Investment Insights: Recent Episodes
BNP Paribas Asset Management
Investment Insights is the podcast channel for BNP Paribas Asset Management and features in-depth commentary on the topics that really matter to investors.
Each week, Daniel Morris, Chief Market Strategist at BNP Paribas Asset Management, joins our investment experts to analyse the market through the lens of sustainability.
Alongside our weekly analysis, we’ll also be releasing the Uncapped Impact Series, about impact investing, every few weeks.
For more insights, visit Investors’ Corner at https://investors-corner.bnpparibas-am.com/.
With Asia accounting for half of global greenhouse gas emissions and coal responsible for almost 60% of power generation in the region, it is clear that to reach net zero targets globally, Asia needs to be on board. Jane Ho, Head of Stewardship Asia, and Chief Market Strategist Daniel Morris, discuss the priorities for Asia when it comes to proxy voting, issuer engagement and policy advocacy.
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Andrew Craig, Co-head of the Investment Insight Centre, talks to Lorraine Sereyjol-Garros, Head of ETF Business Development, about the prospects for further ‘heady growth’ in the trillion-dollar exchange-traded funds business. Current trends include the emergence of active ETFs.
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Nadia Grant, Head of Global Equities, and Investment Specialist Shazaan Gaffoor explain the compelling rationale behind investing in stocks of companies progressing towards net zero emissions from their business. An active, diversification-minded approach to evaluating a company's efforts takes into account factors including actual or likely alignment with a future low-carbon economy as well as social risk and inequality.
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On this Talking Heads podcast, Investment Specialist Thibault Malin argues that even in a scenario where interest rates will be cut, as is the consensus expectation for euro rates this year, a variable rate approach still makes sense when running money market funds. As Thibault explains to Chief Market Strategist Daniel Morris, apart from some seasonal redemptions, he does not expect any significant switching out of money market funds into other assets.
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Small is still beautiful and that also applies to US small-capitalisation stocks, Geoff Dailey, Head of US Equities in our Boston office, tells Andrew Craig, Co-head of the Investment Insight Centre, on this Talking Heads podcast. He notes small caps are attractively valued relative to large caps which have been experiencing several months of solid gains, led by a number of US tech giants.
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In this edition of our Talking Heads podcast, Daniel Morris, Chief Market Strategist, talks to Justin Winter, Senior Portfolio Manager at Impax Asset Management, about sustainability-related investing in water, the reasons behind the inflows into this asset class and the outlook for water-related businesses in a segment that has been marked by innovation and a steady performance.
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Working out the best investment strategy en route to greater sustainability can be challenging as you strive to preserve financial returns while considering risks and goals around issues such as climate change and greater equality. On this Talking Heads podcast, Sophie Debehogne, Senior Client Solutions Manager, and Maurice Kraaijenbrink, Head of Portfolio Design on the Solutions team, set out their stall for Chief Market Strategist Daniel Morris.
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Markets are abuzz with the promise of artificial intelligence, but there also are concerns that the sprawl of related technology could sting via heavy demands on resources. Andrew Craig, Co-Head of the Investment Insights Centre, gets an update on this and other energy transition topics from Ed Lees, Co-Head of our Environmental Strategy Group.
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Robust domestic demand, relatively low external debt and a now sound and simplified monetary policy strengthen the investment case for Turkish assets in 2024. On this Talking Heads podcast, Daniel Morris, Chief Market Strategist, discusses Turkey’s prospects with Huseyin Akar at TEB Asset Management, a BNP Paribas Asset Management subsidiary.
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Investors with a penchant for yield and income should consider US investment-grade bonds, an asset class that stands to benefit from a healthy economic backdrop, lower interest rates, and robust demand. Yrieix de James, US Investment Grade Portfolio Manager, tells Chief Market Strategist Daniel Morris on this week’s Talking Heads podcast why this is the case.
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While developments in the Chinese economy are not rosy, they are not as bleak as some make them out to be; selected areas are still offering attractive opportunities. So David Choa, Head of Greater China Equities, tells Daniel Morris, Chief Market Strategist, on our weekly Talking Heads podcast.
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Building on a solid performance in 2023, European high-yield bonds stand to do well in 2024 given favourable macroeconomic and technical factors such as falling market interest rates and an excess of investor demand amid relatively limited supply, argues Olivier Monnoyeur, Global Head of High Yield, on this Talking Heads podcast.
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Please note that podcasts from BNP Paribas Asset Management may contain technical language. For this reason, they may not be suitable for listeners without professional investment experience. Any views expressed here are those of the speakers as of the date of publication, are based on available information, and are subject to change without notice. This podcast does not constitute investment advice. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.
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The last three years have seen considerable market volatility caused by factors including the Covid pandemic, government subsidies, supply chain pressures, and runaway inflation.Listen to this Talking Heads podcast about absolute return fixed income investing with Portfolio Manager Abhijit Korde and Daniel Morris, Chief Market Strategist.
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The outlook for traditional 60-40 portfolios has improved now that bonds have reasserted their value as an investment asset following a loss of appeal amid years of ultra-low interest rates.Listen to this Talking Heads podcast with Sergey Pergamentsev, Head of Structured Management, as he discusses longer-term multi-asset investing with Daniel Morris, Chief Market Strategist.
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We published the first iteration of our Global Sustainability Strategy (GSS) in 2019. It laid the foundations for the implementation of sustainability across our organisation. In this podcast, Jane Ambachtsheer, Global Head of Sustainability, presents our Global Sustainablity Strategy 2023-2025. She discusses with Andrew Craig, Co-head of the Investment Insights Centre, how recent developments in sustainability-related investing are reflected in the evolution of our strategy.
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The start of 2024 sees an economic environment where growth in developed economies is slowing as restrictive monetary policy makes itself felt. Tonko Gast, founder and CEO of Dynamic Credit Group and Portfolio Manager, discusses the asset class with Co-Head of the Investment Insights Centre Daniel Morris in this Talking Heads podcast.
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There is value left in eurozone investment-grade corporate bonds even after a solid 2023. Scope for looser monetary policy from the European Central Bank will likely be one of the key drivers, potentially paving the way to returns of 6-6.5% in 2024, argues Victoria Whitehead, Head of Investment-Grade Credit, on this Talking Heads podcast with Daniel Morris, Chief Market Strategist.Continued inflows reflecting a search for yield among investors aligned with the prospect of companies issuing fewer bonds due to fewer merger and acquisition deals bode well for the segment in 2024.
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Amid growing hopes that the US economy will land softly in 2024, financial markets are pricing looser monetary sooner than expected. John Bradley, Head of Foreign Exchange, and Daniel Morris, Chief Market Strategist, discuss the prospects for the main developed market currencies in this environment. On this Talking Heads podcast, John highlights the likelihood of the US dollar weakening, especially against the Japanese yen, as markets anticipate changes in interest rate differentials.
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In this episode of our Talking Heads podcast, Andrew Craig, Co-head of the Investment Insight Centre, and Daniel Morris, Chief Market Strategist, discuss our 2024 Investment Outlook “Stepping into a new reality.” The outlook covers the shift in the macroeconomic setting that investors can look forward to and what this means for asset allocation.
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As elsewhere, in Asia the environmental challenges created by climate change is driving a search for new ways of living and doing business. Listen to this Talking Heads podcast with Oscar Yang, Senior Portfolio Manager at Impax Asset Management, and Daniel Morris, Chief Market Strategist.
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In the context of market volatility driven by high inflation, rising interest rates and (geo)political uncertainty, infrastructure debt has shown itself to be resilient. On this Talking Heads podcast, Andrew Craig, Co-head of the Investment Insights Centre, talks to Stephanie Passet and Vincent Guillaume, Deputy Heads for Infrastructure Debt.
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How can investors invest in listed equities benefiting from the transition to a more sustainable economy? On this Talking Heads podcast, Andy Craig, Co-head of the Investment Insight Centre, talks to Hubert Aarts, Deputy Chief Investment Officer for listed equities and Senior Portfolio Manager at Impax Asset Management, about the outlook and the opportunities in areas from renewable energy, environmentally friendly buildings and green transportation to sustainable housing and offices.
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Among Asian emerging market (EM) equities, many investors have focused this year on what they see as an usually lacklustre Chinese economy – traditionally an EM growth engine. The reality, however, is that Beijing’s efforts to re-engineer the economy have led to a situation where support for the economy appears centred more on tackling possible systemic issues than developing new growth engines.
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Resilient domestic demand and record-high profit margins at cash-rich companies have helped shield the eurozone economy from much of the effect of higher interest rates. However, the full impact is likely to be felt in 2024. A slowdown could lead to a larger-than-expected deceleration in price pressures, potentially setting up the European Central Bank for rate cuts in the second half of 2024.
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The end of two decades of deflation and wage growth have improved the prospects of the Japanese economy and with it the outlook for Japanese equities. Listen to this Talking Heads podcast with Sean Park, Investment Specialist, and Junki Okamoto, Deputy Portfolio Manager.
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With market expectations for a US recession being ‘kicked down the road’, the outlook for US small capitalisation stocks has improved. Listen to this Talking Heads podcast with Vincent Nichols, Investment Specialist US Small Caps, and Daniel Morris, Chief Market Strategist.
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For investors looking for alternative investments and new sources of income, investing in managed timber and woodland can be an attractive source of stable yields. Listen to our podcast with Otto Reventlow, CEO, and Asger Strange Olesen, Director ESG Climate and Biodiversity, at BNPP AM majority-owned International Woodland Company.
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Two factors are driving growing interest in fixed income exchange-traded funds. First, bonds are back with yields at attractive levels relative to the era of low interest rates. Investors can lock in higher yields using a low-cost instrument such as an ETF, as Lorraine Sereyjol-Garros, Head of ETF Sales, explains to Chief Market Strategist Daniel Morris.
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Money market funds have been in favour as central banks tightened monetary policy. Investment
Specialist Thibault Malin talks to Daniel Morris, Chief Market Strategist, about the bright outlook for money markets in this Talking Heads podcast.
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Investors can help to speed climate mitigation and adaptation measures by allocating more and more actively to the protection of ecosystems and natural carbon sinks as well as other pro-climate fields, Thibaud Clisson, Climate Change Lead, tells Chief Market Strategist Daniel Morris in the wake of the latest Climate Week NYC and ahead of December’s UN COP28 meeting.
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What is the best way to actively manage an allocation to large-cap European equities? Listen to this Talking Heads podcast as Valerie Charriere details a broad-ranging assessment of the fundamentals that matter to her team, such as the structure of the industry a company operates in and competitive advantages in terms of, for example, scale or technology.
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At around 15%, financial stocks account for a significant part of European equity indices. What is the outlook for the sector now that interest rates have normalised? Jeroen Knol, portfolio manager for European Equities and a European Financials specialist, discusses perspectives with Chief Market Strategist Daniel Morris in this Talking Heads podcast.
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The outlook for emerging markets is brighter than it is for developed markets when it comes to growth, inflation and public debt, Jean-Charles Sambor, Head of Emerging Market Debt, tells Daniel Morris, Chief Market Strategist, on our latest Talking Heads podcast. While China may look like the exception now, increasingly firm support from Beijing should trigger a rebound in the next few quarters from the problems of deflation and property market weakness plaguing the economy today. Compared to China, India is likely to see much stronger growth and contained inflation, while improved policies should allow Turkey to do better than it did last year.
On hard currency debt, spreads over US Treasuries are likely to narrow, leaving EM high-yield bonds in particular with scope for outsized returns. Local currency debt is at a turning point as it looks set to reverse last year’s US-dollar-related weakness given the potential for EM central banks to cut policy rates this year and next. As for risks, JC says they were largely priced in during last year’s “perfect storm”.
Within the thematic investing approach, climate-focused strategies allow investors to invest in companies with a climate friendly strategy and so do good while earning a return. Such strategies can enable them manage future (climate) risk, benefit from long-term opportunities and leverage strong support from regulators and policymakers in the fight against climate change. Listen to this Talking Heads post with Martina Jung, Portfolio Manager for European equities, and Daniel Morris, Chief Market Strategist. They discuss developments since the 2015 Paris Agreement and ways to implement sustainability-related criteria in stock selection and portfolio construction.
While the question of peak US policy rates remains unresolved, it could be prudent for investors to start preparing for the time when inflation-busting policy tightening ends and slowing growth and an uptick in unemployment spur the Fed into taking rates back down to a less restrictive level. Listen to this Talking Heads podcast with Ken O’Donnell, Head of Short Duration, as he sets out the outlook for the US economy and the path of interest rates for Daniel Morris, Chief Market Strategist.
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Sustainability is front and centre in all aspects for our activity as an asset manager. Each year we update investors regularly on our key sustainability objectives. These include the integration of Environmental, Social and Governance (ESG) considerations into our investments, the alignment of our investments with net zero goals by 2050 and conducting business responsibly as an asset manager. Listen to this Talking Heads podcast with Jane Ambachtsheer, Global Head of Sustainability, and Andy Craig, Co-head of the Investment Insights Centre, as they discuss our annual Sustainability Report - Towards a sustainable transition.
Our Environmental Strategies Group talk to businesses that, regardless of their size, are making a big impact. In the third of this series we discuss the green hydrogen economy, its future applications and the wide-ranging potential of hydrogen with Andy Marsh, President and CEO of Plug Power, a global end-to-end green hydrogen provider. Is there more to the clean hydrogen ecosystem than mere hype? He thinks so, but don’t take our word for it.
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What is the outlook for equities and bonds for the second half of 2023 after six months of worry about prospects for economic growth as central banks tighten monetary policy? Is recession inevitable? Listen to this Talking Heads podcast with Daniel Morris, Chief Market Strategist, and Andrew Craig, Co-head of the Investment Insights Centre.
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Investing in solutions for water-related issues means investing in dealing with long-running phenomena such as climate change. Listen to this Talking Heads podcast with Justin who gives Andrew Craig, Co-head of the Investment Insights Centre, examples of climate-related water scarcity and abundance issues.
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The study of behavioural finance and its findings on the limitations to rational decision making helps explain the role of phenomena in shaping market events. Listen to this Talking Heads podcast with Aquiles Mosca, Head of Sales, Marketing & Digital at BNP Paribas Asset Management Brazil and a behavioural finance teacher, and Daniel Morris, Chief Market Strategist.
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Despite a slowdown in IT spending, US technology stocks are driving the recent rally in US equity markets. Listen to this Talking Heads podcast with Derek Glynn, Associate Portfolio Manager for information technology (IT) and communication services in the US equities team in Boston, and Andrew Craig, Co-head of the Investment Insights Centre as they discuss the outlook for secular growth and the role of technological advances further effecting profound changes in the way we live, work and play.
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Achieving a positive impact and contributing to sustainable outcomes, as well as enhancing investment returns, feature as the prime reasons for investors to opt for thematic investing strategies, alongside diversification and risk reduction. On this Talking Heads podcast, Mark Buckley, Head of Investment Management at Coalition Greenwich, and Chief Market Strategist Daniel Morris discuss the second thematic investing research report published by BNP Paribas Asset Management and BNP Paribas Corporate & Institutional Banking in partnership with Coalition Greenwich.
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While the need to transition the economy to greater sustainability is widely recognised, it is also clear that a wide range of sources are needed to finance it, including private markets. Listen to this Talking Heads podcast with Yann Lagalaye, Head of Ecological Transition and Impact in the Private Assets group, and Chief Market Strategist Daniel Morris.
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As growth in developed economies slows and restrictive monetary policy rates start to bite, investors looking to alternative markets for portfolio diversification and attractive returns could well consider a relatively young, little-known, but high-quality asset class: household loans. Tonko Gast, founder and CEO of Dynamic Credit Group and Portfolio Manager, discusses the asset class with Co-Head of the Investment Insights Centre Andrew Craig on this Talking Heads podcast.
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Conditions in the European high-yield debt market are currently favourable for investors argues Olivier Monnoyeur, Head of High-Yield Debt. Listen to this Talking Heads podcast with Olivier Monnoyeur, Head of High-Yield Debt and Chief Market Strategist Daniel Morris as they discuss positioning in European high-yield debt to meet the challenges ahead.
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Signals of where we stand in the economic cycle are distorted as the global economy emerges from the unprecedented combination of a global pandemic plus massive quantitative easing and fiscal stimulus. Which assets will outperform in this environment?
Listen to this Talking Heads podcast with Mark Richards, Head of Flexible & Absolute Return portfolios in the Multi-Asset and Quantitative Solutions (MAQS) team, and Chief Market Strategist Daniel Morris as they evaluate what matters currently in positioning multi-asset portfolios.
Listen to this Talking Heads podcast with Michael Herskovich, Head of Stewardship at BNP Paribas Asset Management, and Daniel Morris, Chief Market Strategist, as they discuss the role stewardship plays in our asset management.
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Geoff Dailey, Deputy Head of US equities, and Andrew Craig, Co-Head of the Investment Insights Centre, discuss recent trends in the US equity market in this edition of Talking Heads. Topics include the turmoil in the US banking sector and the latest earnings reports.
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Listen to this Talking Heads podcast with Daniel Morris, Chief Market Strategist, and Steve Sherman, Senior Portfolio Manager, European Equities.
Listen to this Talking Heads podcast with Olivier De Larouziere, Chief Investment Officer for Global Fixed Income. He tells Andrew Craig, Co-Head of the Investment Insights Centre, the focus is now on capturing the normalised yields, especially given the possibility that central banks will halt their policy tightening in the face of recession, even if inflation does not return to their targets. He sees opportunities in money market funds, but also in investment-grade corporate bonds.
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Listen to this Talking Heads podcast with Daniel Morris, Chief Market Strategist, and Jayesh Gandhi, Head of India Equities. They discuss the case for a selective approach to emerging market investing and Indian equities in particular. Given the high correlation between GDP growth, corporate profits and equity returns, the market capitalisation of Indian equities could increase by 50-70% over the next three to five years.
On this Talking Heads podcast, Daniel Morris, Chief Market Strategist, Investment Director for Infrastructure Debt Stephanie Passet and ESG Specialist and Lead on Private Assets Maxence Foucault discuss the ins and outs of sustainable investing in infrastructure debt[1] in an environment where definitions are still being finetuned and the regulatory framework continues to evolve.
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On this Talking Heads podcast, Marc tells Chief Market Strategist Daniel Morris that money market funds now pay a 3-5% yield depending on the currency. He notes the investment team applies a strict selection process to ensure a low-risk exposure to resilient counterparties, while also implementing the sustainability guidelines that have been integrated into investment processes.
In this special edition of our Talking heads podcast, chief market strategist Daniel Morris asks Séverine Piquet, head of credit research, for her assessment of the developments in the financial
sector. She points to the kneejerk anxiety in markets and underlines the importance of the ‘measured backstop’ provided by the authorities.
Listen to this Talking heads podcast with Edward Lees, Environmental Strategies Group co-head, as he shares some of the opportunities he sees in environmentally focused stocks with chief market strategist Daniel Morris.
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Listen to this Talking heads podcast with portfolio manager absolute return Cedric Bernard-Villeneuve with chief market strategist Daniel Morris. They discuss the sensibility of smaller central bank rate rises and the wide opportunity set in the fixed income asset class. Cedric highlights the potential presented by short duration trades and by positioning for steeper bond yield curves.
Listen to this Talking heads podcast with Christophe Montcerisier, head of real estate debt, and chief market strategist Daniel Morris. Their topics include fundamental characteristics of real estate debt such as its role as an inflation hedge – through the floating rate coupons on the debt – and the predictability of cash flows resulting from the structure of leases.
High-yield bonds – defined as corporate bonds rated below BBB− or Baa3 by established credit rating agencies – have had a good run since the fourth quarter of 2022. Evaluating the outlook for this asset class requires taking a view on current valuations and determining how conditions in the US economy this year may impact corporate America.
In recent years, food security has become a more prominent issue for consumers and governments, alongside energy security. Beyond supply chain disruptions and more extreme weather, the war in Ukraine has increased the strains. Food security concerns not just food growing, production and processing, but access to safe and nutritional food.
Listen to this Talking heads podcast with Jane Ho, head of stewardship at BNP Paribas Asset Management for the Asia Pacific region (APAC), and chief market strategist Daniel Morris as they
discuss the evolving role of our stewardship in Asia.
Listen to this Talking heads podcast with David Bouchoucha, head of private assets, and chief market strategist Daniel Morris as they discuss the strategic case for investing in private assets.
Listen to our quarterly asset allocation podcast with global head of multi-asset Maya Bhandari and chief market strategist Daniel Morris. They review the four key determinants of financial market behavior this year and the investment opportunities that follow from that assessment for the main asset classes.
Given China‘s pivotal role as the world’s second-largest economy, its recent refocusing on lifting growth should be a tailwind for other economies. The shift should support those countries benefiting from the expected pickup in Chinese travel abroad and domestic consumer spending after Beijing scrapped its stringent mobility-restricting rules to contain the spread of Covid.
Picking investable assets for a portfolio can be hard. Fundamental analysis focuses on what investors believe will happen in the future. Quantitative investing, by contrast, focuses on the facts: how historical data relationships may give us insight into future market moves, helping us to systematically select assets on the basis of signals or factors.
After a bright start, US mortgage-backed securities face a sunnier year in which this fixed income asset class could reverse part of the gloomy outcome of a challenging and volatile 2022. With the peak in inflation behind us and the end of the US Federal Reserve’s rate rising cycle in sight, investors have an opportunity to benefit for a likely bounce-back.
In what can be expected to still be volatile currency markets, the US dollar looks set to lose further ground in 2023 as its lustre as a high-yielding hedge fades. Expect the euro and the Japanese yen to pick up the baton as both economies profit from the gradual reopening of the Chinese economy now that Beijing has dropped its strict Covid-fighting regime.
We anticipate a better year for emerging market corporate debt on the back of a brighter
outlook for China and the wider Asian region. However, a raft of uncertainties including those concerning inflation and geopolitics, could make for a volatile environment in 2023.
Since biodiversity loss affects large swaths of the economy, it should be front of mind for investors. Not least because, as Adam Kanzer, head of stewardship for the Americas, points out, nature loss also makes meeting the world’s climate goals harder.
Sergey Pergamentsev, head of Institutional Structured Management in the Multi Asset Quantitative and Solutions team, and co-head of the Investment Insights Centre Andrew Craig discuss recent developments in liability-driven investing (LDI), a strategy institutional investors such as pension funds use to match investments and future liabilities.
The sell-off in bond markets this year has driven yields to levels that merit closer attention, says
Victoria Whitehead, senior portfolio manager for European investment-grade (IG) credit.
Victoria sees eurozone IG credit as attractive on the basis that risk premia
are commensurate with much higher default rates than she thinks will actually
materialise.
Slower growth (and eventually, lower rates of inflation) will likely come in 2023 thanks to restrictive central bank monetary policy. What conclusions should investors draw for their allocations to equities and fixed income around the world?
Thematic environmental strategies face countervailing forces in the near term. Support may come from the ‘green shoots’ of the recent growth stock recovery, offset by the downdraft of recessionary risk. Investors with a longer-term view should stay focused on the tailwinds and enduring drivers of demand including regulatory and legislative support.
While many bond investors have felt the earth move under the feet this year as the asset class experienced the finale of a 50-year bull market, the denouement has not stripped them of opportunities, Arnaud-Guilhem Lamy, head of euro aggregate bond management strategies, tells chief market strategist Daniel Morris.
As part of its contribution to the low carbon energy transition, BNP Paribas Asset Management is taking action and implementing best practice, including in its investment strategies. This includes working with clients on decarbonisation and setting internal targets to progressively increase the share of assets under management aligned with net zero greenhouse gas emissions.
The tide is rising for water as an investment theme as it benefits from a growing awareness of both climate change and years of underinvestment, particularly in water infrastructure. This focus should have a direct positive impact on companies providing water solutions, Justin Winter, water strategy co-manager, tells Andrew Craig, co-head of the investment insights centre.
Tumultuous geopolitical and economic times may be clouding the prospects for the high-growth renewables sector now, but investors should not lose sight of the longer-term potential of areas such as solar and green hydrogen, Edward Lees, co-head of the Environmental Strategies Group, tells chief market strategist Daniel Morris on our weekly Talking heads podcast.
Thematic investing, which centres on the long-term forces that shape consumer needs and industries, is a way for investors pivot away from traditional 60-40 portfolios to a broad and diversified set of opportunities that can create market-beating returns spanning several generations.
Investors shell-shocked by the fallout from high inflation, rising interest rates and slowing economies and looking to alternative markets for portfolio diversification and attractive returns might want to consider a relatively young and little known asset class: direct small lending.
While equity markets are feeling the pinch from rising real rates, earnings reports and guidance are yet to reflect the effects of the encroaching recession. This leaves markets vulnerable to a downside correction once the message sinks in.
Listen to this Talking heads podcast with Edward Lees, co-head environmental strategies group, and chief market strategist Daniel Morris. They discuss opportunities ranging from US infrastructure and securing supply chains for electric vehicle batteries to EV software and residential solar panels. Lees warns that funding support for under-pressure households should target the beneficiaries of high oil and gas prices without jeopardising the capital spending needed to speed up the energy transition.
Listen to this Talking heads podcast with Vanessa Ritter, Head of Global Loans as she discusses the current environment and perspectives for the global loan market. She outlines the current opportunities and rational for investing in this asset class.
Listen to this Talking heads podcast with Anaïs Boussie, our senior European economist as she discusses the outlook and perspectives for 2023 and 2024. She outlines the policy measures she expects the ECB and national governments to employ in coping with the consequences of the energy crisis and weak economic growth.
As a broad asset class underlying the full spectrum of economic activity and a non-cyclical slant, infrastructure debt has attributes that stand out for investors. One key point is that many of the services financed with these bonds are indexed, protecting cash flows from rising inflation. Also, the debt typically has floating rate coupons that are adjusted when interest rates rise.
Listen to this Talking heads podcast with Ulrik Fugmann and Edward Lees, co-heads of our Environmental Strategies Group, and Andrey Zarur, CEO and co-founder of GreenLight Biosciences. They discuss how tailored mRNA molecules can work as safe, effective and specific tools to control pests, while preserving biodiversity and pollinators and keeping large amounts of food from spoiling as a result of fungus infestation (currently, this causes 40% of food waste).
Senior investment specialist for global equities Ramon Esteruelas briefs chief market strategist Daniel Morris on four books he has read on climate change. The books discuss the relevance of climate change science and the reliability of projections, the availability of adaptive and mitigating solutions and breakthroughs, the long road to net zero, and the need for a rethink on growth.
Until recently, humanity has relied on chemical solutions to address its biggest challenges. For example, our ability to grow food, to defend livestock against disease and to safeguard human health, all depend in part on chemical solutions. Today is no different. Yet resistance to chemicals is rising rapidly, exacerbated by climate change and ecosystem degradation. In the second of this series, Ulrik Fugmann and Edward Lees, co-heads of our Environmental Strategies Group, talk to Andrey Zarur, CEO and co-founder of GreenLight Biosciences, about how his company is using RNA technology to create a new generation of chemical free pest control methods. They consider the benefits of such innovations including enhanced food and biodiversity security, as well as the growing role investors can play in this area. The uncapped impact series brings you up close and personal with our Environmental Strategies Group and businesses that, regardless of their size, are making a big impact.
Listen to this Talking heads podcast with senior equities portfolio manager Jonathan Barnett and chief market strategist Daniel Morris as they discuss the prospects for secular growth in an industry that enables users to save on costs, access real-time business data, tailor their customer experience and generally improve efficiency. As Jonathan points out, for a company to be best-in-class these days, it needs to have best-in-class IT systems and that includes cloud computing.
Listen to this Talking heads podcast with Christophe Montcerisier, head of real estate debt, and chief market strategist Daniel Morris. They discuss the absence of a direct and immediate link between higher interest rates and the performance of real estate debt and the defensive characteristics of the asset class. Among other things, its solidity derives from some of the pandemic-induced structural changes, including a shift in office use and greater demand for suburban properties.
Listen to this Talking heads podcast with senior portfolio managers David Favier and Olivier Boutoille and Daniel Morris, chief market strategist. They firstly discuss the current market environment before focusing on the advantages of investing in these floating rate instruments that offer varied risk/returns profiles for investors.
Listen to the Talking heads podcast with Laurent Gueunier, head of real assets, SME lending and structured finance, as he discusses the ins and outs of lending to small and medium-sized companies with chief market strategist Daniel Morris. Resilient sectors currently on his radar include technology, healthcare, business services and education.
Listen to this Talking heads podcast with portfolio manager Agne Rackauskaite as she discusses the challenges with Andrew Craig, co-head Investment Insights Centre. Beyond the war in Ukraine, the challenges ahead range from population growth to climate change. Agne highlights the benefits of a shift to more resource-efficient plant-based foods, better packaging and sophisticated irrigation and harvest technologies – and the related investment opportunities.
In this Talking heads podcast, Pierre Moulin, global head of products and strategic marketing, discusses the upcoming “positive revolution in the way investment products are distributed” with chief market strategist Daniel Morris.
Listen to this Talking heads podcast with portfolio managers Claire Mehu and Anne Froideval as they discuss the merits of this asset class with chief market strategist Daniel Morris. Listed real estate has a relatively low correlation with broad market equities over the longer term. Other important attributes are the prospect of limited supply in an already tight market and the value-enhancing effects of regulations targeting the sustainability of buildings.
Listen to this edition of Talking heads as Delphine discusses the growing appreciation of these social factors with chief market strategist Daniel Morris. Rather than a focus on solutions, she highlights the relevance of assessing company practices, i.e. how a company interacts with stakeholders such as employees, consumers, suppliers and society. She argues that doing well in areas such as workforce relations and worker education benefits a company’s long-run financial performance.
Listen to this Talking heads podcast with Pam as she talks to chief market strategist Daniel Morris about the secular drivers of demand and the prospects for technological companies.
Private equity impact investing offers investors access to an attractive asset class that can help diversify a portfolio and earn attractive returns. In addition, it offers an extra-financial component by enabling them to contribute – and help finance – solutions to pressing social and environmental problems from access to healthcare to promoting a circular economy.
US small-cap stocks are trading near 10-year lows on various metrics, which disregards their typical resilience in periods of rising interest rates and slower economic growth.
Foreign exchange (FX) markets can be viewed as a derivative asset in that they tend to be driven by volatility in other asset markets. Since 2015, most of the leading currencies have traded in relatively confined ranges. With volatility rising in equity, bond and commodity markets, there are good reasons to expect a new regime in currency markets.
Value investing remains a worthwhile approach, even after an extended period of underperformance. A rebound has now set in that looks sustainable. Rising interest rates should be supportive of the value style and value still looks cheap relative to growth.
Inflation has bounced back vigorously from its pandemic-era lows: The headline rate for the US consumer price index has reached a 40-year high, while in the eurozone, the headline rate for the harmonised index of consumer prices is at its highest in 20 years. What does this mean for investors?
To help multi-asset portfolios cope with the geopolitical shock of Russia’s invasion of Ukraine, a move into cash can be useful. At BNP Paribas Asset Management, we have implemented such an approach to ride the recent market volatility and use bounces to sell assets whose fortunes have now changed and build or expand other, more defensive positions at attractive prices.
Global bond markets already faced challenging times before the conflict in Ukraine, but they at least had a clear expectation to work with: the prospect of firm central bank action to tackle rising inflation. Geopolitical developments have upended the calculus, undermining inflation and growth forecasts and weakening the fundamentals across the board for the foreseeable future.
Global markets have seen wide swings as concerns over tighter supplies and crimped trade in the wake of Russia’s invasion of Ukraine caused investors to head for safe havens away from risk assets. However, Guy Davies, chief investment officer for fundamental active equities, advises against impulsive action and argues for a focus on cash flows when picking promising stocks.
Heightened market volatility and uncertainty over the pace at which the ECB will unwind its bond purchases are the main tests investors in European corporate bonds have to contend with currently. Mitigating factors such as robust earnings, strong cash positions and low defaults could be negated by concerns the central bank might need to take tougher action to contain inflation.
Investing in water-related stocks means tapping into a multi-decade opportunity for growth and innovation. Demand in this segment stretches across the breadth of the economy – from tackling ageing water infrastructure to ensuring healthy drinking water and efficient waste water treatment.
Our Environmental Strategies Group talk to businesses that, regardless of their size, are making a big impact. In the first of this series we speak to John Berger, CEO of Sunnova Energy International, a residential solar and energy storage company, about the energy transition and the role investors can play in fighting climate change.
Chinese equities look well set to confront the challenges that Omicron, stricter regulation and moderating growth will bring. Revised earnings expectations and valuations mean their second-half prospects are brighter. Looser fiscal and monetary policies have the potential to provide a further uplift for sentiment.
In a contrarian call, our emerging market debt team sees appealing opportunities in EM bonds. Specifically in those markets where inflation is likely to peak ahead of developed markets in which investors are having to adjust to the prospect of higher real yields. EM segments that were oversold late last year also represent areas worth investor attention as a recovery takes hold.
The prospect of a momentous pivot in US monetary policy with gradual withdrawal of the generous provision of liquidity has left markets pondering over valuations. Investors face a challenging year in which they will need to search for assets suited to a new inflationary regime. On our Talking heads podcast, Daniel Morris, chief market strategist, and Andrew Craig, co-head of the Investment Insights centre, discuss the outlook for fixed income, the promise of emerging market debt (and currencies), the prospects for corporate bonds, and the areas of – longer-term – interest once equity valuations have normalised.
To tackle poverty, climate change and improved access to, for example, education, central banks and governments need to rethink fiscal policy and the impact of deficit spending. Trillions of US dollars are required to achieve these goals. Alex Bernhardt, global head of sustainability research, talks about how it could be done.
At first sight, tighter US monetary policy and stubbornly high US inflation does not seem an ideal mix for bonds. There’s a lot more to it than that, argues James McAlevey, head of multi-sector fixed income. By embracing a broad opportunity set, investors can benefit from the potential for attractive risk-adjusted returns offered via active allocation.
The set-up for financial markets is more challenging in 2022, especially for core government bonds and fully valued equities, given the prospect of higher interest rates. In our new Talking heads podcast, Maya Bhandari gives her analysis of what this means for asset allocation.
Stronger economic fundamentals and vaccination progress mean the 2022 outlook for Asian equities, and more broadly global emerging market equities, is rosier now than it was at this time a year ago, argues Zhikai Chen, head of Asian equities.
Leaving behind a momentous year marked by new phases of the pandemic and by sputtering efforts to re-start the global economy, we look ahead to 2022. Can we overcome the effects of issues such as disrupted supply chains and shifts in consumer demand? How can investors navigate the ‘rapids’ that will characterise the next stages of the economic recovery?
The recent UN climate change conference in Glasgow has if anything brought a broader focus on environmental issues and added to the growing awareness and momentum behind the need for positive change, argue Edward Lees and Ulrik Fugmann of the Environmental Strategies Group. Here they identify promising sectors and present their approach to sustainable investing.
The results of the recent COP26 climate change conference fall into the glass half full, glass half empty category. The onus now is on greater efforts to adapt to higher global temperatures as work on mitigating the temperature rise continues, says Alex Bernhardt, global head of sustainability research.
Confronted with low, but rising rates and frothy equity valuations, large investors are having to look elsewhere for investments offering both attractive long-run returns and modest to low volatility. Julien Halfon, head of pensions and corporate solutions, discusses the appeal of investing in private markets and harvesting the illiquidity premium while incorporating ESG selection criteria.
It has been a challenging year for investors in emerging markets – equities have lagged their developed market counterparts, EM debt has delivered a mixed performance. Covid outbreaks have hampered the economic recovery, while questions have arisen over China’s role as the engine of growth for EM exporters.
Globalisation, regulation and deregulation, digitalisation and innovation are playing an important role in reshaping economies, sectors and industries and these megatrends are creating thematic investment opportunities for investors. Koye Somefun, head of multi-asset solutions, sets out the characteristics of this approach and discusses the criteria investors should look at.
At first glance, bond markets these days may look like deserts – there is little or no yield on offer with large patches appearing barren or even offering only negative yields. That is to ignore a plethora of opportunities, argues Jean-Paul Chevé, head of the Fixed Income Insurance Team within the Specialty Fixed Income Product Group.
Investors with China exposure, or an appetite for it, face a raft of issues ranging from slower growth, which may or may not be condoned by Beijing, to toughened and expanded clampdowns on sectors. Add in persistent Sino-US tensions over geopolitics and a revitalised focus on greater common prosperity and this cocktail begs the question: How best to judge the outlook for China? Chi Lo, Senior Market Strategist APAC, puts the latest developments into context, voicing his confidence that sentiment towards the world’s second-largest economy will improve.
Convertible bonds are hybrid instruments combining bond and equity characteristics. As a result, they offer some equity upside, but with bond-like protection on the downside. If we are at the start of a cycle of rising interest rates, the option investors in these nominal assets (bonds) hold to convert to real assets (equities) could prove invaluable.
The S&P 500 stock index ended September down by 4.8%, its first monthly drop since January and the largest fall since March 2020. Vincent Nichols, investment specialist for US equities, reviews recent events and the outlook for US stocks.
At the centre of a pandemic-induced boom, stern regulation efforts and forays into new turf, the technology sector is making almost daily headlines and requires robust research to separate the possibilities from the pitfalls, argues Pamela Hegarty, lead portfolio manager with a focus on information technology and communication services.
Uncertainty over the macroeconomic landscape and the outlook for monetary policy currently combine with an awareness among investors that by many measures, valuations in public markets are on the high side. David Bouchoucha, head of our private debt and real assets team, talks about the characteristics that make private debt an attractive alternative.
What will be the consequences of the Covid-19 pandemic for the food and agriculture sector? How is the transition towards more sustainable food production and consumption affected? Agne Rackauskaite, co-portfolio manager of Impax Asset Management’s sustainable food strategy, gives investors her view on the post-pandemic outlook.
It is a win-win for companies to target the social aspects of doing business, next to environmental responsibility and proper governance, and it can be so for investors as well, argues senior portfolio manager Maria Luz Diaz Blanco.
In mid-June, Fed Chair Jay Powell pulled the rug from beneath the reflation trade by suggesting current inflation pressures were perhaps not transitory after all. Fixed income markets promptly reversed course with 10-year US Treasury yields last week trading as low as 1.25% after ending the first quarter at 1.70%. In this week’s podcast, Olivier de Larouziere, chief investment officer fixed income, explains what remains of the 2021 reflation trade.
Listen to the podcast with Olivier de Larouziere, chief investment officer fixed income.
While many parts of the economy had to shut down as the coronavirus pandemic raged, the lights stayed on, water flowed from taps and internet connections buzzed. The crisis has highlighted the importance of the underlying infrastructure and, as Karen Azoulay explains, it was a useful reminder of the solidity of infrastructure debt as an asset class.
Listen to the podcast with Karen Azoulay, head of infrastructure debt.
Addressing ecosystem restoration is just as pressing as tackling CO2 emissions and can generate billions of dollars of investment opportunities, as Ulrik Fugmann and Edward Lees, co-heads of the Environmental Strategies Group, explain.
Emerging market equities offer investors a wide range of diversification opportunities across economies with a solid post-pandemic growth profile that include, but also stretch beyond, China and the wider Asian region. Quang Nguyen, head of global emerging market equities, argues the case for a broad perspective and active portfolio management.
Thanks to central bank largesse, corporate bond markets weathered the depth of the Covid crisis well. Risks to credit markets today appear low with gradually improving fundamentals, neutral central bank policy and no major supply-demand imbalances.
On account of the region’s strong economic growth, Asia has a considerable impact on climate change, but at the same time is, perhaps disproportionately, exposed to its effects. That makes engaging with companies and working with the authorities all the more important for investors such as BNP Paribas Asset Management. Paul Milon, Head of stewardship Asia Pacific, explains.
Fund flows to date have massively favoured US equities, but European equities now have considerable scope to catch up as the economic recovery broadens and investors reassess their valuations relative to their more expensive US counterparts. Peter Abbott, European equities portfolio manager, shares his views.
Climate change and pollution are among the factors reducing biodiversity. The result is considerable damage to society and the economy. Robert-Alexandre Poujade, ESG analyst at our Sustainability Centre, warns not to underestimate the consequences of biodiversity loss and underscores the role investors can play in the battle to contain and reverse current trends.
The economic recovery should broaden into a synchronised global upturn in the course of the second half of this year, favouring risky assets including commodities, equities generally and notably emerging market equities. An equity correction should be seen as a buying opportunity, argues Christophe Moulin, Head of Multi Asset.
Inflation has been quiescent in developed economies in recent years. Today, the possibility that we may be on the brink of a secular shift away from the low-flation regime is a topic of intense debate among investors. Nowhere is this more so than in the US where the abundance of fiscal and monetary support is seen by some as irresponsible in creating risks of an inflationary shock. Cedric Scholtes, Head of Global Sovereign, Inflation and Rates, discusses the outlook.
Being open to an inclusive growth approach goes hand in hand with a focus on long-term performance and contributes to a better climate for doing business and investment. As investment specialist Ramon Esteruelas and ESG research analyst Delphine Riou argue, it is also good for profitability and can help mitigate business risk.
Long-term growth trends and innovation continue to create demand for healthcare at a rate that exceeds the pace of economic growth. Jon Stephenson, portfolio manager for healthcare stocks discusses the factors behind rising healthcare expenditure, the impact of the pandemic and the outlook for the sector.
Green bonds have grown and matured as a fixed-income segment over the past decade. The need for climate action has spurred a raft of green projects and activities that combat climate change and other environmental challenges and seek to contribute to a net zero world. Felipe Gordillo and Xuan Sheng Ou Yong answer four questions on this growing market and its outlook.
The outlook for US interest rates is shifting towards a normalisation of central bank policy now that the economic recovery appears to be entrenched. Ken O’Donnell, head of short duration fixed income, discusses how investors could tackle this challenge.
Asian equities rode high early in the year amid optimism over the recovery in China, the new US administration and improved relations with China, and the advent of vaccines. The outlook for investor flows into much of the region has remained positive, even after a valuation-related setback. Four questions for Zhikai Chen, head of Asian equities.
Eliminating carbon dioxide emissions over the coming decades will require multi-billion dollar investments, as well as a wide range of efforts to reduce energy consumption, increase efficiency, electrify and decarbonise processes, and nurture alternative fuels to economic viability. As Thibaud Clisson, senior ESG analyst at our Sustainability centre explains, there are more and more technologies that put the challenging promise of net zero within reach.
Applying factors when selecting corporate bonds for investment helps build a portfolio with a performance that can be shown to be resilient when markets face rising interest rates and increased volatility. Olivier Laplenie and Charles Cresteil explain.
Bond investors may well need to change tack as they navigate a positive outlook for economic growth and the implications that currently has for fixed income returns. Alex Johnson, head of multi-strategy fixed income – absolute return, explains.
The pandemic has led to greater awareness of environmental, social and governance (ESG) issues, both in a personal and business sense. This has reinforced the case for ESG investing as a way to do good while also targeting positive returns. Gabriel Wilson-Otto explains.
Massive financial support from governments and central banks during the lockdowns in 2020 underpinned valuations for European high-yield bonds. The secret to doing well this year will be a total return approach allied to a keen eye for pockets of value, argues high-yield bond portfolio manager Olivier Monnoyeur.
Market mechanisms can play an important role in managing the energy transition. In two markets, recent developments have signalled potential shifts: carbon prices appear to be heading higher in anticipation of the introduction of green hydrogen, while the cost of offshore wind could jump as competition heats up. Chief sustainability strategist Mark Lewis explains.
Private debt and real asset markets can offer investors meaningful return potential along with diversification. David Bouchoucha, head of private debt and real assets, discusses the opportunities of this alternative investment segment. He underscores how important sustainability is in constructing a resilient portfolio.
The pandemic has underscored existential problems, climate change in particular. This is spurring a wave of awareness, ambitious projects and investments in technology that will be crucial for decades to come. Edward Lees, co-portfolio manager in our environmental strategies investment group, explains.
US government spending to help the economy cope with the dire consequences of COVID-19 looks set to reach record peacetime levels, but absent a boost to inflation, it is unlikely to set in motion a push for higher interest rates anytime soon. Senior US economist Mark Allan explains.
Equities look set for a positive 2021: last year’s themes and secular change should persist with support coming from factors such as dovish monetary policies. However, risks linger, not least those related to the pandemic. Overall, this constellation makes for a stock pickers’ market, argues Guy Davies, CIO of Equities.
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A finite resource in ever growing demand, water represents a durable growth area in both developed markets suffering from underinvestment and emerging markets in need of more infrastructure. As the appreciation of quality water and improved food and health standards grows – not least in the wake of the COVID crisis – so should our endorsement of the breadth of investment opportunities the sector offers. Portfolio manager Justin Winter at Impax Asset Management explains.
Eurozone interest rates are “at the floor” of the short end of the government bond yield curve, pushing investors towards the longer end as they seek areas in fixed income that can still offer an attractive yield. Olivier De Larouziere, global head of multi-strategy group – fixed income, talks to chief market strategist Daniel Morris about the opportunities in the asset class.
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Underperformance of multi-factor equity investing in 2020 has led some investors to question the strategy. Raul Leote de Carvalho, deputy head of our quantitative research group, discusses the reasons behind the underperformance with Daniel Morris, chief market strategist.
The conversation focuses on the findings of a new research paper by the quantitative research group. This paper, entitled “Equity Factor Investing: Historical Perspective of Recent Performance” provides an extensive analysis of why we think the outlook for multi-factor investing is positive.
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How can investors navigate the next phases of the pandemic, its legacy, and the ensuing economic recovery? Can we solve the climate crisis at the same time as the world tackles the social and economic problems laid bare by the pandemic? Daniel Morris, chief market strategist, discusses BNP Paribas Asset Management’s investment outlook for 2021.
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A combination of factors is leading global bond investors towards the Chinese bond market. Jean-Charles Sambor, head of emerging market debt, and Daniel Morris, chief market strategist, discuss the rise of Chinese fixed income in our weekly podcast.
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Asian equities have come through the pandemic standing tall and the prospects are for a continued strong run as household wealth rises and economies grow. Zhikai Chen, Head of Asian Equities, discusses the case for the asset class with Daniel Morris, Chief Market Strategist.
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The main factor determining the US economic outlook has been and will be the course of the pandemic, with the incoming administration’s ability to deal with its effects on the economy and business handicapped by its curtailed legislative power. Dominick DeAlto, CIO fixed income, and Chief Market Strategist Daniel Morris discuss the implications for bond investors and pinpoint the opportunities.
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Changing awareness is driving a shift in consumers’ relationship with food, limiting their appetite for animal products and boosting their interest in the environmental, social and health aspects of what ends up on their plates. Food industry research analyst Agne Rackauskaite talks to Chief Market Strategist Daniel Morris about the numerous opportunities this greater consciousness is creating in food investing.
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US mortgage-backed securities (MBS) currently offer an attractive yield pick-up over US Treasuries and have even greater appeal over comparable bonds elsewhere, which in many cases bear negative interest rates. John Carey, Head of Structured Securities, talks to Chief Market Strategist Daniel Morris about these high quality fixed income instruments that can help to add yield to portfolios.
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China’s stocks appear to have left boom and bust behind. After outpacing major markets since a COVID-induced dip, Chinese equity markets are on a much better footing with the recent gains propelled by a confluence of factors. David Choa, Head of BNP Paribas Asset Management’s Greater China Equities team in Hong Kong, updates Chief Market Strategist Daniel Morris.
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Some three weeks ahead of the US presidential election, it is time to assess the latest polls and the implications for economic policy and financial markets of a Trump or Biden win. US economist Mark Allan talks to Chief Market Strategist Daniel Morris about what investors can expect.
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The pandemic has caused a quantum leap in growth in areas such as cloud computing, artificial intelligence and automation. Yet this trend may well have much further to run. Guy Davies, CIO of Equities, talks to Chief Market Strategist Daniel Morris about the fundamental drivers in such disruptive technologies and about valuations which may look high, but could well be justified by current market conditions.
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The EU’s new targets for emissions reductions are realistic and achievable and should lift the price of CO2, encouraging more emitters to switch to doing business in a more environmentally friendly way. In this podcast, chief sustainability strategist Mark Lewis discusses with senior investment strategist Daniel Morris the EU’s efforts to achieve net zero emissions by 2050, the implications for the carbon market and the workings of the emissions trading system.
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Investment in infrastructure debt could provide institutional investors with long-dated, high-quality cash flows. These can serve to match liabilities, provide yield enhancement potential relative to other fixed income instruments and diversify a portfolio. Karen Azoulay, head of infrastructure debt, talks to senior investment strategist Daniel Morris about our approach to investing in infrastructure debt in these challenging times.
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Central banks provided economies with ample cash as the economic effects of the COVID-19 health crisis bit, driving down interest rates – and absolute returns – in the process, but as Philippe Renaudin, head of global money markets, tells senior investment strategist Daniel Morris in this interview, careful selection and diversification mean potential for competitive returns remains in this asset class.
Get more here: https://investors-corner.bnpparibas-am.com
The COVID-19 pandemic has accelerated digitalisation trends in education, healthcare and commerce. However, many citizens are at risk of being left behind in the move to a digitalised society. Anu Rames, tech and healthcare analyst for our Sustainability Centre, talks to senior investment strategist Daniel Morris about how we can reduce the risk of digital inequality.
Get more here: https://investors-corner.bnpparibas-am.com/
Large-scale stimulus measures, a cyclical bounce for the economy and attractive valuations have converged to brighten the prospects for US small capitalisation stocks. Pamela Woo, head of US equities, shares the details of her views - including comments on the upcoming US election - with Daniel Morris, senior investment strategist.
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Many emerging markets are displaying an appetite for digital payments and, in the wake of that, e-commerce. This, coupled with the proliferation of smart phones, is engendering wider access to financial services, benefiting economies and local job markets. Senior analyst global emerging market equities Whitney Jiranek talks to Daniel Morris, senior investment strategist, about the role of fintech in facilitating broader financial inclusion and the opportunities it offers for investors.
Get more: http://investors-corner.bnpparibas-am.com
Bond yields have fallen ever lower as the COVID-19 recession and disinflation have forced central banks and governments to implement whatever-it-takes measures to save jobs and industries. In doing so, they are for now in full control of fixed income markets. What does that leave for bond investors? Dominick DeAlto, chief investment officer of fixed income, talks to senior investment strategist Daniel Morris about where the opportunities lie in fixed income today.
Get more: https://investors-corner.bnpparibas-am.com/
Demand for energy, food and water is set to grow significantly over the next 20 years as the global population grows. Meeting this demand while reducing carbon emissions and addressing environmental challenges creates an extraordinary investment opportunity. In this week’s podcast, Edward Lees, Co-head of the Environmental Strategies Group, talks to senior investment strategist Daniel Morris about what lies ahead.
Get more: http://investors-corner.bnpparibas-am.com/
Investors looking for alternative and resilient sources of yield as mainstream investments are held back in an environment of ‘lower for longer’ growth and inflation are increasingly eyeing private debt and real assets. In this week’s podcast, David Bouchoucha, chief investment officer of private debt & real assets (PDRA), talks to Daniel Morris, senior investment strategist, about the attractions of the asset class.
Get more: https://investors-corner.bnpparibas-am.com
Whatever-it-takes spending programmers by governments and central banks to prop up economies stricken by the COVID-19 pandemic have raised concerns that this wall of money will unleash inflation in the coming years. In this week’s podcast, Richard Barwell, head of macroeconomic research, discusses the prospects for inflation and the implications for investors with our senior investment strategist Daniel Morris.
In this week’s podcast, Vincent Nichols, investment specialist for global emerging market (EM) equities, discusses the case for EM equities with Daniel Morris, our senior market strategist. Get more: https://investors-corner.bnpparibas-am.com/
The unprecedented crisis caused by COVID-19 has left asset allocators disorientated. Uncertainty has deepened and the outlook is now for bond and equity returns to be lower for even longer, making the hunt for yield all the more acute for investors.
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In the recent equity market rally, exposures to factors did not perform as expected. In this podcast, we discuss the particularities of the rally and the outlook for factor investing.
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The rise of millennials, digital consumption and shifting demographics are among the big trends reshaping the consumer sector. How does the 2020 pandemic affect them? In this week’s podcast, we discuss the impact of the pandemic on consumer trends and themes. Get more: https://investors-corner.bnpparibas-am.com/
In this week’s podcast, Daniel Morris, senior market strategist, discusses with Julien Halfon, Head of Pension and Corporate Solutions, the role risk overlays can play in equity portfolios and the benefits they can provide. Get more: https://investors-corner.bnpparibas-am.com/
Both US and global healthcare stocks have outperformed their respective broader markets during the coronavirus pandemic. This is just the start of a long-term trend, says Jon Stephenson, senior portfolio manager for US equities and specialist for healthcare innovators in our Boston office. In this week’s podcast Daniel Morris, senior market strategist, discusses with Jon why healthcare stands out as the sector that may become the investment theme for this decade. Get more: https://investors-corner.bnpparibas-am.com/
Lockdowns have fastforwarded the digital transformation of our economies. Senior investment strategist Daniel Morris and Pam Hegarty, portfolio manager and senior equity analyst for US equities, discuss the opportunities. Get more: https://investors-corner.bnpparibas-am.com/
After the recent strong rally in developed equity markets, senior investment strategist Daniel Morris and Guy Davies, chief investment officer active equity strategies, discuss the outlook and where we see opportunities. Get more: https://investors-corner.bnpparibas-am.com/
After a rollercoaster ride in April, senior investment strategist Daniel Morris and Dominick DeAlto, chief investment officer fixed income, discuss what will matter next for developed bond markets. Get more: https://investors-corner.bnpparibas-am.com/
Year to date, the Chinese market is one of the best performing equity markets globally. Can such performance be sustained for the rest of 2020, however? Senior investment strategist Daniel Morris discusses the outlook with Caroline Yu Maurer, Head of Greater China Equities and Chi Lo, Senior Economist for Greater China, both from our Hong Kong office. Get more : https://investors-corner.bnpparibas-am.com/
Senior investment strategist Daniel Morris and Denis Panel, Chief Investment Officer of the Multi-Asset and quantitative solutions team (MAQS), discuss the challenges to asset allocation in this volatile and uncertain market environment. Get more : https://investors-corner.bnpparibas-am.com/
Senior investment strategist Daniel Morris and Guy Davies, Chief Investment Officer active equity strategies, discuss the outlook for equity markets.
Get more : https://investors-corner.bnpparibas-am.com/
At the end of the third week of lockdown across much of Europe, Daniel Morris, senior investment strategist, and Mark Lewis, global head of sustainability research, discuss the situation in financial markets and why we do not think this is the time to sell risky assets. Mark also considers the benefits of sustainable investing in the current environment and how the crisis could advance sustainability’s place on the policy agenda.
Get more : https://investors-corner.bnpparibas-am.com/
As a measure of calm is restored in financial markets, Guillermo Felices, head of research and strategy for Multi-Asset and Quantitative Solutions (MAQS), and Dominick DeAlto, chief investment officer fixed income, talk about potential opportunities and the risks ahead for investors.
Get more on our blog : https://investors-corner.bnpparibas-am.com/
After a week of unprecedented central bank interventions in financial markets, Richard Barwell, global head of macroeconomic research, and Denis Panel, chief investment officer for multi-asset and quantitative solutions (MAQS), discuss the state of markets at the opening in Europe on Monday 23 March 2020. Get more on our blog : https://investors-corner.bnpparibas-am.com/
After a momentous week in financial markets, our investment specialists discuss the impact of the coronavirus on equity markets, what the recent correction means for investors and how we are positioning portfolios. Get more on our blog : https://investors-corner.bnpparibas-am.com/
Mark Lewis & Trevor Allen: transition bonds vs green bonds by BNP Paribas Asset Management
EP05 - Wells wires and wheels: conclusion as an investor on renewable energy vs fossil fuels by BNP Paribas Asset Management
EP04 - Wells wires and wheels: policy makers, oil companies and the automotive industry by BNP Paribas Asset Management
EP03 - Wells wires and wheels: the Impact of renewables on the European utility sector by BNP Paribas Asset Management
EP02 - Wells wires and wheels: benefits of electric vehicles vs combustion vehicles by BNP Paribas Asset Management
EP01 - Wells wires and wheels: energy return on capital invested by BNP Paribas Asset Management
Artificial intelligence: why it matters to emerging markets by BNP Paribas Asset Management
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
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Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with financial markets easily and listen on the go.
Tune in to hear our weekly global market update. You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the latest data and news in the financial markets on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
In this podcast, Momtchil Pojarliev, Senior Portfolio Manager for Currencies, discusses the case for active hedging.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! you can keep up to date with financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to listen to our weekly global market update in just 5 minutes! You can keep up to date with the financial markets and listen on the go!
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes. You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! you can keep up to date with the financial markets and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market update in just 5 minutes! You can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates just 5 minutes! you can keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! You can now keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! You can now keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! You can now keep up to date with the financial markets easily and listen on the go.
Tune in to hear our weekly global market updates in just 5 minutes! You can now keep up to date with the financial markets easily and listen on the go.
This podcast features our senior economists and strategists from the US, UK and China, discussing the likelihood that growth will reappear in the near future.
Trends for US small cap equities in the foreseeable future presented by Eric McLaughlin, CFA, Senior Investment Specialist, US Equities
Rick Wetmore, CFA, Deputy CIO, Global Emerging Market Equities, discusses the benefits of emerging market small cap stocks including:
• Emerging Market small caps offer investors greater opportunity for out-sized returns • Performance is less driven by macro factors, with stock specific being the primary determinant of returns • Represent a deep and distinct group of stocks with meaningful potential for excess returns
Steven Friedman, Senior Investment Strategist, BNP Paribas Investment Partners and Rena Walsh, Head of Money Markets, Fischer Francis Trees & Watts, reviewed the Fed’s tools for raising its policy rate, differences in the operating framework from the pre-crisis period, and the effect that the use of these tools is already having on money market rates.
Ken O’Donnell, CFA, Head of Short Duration, FFTW and Emily Hylton, CFA, Head of Investment Specialists at FFTW, discuss opportunities in light of potential interest rate movements and portfolio construction considerations.
Adnan Akant, Head of Currency for FFTW and Momtchil Pojarliev, Senior Portfolio Manager for Currencies, discuss the currency impact after the Fed and whether it is too late to change to a hedged benchmark, following the USD’s ~18 month rally.