Insurance Investor: Getting to grips with fixed income factor investing
Emerging Market Equities: Participate in the opportunities with reduced risk
Emerging markets are considered high risk for a reason: During the past two years alone, we have witnessed the Corona outbreak in China in 2020, the global semiconductor crisis, production failures in Asia and supply chain problems and now the Russian invasion of Ukraine and a war in Eastern Europe.
Outlook April 22: What's next for US interest rates?
In the mix of accelerating inflation, slumping growth, aggressive Fed rate hikes and geopolitical turmoil with far-reaching implications for the global financial system, the question is, what’s next for US interest rates.
A day with...Verena Jörges, People & Development
In the interview, Verena takes us into her varied everyday life in the People & Development team, tells us about a very special moment at Quoniam and shares her hiking tips.
Equity investments in illiquid markets: Managing the trade-off between returns and costs
European small caps and emerging markets stocks can offer attractive returns and alpha opportunities. However due to limited investor attention, these stocks lack liquidity and have higher transaction costs. As part of our Quoniam Doctoral Programme, Kay Stankov researched how incorporating liquidity forecasts into a quantitative investment process can improve returns after transaction costs in these markets.
A day with...Dr Theofanis Archontakis, Portfolio Management
Dr Theofanis Archontakis provides insights into his work as a multi-asset portfolio manager and talks about the exciting topic of alternative data sources, which particularly engages him at the moment.
Artificial intelligence at Quoniam
Have you been wondering how artificial intelligence can add value in portfolio management? The simplified answer is that it can reveal relationships that are not immediately obvious and provide clues to the most relevant data sets and variables.
Interview: International Women’s Day 2022
At Quoniam, diversity and inclusion are an integral part of our corporate culture. In an interview, we asked our CEO Nigel Cresswell and our CFO and CCO Silke Weiser-Walther what the International Women’s Day on 8 March means to them personally and what Quoniam is doing to promote equal opportunities.
War in Ukraine: Position of Quoniam and implications for investments
At Quoniam, we stand in solidarity with the people of Ukraine and would like to express our deepest sympathy to all victims of this conflict. From an asset manager’s perspective, we expect that it will permanently change the international security architecture, energy policy, and create significant volatility. The situation is dynamic and fast moving.
Diversifying credit portfolios with factor investing
How can investors profit from investing in fixed income factor strategies? How does multi-factor credit differ in its characteristics from the fundamentally managed credit funds? Quoniam’s empirical study demonstrates that investors can diversify their overall credit exposure by adding a multi-factor strategy to their fundamentally managed credit allocation.
Is the Fed about to make a mistake?
The Fed has announced an aggressive monetary policy response to current inflation rates with several rate hikes this year. While this has led to rising interest rates, the bond market has also reacted with a dramatic flattening of the curve. The market is critical of the impact of these measures on future economic growth. Is the Fed about to make a mistake?
A day with...Rocío Muñiz, Portfolio Management
Rocío talks about her day-to-day life in portfolio management, looks back on 20 years at Quoniam and shares her extensive list of book recommendations.
Expert discussion on the use of Big Data: "We want to keep the information edge on unstructured data"
In conversation with Markus Ebner, Head of Multi-Asset at Quoniam Asset Management.
Making investment decisions with alternative data
How can asset managers gain an information advantage in today’s world? One way is to use unstructured data. They provide valuable signals and can thus offer an important investment advantage.
How our multi-factor approach provides diversifying benefits for institutional investors
With multi-factor investing, we offer institutional investors a diversifying investment style. In doing so, we rely on a broad, balanced mix of factors. This way, we ensure that your portfolio is not overly concentrated on a single company or factor.
A day with...Hanna Kurz, Client Relations
In this interview, Hanna talks about her everyday life as an advisor to institutional investors and explains what makes Quoniam special as an employer.
Bond markets 2021: Carry was the measure of all things
Inflation and the central banks were the main drivers of bond market dynamics last year. While there was little for investors to gain on the interest rate side, corporate bond investors were rewarded for risks.
Stock markets in 2021: Record high inflows and the return of value and quality
There was no talk of a return to normality in 2021 either. But the majority of investors ignored the negative factors and drove the stock markets in the developed countries to new highs. At the same time, the first important trend changes were observed, which are likely to continue in 2022.
The Quoniam University Award – The 2021 winning article: Quality as the cornerstone of the portfolio
Crisis-proof investment strategies are once again in high demand in uncertain times. Investors are looking for attractive returns with low risk.
Central bank policy and market expectations in the US 2022
The US Federal Reserve has made clear announcements about monetary policy in 2022. What does the market expect from the Fed and what impact do the capital markets think this policy will have? An analysis of the market at the end of 2021.
Quoniam Outlook 2022: Selective approach is the key to investment success
Excessive liquidity, asset prices at all-time highs and inflation rates of more than five percent: even though the challenges for investors in 2022 are great, returns can still be achieved on the international capital markets with a skilful asset allocation.
Quoniam supports GIZ project on promoting female entrepreneurs in South Africa
The “Promoting Women Export Entrepreneurs” programme seeks to build an ecosystem of women entrepreneurs and supporting them in their access to export markets.
A day with…Desislava Vladimirova, Research Forecasts
In this interview, Desislava Vladimirova gives us an insight into her path from working student to permanent doctoral candidate at Quoniam and tells us what makes working in research so exciting.
Distinguishing Factor Strategies in Corporate Bonds and Equities
Factor investing is becoming increasingly popular in the corporate bond market. Academic and practitioner evidence demonstrates that well-known equity factors can be redefined to capture excess returns in global corporate bond portfolios.
Together for responsible asset management
This is how the SRI team works for the success of your sustainable investments.
Quoniam joins the Net Zero Asset Managers Initiative
By joining the Net Zero Asset Managers Initiative, we commit that our portfolios will be carbon neutral by 2050 or earlier.
CEO interview: "My aim is to create multidimensional value for our clients"
Our CEO Nigel Cresswell introduces himself and sets out his plans for Quoniam.
Cloud, Python & Co.: next-level research at Quoniam
Setting up efficient research in the cloud, migrating tens of thousands of lines of code to Python – and doing it all largely from home? Our research team has made it possible. An interview with Dr Volker Flögel, Head of Research, and Andre Fröhlich, Head of Research Technology.
Promoting diversity as a key strategic priority
Diversity unites and is crucial for creative and successful collaboration.
Why have US interest rates been falling since April 2021? A fact check.
Contrary to the expectations of many market participants, US interest rates fell markedly since the end of Q1/2021 despite macro data in the US pointing in the opposite direction. Market participants discussed several reasons for this move on which we shed a light in this article.
What Opportunities does the Low-Risk-Anomaly offer?
Less risky stocks often achieve higher risk-adjusted returns – a phenomenon called the low-risk anomaly. But is this theory still valid today and what role does it play in the current market environment?
Can news sentiment forecast macroeconomic data?
In recent years, researchers have explored sentiment from various media and its usefulness in predicting financial markets. However, macroeconomic forecasting has not yet been a focus. We show how forecasts of industrial production and consumer prices can be improved by applying a new method to incorporate emotions from newspaper articles.
Will tapering lead to rising interest rates?
As the economy recovers, voices are getting louder to withdraw monetary policy support. Does this pose a threat of further interest rate hikes? The past years show that US interest rates have risen in phases of bond purchases, but fell when purchasing programmes or the Fed balance sheet were reduced. There is therefore no indication that a reduction in bond purchases must be negative for bond prices.
How speculative bubbles and asset price inflation drive equity markets
Just over a year has passed since the outbreak of the COVID-19 pandemic. While Europe is still in lockdown in many places, the global stock markets have long since reached new highs. Governments and central banks continue to print money on a grand scale, asset prices are rising to record levels and the danger of inflation is increasing. How are equities doing in this environment?
Introducing Quoniam Global Equity SDG
Our new investment strategy offers institutional investors participation in the global equity markets with a focus on companies that make an above-average contribution to achieving at least one of the 17 UN Sustainable Development Goals (SDGs).
Attractive returns with US Corporate bonds
For 2021, with interest rates at record lows and tightened spreads, investors are wondering where to turn in order to generate returns in the liquid fixed income universe. We will show that US credit investments offer attractive returns even after currency hedging. Due to a steep US yield curve, the expected return is higher than the current yield.
Quantifying sustainability – making sense of ESG data
The variety and quantity of ESG data are increasing rapidly. In this ‘insights’, our ESG experts answer eight important questions on how ESG data has evolved, what challenges institutional investors face and how a quantitative investment approach can give them transparent solutions.
Facing the Challenges of Fixed Income Factor Investing
Several challenges make fully systematic fixed income investing different than equity. Below we share what the common challenges* are and how we address them at Quoniam.
Generating alpha with innovative ideas
Successful patents create a competitive advantage and added value for enterprises. The challenge in portfolio management is to determine the value of such innovations, and to apply this to single-issue share selection. Strategies that buy companies with high patent values and sell those with low patent values generate annual excess returns above 4%.
Unstructured Data: Effects of Covid-19
The use of unstructured data has become increasingly popular over recent years as “traditional” data such as financial ratios or announcements reflects financial markets events, particularly crises, with a time lag. This year’s COVID-19 outbreak is an example that illustrates how sentiment measures derived from newspaper narrative capture these dynamics and generate positive returns.
Finding Quality in Value Stocks
Comparing the relative performance of Value and Growth stocks, we can see that the gap has widened considerably in recent years – and particularly in the recent past. In phases of recovery or when valuation bubbles burst, Value stocks generate strong outperformance, while cyclical stocks are at risk amid the ongoing slowdown of the real economy.
Growth Vs Value: What Are The Risks?
Across Europe, measures implemented to contain the COVID-19 pandemic are being gradually lifted. Infection rates are decreasing. At the same time, the capital markets are recovering. Thus, we are currently at the crossroads between crisis and recovery. Which is the smarter strategy in such an environment: Growth or Value?
Short Selling as an ex ante alpha signal
In order to further develop our alpha forecast model we analyse factors that are both expected to show an outperformance and are not correlated to the information previously used. With the information of the short-selling market we have found such a factor and included it in our forecast model.
Credit Factor Strategies offer an uncorrelated investment style
There is increasing academic and practitioner evidence that well-known equity factors can be used to capture excess returns in global corporate bond portfolios. In this paper we discuss the implications for an asset owner using multiple managers with different alpha sources and styles. We analyse the exposure to the Value, Quality and Momentum factors for three leading fundamentally-managed investment grade credit funds in comparison to the Multi-Factor portfolio of Quoniam.
This site is registered on wpml.org
as a development site.