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Manager Intelligence and Market Trends
bfinance’s quarterly report in November 2017: read the team’s latest insights on institutional investor activity, risk appetite, market developments and asset manager performance across all major asset classes.
IN THIS PAPER
Investor appetite: Emerging markets dominate the agenda in equity and fixed income, with developed Asian equities and leveraged loans also proving popular. In private markets, data on new mandates handled by bfinance indicate a decline in Q3, while the appetite for liquid diversifying strategies remains strong.
Market snapshot: Defensive equities and low volatility strategies continued to underperform over the third quarter of 2017, while economically sensitive stocks delivered strong results thanks to increasing oil prices and the expectation of rising rates. High valuations are bringing challenges across private markets.Manager watch: High Yield fixed income managers are failing to outperform the index in the US and Europe, while global active equity managers are enjoying a significantly stronger relative run than in 2016.
Each quarter, bfinance publishes information on investor activity, key market trends and manager performance.
This report provides “investor activity,” “market snapshot” and “manager watch” briefings across bfinance’s four asset class groups: Equity, Fixed Income, Private Markets and Diversifying Strategies. Special features in the November issue include additional analysis of the European real estate market.
The third quarter of 2017 saw private market investment activity among bfinance clients beginning to slow down, following the trend that we have seen across the wider industry and Preqin data since early 2017. Meanwhile, there was an evident surge in appetite for both emerging market equity and emerging market debt, with developed Asia and Leveraged Loans also proving particularly popular.
The bfinance Risk Aversion index fell further in Q3, while multi-asset managers moved into almost bullish territory in terms of their allocations to equity and other risk assets.
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This commentary is for institutional investors classified as Professional Clients as per FCA handbook rules COBS 3.5R. It does not constitute investment research, a financial promotion or a recommendation of any instrument, strategy or provider. The accuracy of information obtained from third parties has not been independently verified. Opinions not guarantees: the findings and opinions expressed herein are the intellectual property of bfinance and are subject to change; they are not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets discussed. The value of investments can go down as well as up.
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