Portfolio

5 Reasons to Invest in Convertible Bonds

Pierre Luc Charron, Stephan Eckhardt, Sabine Duchesne -

In the current low yield environment, investors must take more risks to reach higher returns. Amundi’s central macro scenario is overall positive and assumes gentle reflation with global growth around 3%. However it is important to keep in mind that potential threats – (geo)-political risks, macroeconomic data and central bank… Read More »


Bitcoins all over the place

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Brilliant as the ideas behind bitcoins might be, their future is wide open. Much will depend on the public policy response. How to value a bitcoin? We suggest a three-stage valuation process. This includes an economic value-added method, a peer-group analysis and a dividend-discount model. Based on this, we have… Read More »


Bitcoin is in classic bubble territory

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I like this framework that shows that the bitcoin is currently a bubble. It can have all the qualities we expected it to have (notably as a solution in front of non orthodox monetary policies) but it is currently just a giant bubble. Philippe Waechter – Chief economist – Natixis… Read More »


Corporate bond opportunities in a late-cycle market

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At this stage of the economic and credit cycle we remain reasonably constructive about the prospects for the global corporate bond market but are taking a more defensive approach than a couple of years ago. THE DEBT-EQUITY CLOCK IS TURNINGIn the years that followed the global financial crisis credit investors… Read More »


Fixed Income Market Outlook by Neuberger Berman

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While the slow normalization of central bank policy continues to be an overarching theme, the introduction of new methods to achieve this—balance-sheet reduction by the Fed, for example, and a tapering of asset purchases by the ECB—could reintroduce volatility into what are now placid markets. We are negatively biased toward… Read More »


EU Tech Update

Goldman Sachs Equity Research -

Downgrade Infineon, Indra and Worldline post outperformanceFollowing share price outperformance we downgrade Infineon, Indra and Worldline to Neutral from Buy. Our fundamental views are unchanged. We retain our structural positive view on Infineon given its exposure to dynamic growth areas such as Electric Vehicles and Autonomous Driving, but move to… Read More »


Insights from an asset allocation veteran

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We’re about eight years into the bull market, and from the very lows of the bottom of the financial crisis – the S&P 500 has nearly quadrupled. It’s worth understanding how unusual this is in an historical context. How long can the bull market last?Jeff Knight – Global Head of… Read More »



Less is more: how concentrated funds can navigate market volatility?

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Asset allocators are increasingly blending concentrated active strategies to achieve greater alpha within portfolios –but can focused portfolios also help cushion capital losses? Concentrated portfolios not only deliver outperformance but also help to navigate volatility over the long term. From an academic point of view, fund managers need 20 stocks… Read More »


Investors sold gold as geopolitical tensions abate

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President Trump’s unclear commitment to pro-growth policies weaken the US dollar. We saw US$107mn of outflows from our gold ETPs as geopolitical tensions eased. US July retail sales and the Empire Manufacturing Index for August surprised to the upside and resulted in a strengthening of the US dollar and rising… Read More »