October 2021 Top Papers

Top Investment Content from October 2021

The Savvy Investor Content Team presents some of the top institutional investment content uploaded during October 2021. We’d love to know what you think about our selection, so drop us a line at content@savvyinvestor.net.

Within this list are some monumental papers, including the IMF’s full World Economic Outlook report, Allianz’s annual Global Wealth Report for international households, a tremendous guide to international cost of capital calculations, and an examination of strategic allocations incorporating non-normal return distributions.

TOP OCTOBER CONTENT

Building Risk Aware Strategic Portfolios (PGIM Quantitative Solutions, 2021)

How can investors optimise strategic portfolio allocations when many asset classes exhibit non-normal return distributions? This paper evaluates several portfolio construction options that take into account negative skewness and abnormal multi-asset returns.

Gold Demand Trends Q3 2021 (World Gold Council)

For compliance reasons, this paper is only accessible in certain geographies

The World Gold Council reports on gold demand trends over the course of Q3 2021. Gold demand declined 7% (YoY) in Q3 to 831 tonnes, largely due to ETF outflows.

Boiling Point: Global growth, climate change and water resources (Robeco, 2021)

Many regions across the globe are now considered to be water stressed due to population growth, increased demand for water, declining water quality, and supply issues. Climate change is also a significant factor in water stress projections.

The Nexus of Climate Change & Geopolitics (Franklin Templeton Investments, 2021)

For compliance reasons, this paper is only accessible in certain geographies

Franklin Templeton pays particular attention to regions where climate change has the potential to exacerbate geopolitical instability. Three case studies demonstrate the ripple effects of climate change in Syria, India, and the Danube River basin.

World Economic Outlook Report (IMF, Oct 2021)

The IMF projects global GDP growth to be 5.9% in 2021 and 4.9% for 2022. This is only slightly lower (0.1 percentage point) for 2021 than the July version of their forecast. This is the full 172-page version of their annual WEO report.

World Energy Outlook 2021 (IEA)

The IEA’s World Energy Outlook proclaims that energy progress towards net zero emissions is still too slow. Yet wind, solar, EVs, and other low-carbon technologies are emerging quickly and forming a new energy economy.

Commodity Markets Outlook (World Bank, 2021)

The latest Commodity Markets Outlook from the World Bank projects that energy prices will average over 80% higher in 2021 versus last year, and that these prices will remain higher until late 2022.

International Guide to Cost of Capital: 2021 Summary Edition (CFA Institute)

This 173-page publication is an international guide to cost of capital calculations, which are frequently used to value corporate cash flows in DCF analysis. The report includes a wealth of information about the estimation of country risk premia and other components of international WACC calculations.

Who is Most Vulnerable to Reduced Liquidity? (Bridgewater Associates, 2021)

Bridgewater Associates describes why U.S. equities are particularly vulnerable to a liquidity pullback as central banks wind down their QE policies.

Allianz Global Wealth Report 2021 (Allianz)

In their twelfth edition of the Global Wealth Report, Allianz examines the financial condition of households within 60 countries, revealing a sizeable increase in financial assets in the past year.

SPECIAL REPORTS

Effective ESG: Strategies for doing well by doing good (Special Report, 2021)

This Special Report outlines the challenges of meeting net zero, and discusses how investors can boost their portfolios’ ESG scores.

Strategic Asset Allocation: Beyond mean and variance (Special Report, 2021)

This Special Report seeks to identify optimal methods for constructing and evaluating strategic asset allocations and the range of available portfolio construction options available.

UPCOMING WEBINARS

Webinar 10 Nov 2021: Core Infrastructure (Macquarie)

Daniel McCormack of Macquarie Asset Management discusses infrastructure as an inflation hedge, as well as other attributes of this asset class and recent capital flows in this webinar on Wednesday, 10th November.

ABOUT THE AUTHOR

Andrew Perrins is a former Actuary and Asset Allocator. After qualifying as an Actuary, he worked for 15 years in investment management, serving as Director of Asset Allocation for Abbey Life and for Chase Manhattan, before setting out on a more entrepreneurial path.

To contact him, email andrew.perrins@savvyinvestor.net

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