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Active ETFs (aiming to outperform their benchmark) have been gaining popularity since the beginning of the decade. Active semi-transparent, transparent ETFs, how to navigate through them? Where will the growth come from in the coming years in Europe? After a particularly successful year in 2022, what is the position of active ETFs in portfolios worldwide in 2023? What trend do European portfolios follow? Flows towards traditional active management have been declining for several years. Does this mean that investors have deliberately chosen to prioritize passive investments? The proliferation of new types of ETFs (active, smart beta, factor-based, thematic…) that involve active decision-making within the index has blurred the line between active and passive investments. What is the true place of active strategies in investors’ portfolios?
Click here to read the full article. |
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ETFs encapsulating active allocation decisions (active in function) were build to capture a major yet invisible transformation in equity markets.
Since 2016, the global equity market’s exposure to several themes, or megatrends, has grown markedly. MSCI previous work demonstrated how such exposures can help drive stock performance in a rapidly changing world. Using the same framework, we see that global stocks, represented by the MSCI ACWI Investable Market Index (IMI), have substantially larger exposures to several themes today compared to late 2016. ETFs containing active allocation decisions helped investors better targeting these thematics by deviating from broader indices. In this article, “The World After COVID-19: Exploring the Market’s Digital Makeover” from Anil Rao & Kumar Neeraj, Executive Directors, MSCI Research discover how the exposure of global equities to companies involved in the digital economy changed following covid 19 pandemic and what does this mean for an equity investor.
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2022 was a difficult year, with geopolitical uncertainty, surging inflation and rising interest rates curbing new issuance of green bonds. After incredibly strong growth in previous years, with the market growing from approximately US$37 billion in 2014 to nearly US$582 billion in 2021, 2022 saw a 16% year-over-year (y/y) drop in issuance. The Bloomberg MSCI Euro Green Bond Index also recorded a total return of -21.4% in 2022, while the Bloomberg Euro Aggregate Index lost 17.2% over the period. This underperformance can be explained by the long-duration nature of this asset class.
Nonetheless, sustainable bonds still comprised around 5% of total debt volumes that year, implying that the slowdown witnessed was not idiosyncratic but rather part of a wider headwind affecting global fixed income.
Thankfully, some recovery is also already underway, with both indices in positive territory for the first quarter of this year.
In this article from Franklin Templeton Fixed Income, you will get a deep dive in Green Bonds
issuer base evolution and see how investors could benefit from an actively managed strategy combining the benefits of diversification, coupled with strong security selection:
Unveiling the Green Investment Landscape.
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How do portfolio managers use active fixed income ETFs in their allocations? How does the selection process work? In this webinar Caroline Baron, Head of ETF Distribution EMEA at Franklin Templeton, leads a panel discussion with Demir Bektić, Head of Portfolio Management at FINVIA Capital GmbH, Andrea Daffara, Senior Fund Selector at Banca Patrimoni, Mariano Gambaro, Head Of Advisory (HNWI) at Banca Finnat and Alessandro Greppi, PhD, Portfolio Manager at Zurich Investments Life.
Discover their practical testimonials including their best practices when using active fixed income ETFs.
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BSD Investing & L’Allocataire model portfolio update
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Combining active & passive funds to build optimal portfolios
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Click here to discover the performances of our dynamic portfolio allocation. Our mixed approach between active and passive management on this profile has generated an outperformance of 13% compared to the MSCI ACWI index (world equities) over 1 year (until 30/06/2023), and is up 16% year to date (against 11.5% for world equities). It is a factual proof that the combination of active and passive strategies is an under-exploited performance driver.
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LATEST NEWS
Smart Beta Focus – H1 2023
Half-year update for institutional investors
How did factor strategies perform in 2023? Are the valuations of these factors still attractive? Are Smart Beta strategies still an important pillar of investors’ portfolios in 2023? Which strategies are experiencing the most significant inflows? What is the role of smart beta strategies in investors’ portfolios?
Click here to read the full article.
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LATEST NEWS
The ESG Break – Q2 2023
ESG funds quarterly update for institutional investors
Following 2022 underperformance, to see if we can still speak about an ESG risk factor with a related premium and whether there is a rationale behind ESG investing craze persistence in the future, we upgraded our analysis from the previous ESG newsletter. Can we continue talking about an ESG factor? How ESG indices performed in 2023 year to date and why? What have been the impact on fund flows? Did the greening of portfolios continue in 2023? We answer all those questions in this article and take an in-depth look at ESG (sustainable) market structure both for equity and fixed income assets with a split between index and non-index funds.
Click here to read the full article.
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LATEST NEWS
Thematic Investing : Separating the wheat from the chaff with BSD Investing new leaderboards
Thematic funds have attracted investors’ interests due to their unique ability to tap into human’s innate need for stories. Is this interest still strong at the beginning of 2023? How to select the right thematic? How to rank thematic funds without the limitation of current lack of nomenclature standardisation? Discover, exclusively in this newsletter, BSD Investing latest thematic leaderboards that rank both active and passive thematic funds with a special focus on Global thematic funds.
All our answers by clicking here.
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Disclaimer
This website and all of its contents (analysis and research) is published by, and remains the copyright
of, BSD Finances or its licensors. The information contained within is for educational and informational
purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell
funds nor should it be viewed as a communication intended to persuade or incite you to buy or sell
funds. Any commentary provided is the opinion of the author and should not be considered a personalised
recommendation. The information contained within should not be a person’s sole basis for making an
investment decision. Please contact your financial professional before making an investment decision.
Should you undertake any such activity based on information contained on this website, you do so
entirely at your own risk and BSD Finances shall have no liability whatsoever for any loss, damage,
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Care is taken to ensure that the information provided by BSD Finances is correct but it neither
warrants, represents nor guarantees the contents of the information, nor does it accept any
responsibility for errors, inaccuracies, omissions or any inconsistencies herein.
BSD Finances is a limited liability company registered in France with registered number 852 716 547
00017. Our registered office is at 8 rue de Moscou 75008 Paris. BSD Investing is part of BSD Finances.
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