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Three years ago, we witnessed a wave of investment in Multi Asset Credit (or “MAC”) strategies. Not to be confused with Absolute Return or Unconstrained funds, which also experienced a surge in popularity, MAC products were marketed with a yield-boosting agenda and an eye towards upcoming rises in interest rates. In the simplest terms, they represented an exchange of interest rate risk for credit risk.
The financial crisis ushered in a new era of unlisted infrastructure investment. Three trends - high appetite for illiquid investments, the desire to reduce equity risk exposure after the lessons of 2008 and the subsequent need for income generation in an era of low rates - converged to create a ‘perfect storm’ of demand.
We were recently invited by FT’s Pensions Expert to provide an article debating the potentially thorny question: Is ESG Compatible with the Rise of Passive Management? This brainteaser was born out of a plausible tension between two of this decade’s most significant trends.
The year was 2009. Amid a climate of investor cynicism, disappointment and self-examination, two papers were published that would fundamentally change the way that the investment industry viewed active equity management.
The resurgence of investor appetite for emerging markets is proving to be the most significant allocation trend of 2017, at least according to bfinance data on new mandates.
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