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Asset Allocation Views: Late-Cycle Investing
There are ample signs of change in the wind: The Federal Reserve is raising short-term interest rates, and U.S. inflation is at target for the first time since 2012. The global trade order that has existed for decades is being disrupted. Several economic indicators are running hot even as the current U.S. expansion has begun its tenth year. Volatility is
Alternative Investments for the Real World
My last four blogs have defined alternative investments, explained why I believe investors should consider them, discussed performance expectations and outlined how to deploy alternatives in a portfolio. In this final installment of my series, I will apply these lessons to the current volatile market environment and discuss which alternatives may be able to help in various scenarios. Below, I’ve
Income Fund Portfolio Managers Discuss Rising Rates and the Impact on Bond Investors
After years of relative calm, bond investors are suddenly facing the reality of rising interest rates in 2018. The portfolio management team for the PIMCO Income Fund, Daniel Ivascyn and Alfred Murata, discuss the implications for investors. Q: What would you say to bond investors who are worried about rising interest rates? Ivascyn: That is a very good question, and
Why Should Investors Consider Alternatives?
Explaining the basics of alternative strategies Alternative investments (alts) were first embraced by institutions, and some people still view them as a complex solution for complex needs. However, a growing number of alternative strategies are now available via mutual funds. This allows alts to be used by everyday investors to help meet three of their most common investment objectives: building
How to Avoid a Fund Blow Up
#GapYear1992 Its 2.4 miles from Hampstead Village to Golder’s Green in London. A 12 minute drive thru narrow, winding roads during non-peak hours. We did it in 6! At 2am in the morning. To the ear splitting music of “Under the Bridge” by the Red Hot Chili Peppers I had just finished my shift. Read more at Advisor Perspectives. Photo:
Passive Investing May Not Work for Fixed Income. But What Does?
In the fixed income market, I think passive investing actually poses a tremendous risk. There has been a shift from active to passive investing across asset markets. So over the last year we've seen over $70 billion move into passive strategies that track the Bloomberg Barclays U.S. Aggregate Index. I think it's important for investors to understand what that index
Why Active Management Failed…and Didn’t
Passive equity strategies have seen massive inflows over the last decade, in part owing to active management’s struggles. But a closer look at the story within the story suggests that leaving active out of the equation could be leaving money on the table. First, a little history on how we got here. In the early 1980s, the baby boomer generation
Asset Allocation Views: Singles and Doubles
With market volatility on the rise, consider a broad set of relative value opportunities across global markets. Markets entered 2018 with the wind at their back: double-digit equity returns, strong momentum, and expectations that the synchronized global growth and corporate earnings recovery we saw in 2017 should continue into 2018. However, recent volatility suggests some storm clouds could be gathering.
Passive Investing Hurts Emerging-Market Debt Investors
Think emerging-market debt (EMD) might as well be managed passively? Think again. Over the last 14 years, 69% of EMD active managers beat the J.P. Morgan EMBI Global over three-year rolling periods. Even in 2008, almost 40% of active managers beat their EMD benchmark. Read more at Advisor Perspectives. Photo: Allan Ajifo
China A-Shares: Is Your Emerging-Market Manager Ready?
As the Chinese New Year approaches, investors will welcome the year of China A-shares, soon to be included in the MSCI emerging-market (EM) benchmarks. But put careful consideration into determining which funds are actually ready to join the festivities. Index provider MSCI plans a gradual integration for the vast onshore market, whose $8.3 trillion market capitalization is second only to