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Board Appointment Practices - an International Overview
(Discussion note;11/2012, Others, 2012)Shareholders receive return on their invested equity only after the company has ensured the fulfilment of obligations to all other parties. Shareholders are therefore rightly given prerogatives to influence the company, ... -
High Frequency Trading – an Asset Manager's Perspective
(Discussion note;1/2013, Others, 2013)In this note we review the rapidly expanding literature in the area of market microstructure, high frequency and computer-based trading. On the back of this and based on our own investment and trading experiences, we ... -
Infrastructure Investments
(Discussion note;2/2013, Others, 2013)In this note we look closer at infrastructure investments. Our objective is to provide an overview of the opportunity set, key risks and return drivers. -
Momentum in Futures Market
(Discussion note;1/2014, Others, 2014)In this note, we survey the academic literature and provide empirical evidence related to time-series momentum strategies in the futures markets. We find that this phenomenon is remarkably consistent across 47 diverse ... -
Free Float Adjustments in Global Equity Portfolios
(Discussion note;5/2014, Others, 2014)Free float represents the portion of a company’s shares that is publicly traded as opposed to locked-in shares held by strategic investors. In this note, we compare the rationale and various implications of using full ... -
Currency Carry Trade
(Discussion note;3/2014, Others, 2014)The carry trade in currency markets means that an investor buys a high-yielding currency and finances this by borrowing money in a currency with a low interest rate. The empirical literature on the carry trade indicates ... -
Syndicated Loans
(Discussion note;4/2014, Others, 2014)Investments in private debt may provide attractive investment opportunities for a large investor able and willing to commit funds to illiquid instruments. In this note we look closer at one particular type of private debt ... -
Benchmark Design for an Active Investment Process
(Discussion note;6/2014, Others, 2014)Most equity funds are benchmarked to market capitalisation weighted indices. A large investor may wish to design nonmarket capitalisation weighted benchmarks to maximise the benefit to the investor of the stock picking ... -
Global Equity Indices – a Comparative Study Between FTSE and MSCI
(Discussion note;2/2014, Others, 2014)In this note we present a review of construction practices and performance of global equity benchmarks from the perspective of a large long-term global asset owner. Our objective is to gain a better understanding of the ... -
Global Trends and Their Impact on Real Estate
(Discussion note;2/2015, Others, 2015)We review the global trends that are likely to have a significant impact on real estate markets over the coming decades. These are: globalisation, technological progress, sustainability, demographic changes and urbanisation. ... -
Renewable Energy Investments
(Discussion note;4/2015, Others, 2015)The market for renewable energy investments has grown markedly over the last ten years, and is a market in constant change. In this note we look closer at infrastructure investments in renewable energy. Our objective is ... -
The Diversification Potential of Real Estate
(Discussion note;1/2015, Others, 2015)We review the return characteristics and return drivers of private real estate investments and assess these in the perspective of a multi-asset portfolio. Our conclusions are based on our interpretation and weighting of ... -
Infrastructure Investments in Less Mature Markets
(Discussion note;5/2015, Others, 2015)Rapid growth in emerging markets and developing economies (EMDEs) has fuelled demand for infrastruc-ture to support economic and social development. In this note we look closer at infrastructure investments in these less ... -
The Quality Factor
(Discussion Note;3/2015, Others, 2015)Quality-based investment strategies aim to capture the documented excess returns of high-quality stocks over low-quality stocks. In this note, we review the empirical evidence on the quality premium and discuss some of the ... -
Global Growth and Equity Returns
(Discussion note;3/2016, Others, 2016)Global economic growth and long-term growth forecasts are trending lower. Slower labour force growth, public debt overhang and declining productivity growth have been put forward as possible explanations. In this note, we ... -
The Equity Risk Premium
(Discussion note;1/2016, Others, 2016)In this note, we review the extensive theoretical and empirical evidence on one of the most important variables in financial economics – the equity risk premium (ERP). -
Risk and Return of Different Asset Allocations
(Discussion Note;2/2016, Others, 2016)In this note, we evaluate the risk and return characteristics of equities and government bonds, and discuss how the risk and return profile of a portfolio of these asset classes varies with the size of the equity allocation ... -
Asset Allocation with Government Revenues and Spending Commitments
(Discussion Note;4/2016, Others, 2016)In this note, we explore the implications of expanding the discussion about the equity share in the Norwegian Government Pension Fund Global to include revenues and spending commitments, using a stylised simulation framework. -
International Diversification for Long-Term Investors
(Discussion note;1/2017, Others, 2017)In this note, we explore the benefits of international diversification from the perspective of a long-term, multi-asset investor. -
The Liquidity of a Diversified Portfolio
(Discussion note;3/2017, Others, 2017)In this note, we assess the trading liquidity of a globally diversified equity and fixed-income portfolio.