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Following the considerable market losses endured in the first half of 2022, investors are taking the opportunity to weigh their own results and reassess resilience. Portfolio diversification, ‘defensive’ factors, ‘market-independent’ strategies and more explicit forms of protection such as risk overlays are all under scrutiny, with H1 bringing some notable disappointments as well as successes.
Rising interest rates and inflationary forecasts continue to underpin strong demand for Leveraged Loans, thanks in large part to their floating rate characteristics. Yet investors seeking to introduce dedicated exposure to this asset class can face significant implementation challenges.
When it comes to selecting and working with external asset managers, larger asset owners have a dual responsibility—says Majdi Chammas of Första AP-Fonden (AP1), one of Sweden’s four pension reserve funds with more than SEK 460 billion (USD 47 billion) in assets. “We should push the industry, not only to help our own fund,” he observes, “but to benefit other investors: smaller investors, for example, who do not have the capacity to push for change.
Asset managers have moved en masse towards adopting Article 8 or 9 designations under the EU’s Sustainable Finance Disclosure Regulation (SFDR) framework, introducing new funds and repurposing existing ones. Although the initiative has improved overall levels of disclosure and encouraged managers to enhance sustainability practices, lingering ambiguity around regulatory definitions has created a new set of problems. Recent manager research indicates that a significant number of fund reclassifications could be required if more stringent standards were to come into effect.
Although infrastructure is renowned as an inflation-sensitive asset class, the reality varies greatly depending on the strategy type and asset-level specifics. Not all ‘inflation-linkage’ is created equal, and not all ‘core’ assets are hardy cockroaches ready to survive the inflationary fallout.
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