Allfunds, the largest investment fund distribution network in Europe and a leading wealthtech platform, has successfully finalized the acquisition of the Nordic Fund Market (NFM), from Nasdaq. The acquisition was announced in March 2019 and has been pending regulatory approvals and customary procedures.
With this operation, Allfunds total assets under distribution (AUD) increase to more than €530 billion and further strengthens its presence in the Nordic region. The Nordic Fund Market client portfolio will boost Allfunds’ presence in the Nordics at the same time as benefiting existing NFM distributors and fund managers with added value solutions, increased efficiency and advanced technology. Current NFM distributors and fund managers will become part of Allfunds’ distribution network in the region which already compromise more than 20 entities in Sweden, Norway, Finland, Denmark, Iceland and the Baltic countries.
Allfunds now has an established office in Stockholm which will provide services to the distributors and fund managers throughout the Nordic region. All employees working with NFM at Nasdaq in Stockholm were recruited, one being the former CEO of Nasdaq Broker Services Mattias Hammarqvist who is the Head of Allfunds Sweden.
“I am very excited that we, with new office will be able to leverage on the technology, services and benefits Allfunds global platform provides. It enables us to improve our offerings to current distributors and fund managers as well as to attract additional,“ said Mattias Hammarqvist, Head of Allfunds Sweden.
With the new office, distributors and fund managers are able to leverage the technology and know-how of experts in the region while accessing a cost-efficient way to distribute funds and reducing operational risk. This agreement and access to the global platform will benefit local financial institutions who can take advantage of the global scale and specialisation within Allfunds as well as to benefit from state-of-the-art technology and increased service offering to meet challenges in the industry.
Juan Alcaraz, CEO of Allfunds, said: “We are very excited to close this acquisition that allows us to increase our presence in the Nordics by bringing our leading fund and wealthtech platform to the region while strengthening our global position. The Nordic markets deserve a trusted and global B2B partner to boost and support local financial institutions. The integration of NFM’s business and infrastructure into our company and our solutions further enhances our innovative offering, disruptive and value-added services that will now be made available to Nordic entities and help them achieve their objectives.”
Foto cedidaOlga Kosters, directora de Private Debt Secondaries. Tikehau Capital ficha a Olga Kosters como nueva directora de Private Debt Secondaries
Tikehau Capital, an alternative asset management and investment group, appointed Olga Kosters as Head of Private Debt Secondaries.
Kosters’ role will be to launch the firm’s private debt secondaries business. She will be based in New York and report locally to Tim Grell, Head of Tikehau Capital North America, and to Cécile Mayer-Lévi, Head of Private Debt activity.
Olga Kosters (47) has twenty years of investment and structuring experience in private and public capital markets. Prior to joining Tikehau Capital Kosters advised large institutional investors on the US private credit strategies while at StepStone Global, and led the execution of corporate private debt strategy at Zurich Insurance Group. Prior to this Kosters has held several positions at the European Bank for Reconstruction and Development (EBRD) in London.
“Over the last fifteen years Tikehau Capital has grown to become one of the most well-capitalised asset management firms globally and has developed a deep network of institutional investors and strategic partners. The firm keeps its focus on underwriting, and continues to invest a large portion of its own capital alongside its investors,” said Olga. “In a context of fast growth, the team has successfully maintained its entrepreneurial spirit and a strong set of core values. I am delighted to join the team to build the new private debt strategy.”
Cécile Mayer-Lévi, Head of Private Debt activity, commented: “We are delighted to welcome Olga to our team and expand our offer to the secondaries market in private debt. We see that this market is emerging and we believe it could develop significantly in the coming months.”
Kosters received an MBA in finance from Hofstra University, and is a CFA charterholder.
Pictet Asset Management plans to open an office in New York by mid-2020, according to Mutual Fund Wire, which cited Laurent Ramsey, CIO of the European firm, during an internal meeting. A Pictet spokesmen did not immediately respond to requests for comments from Funds Society.
In theory, Liz Dillon, Head of Sales for US Sub-Advisory and Intermediaries of Pictet, will leave her current residence in London to head the new office, where about 12 people would be employed.
The office will cover Pictet’s institutional, offshore and subadvisory businesses.
Pictet Asset Management is an independent asset manager, overseeing over USD 192 billion (CHF 191 billion/EUR 176 billion/GBP 156 billion as at 30th September 2019) for their clients across a range of equity, fixed income, alternative and multi asset products. They provide specialist investment services through segregated accounts and investment funds to some of the world’s largest pension funds, financial institutions, sovereign wealth funds, intermediaries and their clients.
Foto cedidaPhoto: The $4 billion mixed-use Miami Worldcenter is underway on almost 30 acres in the heart of Downtown Miami.. Foto: Participant Capital
Participant Capital Advisors, LLC, a Miami-based real estate investment firm, with over US$3B in projects under development, has announced today that it has been approved to operate as a Registered Investment Adviser (RIA) in the State of Florida.
Established in 2018 as an affiliate of Royal Palm Companies, a developer with an extensive track record of more than 40 years, Participant Capital empowers investors with direct access to premium real estate projects and allows them to invest side by side with the developer, from the ground-up.
“Credibility of our experienced and knowledgeable investors is the preeminent asset for our company,” said Claudio Izquierdo, Chief Operating Officer of Participant Capital. “As we grow together and leverage our global distribution efforts, we want to make sure we provide a successful investment experience to those who are placing capital in uniquely positioned real estate projects.”
Participant Capital is currently partnered with over 40 distributors operating throughout Latin America and Europe and will be expanding to Asia and the Middle East over the next year. Its investment portfolio continues to grow with new world-class developments in South Florida and beyond.
Pixabay CC0 Public Domain. Scharf Investments lanza el primer fondo UCITS junto a iM Global Partner
iM Global Partner, a leading investment and development platform focused on acquiring strategic investments, and Scharf Investments, an investment firm providing high quality value investment strategies, have announced the launch of iM Scharf US Quality Value fund, the first collaborative UCITS fund between the two firms. The equity fund will seek to deliver compelling risk-adjusted absolute returns through a value-focused, fundamental, bottom-up approach.
The fund, which launched on September 12, 2019, will give investors outside of the US access to Scharf Investments’ expertise for the first time, facilitated by the unique business model of iM Global Partner who acquired a 40% interest in the California-based US equity value asset manager a few months ago.
iM Scharf US Quality Value Fund will be managed by Scharf’s experienced investment team, with a similar investment strategy to its core equity flagship product which has a proven track record spanning approximately 30 years. The investment team looks for securities trading at significant discounts to estimated fair value as a margin of safety and high earnings predictability. The fund is not publicly offered to all investors in all jurisdictions.
Brian Krawez, President of Scharf Investments, said: “We are delighted with the launch of our first UCITS fund with iM Global Partner. It is a great opportunity for Scharf Investments to reach new markets and new investors. We look forward to working with iM Global Partner as we continue to develop and refine our worldwide presence.”
Jose Castellano, Deputy CEO and Head of International Distribution at iM Global Partner, added: “Scharf Investments is a proven leader in value-oriented equity asset management and has an exceptional track-record. Their core equity flagship strategy outperformed the Russell 1000 Value and the S&P500 by 3.5%, with lower volatility*. Their entry into the UCITS fund market will allow broader access to Scharf Investments products for institutional investors and we are thrilled to support their expansion internationally.”
Scharf Investments is a California-based investment firm founded in 1983. Managed by Brian Krawez, President and Investment Committee Chairman, the company has grown from 5 people and under $700m of assets under management in 2007 to 22 people and $3.3bn of assets under management today.
Scharf Investments currently manages four distinct strategies:
A long-only US equity strategy, the firm’s core equity strategy on which the three other strategies are based
A long-only multi-asset strategy
A long/short hedged US equity strategy
A long-only global equity strategy
iM Global Partner, with its unique business model in Europe, has become a leading investment and development platform focused on acquiring strategic investments in best-in-class traditional and alternative investment firms in the U.S., Europe and Asia. Through the launch of this new UCITS fund, iM Global Partner continues its development as it pursues its dual objectives to both support its Partners with its management and distribution expertise and ensure investors have access to unique strategies that were not previously available.
iM Global Partner currently has strategic minority investments in five partners, including two outstanding complementary US large-cap equity managers with proven track records and a focus on downside protection.
Randall Caruso-Reynoso has joined Bolton Global Capital. Caruso was formerly with Morgan Stanley as a Senior Vice President since 2011 where he covered primarily Latin American clients. During his 17 years at Merrill Lynch International, he oversaw a book of ultra-high net worth clients, family offices, middle markets, and institutional clients in LatAm, MENA, and Western Europe. Caruso’s business plan is to transition his global book of clients to BNY Mellon Pershing as custodian on behalf of Bolton.
Prior to joining Merrill Lynch in 1994, his career focused on international commercial banking, corporate finance, and capital markets. Beginning in 1981, he worked at Citibank‘s operations in New York, London, Italy, and Spain. From 1989 to 1994 he worked at Bankers Trust in New York and Miami.
At Citibank he participated in various projects including a proprietary acquisition in Italy, the opening of the capital markets and currency exchange operations in Spain, the restructuring of a 75 branch bank in Italy purchased by Citibank, the establishment of the Southern European Fixed Income trading desk at Citicorp Investment Bank Ltd. in London. At the Bankers Trust International Private Bank, he covered markets in Mexico and was promoted to Manager of the Southern Cone Region. He was also the 1st Derivative Coordinator for Bankers Trust’s LATAM Private Bank.
In a phone interview, Caruso commented, “I have always been exposed to the management of capital, either for Central Banks at Citibank as a Cash Management Officer, for Pension Funds as an Advisor to their Investment Committees, or to Families as their Financial Planner. My team and I bring all these years of resources, experience and knowledge to our Global Client base by establishing our business here at Bolton.”
Caruso completed his degree in Economics at New York University, where he studied under the tutelage of Nobel Laureate Wassily Leontief. He has three children and now lives between Miami and his native New York City.
Pixabay CC0 Public Domain. Invertir en bonos globales en una época de tipos de interés negativos
What once would have been considered a strange anomaly may now be becoming the norm as yields on a growing proportion of the global bond markets turned negative throughout 2019. The escalating US-China trade conflict, fears of a global economic slowdown and the aggressive accommodative monetary policy response by central banks to those developments have accelerated this trend in the middle of 2019, according to Colchester Global Investors.
This environment has resulted in the market yield on approximately US$11 trillion of government debt falling below zero percent as at the end of August, 2019. This accounted for approximately 37% of the universe of outstanding government debt at that time. Some 40% of this amount was issued by the Government of Japan, and a further 14% and 12% by the French and German Governments respectively.
As a result of the extensive quantitative easing programs undertaken by central banks, collectively it is estimated that they now hold approximately 80% of all negative yielding debt. Whilst negative central bank policy rates and negative bond yields on sovereign debt had been observed for some time, this phenomenon has not been restricted to government bonds alone. In recent months yields on an increasing number of corporate bonds have also turned negative, new corporate debt has been issued at those levels and even negative rate mortgages have been offered in Denmark. While not as prevalent, such declines have resulted in the yield on approximately 7% (US$1 trillion) of the universe of global corporate investment grade debt also falling below zero percent.
Should investors hold negative-yielding bonds?
Given that negative yields imply an investor holding such a security to maturity will incur a loss (at least in nominal terms) does this imply that the ‘safe-haven’ characteristics of sovereign fixed income have been compromised? The evidence of the recent past would suggest not.
At Colchester they have observed that negative yields can become more negative in response to economic and political events and shifts in perceived risk levels. In other words, over the short term the returns to investors from ‘falling’ negative-yielding bonds may be positive as bond prices continue to appreciate. Indeed, many investors were surprised at the strength of the demand for safe-haven assets and the resulting size of the yield decline of already negatively yielding bonds during the most recent bout of risk aversion in the middle of 2019. For example, 10-year German Bund yields fell from -0.2% to -0.7% from mid-July to mid-August, returning +4.5% in USD hedged terms. Similarly, over the same period, 10-year Swedish bond yields fell from 0.1% to -0.4%, returning +3.0% in USD hedged terms.
This is not to argue that negative yielding bonds will always deliver positive returns, but simply highlights that the diversifying return characteristics of sovereign bonds still holds true in a negative interest rate world. Returns on a negative yielding bond may be positive or negative over the short term, just as they may be on a positive nominal yielding bond.
How is Colchester managing portfolios in the current environment?
Colchester continues to see the sovereign fixed income asset class as providing desirable diversification characteristics and specifically a negative correlation to risk assets. They believe that the events of mid 2019 suggest that despite the increasing prevalence of negative yields, this characteristic remains intact in the face of rising uncertainty and increased risk aversion. “The slowdown in global money and credit growth through 2017 and 2018 is likely to contain inflation in the near term and limit any large increase in bond yields. This benign environment is likely to be broadly supportive of bond prices and minimise the ‘cost’ of diversification insurance that may prove useful if the global economy, trade disputes or risk assets take a turn for the worse”.
Nonetheless at Colchester they are trying to limit their exposure to negative nominal yielding markets. “Instead we are skewing our portfolios towards markets that are offering positive real yields, that preferably also offer a positive nominal yield. Such markets are currently limited within the G10 or ‘traditional’ bond markets. It is tempting in such an environment to reach for yield by moving down the credit curve into subordinated or high yield debt, increasing exposure to emerging markets, or supplementing returns with an array of structured products. However, as all have a higher correlation with equity and other growth assets, this reduces the diversification benefit of holding bonds. Accordingly, we seek to build bond portfolios that not only offer higher relative real yields and attractive risk characteristics, but also maintain the diversifying integrity of a traditional bond market allocation. Therefore, while we are willing to add limited exposure to some non-traditional markets such as Singapore or Mexico, to benefit from their potentially higher real yields on offer and to offset some of the ‘insurance premium cost’, such exposure is limited to protect the diversification characteristics that most investors are looking for from their traditional sovereign bond allocations”.
Today their global bond portfolios are materially overweight versus benchmark those markets where they observe the most attractive prospective real yields. “Markets such as Norway, Singapore and Mexico, where both real and nominal yields are positive, feature in our portfolios. In contrast, the strategy is very underweight the euro area where both real and nominal yields are negative and our portfolios hold no exposure to German, French or Dutch bonds where yields are lowest. The strategy does however hold some exposure to negative nominal-yielding bonds, mostly in Japan. The Japanese market offers materially more attractive relative real yields than the core of Europe once we factor in the low level of projected inflation. Furthermore, the market exhibits very low levels of volatility. As we are looking to construct portfolios that in aggregate offer a balance between value (or expected return), liquidity and negative correlation to risk assets, it should be no surprise that despite their negative nominal yields, Japanese bonds have a role to play”.
Pixabay CC0 Public Domain. Julius Baer nombra a Yvonne Suter como su nueva directora de Sostenibilidad Corporativa e Inversión Responsable
Effective November 4th, 2019, Yvonne Suter took over as Head of Corporate Sustainability and Responsible Investment of Julius Baer. In this role, she is responsible for further developing the CSRI strategy of the Group across all business areas. She reports to both the CEO Office and the Bank’s Sustainability Board.
Yvonne Suter joins Julius Baer from Credit Suisse, where she was Head of Sustainable Investment for the 5 past years and had held several leadership and management roles since 2005. She holds a Master in International Affairs and Governance from the University of St. Gallen.
Philipp Rickenbacher, CEO Julius Baer said: “I am delighted that we have been able to appoint Yvonne Suter, a proven expert, as the new Head of Corporate Sustainability and Responsible Investment. Thanks to her comprehensive knowledge and network, as well as her many years of experience, she has all the prerequisites for further developing Julius Baer in the areas of sustainability and responsible investment and expanding the Bank’s activities. This will further enable us to meet the ever-increasing demands in all aspects of sustainability: economic, social, as well as environmental.”
Foto cedidaLeft to right, Mark A. Boyar and Jonathan Boyar. boyar
New York based Boyar Asset Management recently signed an alliance with the Spanish manager Mapfre AM, to benefit from their mutual capabilities and which will boost their businesses. In this interview with Funds Society, Jonathan Boyar, President of Boyar Research – with 11 years of investment experience, and since 2008 relocated to Boyar, where he improves the analysis and management process, as well as being in charge of institutional sales for both the research area and the management service, explains the key points about this alliance and how to plan to make a foothold, with its particular investment style, in the portfolios of the Spanish investor. Above all, because he believes that value will have have its comeback, and will shine again.
You have recently signed an asset management alliance with Mapfre AM. What will Mapfre AM bring to Boyar AM and what will Boyar AM bring to Boyar AM after the agreement?
The entire team at Boyar Asset Management is excited about entering this partnership. With Mapfre not only do we gain access to long-term patient capital allowing us to make equity investments for the long term, we will also be able to leverage their significant distribution capabilities. We are also looking forward to access to Mapfre’s expertise in both ESG investing and European equities which are two areas that interest us greatly.
Through this strategic partnership, Mapfre will gain access to our expertise in long-term catalyst driven value investing which we have been practicing since 1975. Mapfre will also gain from the knowledge of our team of seasoned investment professionals.
Is Boyar AM looking for greater expertise in European equities thanks to Mapfre?
While we currently do not have plans to launch a European product, it is certainly something we are seriously considering as we grow. We look forward to beinging able to leverage Mapfre’s expertise in this area when the timing is right.
And are you also looking for ESG capabilities? Do you think it’s a trend with potential?
ESG is here to stay. It certainly is not a fad. Many well-respected money managers have adopted this practice and we look forward to benefiting from Mapfre’s already significant capabilities in this area.
With this alliance, will Boyar AM also seek to position itself in the Spanish market?
Absolutely. We plan on utilizing Mapre’s distribution network in Spain to target the Spanish market. We think this audience will embrace a long-term value-oriented investment style.
Boyar AM is a value asset manager and it will offer Mapfre its expertise in asset management in the US. What characteristics distinguish its investment style from other value houses, what characterizes its investment methodology in the US?
Boyar is quite different than most money managers as we take a private equity approach to public markets. Since 1975, our flagship publication (which through another entity we sell on a subscription basis), Asset Analysis Focus (AAF), has been read regularly by some of the world’s most sophisticated investors. In keeping with AAF’s mandate of uncovering undervalued stocks, we use that same research to build and manage individualized portfolios for our money management clients. Many money management firms claim to do their own research—but we can prove it.
Based on that research, we invest in companies whose stock is trading significantly below what we believe the entire company is worth—believing that within a reasonable period of time, the stock market will reflect (or an acquirer will purchase the company for) its intrinsic value.
Unlike many value managers we are focused on identifying catalysts that we believe will help the stock ascend in value over a reasonable period of time. We believe by identifying these catalysts it helps us to avoid value traps.
Is it difficult now, with valuations at high levels in the US, to look for opportunities, undervalued companies? In this sense, what levels of liquidity do you have in your funds?
While the overall market is somewhat expensive by historical standards. We are finding many names in the small and mid-cap area that are selling at significant discounts to what we believe the company is truly worth. This market has been led by a handful of mostly mega cap technology shares, at some point the leadership will change and we believe investors like us that stick to their style through both think and thin will be rewarded for their patience.
Value is not at its best… the performance has been bad compared to growth in recent times. Why and do you think this situation will change in the short term?
2019 has been yet another year when growth stocks have simply trounced value shares. The outperformance was consistent across all market capitalizations. The most expensive stocks continue to get more expensive, while the cheapest companies utilizing any acceptable metrics keep getting less expensive. At some point this trend will reverse course, as it always does. We just can’t predict the timing. On an absolute basis, value shares (just like prior to the dotcom crash) have posted respectable numbers but compared to growth stocks they significantly underperformed. Value investors were rewarded for their patience after the dotcom bubble burst and value investing enjoyed a renaissance. We see no reason why history will not once again repeat itself.
In Spain in recent years, managers have emerged with this style of investment and a lot of talent (Cobas AM, Magallanes, azValor, Horos AM …): do you know Spanish talent? Do you have any Spanish manager value among your references?
These are certainly people I know of by reputation and I have spoken at conferences where they have also presented, but I unfortunately do not know them personally. I would welcome the opportunity to meet some of them.
In an environment of increasing competition and polarisation in the asset management industry (and where scale matters more than ever)… do you believe that alliances are a good alternative to mergers between entities?
Anytime two smart organizations are able to share knowledge, ideas and best practices it is a win for everyone involved.
Do you think we will see a lot of M&A in the sector? Is a strong consolidation necessary? Or will we see more alliances and cooperation as a way of joining forces in this scenario?
I think due to compressing margins there will certainly be consolidation in the sector. Scale certainly matters, but I also think investors appreciate boutiques like ours that are able to invest outside of the mainstream. They understand as the great Sir. John Templeton once said, “If you buy the same securities everyone else is buying, you will have the same results as everyone else.
Pixabay CC0 Public Domain. Cuatro formas de invertir en la revolución CleanTech
As the impact of climate change takes its toll on the planet, consumers, governments and corporations are all assessing their environmental practices and developing new clean technologies, according to an analysis by Amanda O’Toole, a Senior Portfolio Manager of the AXA Investment Managers Framlington Clean Economy Strategy.
CleanTech refers to companies that seek to increase performance, productivity and efficiency by maximizing the positive effects on the environment. With the world’s population rapidly increasing and fixed resources in danger of running low, the need for CleanTech solutions has never been greater. In fact, demand is so strong, that the global CleanTech market is anticipated to reach US$3 trillion by 2025, significantly up from US$601bn in 2014.
What does this mean for investors?
O’Toole, who is also a thought-leader within AXA IM’s Thematic Equities team of investment experts mentions that there is a growing social awareness of the pressures on scarce natural resources and the need for greenhouse gas emission reduction. “Businesses that are prepared to respond to this paradigm shift in how we perceive our environment should enjoy a sustainable, competitive advantage by reducing their input costs over the long-term. These moves offer significant growth potential in the decades to come, along with exciting potential new opportunities for investors along the way.”
As a result of this changing dynamic, they have identified four key areas which they believe will provide innovative, new investment opportunities: sustainable transport, recycling and waste reduction, smart energy and responsible nutrition. “With this universe expanding at more than 10% per annum – a very attractive rate compared to other industries –the structural growth opportunities can be significant.”
Sustainable transport
Across the world, the demand for sustainable transport is increasing, providing investors with ample investment opportunities in electric vehicles, battery technologies and emission reduction systems.
“The benefit of investing in these companies is already evident. During the recent trade tensions, electrification as a secular trend outperformed the broader automotive industry and we believe this is on track to continue. Globally, electric vehicles are anticipated to grow at a rate of 33% by 2030 and with the cost of lithium-ion batteries falling by 35% over the past year, the potential for sustainable transport is on the rise.”
A stock they like in this area is Aptiv, a global technology company that develops safer, greener and more connected solutions. Headquartered in Dublin, Aptiv delivers the software capabilities, advanced computing platforms and networking architecture that makes mobility work.
Recycling and waste reduction
The plight caused by plastics and growing electronic waste has been dominating environmental headlines in recent years. With approximately 8 million metric tonnes of plastic entering the oceans each year and only an estimated 20% of electronic devices recycled per annum, consumers and governments are waking up to the need for change.
“This change is starting to take shape. In July 2018, Seattle became the first U.S. city to ban plastic utensils and straws, and its actions have now been followed by other cities such as San Diego, where Styrofoam food and drink containers have been banned. We believe that because of ongoing action, we are likely to see the investable universe for compostable materials continue to expand.”
A stock they like in this space is Smurfit Kappa, a FTSE 100 company that is one of the world’s leading providers of paper-based packaging. Smurfit Kappa is perhaps best known for its Bag-in-Box products, which offer more sustainable packaging for many industries such as wine, juice, liquid eggs, dairy and non-food applications such as motor oil and chemicals.
Smart energy
The necessity and demand for greener homes is growing, helping to provide the impetus and resources for the development of energy efficient technologies. This is creating investment opportunities in renewables, greener homes and efficient factories.
Notably, there has been an acceleration of interest in offshore wind development in the U.S., which historically has lagged Europe in adopting this form of technology. Massachusetts, for instance, recently approved contracts for an 800 megawatt (MW) offshore wind project, while New York State announced in July it had reached an agreement for two large offshore wind projects off the coast of Long Island. Momentum in this area is clearly building.
Responsible nutrition
The impact of unsustainable food production has put the planet in a delicate position. However, as O’Toole mentions, attitudes are changing. Companies are exploring new ways to meet the growing demands of rising populations while limiting the use of scarce water and land.
This has led some experts to algae, with some believing it could soon become a major source of the world’s protein. Growing ten times faster than terrestrial plants, algae does not require fresh water, can provide more iron than beef, and does not compete with other crops for land. The potential for algae is still in its infancy, but with ongoing developments the algae products market is anticipated to reach $5.2bn by 2023.
Furthermore, they believe that companies that are innovating to help support sustainable business practices – such as specialist ingredients firms that are shifting towards more natural ingredients and reducing the use of artificial products – are in an optimal position to perform well, despite the broader economic slowdown.
“We live in an uncertain world which gives investors little confidence from a macro or geopolitical perspective. Against this backdrop, it gives us comfort to invest in high quality businesses that benefit from clear structural growth trends within the Clean Economy.” O’Toole concludes.
Should investors hold negative-yielding bonds?
