London CIV creates new role to beef up London LGPS
Portfolio Institutional
by Andrew Holt
2d ago
London CIV, the investment pool that manages local government pension scheme (LGPS) assets for all London boroughs and the City of London, has recruited Andrien Meyers to the newly created role of chief proposition officer.   Meyers was an advocate for the formation of London CIV and is head of pension investments at the London Borough of Sutton and the Royal Borough of Kingston upon Thames. Meyers’ role forms part of London CIV’s next strategy phase to launch products and services beyond pooling that will strengthen the London LGPS community to work together and deliver a sustainabl ..read more
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What next for the UK?
Portfolio Institutional
by Andrew Holt
2d ago
After a lot of second guessing by political analysts, prime minister Rishi Sunak surprised even most of his own party by calling for an early July election.
 Stood outside 10 Downing Street in the driving rain, with Tony Blair’s 1997 general election soundtrack Things Can Only Get Better by D:Ream being blared out in the background by protestors, Sunak told the nation to prepare to go to the polls on July 4. Most had anticipated an Autumn election, allowing the Conservatives time to perhaps hold a pre-election Budget in which chancellor Jeremy Hunt might have been able to offer voters a sweete ..read more
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Dividend momentum builds as record year expected
Portfolio Institutional
by Mark Dunne
2d ago
Investors are set to pocket more corporate earnings this year than ever before after a strong first quarter cemented expectations. Boardrooms around the globe collectively handed $339.2bn (£266.3bn) back to their shareholders in the opening three months of the year – an underlying 6.8% jump in 12 months. Such an improvement was expected and therefore supports Janus Henderson’s forecast of investors receiving $1.72trn (£1.3trn) in dividends this year. This would be a 3.9% headline improvement on 2023’s cash returns, equivalent to underlying growth of 5%. Another positive sign despite the econom ..read more
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Climate change investor group sets out private debt framework
Portfolio Institutional
by Andrew Holt
5d ago
The Institutional Investors Group on Climate Change (IIGCC) has introduced new guidance aimed at establishing a framework of action for private debt investors to set and deliver net-zero commitments. The guidance could well be seen as an indication of how private debt has become an important focus within the net-zero transition.
 With this, the IIGCC intends to support any private credit investors who are active in direct lending, venture/growth debt, opportunistic credit, structured credit, fund financing and private placements. The guidance reflects private market-specific nuances and takes ..read more
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Is it (im)possible to invest in biodiversity?
Portfolio Institutional
by portfolio institutional
5d ago
The natural world is crucial to ensure a sustainable future. It’s importance to our lives should not be underestimated. Without a vibrant ecosystem we would not have fresh air, clean water, adequate nutrition and even some medicines. It also protects us against natural disasters, such as flooding, and even fights climate change. So investors need to consider protecting the natural world when managing their assets. portfolio institutional’s editor Mark Dunne spoke to Lucian Peppelenbos, a climate and biodiversity strategist at Robeco, to find out how investors can successfully implement biodive ..read more
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Real assets: Future fit
Portfolio Institutional
by Mark Dunne
5d ago
Hospitals are bad for our health. So are schools, fire service stations and shopping malls. Then there are bridges and communication networks, which are also a threat to our wellbeing. Constructed with the best of intentions, and many years ago in most cases, the built environment is a huge contributor to the negative changes effecting our climate. Indeed, property is responsible for close to half of the world’s carbon emissions (42%), says Architecture 2030, a think tank working to decarbonise the built environment. 
 Powering, heating and cooling buildings generates 27% of the world’s climat ..read more
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Japan: Land of the rising equities?
Portfolio Institutional
by Andrew Holt
1w ago
Japan appears to be at something of an interesting crossroads for investors. Some commentators have suggested that Tokyo’s stock market is set for a transformational year. Such a scenario appears to be bearing fruit. The Nikkei 225 has already hit record highs and the TOPIX, an index of the exchange’s largest companies ranked by market cap, is projected to rise about 13% by the end of this year – a considerable fillip by any investor standards, but mammoth in this environment. This is good news. But is it too good? Has Japan’s market reached a peak? If so, how should institutional investors po ..read more
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The equity-bond dilemma
Portfolio Institutional
by Andrew Holt
1w ago
One of the big points of investor discussion has been the correlation between bonds and equities. The investor consensus is that the correlation should be negative. But that has not been the case more recently. In fact correlations have sharply increased. Indeed, correlations between stocks and bonds edged into positive territory in 2021 and jumped up to 0.58 for the full year in 2022 and 2023, according to Morningstar. The uptrend in correlations has been unusually dramatic but not unprecedented: as the stock-bond correlation has often been positive over multi-year periods, Morningstar said ..read more
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West Yorkshire Pension Fund’s Robert Hulme: “If we are not being listened to then the ultimate sanction is to get out.”
Portfolio Institutional
by Andrew Holt
2w ago
How important is ESG and sustainable investing to the West Yorkshire Pension Fund?
 As an investor, we recognise that the ESG characteristics of individual companies will determine their long-term sustainability. Those that treat their staff unfairly, are involved in corrupt practices or have a bad environmental record are not going to be good investments in the long run. These ESG externalities are financial risks, so we need to consider them as part of our whole investment process. What ESG exposures does the West Yorkshire Pension Fund have?
 We view the portfolio holistically. We don’t cat ..read more
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Emerging markets set to boom
Portfolio Institutional
by Mark Dunne
2w ago
Emerging markets could offer the highest yielding stocks in the next seven years, according to asset manager GMO. Indeed, value stocks in the developing world could return 4.1% by 2030 with emerging market equities in general expected to gain 2%. GMO’s forecasts for value look better globally than other groups because it expects the currently cheap valuations to mean revert upwards. Deep value – the cheapest 20% cohort – is particularly dislocated and, GMO said it is its favourite asset class today. This is evident in long-short – long deep value, short expensive growth – and long-only, i ..read more
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