Publications

November 2017
Sector in Brief: Agriculture and Timberland

Sector in Brief: Agriculture and Timberland
Agriculture and Timberland have received strong attention from institutional investors in 2017, as have other “niche” real assets. While Timberland is a relatively well established sector, the past three years have seen a distinctive new group of non-timber agriculture funds coming onto the scene. This research note tackles structures, fees, opportunity types and risks.

November 2017
Manager Intelligence and Market Trends: bfinance Quarterly Report

Manager Intelligence and Market Trends: bfinance Quarterly Report
Our quarterly snapshot of the key developments within equity, fixed income and alternative investments, including analysis of which asset manager groups performed well and which didn't. Q3 continued a strong year for active equity funds, while high yield credit managers struggled to beat their benchmarks. With private market fundraising experiencing a decline, emerging market investment remains the key theme in new fixed income and equity mandates from institutional investors.

October 2017
New Equity Perspectives

New Equity Perspectives
The latest bfinance data reveals major changes in institutional investors’ equity mandates through 2017. This collection of articles explores the most significant shifts and addresses key debates within emerging market equities, ESG integration and active/passive management.

October 2017
Sector in Brief: Trade Finance

Sector in Brief: Trade Finance
2012-15 saw papers touting trade finance as a hot new asset class. Yet interested investors encountered a lack of data, a limited group of managers and a high degree of opacity regarding the performance of their underlying book. Yet the sector has evolved substantially: there are now more than 20 viable managers for institutional investors to consider, nearly half of which have set up funds in this space since 2010. This paper provides an overview of the trade finance asset class and highlights key issues for investors.

Septembre 2017
Décryptage d’une sélection de gérants : Infrastructure

Décryptage d’une sélection de gérants : Infrastructure
Comme les rendements offerts se sont compressés, les gérants combinent de plus en plus les approches au sein du spectre rendement/risque – avec une tendance marquée à prendre à la fois plus de risque et des risques de nature différente – dans le but de cibler une performance en ligne avec celles des années récentes. Cet article, le dernier en date de la série « Décryptage d’une sélection de gérants », partage les enseignements pratiques issus de trois missions récentes en infrastructure non cotée.

August 2017
How Have Alternative Risk Premia Strategies Performed?

How Have Alternative Risk Premia Strategies Performed?
Despite the attractions of the rapidly growing Alternative Risk Premia sector, a lack of straightforward performance data has proven to be an obstacle as investors have grappled with potentially over-fitted back-tests or carve-outs. Yet we now see a critical mass of providers whose live track records are reaching or have passed the three-year mark. We ask: what insights does this new data provide and what are the sources of the large performance dispersion among managers?

Managing Currency Risk

June 2017
Managing Currency Risk in a Two-Speed World

Managing Currency Risk in a Two-Speed World
As interest rates in the US and Europe/Japan diverge, today's climate provokes a rethink of historic decisions around currency hedging and currency management. More tactical approaches, including active currency overlays, are experiencing a revival in popularity. Meanwhile, FX management costs face closer scrutiny, with Transaction Cost Analysis coming to the fore. A 'DNA of a Manager Search' reveals current strategies and pricing.

UCITS - Hedge Fund

June 2017
Sector in Brief: Sub-Advisor UCITS Fund of Hedge Funds

Sector in Brief: Sub-Advisor UCITS Fund of Hedge Funds
The ‘sub-advisor fund of hedge fund’ (or ‘fund of sub-advisor’) model is the latest innovation to disrupt the traditional multi-manager fund of hedge fund structure. Last year saw major industry names launching the first commercially available products of this type; 2017 has brought the first allocations by bfinance clients.

Juin 2017
Dette privée: qu’est-ce qui a changé?

Dette privée: qu’est-ce qui a changé?
Avec un appétit institutionnel mondial pour la dette privée restant toujours fort en 2017, le volume d’argent frais à la recherche de prêts directs aux entreprises n’a jamais été si élevée. Toutefois, cette grande simplicité cache une multitude de changements et de défis que les investisseurs doivent considérer avec soin en abordant cette catégorie d’actifs.

May 2017
Manager Intelligence and Market Trends: bfinance Quarterly Report

Manager Intelligence and Market Trends: bfinance Quarterly Report
Our quarterly snapshot of the key developments within equity, fixed income and alternative investments, including analysis of which asset manager groups performed well and which didn't. Q1 2017 saw the most risk-seeking quarter since 2014, as the post-Trump optimism continued, and better performance from active managers. This report also includes analysis of bfinance engagements for the year to March 2017, providing insight into investors' asset allocation priorities.

February 2017
Manager Intelligence and Market Trends: bfinance Quarterly Report

Manager Intelligence and Market Trends: bfinance Quarterly Report
Our quarterly snapshot of the key developments within equity, fixed income and alternative investments, including analysis of which asset manager groups performed well and which didn't. Q4 2016 featured remarkable rotations in multiple markets, characterised by a significantly more bullish sentiment than earlier months, with the bfinance Risk Aversion Index falling to a two-year low. This report also includes analysis of bfinance engagements for 2016, providing insight into investors' asset allocation priorities.

Décembre 2016
ESG sous examen: Leçons de sélections de gestionnaires

ESG sous examen: Leçons de sélections de gestionnaires
Les considérations environnementales, sociales et de gouvernance continuent à prendre de l’importance dans le milieu de l’investissement, et ce dans toutes les classes d’actifs. Toutefois, les priorités et principes liés aux critères ESG variant très fortement d’un investisseur à l’autre, l’alignement entre gestionnaire de fonds et allocataire d’actifs n’est pas évident. Article en anglais avec une introduction en français.

November 2016
L'univers changeant du beta alternatif

L'univers changeant du beta alternatif
When it comes to defining and implementing an alternative beta allocation, a great deal can fall through the cracks between theory and practice. The sector is extremely heterogeneous and evolving quickly: in 2016 alone, the universe of providers has increased by more than 30%. In this paper, we reveal detailed insights from recent in-house analysis, ranging from fee levels and structures to the potential benefits of combining multiple managers.

Août 2015
Alternative Beta

Le beta alternatif
Dans cet article (en anglais), Chris Stevens de bfinance examine le «beta alternatif», une nouvelle extension de l’investissement beta dans le domaine de la finance alternative. De sa définition et sa mise en œuvre aux raisons d’investir dans le beta alternatif, il explore également les problèmatiques à prendre en considération.

Février 2015
Commissions de gestion – en avoir pour son argent

Commissions de gestion – en avoir pour son argent
La dernière étude de bfinance (en anglais) sur les commissions de gestion prélevées par les gérants d’actifs révèle qu’un alpha durable ne signifie pas nécessairement des frais de gestion plus élevés pour les investisseurs. Au contraire, les gestionnaires qui surperforment de manière consistante ont tendance à pratiquer une politique tarifaire légèrement inférieure à la moyenne, donnant aux investisseurs institutionnels les plus pointus une marge de manœuvre non négligeable pour obtenir un très bon rapport qualité-prix à travers une négociation bien menée.

Novembre 2014
Construire des portefeuilles plus robustes

Construire des portefeuilles plus robustes
Dans cet article (en anglais), Chris Jones, responsable du conseil en investissement chez bfinance, et Toby Goodworth, en charge du Risk Management, développent une approche menant à un portefeuille plus résilient en temps de conjoncture difficile.