Raudline Etienne

Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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❗️Critical Compliance for Fund and Asset Manager Marketers: How do you stay compliant while implementing digital marketing and AI to elevate your fundraising? ➡️ Join us at the Revenue Revolution Symposium at the Questrom School of Business, Boston University to explore this and other critical business development issues in the digital age. 🎤 Featured Speaker: Derek Stern, Head of Global Distribution Compliance at Manulife Investment Management and John Hancock, and a panel of legal and compliance experts will provide crucial insights on navigating compliance in our online era: 1️⃣ Compliant Growth Strategies - Explore techniques to expand your digital presence and engage investors without crossing regulatory boundaries. 2️⃣ Surviving the New SEC Marketing Rule - Understand how to optimize your marketing strategies while complying with the latest regulations. 3️⃣ Thriving under multiple regulators - Learn how to grow your business while complying across multiple jurisdictions and regulations. 📍 Event Details: Join us on May 29, in Boston or online, for this groundbreaking symposium, sponsored by the Digital Business Institute BU. 📅 Act with Urgency: The regulatory landscape is swiftly evolving—stay ahead of the curve. Register now: https://lnkd.in/eYynjitW #DigitalMarketing #Compliance #AssetManagement #QuestromMeansBusiness #DigitalRevolution

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Value investing is the heart of what we do - today and yesterday.

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CLO Equity has gained recognition as an institutional investment strategy in recent years. And with good reason. CLO Equity is relatively uncorrelated to other core asset classes and offers the potential for high cash flow and attractive total returns. The drivers of CLO Equity returns, however, are more complex than meets the eye. Conventional wisdom is that the best times to issue CLOs is when the arbitrage (“arb”), or net interest margin, is historically wide. Yet, our analysis, detailed in a recently issued white paper authored by my colleague Stephanie Walsh, suggests this sentiment might be misleading. Despite high initial equity arbitrage being a strong predictor of new CLO creation, it has actually shown a negative correlation with ultimate CLO equity performance. So what are the drivers of CLO Equity performance? To answer this question, it’s essential to look beyond just the arb. We find there are other key influences on CLO performance, such as asset prices, refinancing transactions, and manager expertise, among others. 1) CLOs issued during market downturns, such as in 2020 and 2022, exhibited significant upside, despite poor initial arbitrage, due to subsequent market rallies. 2) Moreover, the ability for CLOs to refinance liabilities after non-call periods added flexibility and, in many cases, substantially lowered debt costs, as seen in the refinancing wave of 2021. 3) Manager expertise also plays a crucial role. We’re privileged to have a 23+ year track record of managing, structuring, trading, and investing in CLOs. Through that experience, we’ve come to understand that credit expertise, loss avoidance, and trading acumen are often key components of CLO portfolio returns. As with many aspects of investing, there is more than meets the eye when assessing the CLO space in our view. We believe one cannot simply look at one or two metrics to determine whether a CLO will perform better or worse relative to history or other CLOs. The arb, and its weak correlation to ultimate CLO equity returns, is a prime example of this. Rather, there are a multitude of factors driving CLO equity returns, some market driven, and others influenced by manager performance and deal structuring. We believe it is important for investors to understand all of these factors when evaluating CLOs and CLO managers. Explore our full thoughts: https://lnkd.in/e48bEvWN

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How is #NuveenInfrastructure’s clean energy team reducing carbon emissions while generating critical clean power globally? Read the 2023 clean energy infrastructure sustainability report, which includes a detailed overview of avoided emissions across our equity and credit strategies, how we incorporate physical climate risk considerations into our investments, as well as how we aim to protect marine life during offshore wind construction.

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[NEW REPORT] We are pleased to share the findings from the third annual CAIS-Mercer Alternative Investment Survey. The report uncovers insights from over 500 financial advisors exploring key themes such as current allocations across key alternative asset classes and expected adjustments over the next few years. Download the full report to discover the latest trends in alternative investing. bit.ly/4gqpUYZ #AlternativeInvestments #investing #WealthManagement #investments

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GOATs of Investing. 🐐     Mario Gabelli and John Catsimatidis are two exceptional leaders, investors, and entrepreneurs (and native New Yorkers) who have not only delivered remarkable returns but also built enduring enterprises through thoughtful capital allocation, differentiated long-term insights, resilience, and conviction.     It was a privilege to hear fellow Bronx native Mario Gabelli, Founder & CEO of Gabelli Funds rejoin John Catsimatidis, Founder & CEO of Red Apple Group, for another engaging discussion on the #1 Sunday show, #TheCatsRoundtable on 77 WABC Radio.     Their conversation covered critical topics including the U.S. economy, market strategies, and the outlook as we head into 2025, particularly in the context of post-election dynamics.     Mario also shared insights on his position as the largest shareholder of voting stock of Paramount. He recently urged the Federal Communications Commission to pause its review of the transfer of broadcast licenses related to Paramount’s proposed merger with Skydance and RedBird Capital Partners—a development recently highlighted in New York Post and Barron's.     This insightful conversation originally aired on Sunday, November 24, on New York’s #1 rated station, 77 WABC Radio, owned and operated by Red Apple Group.     Interview Link:   https://lnkd.in/eCaxdJPR     #Investing #MarioGabelli #JohnCatsimatidis #FinanceLeadership #EconomicOutlook #Paramount #Skydance #TheCatsRoundtable #WABC #LongTermThinking #Stocks #Bonds #Markets #2025investing #RedAppleGroup #WABC770 #NYPost #Barron's #media

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In this week's equity highlights we focus on the results from our newest equity risk monitor, which details Russell 1000 through the lens of the Axioma US5.1 equity models. https://lnkd.in/e-YNQapy #russell1000 #equityriskmodels

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How can boards effectively govern and cushion their organizations from the far-reaching consequences stemming from risk and uncertainty? This short essay gives a good framework to understand the topic.

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[NEW REPORT] We are pleased to share the findings from the third annual CAIS-Mercer Alternative Investment Survey. The report uncovers insights from over 500 financial advisors exploring key themes such as current allocations across key alternative asset classes and expected adjustments over the next few years. Download the full report to discover the latest trends in alternative investing. bit.ly/41zyU9A #AlternativeInvestments #investing #WealthManagement #investments

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Check out this new piece in ImpactAlpha from Bryant Sewell and Whitney Shepard, Majority Action's new co-Executive Directors! Reviewing how many breakthroughs responsible investors made during 2017-2020, they distill key lessons learned for fighting forward even (or especially!) during challenging times.

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The 2024 Long-term strategic asset allocation report is now available. Let long-term strategic asset allocation help guide investment decisions.

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Can algorithms really outperform advisors in determining the best place to put client assets? In the recent March/April 2024 issue of Investments & Wealth Monitor, authors Asher Cheses and Michael Rose, MST — two wealth management experts at Cerulli Associates — explore the innovative ideas behind the unified managed household (UMH) concept, or “householding.” This idea builds off the unified managed account (UMA) approach to fee-based financial advice and planning but is much different. The UMA is a technology driven approach that enables superior tax management, better customization of portfolios — and ultimately — improved financial outcomes for clients. In fact, the authors assert that “Advisors that can implement a household-level view have a better chance of standing out among peers and retaining client assets.” After reading the article below, what are your thoughts? Can algorithms really outperform advisors in determining the best place to put client assets? Investments & Wealth Monitor is a bimonthly, award-winning, peer-reviewed magazine, written by award-winning authors from academic institutions and leading financial firms. Scott Smith Michael Manning #WealthManagement #FinancialPlanning #InvestmentStrategy #PortfolioManagement #InvestmentsandWealthInstitute #WealthManagementTrends #CerulliAssociates

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With the 2024 US presidential election on the horizon, the stakes are high for the tech sector and innovation-driven industries. Franklin Equity Group discusses how different election outcomes could shape America's tech leadership and innovation landscape. https://lnkd.in/gBPWe2qH.

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New! Canoe Fundamental Global Equity Portfolio Class. https://lnkd.in/dbW6FdNg Going global: Robert Taylor takes his disciplined, value-driven approach worldwide.

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[NEW REPORT] We are pleased to share the findings from the third annual CAIS-Mercer Alternative Investment Survey. The report uncovers insights from over 500 financial advisors exploring key themes such as current allocations across key alternative asset classes and expected adjustments over the next few years. Download the full report to discover the latest trends in alternative investing. bit.ly/3ZPPDma #AlternativeInvestments #investing #WealthManagement #investments

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I'm pleased to share the 2023 Stewardship Report of UBS Asset Management that has just been published. Here, we articulate the journey of effective stewardship as craftsmanship. Why craftsmanship? And why art is built on science? The rationale is simple. It traces back to the three methods in the art of persuasion, an effective way of driving change - logos, ethos, and pathos. Logos appeal to rational decision making, where science is the foundation. Ethos creates trust by being authentic to oneself in making the most relevant and material recommendations to businesses as partners. Pathos, connects with emotions, encouraging targeted impact outcomes. I hope you enjoy reading the report, and look forward to getting your feedback.

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