September 2021 Top Papers
Top Investment Content from September 2021
The Savvy Investor Content Team presents some of the top institutional investment content uploaded during September 2021. We'd love to know what you think about our selection, so drop us a line at content@savvyinvestor.net.
Within this list of papers we've included insight into the global gaming industry, central bank policy normalisation, Evergrande and China's recent regulatory crackdown, and European gas prices.
Hedge Funds vs Alternative Risk Premia (Financial Analyst Journal, 2021)
Liquid alternatives (also called alternative risk premia or ARP) are now available from banks via total return swaps. This paper compares the bank risk premia market and its performance to hedge funds, which typically have greater associated costs.
Your Cash-Flow Negative Plan Can Use Cash-Flow Aware Growth (Intech, Sep 2021)
For compliance reasons, this paper is only accessible in certain geographies
Intech describes how cash-flow-driven-investments (CDI) can benefit pension plans that are underfunded or cash-flow negative.
State of Digital Play: Gaming (Lazard AM, 2021)
Lazard provides insight into the gaming industry, a global industry which generated $165 billion in revenues last year.
Securities Must Stand on Their Own Merits (Janus Henderson, Sep 2021)
For compliance reasons, this paper is only accessible in certain geographies
After looking into historical equity valuations, Janus Henderson recommends a cautious approach focusing on individual security valuations. The included chart on global forward P/E ratios is particularly instructive.
Above the Cloud: Investment opportunities (Capital Group, 2021)
For compliance reasons, this paper is only accessible in certain geographies
Capital Group examines the transformative power of cloud-based technology, and its potential ability to usher in the fourth industrial revolution.
How to Calculate the Beta of a Portfolio to a Factor (Man Group, 2021)
Man Group discusses risk metrics and the process of measuring risk exposures related to specific factors.
Did I Miss the Value Turn? (Research Affiliates, 2021)
Rob Arnott and other researchers from Research Affiliates discuss the opportunity for a resurgence of value stocks over the coming decade, as well as the performance of value stocks to date in 2021.
Catch My Drift? Active Managers’ Style Changes (Cambridge Associates, 2021)
Cambridge Associates presents a 20-year analysis of style drift among active investment managers, complete with a rationale for their results and implications for ongoing equity portfolio management.
Podcast: Normalising Monetary Policy (C.D. Howe Institute, 2021)
In this 26-minute podcast interview, Robert Kaplan of the Dallas Federal Reserve discusses monetary policy normalisation and whether it will necessarily have detrimental effects on the economy.
Investment Management in the UK 2020-2021 (The Investment Association)
The Investment Association's annual report on the UK investment management industry is a 120-page tome that provides results from their annual survey of investors. This year's report also looks into key themes resulting from the global pandemic.
Why Are Gas Prices So High? (OIES, 2021)
High gas prices in Europe this year are likely the result of a colder winter in 2020-21 combined with lower supply and increased Chinese demand. This OEIS paper unpacks this perfect storm of events in 2021 and provides an outlook for the coming winter.
China's Crackdown: Control, consumers and competition! (Aswath Damodaran, 2021)
Aswath Damodaran is a Professor of Finance at the Stern School of Business at NYU. In this article he delves into the rise of China as a global economic powerhouse and the valuations of Chinese technology companies.
Beyond Evergrande: Contagion or containment? (PineBridge Investments, Sep 2021)
PineBridge looks specifically at the systemic risk that could potentially result from an Evergrande credit event, contending that Chinese authorities ought to be able to mitigate any resulting contagion.
Letter from Asia: Evergrande is no Lehman (Nuveen, Sep 2021)
Nuveen compares the downfall of Evergrande in China to the Lehman Brothers bankruptcy of 2008, discussing the key differences between the two events and China's current definition of 'too big to fail'.
Podcast: The AIQ – China's tech crackdown (Aviva Investors, Sep 2021)
For compliance reasons, this paper is only accessible in certain geographies
Aviva covers the backstory behind China's recent regulatory crackdown, including the speech from business tycoon Jack Ma that potentially sparked the wave of reforms, Ant Group's IPO cancellation, and implications for global investors.
