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Inflation Reduction Act is a Net Positive for Listed Infrastructure

The Inflation Reduction Act of 2022 (IRA) addresses three key areas: climate issues, corporate taxes, and healthcare.

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Recessions and Midstream Energy Infrastructure: Why Its Better Today Than Previous Years

 

The Federal Reserve (The Fed) is fighting decades-high inflation with aggressive monetary policy. Many market watchers now expect at least a mild recession in response. The S&P 500 Index's 17.3% loss and the NASDAQ's 25.5% loss year-to-date through 6/24/2022 would suggest equity investors share this concern (year to date, the Alerian MLP Index (AMZ), a midstream energy focused index, is up 9.2%). To understand how midstream might perform through such an environment, we thought a look at history could be helpful.

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ESG Portfolio Monitoring

For institutional investors, ESG-related initiatives are ultimately about managing risk. As noted by the Organization for Economic Co-operation and Development (OECD), a poor environmental record may make a firm vulnerable to legal or regulatory fines/sanctions; socially, the mistreatment of workers and dissatisfied employees may lead to higher absenteeism, lower productivity, and weaker client servicing/relationships; and weak corporate governance may incentivize and/or enable unethical behaviors related to pay, accounting irregularities, and even fraud.1 For all these reasons and more, identifying and addressing material ESG-related issues germane to a corporation is a quintessential exercise in risk management – for the management of that company, for investment managers thinking about holding that security in their investment portfolio, and for asset owners concerned whether the manager is acting in accordance with fund policies.

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Venture Capital’s Unique Ability to Navigate Volatile Markets

Venture capital (VC) has performed extremely well over the last 5, 10, and 15 years, beating the S&P 500 by more than 700 basis points on average.1 Across market cycles, we have witnessed certain vintages reward investors with truly outsize returns, and we feel confident that current conditions could lead to similarly high-returning vintages. As we enter a period that we believe will be defined by less capital raised, smaller fund sizes, slower investment pacing, fewer market participants, and lower valuations, perhaps the time to overweight is now.

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Convertible Investment Study

Convertibles securities' hybrid structure has historically made for a compelling asset class in virtually any market environment. An outright allocation to convertible securities has the potential to provide investors with the best of all worlds – favorable asymmetry of returns through participation in upside momentum along with an important measure of downside protection.

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Consensus for 75bps Increase in November, higher Terminal Rate in Intermediate Future

About a half a year has passed since we last updated you with our take on the bond market. Since then, the Federal Reserve has tilted even more hawkishly with 75bp rate increases in their attempt to combat inflation. Unfortunately, they have not made much headway, as August CPI data registered a gain of 8.3% year-over-year, with Ex Food and Energy CPI at 6.3%, both ahead of economists’ and market expectations. These high numbers are not what Fed Governors or the markets were hoping to see as the immediate reaction from both bonds and stocks was a quick sell-off. Making matters even more difficult is the reality that the “sticky” components of inflation, such as rent, posted its largest monthly increase in this cycle since 1986. Inflation on services also touched a new high, as medical care and transportation services helped drive gains. If not for drops in gasoline and other commodities, the latest inflation report would have been even hotter. We believe another 75bps rate increase is all but certain when the Fed meets later in September. While consensus is growing for an additional 75bps in November and a higher terminal rate in our intermediate future, the question becomes whether or not this scenario is fully accounted for in current prices.

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Why EM Debt Investors Shouldn't Fear the Fed

The speed and extent of further monetary tightening in the United States is uncertain, and as a result, there are concerns about the impact of rate hikes on future fixed-income returns. But we do not believe investors should be concerned, and this may even be a buying opportunity.

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Backdrop of Slower Growth Expected: Northern Trust Forecast

CHICAGO and LONDON, 7 September 2022Northern Trust’s Capital Market Assumptions (CMA) Report, a multi-asset class, five-year investment outlook updated annually, expects global private equity to lead five-year annualized returns at 9.6%. Global high yield and U.K. equities are expected to lead bond and stock returns, at 7.5% each.  Returns are expected to be within a global growth environment that slows to 2.6% annually.

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TEXPERS Hosts RFP List Making it Easy for Vendors to Find Proposals

TEXPERS has a section on its website where it publishes requests for proposals, those public documents that announce a project and invite proposals from service providers. 

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1.07M Minority-owned Firms Contribute to U.S. Economy

There are 1.07 million minority-owned firms in the United States with 9.3 million employees and $344.5 billion in annual payroll, according to the 2019 Annual Business Survey.

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State Agency's Investments Committee Signals Intent to Request Funds to Report How Investment Portfolios are Structured

In its latest meeting, the Texas Pension Review Board's Investment Committee made it clear that it intends to request pension funds to report on how their investment portfolios are structured to meet real-time expectations for outflow benefit payments to retirees. 

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Napier Park Global is Presenting as a Silver Sponsor During Upcoming Summer Forum

Napier Park Global is a Silver Sponsor of TEXPERS' 2022 Summer Educational Forum Aug. 21-23 in El Paso, Texas, and is sending Amit Sanghani, managing director and product specialist for the firm's global credit and real asset strategies.

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Oxford Funds is Presenting as a Silver Sponsor During Summer Forum in El Paso,

As a Silver Sponsor of TEXPERS' 2022 Summer Educational Forum in El Paso, Texas, Oxford Funds, LLC will send Senior Portfolio Manager Deep Maji to present.

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William Blair Investment Management is Presenting as a Silver Sponsor During Summer Forum in El Paso, Texas

William Blair Investment Management is a Silver Sponsor of TEXPERS' 2022 Summer Educational Forum Aug. 21-23 in El Paso, Texas, and is sending hard currency portfolio manager Jared Lou from the firm's emerging markets debt team to present.

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4 Webinars Offering Fresh Insights Into the Economy and Retirement

The first glimpses of global economic growth, inflation trends, and monetary policy meetings have kept financial and investment professionals busy this week. Some interesting retirement data is also set to be released soon. Online presentations offered by thought leaders from various firms in the financial, investment, banking, and research industries can provide your retirement funds insights to manage the pensions of your annuitants.Here are four webinars offering fresh insights into the latest economic market conditions and retirement research.

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TEXPERS Announces 2022 Sliver Sponsors of Summer Educational Forum

Texas Association of Public Retirement Pension Systems, a statewide nonprofit organization providing education to trustees and administrators of public employee pension funds, is pleased to announce Federated Hermes, Wolf Popper, and Napier Park as sponsors of its upcoming conference in El Paso, Texas. The firms are Silver Sponsors of TEXPERS' 2022 Summer Educational Forum Aug. 21-23 at Hotel Paso Del Norte in El Paso, Texas.

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Law Firm Wolf Popper is Presenting as a Silver Sponsor During TEXPERS Educational Forum in El Paso

Wolf Popper LLP is a Silver Sponsor of TEXPERS' 2022 Summer Educational Forum Aug.21-23 in El Paso, Texas, and is sending securities and commercial litigation attorney Joshua Ruthizer as a presenter.

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Texas Pension Review Board and Committee to Gather July 14 in Separate Meetings

The Texas Pension Review Board is holding a board meeting at 10 a.m. CST on Thursday, July 14, 2022. The Board's Investment Committee will gather later that afternoon.

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Amundi Serves as Gold Keynote Sponsor During TEXPERS' Annual Educational Forum

Amundi Asset Management is serving as a Gold Keynote Sponsor of TEXPERS' 2022 Summer Educational Forum to be held Aug. 21-23, 2022, in El Paso, Texas.

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Risk Tolerance and Investment Strategy for Public Pension Plans

Interest rates have been on a secular decline since the early-1980s after Paul Volcker pushed short-term rates to nearly 20% to beat back inflation.  Today, by comparison, the Fed Funds rate is targeted between 0.25% and 0.50%.  Unfortunately, as interest rates fell, pension discount rates have barely budged, leading to a widening “yield gap” between what plan fiduciaries expect to receive from the market and what the market can realistically provide.

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