Recent thinking

Responsible Investing
Joana Setzer Q&A: On the climate litigation front line
9 Apr 2021
Joana Setzer from the Grantham Research Institute on Climate Change at LSE discusses the implications on governments and companies of the growing wave of climate litigation.
Read more

Responsible Investing
Law and climate disorder: Understanding physical, transition and litigation risk
9 Apr 2021
Major listed companies are finding themselves the target of legal action designed to make them move faster towards a lower carbon world. These cases could mark an inflection point; when the conversation turns toward specific responsibilities to move away from fossil fuels rather than broad commitments to change.
Read more

Responsible Investing
Living in the past: Why are controversy scores so controversial?
8 Apr 2021
Many investors use controversy scores as a filter to avoid firms whose damaging behaviour has hit the headlines, from human rights violations to environmental disasters. But these scores have serious limitations, making them an inadequate tool for investors who want to manage ESG risks and have a positive impact.
Read more

Real Assets
Five charts that show Copenhagen is a city of the future
7 Apr 2021
We take a visual approach to highlight why Copenhagen is such a rich, vibrant and economically prosperous city.
Read more

Equities
What does the data say? Vaccines, illiquidity and managers called Dave
26 Mar 2021
In the first of a new monthly series, we take a visual approach to illustrate topical data themes in economies, markets and beyond. This month we look at the correlation between stock market performance and vaccinations, the illiquidity premium in real assets, and whether there are still more men called Dave running funds than female managers.
Read more

Responsible Investing
Lean on me: How can bond investors influence government climate action?
25 Mar 2021
The coronavirus epidemic has further accelerated the rise of ESG into the investment mainstream. As deficits skyrocket, bond investors have an opportunity to engage with governments on climate change, argues Thomas Dillon.
Read more

Fixed income
Deficits still matter… just not right now
22 Mar 2021
Deciding when to tighten the purse strings and hike taxes is complex at any time, even more so when the economic fallout from COVID-19 remains unclear. Getting deficits under control will need to happen eventually, but it would be a brave government to pursue that goal in the short term.
Read more

Equities
Why it is getting harder to assess value in financial markets
19 Mar 2021
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Read more

Equities
Levelling up: How COVID-19 is accelerating a digital revolution in construction and manufacturing
18 Mar 2021
The coronavirus pandemic has spurred companies to upgrade their digital capabilities, boosting productivity and creating investment opportunities in previously overlooked niches.
Read more

Responsible Investing
Building a better world after COVID-19
18 Mar 2021
There is a growing consensus among companies, governments and electorates across the globe that the world after the pandemic should be greener. But how should we go about this?
Read more

Real Assets
Podcast: A clear green premium
18 Mar 2021
Our Head of ESG, Ed Dixon, recently joined Blackstock Consulting on a PropCast episode to launch their new series of ESG insights with industry leaders. Together, they discussed how the government needs to be partnering with businesses to reach their climate pledges, how the “green premium” is yielding higher rents for eco-friendly offices, and much more.
Read more

Equities
Cut it out! The complex quest to decarbonise heating
16 Mar 2021
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Read more

Responsible Investing
Is ‘purpose’ the new green? Pandemic exposes leaders and laggards in stakeholder capitalism
11 Mar 2021
In 2019, some of the world’s biggest companies pledged to look beyond short-term shareholder value and protect the interests of all stakeholders. The coronavirus pandemic has put these commitments to the test, says Mirza Baig.
Read more

Equities
Zero rates: Too much of a good thing?
9 Mar 2021
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
Read more

Real Assets
Can a shift in UK policy help make the ESG case for nuclear?
8 Mar 2021
The UK government says nuclear energy may have a vital role to play in cutting carbon emissions. However, more detail is needed to help investors assess nuclear technology’s ESG credentials, argue Darryl Murphy and Stanley Kwong.
Read more

Real Assets
Can the UK Infrastructure Bank unleash the power of private capital?
5 Mar 2021
Now that the details have emerged on the remit and tools available to the UK Infrastructure Bank, meaningful engagement with industry should be the priority, argues Darryl Murphy.
Read more
AIQ: The Risk Edition
COVID-19 has shown how quickly a single event can disrupt a globalised economy. AIQ explores some of the biggest threats facing the world, from cybersecurity to environmental disasters, and considers the investment implications.

AIQ: The Climate Edition
Can the world get back on track towards meeting the commitments of 2015’s Paris Agreement? From science to psychology; from land use to big data; we examine the challenges posed by climate change and assess potential solutions.

The Little Book of Data
A curated collection of the infographics shaping our views on markets and economics. Limited availability, so reserve your copy of The Little Book of Data now.

AIQ features

The COVID Nudge
In these data visualisations, we look at whether COVID-19 will achieve something that millions spent on public health campaigning has failed to do.
Read more

A time for action: Race, ethnicity and investing
In a two-part feature, we look at what asset managers need to focus their engagement efforts on to make a difference on anti-black racism, and why the industry needs to get its own house in order.
Read more

Virtual reality: How COVID-19 is reshaping the world of work
While the coronavirus pandemic has devastated livelihoods, it also presents an opportunity for companies and policymakers to reinvent the world of work. The future is full of possibilities – but no easy answers.
Read more

Cutting loose: COVID-19 deals globalisation a further blow
Globalisation’s image problem may have been further tarnished by the pandemic, but can political leaders use the crisis to reform it for the better and resist the urge to abandon it altogether?
Read more

United Europe: From discord to harmony?
Global politics are in flux as policymakers scramble to manage the pandemic and revive economies. Can Europe come together and carve a place for itself on the international stage, or will it end up a passive player buffeted by greater forces?
Read more

Empire states of mind: Is the age of US exceptionalism at an end?
As the world starts to emerge from the COVID-19 pandemic, the US’s position as global hegemon will be under mortal threat from a resurgent China that looks to have escaped the virus relatively unscathed.
Read more

What a carve up! The future of the internet
Commercial and geopolitical forces are threatening to fracture the internet into competing regimes, making it harder for companies to operate across borders and potentially limiting their growth. We explore the implications for investors.
Read more

Building back better: The path to net zero
While much of the world’s focus continues to be on tackling the COVID-19 pandemic, the climate crisis also requires urgent attention. The number of countries and companies supporting the move to a lower-carbon world is growing, but practical challenges remain. How can we build back better after COVID, and navigate to a cleaner, safer and sustainable world?
Read more

How the US can lead on climate finance: A five-point plan for President Biden’s first year
The US went backwards on tackling climate change under President Trump. His successor Joe Biden must act quickly to make up for lost time, says Steve Waygood.
Read more

Roll of the dice: Risk and resilience in an age of uncertainty
The coronavirus pandemic has highlighted the difficulties of managing risk in an increasingly globalised and interconnected world. We explore how organisations can stay resilient through an era of radical change.
Read more

The evolution of ESG: More than just a risk mitigator
Once dismissed as a virtuous endeavour that compromised investment returns, the ability to gain a more holistic view of risk by considering environmental, social and governance factors is increasingly appreciated by investors. We assess the evolution of ESG across asset classes, as well as its role as a risk mitigator and opportunity spotter.
Read more

The Technocrat: Lord Adair Turner
With developed economies stuck in a high-debt and low interest rate trap, the former head of Britain’s financial watchdog believes central banks should break a long-held taboo and finance governments directly.
Read more

Economics and ethics: Why diversity matters
In business, diversity can be the difference between success and failure. But while progress towards it has been frustratingly slow in many areas, the pressure is mounting on companies to act.
Read more

Pandemic risk: When will we learn our lesson?
COVID-19 has reminded us that the sources of economic and financial crises can be wildly unpredictable. However, while spotting patient zero in advance was nigh on impossible, pandemic risk was well telegraphed. In the first part of our mini-series, The source of the next crisis, we consider whether an infectious disease could wrong-foot us again or whether governments will learn their lesson.
Read more

Cybersecurity in the fourth industrial revolution
COVID-19 shocked investors into taking pandemic risks more seriously. In an increasingly connected world, where data is the new oil, could cyberattacks be the next big threat?
Read more

Inflation hawks: Crying wolf?
Twelve years on from the financial crisis, inflation hawks are back. They were proved wrong then, but could this time be different? In part three of our mini-series on the source of the next crisis, we explore the extent to which inflation poses a risk to the global economy and financial stability.
Read more
Equities

What does the data say? Vaccines, illiquidity and managers called Dave
In the first of a new monthly series, we take a visual approach to illustrate topical data themes in economies, markets and beyond. This month we look at the correlation between stock market performance and vaccinations, the illiquidity premium in real assets, and whether there are still more men called Dave running funds than female managers.
Read more

Why it is getting harder to assess value in financial markets
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Read more

Levelling up: How COVID-19 is accelerating a digital revolution in construction and manufacturing
The coronavirus pandemic has spurred companies to upgrade their digital capabilities, boosting productivity and creating investment opportunities in previously overlooked niches.
Read more

Cut it out! The complex quest to decarbonise heating
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Read more

Zero rates: Too much of a good thing?
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

Pixie dust and demon dust: The little things that make a big difference in equity markets
To gain an accurate picture of a company’s long-term prospects, investors must pay close attention to the details, says Giles Parkinson.
Read more

When it comes to emerging markets, small is beautiful
With concentration increasing in major emerging market indices, small cap companies can offer investors welcome diversification, says Will Ballard.
Read more

Weather shifts and white elephants: How climate risk is moving the goalposts for emerging market investors
Droughts and water shortages used to be associated with the world’s poorest countries. Now middle-income economies are suffering the effects of extreme weather too, with significant implications for investors, says Will Ballard.
Read more

The AIQ Podcast: The future of the internet
Commercial and geopolitical forces are threatening to fracture the internet. In this episode of the AIQ podcast, we explore the implications for investors.
Read more

EM equities: Will Chinese regulators tear down the house that Jack built?
In late 2020, Chinese authorities announced an antitrust investigation into e-commerce giant Alibaba and halted the IPO of its financial services affiliate, Ant Group. Alistair Way looks at the implications for investors in Chinese tech.
Read more

The COVID Nudge
In these data visualisations, we look at whether COVID-19 will achieve something that millions spent on public health campaigning has failed to do.
Read more

What a carve up! The future of the internet
Commercial and geopolitical forces are threatening to fracture the internet into competing regimes, making it harder for companies to operate across borders and potentially limiting their growth. We explore the implications for investors.
Read more

The tough arithmetic of #neversell stocks
Over recent years, a group of established companies have traded at relatively high valuations for their robust competitive advantages and consistent growth records. But in a competitive economy, investors should not assume this will continue indefinitely, warns Giles Parkinson.
Read more

Our annual letter to company chairpersons
As part of our engagement efforts, every January we send a letter to the chairs of companies we invest in (and some we don’t, but still want to use our influence with) to set out our stewardship priorities for the year. Here, in full, is our 2021 letter.
Read more

Issuance, support from equities and volatility: The outlook for convertible bonds in 2021
Shawn Mato, convertible bond fund manager, picks three themes that could have a big say in how the asset class performs in 2021.
Read more
Fixed income

Deficits still matter… just not right now
Deciding when to tighten the purse strings and hike taxes is complex at any time, even more so when the economic fallout from COVID-19 remains unclear. Getting deficits under control will need to happen eventually, but it would be a brave government to pursue that goal in the short term.
Read more

Why it is getting harder to assess value in financial markets
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Read more

Zero rates: Too much of a good thing?
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
Read more

Everybody wants one: Are sustainable bonds the new smartphones?
The COVID-19 pandemic has highlighted the importance and fragility of the natural balance. As governments, companies and investors aim for a just transition, sustainable bonds are being issued at pace in different formats. Is it a fad, and do markets really need so many varieties?
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

The COVID Nudge
In these data visualisations, we look at whether COVID-19 will achieve something that millions spent on public health campaigning has failed to do.
Read more

What a carve up! The future of the internet
Commercial and geopolitical forces are threatening to fracture the internet into competing regimes, making it harder for companies to operate across borders and potentially limiting their growth. We explore the implications for investors.
Read more

Investing for impact in private debt to combat climate change
Impact investment strategies will have an important role to play if the green credentials of the world’s stock of real estate is to be transformed, argue Gregor Bamert and Stanley Kwong.
Read more

The path for oil and gas after COVID-19
Post-COVID recovery initiatives from governments are increasingly taking a green path, but the response of oil and gas companies so far runs from denial to complete reinvention. Should they continue pumping oil for as long as they can to avoid destroying capital for investors, or do they need to accelerate efforts to future proof their businesses now?
Read more

Our annual letter to company chairpersons
As part of our engagement efforts, every January we send a letter to the chairs of companies we invest in (and some we don’t, but still want to use our influence with) to set out our stewardship priorities for the year. Here, in full, is our 2021 letter.
Read more

Issuance, support from equities and volatility: The outlook for convertible bonds in 2021
Shawn Mato, convertible bond fund manager, picks three themes that could have a big say in how the asset class performs in 2021.
Read more

Zombie revival, improving fundamentals and monetary policy: The outlook for high yield in 2021
Kevin Mathews, Brent Finck and Sunita Kara, high yield portfolio managers at Aviva Investors, pick out three themes that will shape the asset class in 2021.
Read more

Stimulus, M&A and US politics: The outlook for investment grade credit in 2021
Mike Cho and Jonathan Manning, investment-grade portfolio managers at Aviva Investors, look at the themes that will shape the asset class in 2021.
Read more

Chemical compounds: The good, the bad and the ugly
After decades of secrecy, light is increasingly being shone on the potentially hazardous compounds produced by chemical companies. In the latest instalment of our editorial series, Link, experts from Aviva Investors’ credit, equities and ESG teams discuss the prevalence of chemicals in modern life, and how to balance usefulness and safety.
Read more

Sustainability in credit: Why ESG scores don’t tell the whole story
ESG ratings are a helpful baseline to assess companies, but views on their ESG risks and opportunities can be honed – and sometimes corrected – through deeper research, trend analysis and meetings with company executives.
Read more

US Election 2020: Expect the unexpected
As the US presidential election looms, we explore potential scenarios – from a Democratic “blue sweep” to a Trump re-election to a divided government – and assess the implications for investors.
Read more
Multi-asset & multi-strategy

Lean on me: How can bond investors influence government climate action?
The coronavirus epidemic has further accelerated the rise of ESG into the investment mainstream. As deficits skyrocket, bond investors have an opportunity to engage with governments on climate change, argues Thomas Dillon.
Read more

Why it is getting harder to assess value in financial markets
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Read more

Zero rates: Too much of a good thing?
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

Multi-asset allocation views: Room to grow
The early part of a year gives investors an opportunity to take stock. Sunil Krishnan reflects on how the current environment is shaping our views for multi-asset portfolios.
Read more

Our annual letter to company chairpersons
As part of our engagement efforts, every January we send a letter to the chairs of companies we invest in (and some we don’t, but still want to use our influence with) to set out our stewardship priorities for the year. Here, in full, is our 2021 letter.
Read more

Vaccine hope, Biden and central bank policy: The outlook for multi-asset in 2021
Sunil Krishnan highlights some of the themes that will shape multi-asset investing in 2021.
Read more

Liquidity, uneven recoveries and debt sustainability: The outlook for emerging-market debt in 2021
Liam Spillane, head of emerging market debt at Aviva Investors, picks three themes that could have a big say in how the asset class performs in 2021.
Read more

COVID, climate and Black Lives Matter: The stories that defined 2020
We select some of our key pieces of content in a year of unending drama.
Read more

Income investing: The return of Goldilocks and the three bears
The Goldilocks environment is back, but bears are lurking in the shadows. Francois de Bruin explores the risks and opportunities that need to be managed to get outcomes that are “just right”.
Read more

Multi-asset allocation views: Changing seasons, changing dynamics
After a strong summer, conditions are changing in asset markets. Sunil Krishnan assesses the risks and opportunities for investors.
Read more

Short story: Why Fed action could be bad news for the dollar
With US real interest rates sinking ever more deeply into negative territory as the Fed signals it is on hold for a prolonged period, the outlook for the dollar is bearish for the first time in a decade, argues Mark Robertson.
Read more

Sustainability: Drawing force from lines of tension
Much like a gem is forged under pressure, the ESG movement is powerful because it results from tension at multiple levels: between art and science, absolute and relative, exclusion and engagement. Francois de Bruin explores the lines of tension underpinning the investment approach to sustainability.
Read more

The clockmaker and the longitude problem: A lesson for investors in bottom-up problem solving
Bottom-up thinking is not a typical hallmark of multi-asset investing. However, Francois de Bruin believes the granularity that comes from this approach offers useful diversification and risk benefits.
Read more

COVID-19: Can a lasting recovery happen without a vaccine?
With the notable exception of China, countries around the world have struggled to get their economies firing on all cylinders without COVID-19 infections flaring up again. Until a way to contain the virus is found, recoveries are likely to remain stop-start and fragile, argue Ian Pizer, Mark Robertson and Sunil Krishnan.
Read more

COVID-19 and antimicrobial resistance: The next health crisis?
As the world grapples with COVID-19, antibiotics used to treat serious secondary bacterial infections associated with the coronavirus are making their way into wastewater with potentially dire consequences. Abigail Herron questions whether investors appreciate the seriousness of what antimicrobial resistance could lead to.
Read more
Real assets

Five charts that show Copenhagen is a city of the future
We take a visual approach to highlight why Copenhagen is such a rich, vibrant and economically prosperous city.
Read more

What does the data say? Vaccines, illiquidity and managers called Dave
In the first of a new monthly series, we take a visual approach to illustrate topical data themes in economies, markets and beyond. This month we look at the correlation between stock market performance and vaccinations, the illiquidity premium in real assets, and whether there are still more men called Dave running funds than female managers.
Read more

Podcast: A clear green premium
Our Head of ESG, Ed Dixon, recently joined Blackstock Consulting on a PropCast episode to launch their new series of ESG insights with industry leaders. Together, they discussed how the government needs to be partnering with businesses to reach their climate pledges, how the “green premium” is yielding higher rents for eco-friendly offices, and much more.
Read more

Cut it out! The complex quest to decarbonise heating
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Read more

Can a shift in UK policy help make the ESG case for nuclear?
The UK government says nuclear energy may have a vital role to play in cutting carbon emissions. However, more detail is needed to help investors assess nuclear technology’s ESG credentials, argue Darryl Murphy and Stanley Kwong.
Read more

Can the UK Infrastructure Bank unleash the power of private capital?
Now that the details have emerged on the remit and tools available to the UK Infrastructure Bank, meaningful engagement with industry should be the priority, argues Darryl Murphy.
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

How Manchester transformed into a city of the future
Once an industrial powerhouse, Manchester reversed its decline to become one of Europe's top creative capitals. Watch our video to find out why we call it a city of the future.
Read more

RPI reform: The implications for real assets
With the methodology for calculating the UK Retail Prices Index set to change in 2030, we explore the implications for real assets.
Read more

Virtual reality: How COVID-19 is reshaping the world of work
While the coronavirus pandemic has devastated livelihoods, it also presents an opportunity for companies and policymakers to reinvent the world of work. The future is full of possibilities – but no easy answers.
Read more

Investing for impact in private debt to combat climate change
Impact investment strategies will have an important role to play if the green credentials of the world’s stock of real estate is to be transformed, argue Gregor Bamert and Stanley Kwong.
Read more

Building back better: The path to net zero
While much of the world’s focus continues to be on tackling the COVID-19 pandemic, the climate crisis also requires urgent attention. The number of countries and companies supporting the move to a lower-carbon world is growing, but practical challenges remain. How can we build back better after COVID, and navigate to a cleaner, safer and sustainable world?
Read more

Our annual letter to company chairpersons
As part of our engagement efforts, every January we send a letter to the chairs of companies we invest in (and some we don’t, but still want to use our influence with) to set out our stewardship priorities for the year. Here, in full, is our 2021 letter.
Read more

Hydrogen: Back to the future
The UK is the latest country to accelerate plans to develop hydrogen as part of its push to reach net zero. But it is not the first time hydrogen has attracted attention – it has been trumpeted by the scientific community as a possible wonder fuel for around a century. So, what’s changed now?
Read more

COVID recovery, net zero and policy: The outlook for UK infrastructure in 2021
Darryl Murphy assesses the current state of the UK infrastructure market and the likely drivers of activity in 2021.
Read more

Relative value, ‘normality’ and polarisation: The outlook for real estate in 2021
Souad Cherfouh, head of real estate investment strategy, and Jonathan Bayfield, head of UK and Irish real estate research, look at three themes that could characterise the real estate market in 2021 and beyond.
Read more
Responsible investment

Joana Setzer Q&A: On the climate litigation front line
Joana Setzer from the Grantham Research Institute on Climate Change at LSE discusses the implications on governments and companies of the growing wave of climate litigation.
Read more

Law and climate disorder: Understanding physical, transition and litigation risk
Major listed companies are finding themselves the target of legal action designed to make them move faster towards a lower carbon world. These cases could mark an inflection point; when the conversation turns toward specific responsibilities to move away from fossil fuels rather than broad commitments to change.
Read more

Living in the past: Why are controversy scores so controversial?
Many investors use controversy scores as a filter to avoid firms whose damaging behaviour has hit the headlines, from human rights violations to environmental disasters. But these scores have serious limitations, making them an inadequate tool for investors who want to manage ESG risks and have a positive impact.
Read more

Lean on me: How can bond investors influence government climate action?
The coronavirus epidemic has further accelerated the rise of ESG into the investment mainstream. As deficits skyrocket, bond investors have an opportunity to engage with governments on climate change, argues Thomas Dillon.
Read more

Building a better world after COVID-19
There is a growing consensus among companies, governments and electorates across the globe that the world after the pandemic should be greener. But how should we go about this?
Read more

Podcast: A clear green premium
Our Head of ESG, Ed Dixon, recently joined Blackstock Consulting on a PropCast episode to launch their new series of ESG insights with industry leaders. Together, they discussed how the government needs to be partnering with businesses to reach their climate pledges, how the “green premium” is yielding higher rents for eco-friendly offices, and much more.
Read more

Cut it out! The complex quest to decarbonise heating
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Read more

Is ‘purpose’ the new green? Pandemic exposes leaders and laggards in stakeholder capitalism
In 2019, some of the world’s biggest companies pledged to look beyond short-term shareholder value and protect the interests of all stakeholders. The coronavirus pandemic has put these commitments to the test, says Mirza Baig.
Read more

Can a shift in UK policy help make the ESG case for nuclear?
The UK government says nuclear energy may have a vital role to play in cutting carbon emissions. However, more detail is needed to help investors assess nuclear technology’s ESG credentials, argue Darryl Murphy and Stanley Kwong.
Read more

Everybody wants one: Are sustainable bonds the new smartphones?
The COVID-19 pandemic has highlighted the importance and fragility of the natural balance. As governments, companies and investors aim for a just transition, sustainable bonds are being issued at pace in different formats. Is it a fad, and do markets really need so many varieties?
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

Weather shifts and white elephants: How climate risk is moving the goalposts for emerging market investors
Droughts and water shortages used to be associated with the world’s poorest countries. Now middle-income economies are suffering the effects of extreme weather too, with significant implications for investors, says Will Ballard.
Read more

The COVID Nudge
In these data visualisations, we look at whether COVID-19 will achieve something that millions spent on public health campaigning has failed to do.
Read more

Hot wheels: Cars, climate change and the great EV disconnect
With traditional carmakers under intense pressure to cut emissions in the fight against climate change, investors are putting their money behind pure play electric vehicle producers. Alessandro Rovelli digs into the numbers to assess whether this trend is sustainable.
Read more

Investing for impact in private debt to combat climate change
Impact investment strategies will have an important role to play if the green credentials of the world’s stock of real estate is to be transformed, argue Gregor Bamert and Stanley Kwong.
Read more

Building back better: The path to net zero
While much of the world’s focus continues to be on tackling the COVID-19 pandemic, the climate crisis also requires urgent attention. The number of countries and companies supporting the move to a lower-carbon world is growing, but practical challenges remain. How can we build back better after COVID, and navigate to a cleaner, safer and sustainable world?
Read more
Economic research

Living in the past: Why are controversy scores so controversial?
Many investors use controversy scores as a filter to avoid firms whose damaging behaviour has hit the headlines, from human rights violations to environmental disasters. But these scores have serious limitations, making them an inadequate tool for investors who want to manage ESG risks and have a positive impact.
Read more

What does the data say? Vaccines, illiquidity and managers called Dave
In the first of a new monthly series, we take a visual approach to illustrate topical data themes in economies, markets and beyond. This month we look at the correlation between stock market performance and vaccinations, the illiquidity premium in real assets, and whether there are still more men called Dave running funds than female managers.
Read more

Deficits still matter… just not right now
Deciding when to tighten the purse strings and hike taxes is complex at any time, even more so when the economic fallout from COVID-19 remains unclear. Getting deficits under control will need to happen eventually, but it would be a brave government to pursue that goal in the short term.
Read more

Why it is getting harder to assess value in financial markets
Massive intervention by central banks and governments in recent years has left investors struggling to value financial assets.
Read more

Cut it out! The complex quest to decarbonise heating
More countries are contemplating their visions for a lower carbon world. Norway has excluded fossil fuels entirely for heating buildings, while others are taking a more nuanced approach. So, what are the options for those with environment at the heart of their agenda?
Read more

Zero rates: Too much of a good thing?
The inexorable rise in asset prices caused by the seemingly never-ending era of monetary easing is calling into question long-held investment beliefs, as members of our multi-asset & macro and equities teams explain.
Read more

From crisis comes opportunity: What’s normal now?
Big challenges bring us the opportunity to think differently. Our investment teams reveal what they have learnt from COVID-19, and how they are preparing to face whatever ‘normal’ emerges in a post-pandemic world.
Read more

The investment industry should get ready for the rise of the millennials
The millennial generation is set to inherit trillions over the coming decade. Asset managers and advisers must engage with these younger investors to understand their requirements, says Apiramy Jeyarajah.
Read more

A time for action: Race, ethnicity and investing
In a two-part feature, we look at what asset managers need to focus their engagement efforts on to make a difference on anti-black racism, and why the industry needs to get its own house in order.
Read more

Cutting loose: COVID-19 deals globalisation a further blow
Globalisation’s image problem may have been further tarnished by the pandemic, but can political leaders use the crisis to reform it for the better and resist the urge to abandon it altogether?
Read more

United Europe: From discord to harmony?
Global politics are in flux as policymakers scramble to manage the pandemic and revive economies. Can Europe come together and carve a place for itself on the international stage, or will it end up a passive player buffeted by greater forces?
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Empire states of mind: Is the age of US exceptionalism at an end?
As the world starts to emerge from the COVID-19 pandemic, the US’s position as global hegemon will be under mortal threat from a resurgent China that looks to have escaped the virus relatively unscathed.
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Hydrogen: Back to the future
The UK is the latest country to accelerate plans to develop hydrogen as part of its push to reach net zero. But it is not the first time hydrogen has attracted attention – it has been trumpeted by the scientific community as a possible wonder fuel for around a century. So, what’s changed now?
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How the US can lead on climate finance: A five-point plan for President Biden’s first year
The US went backwards on tackling climate change under President Trump. His successor Joe Biden must act quickly to make up for lost time, says Steve Waygood.
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COVID, climate and Black Lives Matter: The stories that defined 2020
We select some of our key pieces of content in a year of unending drama.
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Navigating the path to net zero: An interview with Jill Rutter
There is a large gulf between the concept of ‘net zero’ and the practical policies that will deliver it. Jill Rutter, senior fellow at the Institute for Government, takes a hard look at the UK’s progress towards the 2050 target.
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