct lending, bank loans and distressed credit teams share their views on what’s next, and what this means for private credit investors......

Private markets: three ideas for 2023

An increasingly varied universe, private markets may offer interesting entry points for investors amid volatility in public markets and demand for capital. We highlight three areas to consider.....

Global real estate and banking sector turmoil: Have the storm clouds passed?

The turmoil in the banking sector which erupted in March sparked a degree of panic lasting into April. In this mid-year view, M&G ask: is the worst of the banking turmoil over, and how concerned should we be about any impact on the property market that may lie ahead?

The case for a market neutral Absolute Return Government Bond fund

The unfolding environment has never been better for an active manager in the sovereign bond space, argues Craig Inches of Royal London Asset Management. He sees several strategic and tactical opportunities persisting for several years and he outlines them here.........

NordicInvestor roundtable – diversifying private debt portfolios

Allocators and asset managers from Sweden, Finland and the Netherlands discussed geographic diversification, market timing and distressed opportunities, credit ratings, defaults and workouts, sizes of corporate borrowers and consumer versus corporate risk. Most allocators’ existing exposure to private debt is well below their targets and there is plenty of capital to deploy.

Inflation’s bite is worse than its bark

Markets are barking up the wrong tree if they think interest rates will come down before inflation does, says Robeco´s multi-asset investor Colin Graham.

Biodiversity impacts asset managers

As you read this article, an animal or insect species, somewhere in the world, will disappear forever. Due to the impact of human activity on the natural world, in the past decades biodiversity has been declining 100 to 1,000 times faster than what would be considered natural. This development threatens not only nature, but also human survival.......

Impact private credit: investing beyond the bottom line

Challenging the consensus view that impact investments are only possible via equity, interest is growing in impact credit as an innovative, targeted, and effective response to big global issues, including climate change. Financing is provided for firms delivering positive financial returns, as well as material and measurable environmental and/or social impact.....

Nine things we learned about the global economy in April

April went by in the blink of an eye. The month was packed with data releases that gave us insight into how the global economy is faring despite aggressive monetary policy and the battle against inflation. Here are nine things we learned that are relevant for investors.....

Reconsidering the banks sector

Royal London Asset Management´s Head of Sustainable Investments, Mike Fox, makes the case for why the firm is increasing exposure to banks amidst a changing macro environment, more attractive financial characteristics for equity investors and improved environmental performance as better disclosure on financed emissions and clearer policies on future lending are made.....

Opportunistic credit strategies: weakening credit and tightening lending conditions drive compelling value

Higher interest rates and tighter lending conditions are creating a very attractive environment for opportunistic credit managers with flexible capital to fill large liquidity gaps.....

It’s time to get active: uncovering resilient alpha in global equities

Alpha will be a bigger driver of global equity returns in the future, with high interest rates and inflation limiting the contribution of beta toward total returns.....

Demystifying emerging markets debt hard currency

Emerging markets debt hard currency offers unrivalled scale, compelling diversification and attractive return potential but myths pervade the asset class which detach perception from reality around defaults, leverage to the developed market cycle and ESG risks, argues Janus Henderson´s Thomas Haugaard.....

Compelling risk/reward in lending outside China – Asian mid-market private credit

Traditional public market solutions such as syndicated leveraged loans and high-yield bonds mainly serve large-cap or larger mid-market corporates, which leaves a void for a mid-market lending strategy focusing on high-growth companies in Southeast Asia, South Asia, Oceania and the wider Asia-Pacific....

NordicInvestor roundtable – tactical asset allocation in 2023

In this virtual roundtable we were joined by investors from Norway, Sweden and The Netherlands to discuss how asset owners, asset managers and allocators face a new landscape of absolute and relative value and risk premia in terms of interest rates, credit spreads, illiquidity premia, corporate and consumer default risk.......

Apoteket (Swedish Pharmacy) Pension Fund celebrates 2022

We sat down with CIO, Gustav Karner, to talk about how the EUR 1.2 billion fund managed to create a positive return in 2022 with the help of hedge funds and defensive macro positioning.....

Inflation uncertainty and the macro challenge facing investors today

Conventional wisdom may be subject to challenge and assuming a return to ‘normal’, when the past decade was anything but normal, represents a risky bet - argues Mark Dowding of RBC Bluebay Asset Management

How innovative private credit enables high impact energy efficiency

We speak to Denmark’s AkademikerPension (AkP) and Zurich-based SUSI Partners to find out about the unique ways of structuring a private credit strategy in the energy efficiency space. AkP was an anchor investor in a recent fundraising......

Enhanced portfolio implementation: cost savings and customisation

Multi-manager portfolios can be expensive while the most obvious ways to save costs – such as standardised passive investing – can also compromise on customisation in terms of managers, ESG and risk. Russell Investments’ innovative EPI offering, which has grown to EUR 90 billion of assets over 14 years, can potentially offer the best of both worlds - suggests Maarten Roeleveld

US high yield corporate debt: market outlook

Speaking to allocators across the Nordics, we hear different opinions about the outlook for high yield credit spreads, default rates, recovery rates and other variables. Hamlin Lowell interviewed Insight portfolio manager, Paul Benson, to gather some historical and analytical perspectives....

2023 outlook: private markets at a crossroads

Private markets have developed into a global, highly diversified and heterogenous universe where some sub-sectors offer investors relative and absolute value. But deployment has slowed down and we have reached a crossroads: it takes (more) time to agree on value in this new context - argues Allianz GI´s Emmanuel Leblanc

Increasing opportunistic weightings in special situations and distressed, and expanding ESG

Petri Lehtola, Portfolio Manager at OP Asset Management, talks to us about allocations across a range of portfolios and his belief that default risk is key to credit investing and that it should also create good opportunities after a volatile period.....

A downturn is ahead, but pinpointing when and where is the real question

Azhar Hussain, Head of Global Credit at Royal London Asset Management, gives his views on where the high yield markets are heading in 2023 and how the story will be all about the recession and the shape of the default cycle.....

Laegernes Pension: Outperformance from SAA, TAA and illiquids

We sat down with Søren Nielsen and Jan Willard to talk about a challenging past year where the team still managed to outperform their benchmark thanks to tactical allocations and strategic, bottom-up selection of illiquid strategies.......

Elo’s private credit allocation: Well positioned for potential downturn

Tuomo Hietaniemi and Antti Kortela, Portfolio Managers, Private Debt Funds, gives us an in-depth look into a well diversified portfolio of direct lending, specialty finance, asset backed lending and special situations strategies as well as strategies and allocations going forward....

Nordic investor report: Alternative credit in the new economic climate

Over the past year we have interviewed allocators who specialise in alternative and private credit across the Nordics. This report highlights how Nordic investors and allocators are adapting to a new environment of raising rates, sticky inflation and possible recession and how it is effecting their strategies and allocations to alternative credit......

Harnessing the power of engagement in stewardship investing

Yolanda Courtines, Equity Portfolio Manager at Wellington, argues that strong relationships with companies, formed through regular engagement, allows asset managers to help companies navigate the increasingly demanding list of risks that management teams and boards are facing.....

Gard: Adding to private debt and EM debt, reducing high yield

Thor Abrahamsen, Senior Investment Risk Analyst, spoke to us about new and growing allocations to private credit managers and some changes on the liquid credit side. On a new reality of higher inflation and interest rates, he notes that investing just got interesting again........

Erik Penser Bank: Championing Tactical Asset Allocation

Head of Asset Management, Jonas Thulin, called a trough in equities in June 2022 and turned bullish. Now he is looking forward to less uncertain markets in 2023, with lower inflation and interest rates boosting risk assets.... ........

“Efficient Beta” Exposure to Corporate Credit

In some credit sub-asset classes, such as US high yield, many pure passive products and active managers have historically lagged the leading benchmarks used by institutions. A happier medium could be an efficient beta approach with tight tracking and a fundamental factor tilt mitigating some biases that can hamper long-term returns.....

Pohjantähti: Increasing private debt and corporate high yield

We interviewed Jani Partanen, Chief Investment Officer & CFO at Pohjantähti, to hear about the Finnish insurers strategies and allocations to alternative and private credit.....

2023 credit outlook: Playing defence but preparing for an offensive push

Pinebridge Head of Credit and Global Fixed Income, Steven Oh, argues that valuation cracks will develop in the months ahead, and he is looking to move from defensive to offensive when opportunities emerge.......

Pensam’s alternative and private credit allocations

We interviewed Jimmy Lundby, Chief Portfolio Manager for Private Credit Investments, to hear about a broad spectrum of risk and return profiles and where focus lies ahead........

Finnish Church Pension Fund increasing impact investing, specialty finance, high yield and EM

In this interview with Portfolio Manager, Eveliina Nyandoto, she explains the financial and non-financial goals of the funds´s alternative and private credit allocations.....

Ericsson Pensionsstiftelse’s eleven years of private credit investing

Portfolio Manager, Michael Levén, shares his views on the current state of the private credit markets, where he sees opportunities and how manager selection is key to minimising downside risks.....

A lot of carry but a little wary: Optimizing for volatility in high yield bonds

"An environment that continues to rattle risk markets should favor carry asset classes like credit, with a higher proportion of stable returns coming from coupon income, which can act as a buffer against volatility," argues two managers.......

Lower risk and uncorrelated returns guide AP2´s long term private debt allocations

We sat down with Patrik Jonsson, Head of Manager Selection and Private Debt, for a long and openhearted interview on how the fund is building their new private debt portfolio and how he picks external managers for the long term......

Impact measurement and management: addressing key challenges

As impact investing gains traction, investors, regulators and end clients are placing greater scrutiny on impact measurement and management. One manager is building a platform for an objective, transparent and evidence-based approach to impact assessment and measurement.....

2022 Nordic ESG Report – A green tidal wave?

Over the past year we have interviewed CIO´s and Heads of ESG from over 35 Nordic asset owners. This in-depth report will give you insights to how they are investing and how they are approaching key challenges......

Arion Bank growing direct lending beyond Iceland

Senior Portfolio Manager, Halldór Gretarsson and Head of Institutional Asset Management, Hjorleifur Waagfjord, talks to us about substantial growth in the foreign alternatives portfolio and how the aim is to double allocations still....

Hidden corners of sustainability – related innovation

The European small-cap universe encompasses numerous sustainability-conscious companies doing innovative work that potentially enables them to outperform their competition.......

Diversifying into asset-backed lending, specialty lending, distressed debt and special situations

Local Tapiola´s Director of Private Equity & Private Debt, Tero Pesonen, talks to us about tactical allocations and how a broader mandate, with more flexibility, allows for a wider collection of return drivers and better diversification......

The metaverse: is it real?

Do standard definitions of the metaverse underplay its disruptive and transformative potential? By seamlessly integrating “real” life and digital worlds, it creates a new level of interconnectivity – and major new opportunities for investors.........

An opportune time for active investing in Nordic High Yield?

Increased yields on liquid high yield corporate debt are encouraging some investors to revisit the space, but they need to pay careful attention to sector and company selection and liquidity issues, says Alfred Berg´s Henrik Emil Hoyerholt and Kristoffer Sonnervik......

Evli’s private debt allocations: balancing direct lending and opportunistic strategies

Ville Toivakainen, Investment Director for Private Assets, sat down with Hamlin Lowell to talk about the firms newly launched series of fund of funds and how he is allocating to build diversified, all-weather portfolios over time.......

Decarbonizing the world: the three things asset managers must do

With a goal to generate decarbonization-related alpha, one manager seeks to find companies with the potential to be early adopters in the adjustment to a carbon-neutral reality. Thus generating the outperformance that can accrue to first movers.........

Danske Bank AM’s alternative credit allocations – evergreen structure emphasizes ESG and senior paper

We sat down with CIO, Thomas Otbo and Head of Private Credit, Michael Bech, for an in-depth look into the firms approach to building a dynamic private credit portfolio....

Elite Alfred Berg adding to high yield, emerging markets and direct lending

We caught up with CIO, Toni Iivonen, to talk about the firms broad allocations to alternative fixed income, the type of return targets they want to see and what they look for in new managers......

Climate change investing: research and collaboration continue

One manager gives their account of actual, measurable, progress being made on the ground when it comes to climate investing.....

AFA Insurance’s alternative credit program: focus on direct lending

Hamlin Lowell spoke to Head of Alternative Investments, Mikael Huldt, about the firms alternative credit program and the criteria for selecting managers......

Short-term disruptions mask longer-term opportunities

Can the disconnect between short-term and long-term forces create buying opportunities in companies set to benefit from secular trends but whose valuations have dropped amid the broad equity declines.........

Mandatum Asset Management’s alternative and private credit allocations

We catch up with Jussi Tanninen, Head of Private Debt and Real Estate, to talk about the strategy for the firms balance sheet as well as external client portfolios.....

Evolving impact investing for better potential outcomes

Showing tangible impact is a challenge for managers and asset owners alike. Wellington have developed a framework to show how they track the progress of portfolio companies and issuers, measuring impact progress and outcomes across strategies.......

Formue’s growing alternative credit allocations

Head of Hedge Funds and Private Debt, Cian Walsh, talks to us about how allocations are responding to the new market climate....

A safe haven in a time of uncertainty

Azhar Hussain, Head of Global Credit at Royal London Asset Management, argues that global high yield credit should have wider appeal, and that the front end of the market offers the best protection from the twin threats of inflation and recession......

Inflation implications for private credit underwriting

Can historical KPIs still reflect the future or do models need to be build differently in order to understand current forces at play and how they affect economic sectors in different ways.......

Nordea’s ESG Priorities: the SFDR is too broad and the Taxonomy is too narrow

Head of ESG, Eric Pedersen, provides us insight to how the investment giant implements it´s ESG philosophy across a broad range of portfolios and how looking for easy answers to difficult questions is unhelpful........

Idiosyncratic returns – consistent alpha across different style cycles

How a very specific approach to stock picking can build an equity strategy with the potential to perform across multiple market and socio-economic scenarios.....

How behavioural finance analysis can help unearth hidden sustainability potential

Alternative approaches to help identify promising investment candidates and to assess current sustainability leaders for under-appreciated risks.....

Opportunities in alternative fixed income

Alternative fixed income strategies demonstrate great variety, both in terms of spread, risk, capital charge, liquidity, duration matching and ESG factors. This excellent paper compares different categories within the alternative fixed income spectrum.......

Mapping the impact of climate change

Wellington Management shares the climate-exposure risk-analysis tool they have developed to help investment teams track and assess physical climate risks facing capital-market assets around the world...

Jentzen & Partners’ evolving ESG approach

Founding Partner, Mads Jensen, talks to us about longer term strategic asset allocation, including manager selection and developing investment policies including governance frameworks and increasingly ESG.

Yield Pickup, illiquidity, model valuations and credit risk

We spoke to Rens Ramaekers, portfolio manager in the European ABS and Mortgages team, at Aegon, to find out why Dutch mortgages offer a yield premium, how to quantify their liquidity and valuation risks and why the credit risk has historically been so low.....

Are investors ripe for agriculture? – virtual roundtable summary

NordicInvestor’s agriculture roundtable gathered portfolio managers and investment consultants from North America, Denmark, Sweden and the UK to explore the unique features of agricultural investing and how it is adapting to investors’ evolving ESG and sustainability priorities.

Credit where credit is due: four common misconceptions in public and private credit markets

Heightened market volatility has led to misconceptions about credit, in Pimco´s view. They dispel four of them here......

Fondfinans’s Tailored ESG Policies; ESG and Renewables for the Short, Medium and Long Term

Melanie Brooks talks to us about leaving NBIM for boutique manager Fondfinans in order to have more hands-on involvement in picking stocks. At NBIM her ESG team supported portfolio managers but now she has both ESG and portfolio management responsibilities......

Matching Best in Class SFDR Strategies with Investors’ Sustainability Preferences – Virtual Roundtable

Louise Kooy-Henckel of Wellington Management, Anders Bertramsen of Nordea Assset Management and Erik Edward of Swedbank joined us to discuss how SFDR regulations has impacted fund selection and how the nuances and complexities of ESG investing can not be oversimplified....

ESG through a value kaleidoscope; disclosure, transition and incremental innovation

We spoke to Skagen’s Head of ESG, Sondre Myge Haugland, to identify how the firm applies and prioritises ESG considerations in the context of its value investing philosophy for equities and fixed income....

Real Assets Focus: Agriculture

Agriculture can be grouped with other real assets such as forestry/timberland, real estate, infrastructure, precious metals, industrial metals, and equipment, but they all have distinguishing features. We take a look at developed market land farming for yield, growth and inflation hedging.....

Evaluating labelled bonds: a robust framework is key

The sustainable debt market is growing rapidly as issuers face increased pressure from investors and regulators to finance a more sustainable future. Here we look at how to assess the suitability of labelled issuance for portfolios and highlight how to use engagement to combat greenwashing.....

Söderberg and Partners – a distinctive perspective on evolving ESG policies  

Lingyi Lu, Head of Sustainability at Söderberg and Partners, gives us an in-depth look into how the Swedish investment giant evaluates the sustainability of portfolios and funds and how investor preferences evolve....

Transition to carbon neutrality by 2035, and EU rules are only one framework

Veritas´ new head of ESG, Eveliina Leino, talks to us about the firms pragmatic approach to ESG and how the road ahead is far from straight forward if you want to impact real change.....

Active management and ownership; transition; thematics, and SDGs, driven by investment opportunities and client choices

DNB Asset Management´s Head of Responsible Investments, Janicke Scheele, gives us insight to how the Norwegian asset manager takes a broad and holistic approach to driving change......

European Property Opportunities – affordable residential, logistics and the Nordics

The all woman team at DWS , headed by Nicoletta De Bona Bottegal, run an open-ended strategy which has outperformed both its benchmark and peers since inception. We look at how a mix of country, sector and asset selection is to thank for their success.....

In house analysis, sovereign debt, engagement, climate transition, biodiversity and circular economics

Markus Lindqvist heads Aktia´s team of ESG specialists who, together with the firms ESG committee and asset class representatives, set the EUR 15bn asset manager´s agenda......

Swedbank’s ESG approach: an art as well as a science

Erik Edward, Senior Fund Analyst, gives an in-depth look how the team at Swedbank are assessing asset managers’ ESG approaches and how a qualitative approach is key....

Impact investing in practice: supporting the shift to alternative energy

Investors are increasingly attracted to impact investing because of its potential to deliver positive social and environmental outcomes while producing competitive financial returns. Here we explore how alternative energy can deliver both goals...

OP Asset Management; extensive use of ESG benchmarks and in house data analysis

Annika Esono Manninen, Head of ESG, talks to us about how the Finnish investment giant is working toward carbon neutrality and how climate and environmental risks are firm priorities....

Elite Alfred Berg; data harmonization would be welcome

Chief Investment Officer, Toni Iivonen, talks to us about the firms key priorities and challenges, including getting consistent data from external asset managers......

Handelsbanken’s ESG Approach – “SFDR 8 or 9 alone is not enough for us; defining transition is subjective”

We spoke to Deputy Head of Multi-Manager Solutions, Tobias Tallberg, for an update on how the firm’s evolving ESG policies apply to its selection of external managers......

Why COP26 was (probably) more constructive than headlines suggest

From better targets to methane to financial commitments, a climate investor shares his views on the lasting positive outcomes likely to emerge from the recent global conference on climate change....

Evli Bank’s ESG approach; data gaps, subjective regulations, transition and engagement

Outi Helenius, Head of Sustainability, speaks to us about data gaps, the subjectivity of European sustainability regulations, and differences between the regulations and normal market practices....

Pricing power can help companies fight inflation

If rising costs still linger in the new year, it will be one of the biggest risk for investors in 2022. Capital Group´s Diana Wagner is looking for sectors and companies with pricing power to mitigate this.....

Alternative fixed income driving returns, alpha and diversification – virtual roundtable

Thor Abrahamsen of Gard, Tomi Viia of OP and Frank Meijer of Aegon Asset Management joined us to discuss how they are seeking acceptable returns, risk, diversification and Solvency II compliance, from public and private fixed income and credit markets.....

LocalTapiola AM’s ESG approach; active in house ESG analysis and prioritizing transition

Outi Kalpio, Director of Portfolio Management and ESG, gives us insight to how the firm expects portfolio managers to integrate ESG into their daily work and the overlap between quality factors and ESG....

Countering climate risks through collaboration

How to close the disconnect between the climate world and the investment world and how the investment risks of climate change should be properly evaluated on a fundamental level.....

Diversification, derivatives and tactical asset allocation

Niels Elmo Jensen, CFO, and Søren Nielsen, CIO, gives us insight to how Lægernes Pension Fund´s investment strategy continuous to evolve and how their team has managed to create impressive performance through tactical asset allocation and active management......

Tackling air pollution with sustainable investments

Targeting a major environmental issue and the investment opportunities it creates....

Erik Ranberg on pandemic response, asset allocation, ESG and Solvency II

Gjensidige is one of only two insurers in Norway to have its own internal Solvency II model. We interviewed CIO, Eric Ranberg, to find out what has - and has not changed - over the past 18 months.

Selective Value in Emerging Market Debt

Alejandro Arevalo is seeing both fair value in absolute terms as well as relative value against US high yield being the the cheapest in half a decade....

Afa insurance: reducing interest rate duration, increasing alternatives, expanding ESG policies

Johan Held, Chief Investment Officer, talks to us about asset allocation, navigating the pandemic, regulatory hurdles and evolving ESG policies......

Why climate change is inflationary (and what to do about it)

We explore the link between climate change and inflation and suggest strategies to help mitigate the threat to portfolios......

Adding to equities and seeking better ESG data from alternatives

Tomi Viia, who runs a team managing EUR 11.5 billion of insurance assets gives insight into how the team is approaching strategic asset allocation, asset/liability management and tactical asset allocation.....

Fiera Atlas Global Companies

The strategy has outperformed global equities by a massive margin: a mid-teens annualized percentage since March 2017. Simon Steele and his team are confident about double digit earnings growth across the portfolio and holdings are generating non-cyclical growth with drivers very different from the index.....

Are all net-zero goals created equal?

Given the various inconsistencies in how the phrase is understood, what does “net zero” really mean – and how should progress towards this goal be measured?

5 themes to consider when investing in global bond markets

Interest rates remain ultra-low, fiscal stimulus may be near a peak and major economies’ monetary policy will likely become less accommodative. So how do you invest in these markets?

Is land-based aquaculture the answer to fish-farming’s existential Crisis?

A real world example of how addressing a specific sustainability challenge directly, can present meaningful commercial opportunities.....

Pandemic Response, Asset Allocation, ESG and Solvency II

In 2021 we have interviewed CIO´s at over 25 Nordic life and non-life insurance companies. This in-depth report will give you insights to how they are investing and how they are approaching key challenges......

Decarbonizing the World: The Importance of Emerging Markets

Finding decarbonisation-related Alpha on the road to a carbon neutral future.....why emerging markets could be the place to look.....

Impact investing: innovating for environmental sustainability

Wellington´s duo, Campe Goodman and Tara Stillwell, share some of the environmental and climate-related innovations they are seeing across the impact investing universe.....

Accessing Asia’s Post-Pandemic Opportunities

With Asian markets remarkably resilient to short-term disruptions, the region’s long-term growth catalysts are coming into focus. How can investors maximize these post-pandemic opportunities?

The investment opportunity in climate-focused venture capital

Finding future-proofed companies with an explicit focus on climate mitigation or climate adaptation......

Storebrand AM; Growth Continues, Driven by Alternatives and Sustainable Solutions

Jan Erik Saugestad, CEO of Storebrand Asset Management, who was previously CIO of the group, shares his views on the Covid working environment, asset allocation and ESG.......

Finding compelling risk/reward in private debt

We spoke to Emmanuel Deblanc, of Allianz Global Investors, to find out where he sees opportunities in the private debt markets......

Pensam: Pandemic Response, Asset Allocation, ESG and Solvency II

We interviewed PenSam CIO, Claus Jørgensen, and Head of ESG, Mikael Bek, to hear about the pension fund’s shifts into illiquids and challenges in applying growing ESG ambitions.......

Championing asset/liability management and optimizing the balance sheet risk/return profile

Timo Salminen, Head of Capital Management at Fennia in Helsinki, heads a team which manages around EUR 2.8 billion for both Fennia’s non-life insurance and life insurance units. We spoke to him about about their investment strategy......

Net zero: how do we achieve it?

Wellington is a founding member of the Net Zero Asset Managers Initiative. This is their story on how to achieve net zero emissions of green house gasses by 2050 and what it means to them.....

Seeking Greater Solvency II Flexibility for Longer Term and Sustainable Investing

We spoke to SEB Life and Pensions´ Group Chief Investment Officer, Pontus Bergekrans, and Mikael Nyberg, Head of Fixed Income to talk about allocations, sustainability, the macro outlook and how they are turning to alternatives for risk premia......

Adding to alternatives and green assets, going global with ESG engagement

We had a long, and interesting, conversation with Anders Schelde, Chief Investment Officer at AkademikerPension, about asset allocation, ESG, Solvency II and remote working.....

Deriving opportunity from secular climate themes

Climate change presents risks to businesses that are unable to adapt and opportunities for those that can. Are both the risks and opportunities are underappreciated by the market?

Rethinking Rate Risk, Expanding ESG, and Internal Solvency II Modelling

We spoke to Thor Abrahamsen, Senior Investment Risk Analyst at Norwegian maritime insurer Gard, to find out what has - and has not changed - over the past 18 months.....

Gold and Silver: a differentiated precious metals strategy

Jupiter´s Gold and Silver strategy offers a way to express macro-economic views through two types of exposure gold and silver, including a differentiated approach to picking stocks.....

Pandemic Response, Asset Allocation, ESG and Solvency II

Shifting from fixed income to alternatives, reviewing ESG policies. Our interview with PRI Pensionsgaranti´s Head of Alternatives; Peter Ragnarsson.....

Danish versus Dutch mortgage investments: How do they compare?

Many institutional investors have been attracted in recent years by the potential for high yields on mortgage investments. Exposure to the mortgage market can be achieved in various ways. In this article, we compare Danish mortgage bonds with direct investments in Dutch mortgage loans.......

Pohjantähti: Keenly awaiting Solvency II Reforms

A smaller Finnish insurer embracing alternatives; we interviewed Jani Partanen, Chief Investment Officer & CFO, who runs EUR 240 million, mainly allocated to external managers.......

Mitigating Risks in Supply Chain Finance and Trade Finance

Trade finance and supply chain finance are broad strategy groups that have become popular amongst Nordic investors, not least insurance companies. The collapses of Greensill Capital highlights some risk factors of these strategies. We spoke to one manager to discuss how risk factors can be managed and mitigated.....

Sustainable Development Goals (SDGs) – the investment opportunity

The last 12 month’s market turmoil has illustrated what can happen when the markets are suddenly faced with a risk for which they are unprepared. It is also a reminder that uncertainty is disruptive for businesses and investors alike, and that risk management is paramount in the pursuit of long-term goals.....

PKA’s ESG Policies Gather Momentum; Exclusions, Green Assets, Social Assets and Reporting

ESG Manager, Louise Aagaard, gives insight into how the ESG team integrates across investment departments, but also works closely with legal and risk.....

Aktia’s Extensive ESG Policies; Sovereign Debt, Impact Bonds, Transition, Reporting and Biodiversity

Markus Lindqvist, Head of ESG at Aktia Asset Management in Helsinki, Finland, highlights some of the distinctive features of its ESG policies. Aktia manages EUR 10.4 billion for institutional and retail clients, in the asset management division.....

ELO’s Asset Allocation and ESG Priorities; Active Management, Climate Change, Carbon Reporting and Engagement

Q&A with Jonna Ryhänen and Katja Einesalo from ELO, pension insurance company, which manages EUR 26 billion in pensions for one third of all Finnish companies and about 40% of self-employed people in Finland.........

Commercial real estate investors revisit inflation

Inflation has been dormant for at least the last two decades. While out-of-sight, it is never out-of-mind especially in financial markets. So, are current inflation fears excessive?

Can European small caps continue to deliver?

In Europe, the small cap effect – where smaller companies outperform their larger peers – is very much alive and kicking! Identifying quality and structural growth drivers is key to finding the mid- and large-caps of tomorrow......

Bitcoin, Blockchain and Digital Finance: Fintech  Goes Mainstream in the COVID-19 Era

J.P. Morgan Global Research examines the current trends in blockchain technology, the Bitcoin market, digital currencies and the rise of digital banking.....

AFA is open to adding to Illiquid Alternatives

“All asset prices are on steroids, but we take a long-term view”, says Mikael Huldt, AFA´s Head of Alternative Investments. He also shares with us how the alternatives program is developing and how ESG criteria is evolving.....

KLP’s Environmental and ESG Policies; Many Rapidly Evolving Initiatives

Lars Erik Mangset is Chief Advisor, Climate Change for KLP, the largest occupational pension fund in Norway. In this interview he provides great insight into the work they are doing and how it is integrated into strategic asset allocation, risk and compliance.....

Cutting Fixed Income Exposure; Adding to Equities, Alternatives, ESG and Impact

Church of Finland Pension Fund´s, Joonas Huttunen, gives us an in-depth interview on how they are adapting allocations to new environments and the challenges they see ahead....

Iceland: a Frontier Market in the North Atlantic Navigating the Covid Crisis and Response

We interviewed from Arion bank Hjörleifur Arnar Waagfjörð, Head of Institutional Asset Management, and Haraldur Yngvi Pétursson, Senior Portfolio Manager, to hear how the economy and investment strategies have developed over 2020 and 2021.

Topdanmark’s Growing ESG Ambitions

We spoke to Portfolio Manager, Andreas Stang who is responsible for the ESG strategy, to learn about how policies are partly firm-wide while additional policies apply to certain ESG strategies.....

Using climate science to uncover investment opportunities

Many investors are overexposed to the risks stemming from climate change while being underexposed to the accompanying investment opportunities....a thematic approach may well be the best way to deal with specific sustainability issues....

European Small-Caps – Virtual Roundtable

In the latest episode of our webcast series, we discuss European small-caps and wether it´s spring time and green shoots for the asset class. NordicInvestor´s Contributing Editor, Hamlin Lovell, was joined by Oddo BHF´s Armel Coville, Wellington´s Anna Lundén and TIN Fonder´s Carl Armfeldt, in a discussion that covered many angles on the opportunity set available.....

Debt cancellation needs to be on the table

The quick dismissal by Christine Lagarde and other central bankers and economists on the prospect of debt cancellation as part of the pandemic recovery misses one very obvious fact......

Global Equities – 2021 Outlook

A preference for Asia, dubbel-digit returns in EM, false confidence and a modest bias towards growth over value.....

The other virus

Since September last year we have seen a significant turnaround in price trends of many agricultural commodities. What does this mean for inflation and is there potential for a new commodity super cycle?

Disruption and Dispersion: A Bottom‑Up Approach to an Uneven Credit Recovery

While the COVID-19 pandemic has disrupted global credit markets, PIMCO believes bottom-up research is key to reveal opportunities for 2021......

Will the 2020s take us back to the 1970s?

As we reach the limits of what central banks can do to foster growth, the baton passes to governments....

Time to Look Ahead to a New Year: 2022

With a tight consensus now formed on the likely shape of 2021, mulling the outlook for 2022 might be more interesting, and more productive.....

Currency Hedging for Illiquid Asset Classes and Strategies

We take an in-depth look at how asset managers can, and perhaps should, offer hedging to investors in illiquid strategies. Safe to say, it requires a bespoke approach......

Proventus Capital Partners: Active ESG for Private and Public Credit

We talk to Marjo Koivisto, Investment Associate and Head of ESG, for an in-depth discussion about how the firm integrates ESG in their private credit strategies....

Veritas’s Global Equity Allocations

Portfolio Manager, Tapio Koivu, talks to us about the firm’s well diversified equities exposure and its ESG approach, which unusually does not have an exclusion list.....

How should a “Green Bond” be defined?

Following our recent roundtable, we interviewed Douglas Farquhar of NN Investment Partners, who previously worked as a verifier of green bonds, to discuss different opinions around classifying green bonds.....

Alecta’s ESG Policies; Integrated into active investment management

Peter Lööw, Head of Responsible Investments, gives us an insight into the Swedish pension giants approach to ESG and how they are guided by the core belief that companies who take ESG in to account will be better investments...

Climate change and emerging markets: assessing opportunities and challenges

Wellington´s Dáire Dunne provides a framework for incorporating climate-related themes into an EM portfolio.....

Kåpan’s Infrastructure Allocations – Resilient and sustainable

We spoke to Head of Alternatives, Mikael Falck, to discuss Kåpan´s infrastructure strategy and allocations....

Q&A: Jupiter’s Naylor-Leyland on a Golden Opportunity, Shrinkflation and Political Money

Does gold and silver still have a role to play in a well-diversified portfolio?

Quality and ESG: the keys to unlocking the European small-cap opportunity

Should European small-caps be a long-term strategic allocation for investors and can they deliver alpha throughout the economic cycle?

Mandatum’s Mid-Market Nordic Private Equity – Minority investing in growth companies

We interviewed Sampo plc Portfolio manager, Alexander Antas, to discuss the insurer’s approach to private equity investing for its proprietary capital and client capital.....

DNB Multi-Asset Team Readies Fund of Hedge Funds

NordicInvestor interviewed Anette Hjertø, Head of Absolute Return Investments at DNB Asset Management, to discuss the firm’s multi-asset and fund of hedge funds strategies.....

Global high yield: Stimulus fuels the march of the zombies

Zombie companies are the talk of the town. Will they limp on forever, storing up potential trouble for investors’ portfolios, or can they revive and thrive after the COVID crisis.......?

A Different Perspective on ESG, Growth and Technology Investing

NZS Capital´s President and Chief Risk Officer, Adam Schor, talks to us about how the new paradigm is stakeholder capitalism: that shareholder value can be improved via maximizing value for all stakeholders. And, how this Non-Zero Sum game gave the firm it´s name.....

Nykredit’s Infrastructure Equity Allocations

NordicInvestor interviewed Ulla Agesen, Head of Alternative Investments and Manager Selection, to identify what Nykredit is seeking from its external infrastructure managers.....

The Fed’s new approach to inflation – a game changer for investors?

The US Federal Reserve’s recent strategic turnaround could mark a critical break from three decades of central bank behaviour. Investors need to be prepared for the consequences of a leap into the unknown....

SKAGEN Funds’ Manager Selection – Growing open architecture platform and fund of funds

We spoke to Midhat Syed about the firms approach when selecting external managers for their growing execution-only platform, a fund of funds, and Skagen´s model portfolios.....

COIN readies illiquid credit manager search

Specialist independent investment consultant, COIN Investment Consulting Group, will in 2021 begin a private credit search on behalf of “second tier” Swedish institutional investors. We interviewed Jonas Lindgren, Head of Alternatives Manager Selection, for a heads up on the next search.....

Innovation in the sovereign green bond market – Germany’s green twin bond

Earlier this month the German government issued its first green bond and plans a regular offering to build a green yield curve. With Germany being a key capital market, we take a loo at what this means for investors....

Finding credit opportunities amid the COVID crisis

Wellington´s Campe Goodman shares his views on the credit markets, the impact of Covid-19 and how he is allocating capital across sectors.....

The clockmaker and the longitude problem: A lesson for investors in bottom-up problem solving

Bottom-up thinking is not a typical hallmark of multi-asset investing. However, Aviva´s Francois de Bruin believes the granularity that comes from this approach offers useful diversification and risk benefits....

Mandatum’s private debt strategy – a diversified, longer-term, ESG conscious approach

NordicInvestor asked Mandatum’s Head of Alternatives, Jussi Tanninen, and its portfolio manager for private debt, Matias Hauru, what they seek from external managers......

The intersection of impact investing and UN SDGs

Building a framework to finding the companies and investments that offer much-needed solutions to many of the major challenges identified in the UN SDGs.....

Velliv’s long term infrastructure allocations – stable returns and inflation protection

Head of Alternatives, Christoph Junge, gives us an insight into how the team approaches infrastructure investments and how external managers are selected.....

Storebrand’s ESG Journey from Exclusions to Solutions

Jan-Erik Saugestad, CEO of Storebrand Asset Management, sat down to discuss the latest changes and future developments, amid a COVID-19 backdrop which is already throwing the ‘S’ of ESG into the spotlight....

Interaction between governments, companies and individuals in post-Covid-19 world will shape the future of responsible investing

We talked to Adrie Heinsbroek of NN IP to discuss the new "unknowns" that responsible investors will increasingly need to take into account in their decision-making....

Coronavirus, Illiquid Valuations and Opportunities

Liquid assets have become much more volatile since March 2020. With illiquids, the story varies more according to whether, when and by how much managers have changed valuations. It also varies by asset class....

European real estate has shown its resilience over the past four months

However, this is no time for complacency.....argues Simon Wallace, Global Co-Head of Alternatives Research and Strategy, DWS

Swedbank Robur’s external managers including liquid alternatives

We interviewed Malin Hallén, Senior Portfolio Manager, Asset Allocation, to identify policies and priorities when selecting external funds, including UCITS Hedge Funds, and evolving ESG criteria....

Carefully Selected Credit offers Good Risk/Reward

Erik Bennike, head of credit at PensionDanmark, shares his outlook on the credit markets, how it is affecting allocations and why he is cautiously optimistic.....

Harnessing disruptive structural growth

Jupiter´s Guy de Blonay on where to find next generation, innovative technology companies....

Capitalising on the next real estate cycle

We take an in-depth look at real estate through the lens of a manager who argues that the opportunity to generate outsized returns usually come at the beginning of a cycle when trends are less evident. We talk earnings stability, inflation, alpha generation as well as how Covid-19 has set in motion new patterns in real estate usage....

Länsförsäkringar’s external equity and fixed income managers – diversification by asset class, style and strategy

Martin Axell, Senior Portfolio Manager at Länsförsäkringar, talks to us about allocations and his big picture philosophy when it comes to diversification and manager selection....

The art of differentiation

Why there are still opportunities for investors in emerging market debt, despite expectations of higher defaults and lower recovery rates....

A collaborative approach to impact investing

Two impact investors discuss how a holistic approach makes it possible to source more deals and evaluate opportunities in both equities and bonds.....it takes a village to raise a child......

Ilmarinen’s Absolute Return Strategies

Teemu Ahonen, Head of Absolute Return at Ilmarinen in Helsinki, explains how active management is thriving on market volatility

Quant Strategies During and After the Great Coronavirus Crisis (GCC)

Dr. Alexander Mende, Senior Investment Analyst, and Head of Investment Research at RPM shares his views on how systematic strategies have navigated the crisis and where RPM are making allocations......

Will COVID-19 prove a watershed for ESG?

COVID-19 has thrown new light on the interdependencies and vulnerabilities of a closely networked world. We spoke to Aviva Investors’ responsible investment specialists to ask whether this will prove a turning point for environmental, social and governance issues

AP1´s External Partnerships and Innovation

Helene Idenstedt was recently appointed to lead AP1´s newly formed group for external partnerships and innovation. In an interview with NordicInvestor she talks about the new organisation and strategy within AP1 as well as how the events in recent months have changed the way they work with external managers......

Eric Penser Bank: a V-Shaped Recovery is Possible in the US

Eric Penser Bank’s Head of Asset Management, Jonas Thulin, has an impressive forecasting track record and believes a V-shaped recovery is possible in the US. But he is very selective about the managers he picks......

Differentiation is key as crisis exposes pre-existing vulnerabilities

We take a further look into Emerging Markets and caught up with Alejandro Arevalo to learn more about which sectors and countries he seeks out or avoids....

Why the Market Gets Sustainable Investing Wrong

Inefficiencies in the sustainable investing segment give active investors opportunities to generate outperformance over the long term....

The Norwegian Oil Fund´s 20 Years with External Managers

The great white whale of the Nordics shares their experience of 20 years investing with external managers....

Fixed income opportunities and threats for insurers in a rapidly changing world

The outbreak of the coronavirus across the world has sent financial markets into shock. This article provides an update on how recent market turmoil has impacted fixed income assets, the core holdings for most insurers...

Icelandic Pensions Diversifying Overseas and into Alternatives

Nordic Investor interviewed Snædís Ögn Flosadóttir, Managing Director of EFÍA and LSBÍ pension funds and the operations manager of Lífeyrisauki supplementary pension fund, to find out how these Icelandic pension funds are broadening their horizons....

FIM Asset Management Expanding ESG Policies

Päivi Riutta-Nykvist, Head of Portfolio Management, explains how ESG is used as an Alpha driver for internal and external managers.....

Vertitas’ Kari Vatanen on Alternative Risk Premia – Not a One Size Fits All Strategy

Veritas Pension and Insurance’s new CIO, Kari Vatanen, discusses some of the variables investors can research when comparing risk premia managers and strategies....

Danske Bank’s ESG Policies and Data Analytics

We interviewed Danske Bank’s Global Head of Sustainability and Impact Investing, Ulrika Hasselgren, to find out about the firm’s growing suite of internal and external ESG analytics.

Navigating Corona Crisis and Exploiting a new Set of Opportunities

We look at global emerging markets debt strategies and get one view on how to navigate the storm and reposition portfolios for the new environment....

The importance of staying invested

A short reminder from history....

PRI intends to grow private market allocations

Peter Ragnarsson head of alternative investments at the USD 3bn non-life mutual insurance company PRI Pensionsgaranti, says the intention is to increase private market investments as returns are difficult to find in traditional fixed income....

Asian Credit: the Boring Emerging Market for 2020?

We look at the key drivers in Asian credit and how careful selection means finding quality, liquidity and yield.....

Nordea’s External Product Strategy

Anders Bertramsen gives us an insight to Nordea´s thinking when picking external managers....and fires a few shots when it comes to ESG....

Church of Finland Pension’s Evolving ESG Policies

Q&A with Joonas Huttunen, CFA, Portfolio Manager and Responsible Investment Specialist at The Church Pension Fund, Finland

Yield Pickup from Baltic Property

Deals Break Records, but Liquidity Remains Limited

A Global Approach to Mid-Market Infrastructure

Foraging for Sustainable Growth and Income...

Emerging market debt: An ‘all-season’ asset class

Alejandro Arevalo, Fund Manager of Jupiter’s Emerging Market Debt strategy, explains why he believes emerging market debt should be viewed as an ‘all-season’ asset class, not just for when the global economic environment is strong...

AP1´s Majdi Chammas on Active management and ESG

An insight into Första AP-Fonden´s distinctive approach to global manager selection....

Nordea Wealth Management’s New Investment Team in Copenhagen

Kerstin Lysholm and Linsay McPhater in place to broaden access to alternatives and sustainable investments.....

Should Fund Allocators Be More Contrarian?

Jupiter´s Magnus Jahnke believes so and would also argue that investors need to work their assets harder.....

Investment Management Fees: Is Competition Working?

Why are fees falling in certain asset classes yet remaining resilient in others?

The High Yield Position

Why a Long/Short approach to High Yield Credit makes sense in the current environment...

Direct Lending: Is Market Maturity Cutting Covenants?

In the first of a series, we take a look at the deterioration of covenants in the private credit markets. How much of a problem does it pose and what it means for investors.....

Using AI to Pick AI Stocks

Using semantic & sentiment analysis on unstructured data, a multi factor quantitative model and the human review to identify companies positively exposed to the AI thematic....

Making a Difference

Why ESG is Essential for Successful Investing in Emerging Markets Debt...

Interested in structural opportunities in emerging markets? Be prepared to think differently

Dáire Dunne, CFA, outlines his thoughts on the importance of secular trends and the investment opportunities they are creating...

Exploiting Europe’s Exporting Excellence

Finding alpha in European small and mid-cap equities.....

Aktia’s Multi-Manager Private Credit Strategies

Head of Alternatives, Ville Toivakainen, talks trade finance, aircraft leasing, impact investing and much more…

Structured Credit Yield Pickup Persists

Can CLO´s provide a positive yield oasis amid negative yields?

Short Duration Investment Grade Corporate Credit

An alternative to negative rates on bank deposits.....

Emerging markets: Building the core allocation of the future

Wellington´s Dáire Dunne on the forces behind structural change in Emerging Markets and how a thematic approach will help identify opportunities going forward...

Are We at Peak Cycle for Equities

US equities keep on making new highs, but Norges Bank is increasing its allocation. Whether equities appear expensive or cheap depends on the definition, and varies greatly by regions, factors and sectors....

European High Yield: Income of Around 3% Remains

Fundamental headwinds balanced out by renewed ECB QE....

Asian Real Estate: Yield Pickup and Diversification

Investors could not only get some yield pickup but could also obtain a significant diversification benefit by adding Asian property to their portfolios - some Dutch pension funds have been investing in the asset class for over 20 years...

Tailoring the Approach: Implementing ESG in Private Debt

Archie Beecher explains how a proactive approach helps identify ESG risk and exposure to it....

Can global high yield investors continue to profit from low risk of default?

High yield investors had a good start of the year; is there any need to sell already? Or should we continue to profit from this clear-cut and exploitable market anomaly?

Goldman Finally Capitulates, Sees Rate Cuts In July And September

The time of the bond vigilantes is back....have we reached a point where the bond markets now can force the Fed´s hand?

Emerging and Frontier Markets: Ferreting out Neglected Value Opportunities

The wave of inflows into emerging markets has not lifted all boats: selected small caps, mid-caps and frontier markets have been left behind, and Ross Teverson expects that they should catch up....

ESG & Impact Investing focus: Microfinance

SEB´s Portfolio Manager of MicroFinance, Hetal Damani, on what differentiates their microfinance strategy – both from an investment perspective and in terms of ESG.

Danica’s Private Equity Allocator: a Scotswoman in Denmark

Linsay McPhater, Investment Director of Alternatives, talks to us about private equity investing; ESG; moving from London to work in Denmark, and the dearth of women in finance in the Nordics.

AP1’s ESG and Sustainability Policies

AP1´s Magdalena Håkansson and Tina Rönnholm comment on ESG policies and how they apply to external mandates....

New Commodity Futures Markets

Investor diversification and ESG concerns driving innovation....

Berkshire Hathaway’s 2019 AGM

A cautious cash position, and no ESG Reporting; Our Review of the event

Real Estate and ESG

Green Premia and Brown Discounts.....

Alfred Berg’s Olavi takes defensive stance on alternatives

Alfred Bergs Head of Asset Allocation talks to us about how they manage client portfolios and why he sees alternatives as adding risk rather than returns....

Jupiter Dynamic Bond Strategy: Defensive and Opportunistic

Head of Strategy Fixed Income, Ariel Bezalel, talks about recessionary risks and how it affects his asset allocation.....

How to optimise diversification to improve risk-adjusted returns

How expected returns can be enhanced without increasing risks - can cutting-edge visualisation tools and a first-principles approach secure the predictable benefits of a diversified portfolio?

ESG, Credit Risk and Ratings: A Case Study

Can ESG ratings on sovereign credit help manage long-term risks?

Alternative cash flows take center stage for Swedish institutions

Carl Barnekow, SEB vetaran turned asset advisor at COIN, gives his view on where institutional investors are looking for alternative sources of income....

Alternative Risk Premia: An introduction

In the first of a series, we look at how Alternative Risk Premia can provide an uncorrelated source of return that can be added to investment portfolios....

Frontier Market Focus: Africa – Cinderella offers great promise

By 2025, Africa’s GDP is forecast to be one third of USA GDP but it seems like many international investors are giving up on the continent. We suggest that Africa perhaps deserves more attention than it´s getting....

Give a Little Credit

Making the case for the U.S. lower middle market and addressing myths of direct lending

30 Years of Impact Investing

Jupiter´s Charlie Thomas reflects on legacy, long-term thinking, labels and how to navigate an ever growing investment universe...

Private Equity Secondaries – An under-followed asset class

Jerome Marie of ODDO BHF explains why he believes that future outperformance lies in Private Equities secondary market.....

Mobile Money

Two billion individuals and 200 million small businesses in emerging economies today lack access to formal savings and credit. No wonder then that Financial Inclusion is one of the United Nations Sustainable Development Goals (SDGs). But opportunities does it bring to investors?

What are the key features of investing in alternative fixed income?

Alternative fixed income seems to mean many things to many people. Rob Evers provides an overview of characteristics for a very broad asset class......

Finding Value as the Momentum Fades

With fundamentals shifting, is 2019 seeing the return to value trades in global credit markets?

Frontier Market Focus: Uzbekistan

Finding the beginnings of growth cycles by staying off the beaten track....

Valuation Bifurcation Persists

We sit down with Jupiter´s James Clunie to discuss value vs growth and why it´s time that the markets again will recognise fundamental value....

Credit Market Outlook: Selection and Name-Picking Key

We asked Aperture Investors’ Chief CIO, Simon Thorp, where he is looking for long and short ideas in liquid corporate credit markets....

Veritas Pension Insurance Company’s Mid-Market Sweet Spot

In our interview with portfolio manager Laura Wickstrom, she explains what lies behind the Finnish group’s long-term success in private equity investing and how they chose which managers to work with....

Timing Allocations to Emerging Market Credit

While Emerging Markets is an asset class that can have bouts of volatility, it is difficult for investors to ignore given its diversification benefits, attractive valuations and the fact that about 70% of global economic growth emanates from it...

Credit and ESG Investing

The application of ESG to credit investing is rapidly evolving, and is, thus far, most well-developed in relation to investment grade corporate credit....

ETF Price War #2.0

Focus shifting to trading and transactions costs...

Are Illiquid strategies Immune from the Price War?

It very clear that fees have, for many years, been falling on traditional, long only investments, and also on relatively liquid alternative investments. Yet the headline fees for illiquid investments, such as private equity and infrastructure, appear to be much stickier – just as the assets are....

Balance sheet management: how much illiquidity can investors handle?

In the past few years, many institutional investors have increased their exposure to illiquid assets. This raises the question of how much illiquidity an investor can handle without letting its risk profile change substantially after a financial shock.....

Asian credit: could 2019 match 2009 and 1999 vintages?

"Asian credit now offers one of the three most compelling environments I have seen over my thirty-year career..." says Clearwater Capitals co-founder Rob Petty

2018 Year in Review

A brief summary of what Nordic institutions have pondered over in the year gone by....

The end of the road for coal?

Not only does coal have a significant climate impact – LGIM also believe that it’s a poor investment....

Global Growth Slows, With Trade Wars Biggest Risk

What lies ahead; State Street Global Advisors is first out to give their view on what investors can expect, and what they should be looking out for, in 2019....

Short Duration Credit – A Defensive, Late Cycle Strategy

Credit spreads have widened out in 2018, which has been the worst year since 2008 for some parts of the credit markets. Is it still possible to construct a defensive strategy through careful rules and credit selection?

The Green Bonds market

For the first five years, issuance of green bonds was measured in single digit billions, but has recently accelerated to USD 155 billion in 2017, and a forecast USD 250 billion in 2018....

Market Focus: Saudi Arabia

Beyond geopolitical risks, the country will be upgraded to emerging market status. We interview two fund managers who invest in Saudi Arabian equities and who are both based in the region...

Raising its Game in the Nordics

US investment giant Invesco further commits to the region with Stefan Behring returning as head of new team...

Infrastructure debt in a portfolio context – A first exploration

We explore the added value of infrastructure debt in a portfolio context. Does it have an attractive risk-return trade-off and can it offer diversification potential in a fixed income portfolio of a pension fund or insurance company?

Sustainable investing: The first 20 years

One asset manager reflects on two decades of managing sustainable strategies. What are the lessons learnt, the changes seen, and the companies they are investing in on this journey.......

What Investors Really Want….

Kirstein´s Jan Willers on what he sees as some of the major investment trends in the region, what local differences exist and what asset managers need to consider to be successful in the region.

Reinventing Climate Investing

Helping asset owners prepare their equity portfolio for the transition to a low-carbon economy....

Trade War Rhetoric and Reality

Could Asian credit prove to be resilient? Christina Bastin, offers a cold, hard and dispassionate perspective on the trade war, and its implications for investors...

Egypt: Amongst the Cheapest Frontier Markets

An oasis of growth in a slowing global economy....

European Equities: Q&A with Alexander Darwall, Head of Strategy at Jupiter

European equities in general have produced disappointing performance but some high conviction stock-pickershave found hidden gems and compelling growth stories despite the sclerotic economic backdrop...

Europe’s Migration Nations

Without immigration, Europe's population is set to decline by around 10% over the next three decades. Is Europe's situation sustainable?...

How minimum variance strategies have performed in US downturn

For risk averse investors, low volatility equity strategies have offered the chance for investors to moderate the volatility. But have they worked?....

Alternative View: ABS Under the Microscope

What are ABS, how are they structured and what are the characteristics of the European ABS market? This analysis helps investors to better understand the asset class, its opportunities and risks....

ROIC and concentrated portfolios – An Antidote to Short-termism

Warren Buffet has famously said that if you are not prepared to hold a stock for 10 years you should not be thinking about owning it for even 10 minutes...

Quantitative Management vs. Traditional Fund Management

A quantitative approach to stock-picking doesn't have to mean a blind trust in computers...

SDG Bonds: Creating a World of Opportunity for Issuers and Investors

The UN Sustainable Development Goals provide the investment community, including bond issuers, with a framework for tackling long-term global challenges....

Recession watch: lessons from history and key economic indicators

“Target Date” Corporate Credit: Oddo BHF Haut Rendement 2025

Q&A with Alain Krief and the bond stategy that replaces benchmarks with target dates...

PensionDanmark keeps on looking for illiquid alternatives

Kim Nielsen, Head of Private Debt, explains the Danish pension giants approach to alternative investments and why he is so happy to live without liquidity...

LGIM´s Approach to Responsible Investing

How responsible investing not only mitigates risks, but also leads to better long-term financial outcomes without sacrificing performance...

Can socially responsible investing enhance returns in corporate credit?

For a bond manager, there are many credible options to deploy in an ESG strategy...

What´s Your ESG Score?

Time for boards to wake up and realise that ESG is no longer just a topic that shows up once a year in the company’s Corporate Responsibility report...

Why pressure is growing on investment management costs

The growth in index investments over the last decade has been one of the biggest trends in investment management. There have been a number of factors behind this, but for many making the switch cost is the starting point.

A look across the Border – Danish mortgage bonds versus Dutch mortgage loans

For investors who allocate part of their assets to illiquid categories, Dutch mortgages can offer an additional spread compared to Danish mortgage bonds...

Frontier Market Focus: Ukraine

If Russian stocks may be some of the cheapest in emerging markets, certain equities in neighbouring Ukraine may have some of the lowest valuations in the frontier market universe.

Keeping it real

Kåpan´s Mikael Falck on the pension giants search of real alternatives and the managers that can help him find them

Frontier Market Focus: Pakistan

With a very young population of over 200 million people, a middle class of 80 million and a brand new Prime Minister; Is Pakistan set to be the new Asian success story?

Find Your Niche

With growing pressures in the direct lending market, is the asset class still a viable alternative for investors seeking higher yields?

A Core with a Conscience – Integrating Smart Beta and ESG

Cracking the code for a socially conscious, diversified investment solution with the potential to provide additional premia over the long term...

Rev up: engineering an emerging market debt portfolio

LGIM´s Uday Patnaik examines the nuts and bolts of putting an EMD portfolio together...

Alternative Risk Premia (ARP) focus: Trend Following

Trend-following, or the momentum style or factor, is one building block for many alternative risk premia strategies....

Infrastructure, inflation and other risks

The potential for infrastructure investments to protect against inflation is well understood, but there are many important caveats: valuation, revenue risks, weather, safety, and politics....

Navigating stewardship: a case study

European private debt adapts to the new economic and ESG climate

An increasingly varied universe, private markets may offer interesting entry points for investors amid volatility in public markets and demand for capital. We highlight three areas to consider.....

Frontier Market Focus: Argentina

Argentina’s equity market hit an all-time high in January 2018, and its currency marked a new all-time low of 27.7 per dollar as of June 21st 2018. Should investors cry for Argentina?

A New Regime in European Credit

As volatility rises and the beta rally draws to a close, how can investors seek to strike a balance between return maximisation and drawdown protection?

Time for contrarians to be rewarded?

The odds are massively stacked against short-sellers, from multiple angles. But irrational optimism and bubbles could meant that mid 2018 is an opportune juncture according to Jupiter´s head of alternatives...

Smart Beta for Bond and Credit markets

The growing menu of smart beta credit products will be useful for those who allocate externally – and indeed those who want to negotiate bespoke strategies. We touch on a handful of examples....

Frontier Market Focus: Kuwait

Argentina’s departure from the MSCI Frontier index, will leave Kuwait as the largest member of that index - but maybe not for long...

Inside the European boardroom: commitment to sustainable investments

Aktia’s Ville Toivakainen sees strong demand for alternative credit

Ville Toivakainen shares his views on why Aktia has had a long-term focus on emerging market debt and alternative credit, what he looks for on the alternative side and how he selects managers to Aktia’s fund-of-hedge funds portfolio.

Frontier Markets Focus: Bangladesh

A microbrew beer made by Brooklyn’s Sixpoint Brewery is called Bengali Tiger. Craft brewing and Bangladesh are both impressive growth stories: a growth market and a “Tiger” economy.

EM local currency bonds for USD investors

Mike Biggs explains how skipping the USD can bring down volatility and enhance returns when investing in EM local currency debt

A Growing Investment Universe Still Demands Discerning Analysis

Since 1988, Jupiter Ecology’s investment universe has ballooned from under 100 to over 1,200 companies. Regulation and subsidies have spawned new industries and firms, and awareness of climate change is now global.

What does ‘ESG integration’ really mean?

Today a large number of investors and asset managers use “ESG integration” to describe their overall approach to responsible investing but what does that really mean?

Single-Factor Products Gather Most Assets

“Smart beta” assets have reached $658.4 billion at the end of 2017, up 32.3% year on year, per Morningstar. Much of this resides in products that are based on only one factor concept.

Resilience Anticipated Amid Rising Rates

With interest rates in the Eurozone, Denmark and Sweden having been negative for some years, investors are considering a switch from fixed rate assets to floating rate assets, which should see their coupons increase when and if rates rise.

The Danish Mortgage Bonds Market: Surviving and thriving through multiple crises

Frontier Markets focus: Vietnam

For Asian equities in general, the first quarter of 2018 was pretty lacklustre. The long, thin country of Vietnam was head and shoulders above the rest. We look at the many drivers behind the country’s strong economic and stock-market performance.

Inflation Linked Bonds

Both short term interest rates, and yields on longer term government debt, are below inflation in most developed countries. Are inflation-linked government bonds a solution?

Harnessing ESG as an Alpha Source in Active Quantitative Equities

State Street Global Advisors (SSGA) explain how they view ESG as a source of alpha that could lead to positive portfolio performance over time

Alternative Risk Premia Strategies

A growing number of “alternative risk premia” (ARP) “style premia” and “alternative beta” funds are being launched (at least 35 and counting). How similar or different are ARP strategies? A deeper dive under the bonnet reveals marked differences

In search for ”the five Ps”

Andreas Weilby, COO of Spektrum, gives his views on the challenges currently facing institutional investors, how they source external managers to their portfolios, what he sees allocators are looking for in terms of strategies and how regulatory changes affect their business.

High yield outlook for 2024

- What’s the carry-on in high yield markets?

Market Outlook: US High Yield

- Spreads, Default rates, Recovery Rates, Interest Rates and Dispersion

Enhanced portfolio implementation

- Cost savings and customisation

- Spreads, Default rates, Recovery Rates,
Interest Rates and Dispersion