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Captive - Know Thyself Sage Advisory Services: (Submitted: Monday, May 07, 2012) Sage Advisory Services discuss the aspects that need to be considered when shaping and managing a captive’s investment portfolio.
Sublime to Rediculous GR-NEAM: (Submitted: Friday, May 04, 2012) The deterioration in the true credit quality of government obligations is one contributor to the secular increase in risk in financial markets, without commensurate compensation in return.
US Insurance Company Strategies in an Economic Downturn Society of Actuaries, Committe on Financial Research, Max Rudolph: (Submitted: Tuesday, April 24, 2012) US insurers investment practices are examined prior, during and after the initial months of 2008 financial crisis. The report looks for what insurance companies can learn from past mistakes to make better decisions in the future.
Navigating Bank Loan Implementation Wells Capital Management: (Submitted: Sunday, April 15, 2012) This article discusses important factors to evaluate when implementing a bank loan strategy, including par or distressed documentation, assignment versus participation, infrastructure considerations, a high quality emphasis, and the benefits of using a specialized credit team
Distressed Opportunities in Europe Through Hedge Fund of Funds PineBridge Investments: (Submitted: Saturday, April 14, 2012) The confluence of the European sovereign debt crisis and the EBA’s stress test results may usher in a new era of distressed investing targeting Europe. This distressed investing will be different from the classic version, which is typically triggered by corporations filing for bankruptcy, as witnessed during 2008/2009.
High Income Opportunities in a Slow Growth Economy Advantus Capital Management: (Submitted: Monday, April 09, 2012) The combination of a slow growth economy and low interest rates presents a challenge for investors seeking risk-adjusted returns. Higher yielding REIT investments have historically delivered total returns above the S&P 500, while simultaneously generating more current income than the broader equity market.
Sustainable Investing Across Emerging Markets Wells Capital Management: (Submitted: Monday, April 09, 2012) Once considered an investment strategy that catered to a few socially concerned investors, sustainable investing is now an important discipline for mainstream investors. Sustainable investing is the concept that environmental, social, and governance (ESG) factors impact long-term financial performance.
2011 Insurer Asset Management Survey Towers Watson: (Submitted: Sunday, March 25, 2012) Towers Watson's 2011 Insurer Asset Management Survey examines current investment management practices, including the outsourcing of investment services, as well as potential changes in investment strategy over the next year.
IASB's Proposal for Fair Value Accounting for Insurance Contracts Deutsche Insurance Asset Management: (Submitted: Saturday, March 17, 2012) At its simplest, the proposal would move accounting for insurance liabilities from book value to fair value...Implications for investment strategy would be substantial and varied...
Convertible Securities: Attractive Asset Class for an Uncertain Environment Conning: (Submitted: Thursday, March 01, 2012) Convertible securities offer investors the ability to participate in upward stock market movements while having a cushion if the stock market declines. This ability comes at a price...
Generating Income in a Low Yield Environment J.P. Morgan Asset Management: (Submitted: Tuesday, February 28, 2012) In this "low for long" rate environment, generating high and stable income remains a challenge for insurers who need to maintain portfolio yields. However, certain market dynamics are creating opportunities to pick up compelling yields across a range of asset classes, each with varying levels of risk-based capital intensity.
Financial Repression Marches On...And Over Insurer Financials - Part 1 Strategic Asset Alliance: (Submitted: Friday, February 24, 2012) Alton Cogurt adds insights on the largest challenge facing insurers over the last 30 years.
Bubble, Bubble, Toil and Trouble Federated Investors: (Submitted: Friday, February 24, 2012) White paper analysis that examines historic market bubbles and their impact on the global economy.
2012 Economic Outlook Federated Investors: (Submitted: Friday, February 24, 2012) White paper analysis that focuses on the upcoming year and the various events that can potentially transpire.
Twelve in 2012: What Politics Can Mean for Markets in the Year Ahead JPMorgan Asset Management: (Submitted: Friday, February 24, 2012) The coming 12 months will see more than a dozen key elections around the world, in countries representing nearly 50% of global GDP. Politics matters not just for respective countries’ markets but in some cases, for global financial trends.
New Regulations and Volatile Market Provide Opportunities in Electric Utilities AAM: (Submitted: Friday, February 24, 2012) There are two items which we expect to drive the performance of bonds issued by electric utilities in the next 12 to 18 months.
REITs Navigate the Perfect Storm Conning: (Submitted: Tuesday, February 07, 2012) Recent weakness resulting from Europe's financial crisis provides an attractive entry point.
American Housing: Falling Prices, But Rising Value GR-NEAM: (Submitted: Monday, February 06, 2012) Clearing the housing market would address the imbalance between rental and purchase values, but requires capital entry. Government policymakers' attention may encourage capital movement, and the bottoming of house prices.
2012 Investment Outlook - Managing Uncertainty PineBridge Investments: (Submitted: Wednesday, January 25, 2012) Our 2012 Investment Outlook explores this year's expected volatility and outlines how to prepare through scenario-based asset allocation.
The Maturing of the Emerging Markets Federated Investors: (Submitted: Tuesday, January 24, 2012) White paper analysis of the reasons for, and investment opportunities created by, the rise of emerging market economies.
US Large Cap Equity: Alpha Beyond the Correlation Divide (January 2011) PineBridge Investments: (Submitted: Friday, January 13, 2012) As market visibility improves and equity correlations decline, the best approach for US large cap equity investors will be to pursue a strategy with significant stock-specific active risk to reap benefits from significant valuation anomalies that arise after periods of strong correlations.
Global Asset Allocation Notes (January 2012) PineBridge Investments: (Submitted: Friday, January 13, 2012) A recap of our asset allocation views on the market as a whole.
Currency Management in a Volatile World State Street Global Advisors: (Submitted: Tuesday, January 10, 2012) Institutional investors and asset managers today are vitally interested in the management of currency risk. Fortunately, innovative currency managers are delivering a broad menu of strategies, research, technologies and tools.
The Value in US Government Agency Mortgage-Backed Securities (MBS) PineBridge Investments: (Submitted: Thursday, January 05, 2012) Our Securitized Products team explores the benefits of Agency MBS investments.
Seeking to Enhance Portfolio Returns with a High-Dividend Equity Strategy Federated Investors: (Submitted: Thursday, December 22, 2011) White paper analysis of how an allocation to high-yielding stocks can potentially boost performance and actually lower risk in certain portfolios. It also discusses factors to consider in determining an allocation to high-yielding stocks.
Extra Credit: An Insider’s Look at the New Money Market Landscape Federated Investors: (Submitted: Thursday, December 22, 2011) White paper analysis of the impact of the financial crisis on money market issuers and their overall credit quality, from the perspective of Federated's money market fund management.
The European Debt Crisis and Money Market Funds Federated Investors: (Submitted: Thursday, December 22, 2011) White paper analysis of the European sovereign debt crisis and its impact on U.S. money market funds.
An Investor’s Guide to Understanding Federated’s Money Fund Management Federated Investors: (Submitted: Thursday, December 22, 2011) Overview of Federated's approach to managing money market funds, including process, philosophy and intensive credit analysis.
Universal Refinance Wave vs. Gradual HARP Changes AAM: (Submitted: Thursday, December 15, 2011) Will there be a universal mortgage rate, a refinance wave or gradual changes to existing mortgage programs? In this article, we will review the prepayment mechanics of the agency mortgage market that is insured by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Association).
AAM Corporate Credit View – December 2011 AAM: (Submitted: Thursday, December 15, 2011) It did not take investors long to turn cynical, selling risk assets once again in November. Corporate bonds underperformed Treasuries, widening 41 basis points...
Multi-Asset Class Opportunities in Latin America PineBridge Investments: (Submitted: Thursday, December 15, 2011) We recently gathered some of our senior investment professionals from across asset classes to share their perspectives and exchange ideas on current and emerging opportunities across Latin American markets.
Return of the Phillips Curve Guggenheim Partners: (Submitted: Thursday, December 15, 2011) Worried about millions of Americans out of work, some members of the Federal Reserve’s policy committee say they’re willing to tolerate higher inflation. The idea that rising prices can reduce unemployment is rooted in the Phillips Curve, a half-century old economic theory. History shows the trade-off can hold, but only temporarily and only if expectations of inflation are well anchored.
Optimizing Global Emerging Markets Equity Exposure Through Targeted Regional All PineBridge Investments: (Submitted: Thursday, December 15, 2011) Exposure to the emerging markets growth story has commonly been achieved by making a single allocation to global emerging market (GEM) equity strategies given perceived geographic and sectoral complexity...
Rating Agency Ratings and Value-at-Risk: Casual or Causal? GR-NEAM : (Submitted: Wednesday, December 07, 2011) Value-at-Risk has emerged as a key metric in solvency assessment and capital adequacy measurement. Individual companies can impact VaR estimates in many ways, all of which change the prospective enterprise total return and risk, and often at a cost.
Solvency II - The Dilemma GR-NEAM: (Submitted: Tuesday, November 22, 2011) Companies can derive their estimates of VaR using a standard model, or they can develop their own model. These two options characterize a subtle difference between a rules based and principles based approach.
Not So Super “Super Committee” – Implications PineBridge Investments: (Submitted: Tuesday, November 15, 2011) Chief Economist Markus Schomer discusses the implications of the failure of the US Congressional “Super Committee” to come up with a plan to cut the US budget deficit.
Municipal Credit Research: State of the States Conning: (Submitted: Tuesday, November 15, 2011) We use these rankings to help us make relative value investment decisions. Having a quantitative forwardlooking model to rank state credit quality eliminates any bias we might have. This report provides us with a disciplined approach to managing state exposures for both State GO debt and other credit types within the state.
The Limits of Largesse GR-NEAM: (Submitted: Monday, November 07, 2011) The declining ability of important governments to attenuate economic stress will affect the capital markets for years to come. Risky assets' valuations will be affected accordingly.
Incredible India: Growing Pains Of A Superpower PineBridge Investments: (Submitted: Thursday, October 20, 2011) India has come a long way in its economic and social development, but stands at an important crossroad. Though blessed with the necessary DNA of a superpower-in-the-making, there are many hurdles it must overcome along the way in order to fully realize its incredible potential.
Dynamic Asset Allocation PineBridge Investments: (Submitted: Thursday, October 20, 2011) As the Global Financial Crisis has sprung asset allocation back into focus, our team explores various allocation ideologies and details the merits of the Capital Market Line approach.
The European Debt Crisis: The End Is Near...Or Is It? Dwight Asset Management: (Submitted: Saturday, October 15, 2011) The ongoing halfhearted response from Europe’s elected officials has allowed what was initially a regional problem to morph into a global threat.
J.M.K., R.I.P. GR-NEAM: (Submitted: Friday, October 07, 2011) The risk of higher than expected economic volatility has increased as governments have consumed their ability to expand spending to attenuate the downside as assumed by Keynes. Risk assets should be assigned higher margins for error in their valuations as a result.
The Fed Continues Down Financial Repression Road: A Difficult Direction for Insu Strategic Asset Alliance: (Submitted: Tuesday, September 27, 2011) Financial repression is a conscious policy by the US Government to make repayment of its massive debt load (both existing and expected) easier. To summarize, financial repression consists of the following key elements:
US Large Cap Equity: Should I Stay or Should I Go? (September 2011) PineBridge Investments: (Submitted: Tuesday, September 27, 2011) Our investment team looks at the case for US Large Cap equities and explores how "Focus" investing could help in extracting alpha from this highly efficient market.
Insurance Asset Management: Internal, External or Both? National Association of Insurance Commissioners (NAIC): (Submitted: Tuesday, September 13, 2011) An NAIC Capital Markets Bureau weekly report provides viewpoint and commentary on insurance companies' growing use of third party investment mangers.
Viewpoint - The Past Is Prologue Conning: (Submitted: Saturday, September 10, 2011) View of the European debt crisis.
Solving For the Kiss of Death GR-NEAM: (Submitted: Thursday, September 01, 2011) The Eurozone financial crisis is approaching a potential flashpoint. Yields on Spanish and Italian sovereigns are near, or at, the level at which their debt loads will eventually be unsustainable. The reaction of the German government will determine the outcome.
MARKET FLASH: Post S&P US Sovereign Downgrade PineBridge Investments: (Submitted: Wednesday, August 10, 2011) Our investment teams explore how the recent downgrade of the US credit rating, along with other macro events, will likely impact the investment environment.
Towers Watson's 2011 Insurer Asset Management Survey examines current investment Towers Watson: (Submitted: Thursday, August 04, 2011) Towers Watson's 2011 Insurer Asset Management Survey examines current investment management practices, including the outsourcing of investment services, as well as potential changes in investment strategy over the next year. The survey was undertaken against the recent backdrop of relatively strong capital market pricing, but continued heightened levels of uncertainty over general economic conditions and interest rates.
Bank Loans: Market Dynamics Poised to Deliver Attractive Risk-Adjustment Return PineBridge Investments: (Submitted: Thursday, August 04, 2011) Our Leveraged Finance investment experts explore how low default rates, eventual rising interest rates, supply/demand imbalances and the shrinking "Maturity Cliff" are combining to make the current Bank Loan market attractive.
Impaled on a Roman Tipping Point GR-NEAM: (Submitted: Monday, July 25, 2011) The rapid transmission of Eurozone risk pricing to Italian government bonds is a symptom of growing acceptance that sovereign risk is not limited to emerging markets or the European periphery. This is a tap on the shoulder for governments in general, including the U.S.
The Infrastructure Moment: Favorable Trends in Infrastructure Investing J.P. Morgan Asset Management: (Submitted: Friday, July 15, 2011) This piece reviews the "tipping points" in the current environment that appear to be lining up to support infrastructure investment today
Why a Greek Default May Be Good for the Markets Strategic Asset Alliance: (Submitted: Saturday, June 25, 2011) OK, now that I have successfully shocked you. I will attempt to make the case for the benefits of Greece, the cradle of democracy, defaulting.
Emerging Markets Commodity Inflation: Potential Winners and Losers PineBridge Investments: (Submitted: Monday, June 20, 2011) At the beginning of the quarter, we pulled together our team of Emerging Market equity analysts to review the potential ramifications of inflation across the globe to identify regional "winners" and "losers" in terms of inflation.
U.S. Investment Grade Corporate Credit Outlook Conning: (Submitted: Thursday, June 16, 2011) Since the start of 2009, the U.S. Investment Grade Corporate Credit sector has returned over 2,500 basis points of excess return...So where does the market go from here?
Emerging Markets Strategy: Evaluating Inflation and Commodities J.P. Morgan Asset Management: (Submitted: Wednesday, June 15, 2011) With the recent momentum in earnings estimates for developed markets now appearing to have come to an end, George Iwanicki, emerging market macro strategist, examines the value story for the emerging markets asset class against the current global cyclical backdrop and takes a closer look at the inflation issues that have occupied investors over recent months.
Swiss Re sigma study “World insurance in 2010” Swiss Re: (Submitted: Sunday, June 12, 2011) According to Swiss Re’s latest “World insurance in 2010” sigma study, world insurance premium volume increased 2.7% on an inflation-adjusted basis. Life premiums rose by 3.2%, non-life by 2.1%. Premium growth in emerging markets accelerated. The industry’s capital and solvency improved, while low interest rates weighed on investment income.
First Bubble, R.I.P. Next, Step Forward GR-NEAM : (Submitted: Friday, June 03, 2011) The contractionary undertow from household delevering and banking shrinkage continues, which the Federal Reserve is trying to offset by buying government bonds. As is often the case in government behavior, they are having an effect opposite that which they intend.
Managing Asymmetric Returns - Inside Downside Risk GR-NEAM : (Submitted: Friday, June 03, 2011) Mean-Variance (MV) asset allocation methodologies are criticized most often on two counts. The validity of the first criticism depends upon practitioners' return assumptions. The second criticism is valid, but can be overcome.
The Attraction of Emerging Market Currencies J.P. Morgan Asset Management : (Submitted: Wednesday, May 18, 2011) Emerging market currencies are coming under increasing scrutiny. In this paper Amit Tanna, a senior portfolio manager in J.P. Morgan Asset Management's currency group based in London, argues that many emerging market currencies (particularly in Asia) could outperform in the coming months, driven by rising inflation, higher interest rates and growing pressure from western policymakers.
Regime Change: Implications of macro shifts on asset class and portfolio perform J.P. Morgan Asset Management: (Submitted: Wednesday, May 18, 2011) This paper focuses on economic regime based asset allocation. A regime-based approach is designed to give investors the flexibility to adapt to changing economic conditions within a benchmark-based investment policy. The paper does not advocate abandoning benchmark-based investing. Rather, it advises to adjust allocations around the strategic benchmark in response to shifts in economic regimes.
Investing in China: Why Now and How J.P. Morgan Asset Management: (Submitted: Sunday, May 08, 2011) Rebecca Patterson, Chief Markets Strategist for J.P. Morgan Asset Management's Institutional business, notes how new factors—including the country's shifting political regime and the growing RMB-denominated markets—underscore the need to add exposure to China now.
Uncovering Covered Bonds Conning: (Submitted: Tuesday, May 03, 2011) If investors do their homework, they can take advantage of the initial wave of covered bonds before spreads compress and their premium is reduced.
Municipal Bonds Under Siege - Separating the Wheat from the Chaff Conning: (Submitted: Monday, April 18, 2011) The spate of negative press has been a major factor in the record outflows from municipal bond funds over the past several months. Since an estimated 70% of municipal bond holders are retail investors, this asset class is very vulnerable to headline risk.
Janus Investment Insights Janus Capital Group: (Submitted: Friday, April 01, 2011) Get access to Janus’ most recent investment insights, including Thought Leadership, Whitepapers, and Analyst Viewpoints.
U.S. GAAP Impairment Accounting: Understanding FASB Staff Position 115-2 Deutsche Insurance Asset Management: (Submitted: Monday, March 21, 2011) Exploring "other-than-temporary-impairment", an accounting issue of particular and continuing significance for insurance investors.
Squeezing Out Yield without Having to Hold Your Nose Conning: (Submitted: Monday, March 21, 2011) Investors of all sorts have been looking for ways to add yield to their portfolios - even if it means taking on additional risk. Are there ways to add incremental yield while adhering to a prudent, long-term strategy? In this Viewpoint, we examine different asset class strategies and give examples of investment opportunities we believe may exist even in this continuing difficult environment.
Ride the High Dividend Wave Conning: (Submitted: Monday, March 21, 2011) In the current low-interest rate environment, investors are looking to take advantage of opportunities to boost income and diversify their holdings. In the equity universe, there are a number of income-oriented options that can provide higher levels of income, including high dividend paying equities. What are the benefits and risks of this asset class? What metrics are critical to consider in the selection process?
Income Elasticity of Demand GR-NEAM: (Submitted: Wednesday, March 02, 2011) Financial markets have risen virtually without interruption for six months to February. But commodities and risky securities cannot rise together indefinitely. The price of oil continues to probe the world's tolerance for rising prices.
Foreclosure Delays: Impacts and opportunities in the non-agency MBS market J.P. Morgan Asset Management: (Submitted: Saturday, February 26, 2011) This report takes a look at three issues: (1) incomplete review and “robo-signing” of foreclosure affidavits, (2) potential breaches in title transfers/mortgage assignments and (3) violations of representation and warranties—and discusses the potential implications and opportunities they may represent for non-agency MBS investors.
Long Duration Mortgages: Matching liabilities and enhancing returns J.P. Morgan Asset Management: (Submitted: Saturday, February 19, 2011) This report emphasizes how a fundamental relative value strategy incorporating long duration mortgages (CMOs) can help to improve asset/liability matching while enhancing excess return over market cycles.
Japan Viewed in 3D (Debt, Demographics and Deficits): Decision-Making Implicati PineBridge Investments: (Submitted: Thursday, February 17, 2011) Our investment experts share their thoughts on what's next for this important global currency.
REITs: Poised for Dividend Growth Advantus Capital: (Submitted: Wednesday, February 16, 2011) REIT yields are back to historical levels relative to high yield corporate bonds and 10-year Treasuries, and are poised for further increases.
The Rise and Rise of Emerging Market Debt PineBridge Investments: (Submitted: Thursday, February 10, 2011) This paper explores the history of this fast evolving asset class and looks at the three core strategies that have now become asset classes in their own right; external debt, local currency debt and corporate bonds.
Reflections: Rising Oil Prices - The Invisible Virus GR-NEAM : (Submitted: Sunday, February 06, 2011) Economic recovery is a good thing, particularly for developing countries. The downside lies in upward pressure on oil prices, which history has shown to be a consistent source of unpleasant surprises.
Negative Yields and Monetary Policy: The Real Story Dwight Asset Management Company LLC: (Submitted: Thursday, January 27, 2011) Buying Treasuries at negative real yields effectively locks in guaranteed losses for years at a time...why would any rational investor do that? Derrick Wulf, CFA, Head of Interest Rate Positioning at Dwight Asset Management Company LLC, examines the negative real yield phenomenon and what the Fed aims to accomplish by keeping real rates below zero.
Reflections: Hypothesis Testing GR-NEAM: (Submitted: Friday, January 21, 2011) Recent events suggest a better U.S. economy in coming months than we previously expected. But that only postpones the debt reckoning.
$100 billion of sloppy paperwork? Questions & answers about “foreclosure-gate” Advantus Capital Management : (Submitted: Friday, December 10, 2010) As the housing market moves through the late stages of a long and painful correction, widespread errors in foreclosures have come to light, calling the entire process into question. Advantus examines a broad definition of the issues, questions the probability of repurchases by the loan originators, and explores the potential impact on mortgage related securities.
Updated Fair Value Disclosures: SSAP No. 100 – Fair Value Measurements AAM – Insurance Investment Management : (Submitted: Thursday, December 09, 2010) This memo summarizes the new statutory fair value reporting requirements that were approved on November 29, 2010 and are effective December 31, 2010.
Guggenheim Partners Market Perspectives Guggenheim Partners Asset Management, LLC: (Submitted: Monday, November 29, 2010) Chief Investment Officer Scott Minerd describes his unique view on the future of fixed income. Debunking what he describes as “the Urban Legend of the Bond Bubble,” Minerd makes a compelling argument that interest rates will remain at historic lows for the next three to five years and draws conclusions for what an extended low-yield environment means for investments.
Municipal Credit Research, "State of the States" Conning: (Submitted: Monday, November 29, 2010) In this edition, Conning's Municipal Credit Research Group provides an update to our April 2010 "State of the States" report, setting forth our key findings and the results of our proprietary state ranking process. Generally, changes in ranking order were minimal, although a few states experienced double-digit declines in rankings. Additionally, a number of large and/or mid-Atlantic states may not be positioned well for the future.
Reading the Tea Leaves: Finding value in today’s Asian bond market J.P. Morgan Asset Management: (Submitted: Monday, November 29, 2010) Asian EMD strategist Stephen Chang and Client Portfolio Manager Eric Delomier discuss challenges and opportunities in the Asian bond market.
China and India: Shifting Trends, Outsized Potential PineBridge Investments: (Submitted: Sunday, November 28, 2010) Provides new insights into these two emerging markets superpowers, including attractive investment opportunities, sectors and industries. Our local experts on the ground in both regions share their thoughts on the past, present and future investment landscapes of both countries.
Reporting for Financial Instruments – FASB and IASB Perspectives Conning: (Submitted: Saturday, November 27, 2010) In this edition, we provide a comprehensive follow-up to our August 6 Asset Management Viewpoint, laying out the elements of the FASB exposure draft on Reporting for Financial Instruments. We explore key issues in the draft that (if implemented) could affect an insurance company's portfolio, outlining the critical questions that need to be addressed before the draft is adopted.
Managing Bonds in a Low Interest Rate World Fort Washington Investment Advisors, Inc.: (Submitted: Friday, November 19, 2010) This white paper discusses investment strategy in the current low interest environment.
Accessing commodities in a long-term portfolio J.P. Morgan Asset Management: (Submitted: Friday, November 19, 2010) This paper focuses on: The imbalances between the demand for and the supply of commodities and, how the rise of China as an economic power will impact prices in the mid- to long-term How the "non-normality" of commodity returns affects the return and risk profile of an investment portfolio How commodities offer protection against inflation, deflation and cyclical macroeconomic downturns How active management can exploit the linkages between commodities and outperform an index-based strategy tied to a fixed basket of commodities.
Emerging Markets: Understanding the risks J.P. Morgan Asset Management: (Submitted: Friday, November 19, 2010) Emerging markets offer compelling long-term return potential, but continue to present risks that every investor should understand.
How the Financial Crisis Intensified the Need for Portfolio Transparency Clearwater Analytics: (Submitted: Friday, October 29, 2010) Legacy investment portfolio reporting systems were not originally designed to generate compliance, performance and risk management reporting on a daily basis. Few are satisfied with current levels of financial process automation . . . the status quo works, though often in a Rube Goldberg-like way, and the effort to integrate is seen as expensive, messy and potentially not worth it.
Understanding BCAR for Property and Casualty Insurers A.M. Best Company: (Submitted: Friday, October 29, 2010) This article explains A.M. Best's Capital Adequacy Ratio for property and casualty insurers and its implications for financial strength ratings.
Structured Product Update: Dwight’s View on MBS, ABS, and CMBS Sectors Dwight Asset Management Company LLC: (Submitted: Friday, October 29, 2010) Paul Norris, Head of Structured Product at Dwight Asset Management Company LLC, provides an update on the Fed, MBS, ABS, and CMBS sectors as of October 2010.
Growth Stocks and Dividends: A Winning Combination Janus Capital Group: (Submitted: Wednesday, October 20, 2010) After years of taking a back seat in the minds of growth investors, dividends are once again becoming an increasingly important component of total returns, particularly in the United States. Investors generally think of value-oriented sectors when they think of companies paying dividends. But more and more, companies in typically growth-oriented sectors, such as technology, are initiating or raising their dividends. But dividends are only part of the story.
Revisiting the Role of Insurance Company ALM Within a Risk Management Framework Goldman Sachs Asset Management: (Submitted: Saturday, October 02, 2010) GSAM's Insurance Strategy team illustrates a comprehensive approach to ALM and investment strategy designed to preserve capital and diversify sources of market risk and return.

Captive - Know Thyself
Sage Advisory Services: (Submitted: Monday, May 07, 2012)

Sage Advisory Services discuss the aspects that need to be considered when shaping and managing a captive’s investment portfolio.

Sublime to Rediculous
GR-NEAM: (Submitted: Friday, May 04, 2012)

The deterioration in the true credit quality of government obligations is one contributor to the secular increase in risk in financial markets, without commensurate compensation in return.

US Insurance Company Strategies in an Economic Downturn
Society of Actuaries, Committe on Financial Research, Max Rudolph: (Submitted: Tuesday, April 24, 2012)

US insurers investment practices are examined prior, during and after the initial months of 2008 financial crisis. The report looks for what insurance companies can learn from past mistakes to make better decisions in the future.

Navigating Bank Loan Implementation
Wells Capital Management: (Submitted: Sunday, April 15, 2012)

This article discusses important factors to evaluate when implementing a bank loan strategy, including par or distressed documentation, assignment versus participation, infrastructure considerations, a high quality emphasis, and the benefits of using a specialized credit team

Distressed Opportunities in Europe Through Hedge Fund of Funds
PineBridge Investments: (Submitted: Saturday, April 14, 2012)

The confluence of the European sovereign debt crisis and the EBA’s stress test results may usher in a new era of distressed investing targeting Europe. This distressed investing will be different from the classic version, which is typically triggered by corporations filing for bankruptcy, as witnessed during 2008/2009.

High Income Opportunities in a Slow Growth Economy
Advantus Capital Management: (Submitted: Monday, April 09, 2012)

The combination of a slow growth economy and low interest rates presents a challenge for investors seeking risk-adjusted returns. Higher yielding REIT investments have historically delivered total returns above the S&P 500, while simultaneously generating more current income than the broader equity market.

Sustainable Investing Across Emerging Markets
Wells Capital Management: (Submitted: Monday, April 09, 2012)

Once considered an investment strategy that catered to a few socially concerned investors, sustainable investing is now an important discipline for mainstream investors. Sustainable investing is the concept that environmental, social, and governance (ESG) factors impact long-term financial performance.

2011 Insurer Asset Management Survey
Towers Watson: (Submitted: Sunday, March 25, 2012)

IASB's Proposal for Fair Value Accounting for Insurance Contracts
Deutsche Insurance Asset Management: (Submitted: Saturday, March 17, 2012)

At its simplest, the proposal would move accounting for insurance liabilities from book value to fair value...Implications for investment strategy would be substantial and varied...

Convertible Securities: Attractive Asset Class for an Uncertain Environment
Conning: (Submitted: Thursday, March 01, 2012)

Convertible securities offer investors the ability to participate in upward stock market movements while having a cushion if the stock market declines. This ability comes at a price...

Generating Income in a Low Yield Environment
J.P. Morgan Asset Management: (Submitted: Tuesday, February 28, 2012)

In this "low for long" rate environment, generating high and stable income remains a challenge for insurers who need to maintain portfolio yields. However, certain market dynamics are creating opportunities to pick up compelling yields across a range of asset classes, each with varying levels of risk-based capital intensity.

Financial Repression Marches On...And Over Insurer Financials - Part 1
Strategic Asset Alliance: (Submitted: Friday, February 24, 2012)

Alton Cogurt adds insights on the largest challenge facing insurers over the last 30 years.

Bubble, Bubble, Toil and Trouble
Federated Investors: (Submitted: Friday, February 24, 2012)

White paper analysis that examines historic market bubbles and their impact on the global economy.

2012 Economic Outlook
Federated Investors: (Submitted: Friday, February 24, 2012)

White paper analysis that focuses on the upcoming year and the various events that can potentially transpire.

Twelve in 2012: What Politics Can Mean for Markets in the Year Ahead
JPMorgan Asset Management: (Submitted: Friday, February 24, 2012)

The coming 12 months will see more than a dozen key elections around the world, in countries representing nearly 50% of global GDP. Politics matters not just for respective countries’ markets but in some cases, for global financial trends.

New Regulations and Volatile Market Provide Opportunities in Electric Utilities
AAM: (Submitted: Friday, February 24, 2012)

There are two items which we expect to drive the performance of bonds issued by electric utilities in the next 12 to 18 months.

REITs Navigate the Perfect Storm
Conning: (Submitted: Tuesday, February 07, 2012)

Recent weakness resulting from Europe's financial crisis provides an attractive entry point.

American Housing: Falling Prices, But Rising Value
GR-NEAM: (Submitted: Monday, February 06, 2012)

Clearing the housing market would address the imbalance between rental and purchase values, but requires capital entry. Government policymakers' attention may encourage capital movement, and the bottoming of house prices.

2012 Investment Outlook - Managing Uncertainty
PineBridge Investments: (Submitted: Wednesday, January 25, 2012)

Our 2012 Investment Outlook explores this year's expected volatility and outlines how to prepare through scenario-based asset allocation.

The Maturing of the Emerging Markets
Federated Investors: (Submitted: Tuesday, January 24, 2012)

White paper analysis of the reasons for, and investment opportunities created by, the rise of emerging market economies.

US Large Cap Equity: Alpha Beyond the Correlation Divide (January 2011)
PineBridge Investments: (Submitted: Friday, January 13, 2012)

As market visibility improves and equity correlations decline, the best approach for US large cap equity investors will be to pursue a strategy with significant stock-specific active risk to reap benefits from significant valuation anomalies that arise after periods of strong correlations.

Global Asset Allocation Notes (January 2012)
PineBridge Investments: (Submitted: Friday, January 13, 2012)

A recap of our asset allocation views on the market as a whole.

Currency Management in a Volatile World
State Street Global Advisors: (Submitted: Tuesday, January 10, 2012)

Institutional investors and asset managers today are vitally interested in the management of currency risk. Fortunately, innovative currency managers are delivering a broad menu of strategies, research, technologies and tools.

The Value in US Government Agency Mortgage-Backed Securities (MBS)
PineBridge Investments: (Submitted: Thursday, January 05, 2012)

Our Securitized Products team explores the benefits of Agency MBS investments.

Seeking to Enhance Portfolio Returns with a High-Dividend Equity Strategy
Federated Investors: (Submitted: Thursday, December 22, 2011)

White paper analysis of how an allocation to high-yielding stocks can potentially boost performance and actually lower risk in certain portfolios. It also discusses factors to consider in determining an allocation to high-yielding stocks.

Extra Credit: An Insider’s Look at the New Money Market Landscape
Federated Investors: (Submitted: Thursday, December 22, 2011)

White paper analysis of the impact of the financial crisis on money market issuers and their overall credit quality, from the perspective of Federated's money market fund management.

The European Debt Crisis and Money Market Funds
Federated Investors: (Submitted: Thursday, December 22, 2011)

White paper analysis of the European sovereign debt crisis and its impact on U.S. money market funds.

An Investor’s Guide to Understanding Federated’s Money Fund Management
Federated Investors: (Submitted: Thursday, December 22, 2011)

Overview of Federated's approach to managing money market funds, including process, philosophy and intensive credit analysis.

Universal Refinance Wave vs. Gradual HARP Changes
AAM: (Submitted: Thursday, December 15, 2011)

Will there be a universal mortgage rate, a refinance wave or gradual changes to existing mortgage programs? In this article, we will review the prepayment mechanics of the agency mortgage market that is insured by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Association).

AAM Corporate Credit View – December 2011
AAM: (Submitted: Thursday, December 15, 2011)

It did not take investors long to turn cynical, selling risk assets once again in November. Corporate bonds underperformed Treasuries, widening 41 basis points...

Multi-Asset Class Opportunities in Latin America
PineBridge Investments: (Submitted: Thursday, December 15, 2011)

We recently gathered some of our senior investment professionals from across asset classes to share their perspectives and exchange ideas on current and emerging opportunities across Latin American markets.

Return of the Phillips Curve
Guggenheim Partners: (Submitted: Thursday, December 15, 2011)

Worried about millions of Americans out of work, some members of the Federal Reserve’s policy committee say they’re willing to tolerate higher inflation. The idea that rising prices can reduce unemployment is rooted in the Phillips Curve, a half-century old economic theory. History shows the trade-off can hold, but only temporarily and only if expectations of inflation are well anchored.

Optimizing Global Emerging Markets Equity Exposure Through Targeted Regional All
PineBridge Investments: (Submitted: Thursday, December 15, 2011)

Exposure to the emerging markets growth story has commonly been achieved by making a single allocation to global emerging market (GEM) equity strategies given perceived geographic and sectoral complexity...

Rating Agency Ratings and Value-at-Risk: Casual or Causal?
GR-NEAM : (Submitted: Wednesday, December 07, 2011)

Value-at-Risk has emerged as a key metric in solvency assessment and capital adequacy measurement. Individual companies can impact VaR estimates in many ways, all of which change the prospective enterprise total return and risk, and often at a cost.

Solvency II - The Dilemma
GR-NEAM: (Submitted: Tuesday, November 22, 2011)

Companies can derive their estimates of VaR using a standard model, or they can develop their own model. These two options characterize a subtle difference between a rules based and principles based approach.

Not So Super “Super Committee” – Implications
PineBridge Investments: (Submitted: Tuesday, November 15, 2011)

Chief Economist Markus Schomer discusses the implications of the failure of the US Congressional “Super Committee” to come up with a plan to cut the US budget deficit.

Municipal Credit Research: State of the States
Conning: (Submitted: Tuesday, November 15, 2011)

We use these rankings to help us make relative value investment decisions. Having a quantitative forwardlooking model to rank state credit quality eliminates any bias we might have. This report provides us with a disciplined approach to managing state exposures for both State GO debt and other credit types within the state.

The Limits of Largesse
GR-NEAM: (Submitted: Monday, November 07, 2011)

The declining ability of important governments to attenuate economic stress will affect the capital markets for years to come. Risky assets' valuations will be affected accordingly.

Incredible India: Growing Pains Of A Superpower
PineBridge Investments: (Submitted: Thursday, October 20, 2011)

India has come a long way in its economic and social development, but stands at an important crossroad. Though blessed with the necessary DNA of a superpower-in-the-making, there are many hurdles it must overcome along the way in order to fully realize its incredible potential.

Dynamic Asset Allocation
PineBridge Investments: (Submitted: Thursday, October 20, 2011)

As the Global Financial Crisis has sprung asset allocation back into focus, our team explores various allocation ideologies and details the merits of the Capital Market Line approach.

The European Debt Crisis: The End Is Near...Or Is It?
Dwight Asset Management: (Submitted: Saturday, October 15, 2011)

The ongoing halfhearted response from Europe’s elected officials has allowed what was initially a regional problem to morph into a global threat.

J.M.K., R.I.P.
GR-NEAM: (Submitted: Friday, October 07, 2011)

The risk of higher than expected economic volatility has increased as governments have consumed their ability to expand spending to attenuate the downside as assumed by Keynes. Risk assets should be assigned higher margins for error in their valuations as a result.

The Fed Continues Down Financial Repression Road: A Difficult Direction for Insu
Strategic Asset Alliance: (Submitted: Tuesday, September 27, 2011)

Financial repression is a conscious policy by the US Government to make repayment of its massive debt load (both existing and expected) easier. To summarize, financial repression consists of the following key elements:

US Large Cap Equity: Should I Stay or Should I Go? (September 2011)
PineBridge Investments: (Submitted: Tuesday, September 27, 2011)

Our investment team looks at the case for US Large Cap equities and explores how "Focus" investing could help in extracting alpha from this highly efficient market.

Insurance Asset Management: Internal, External or Both?
National Association of Insurance Commissioners (NAIC): (Submitted: Tuesday, September 13, 2011)

An NAIC Capital Markets Bureau weekly report provides viewpoint and commentary on insurance companies' growing use of third party investment mangers.

Viewpoint - The Past Is Prologue
Conning: (Submitted: Saturday, September 10, 2011)

View of the European debt crisis.

Solving For the Kiss of Death
GR-NEAM: (Submitted: Thursday, September 01, 2011)

The Eurozone financial crisis is approaching a potential flashpoint. Yields on Spanish and Italian sovereigns are near, or at, the level at which their debt loads will eventually be unsustainable. The reaction of the German government will determine the outcome.

MARKET FLASH: Post S&P US Sovereign Downgrade
PineBridge Investments: (Submitted: Wednesday, August 10, 2011)

Our investment teams explore how the recent downgrade of the US credit rating, along with other macro events, will likely impact the investment environment.

Towers Watson's 2011 Insurer Asset Management Survey examines current investment
Towers Watson: (Submitted: Thursday, August 04, 2011)

Towers Watson's 2011 Insurer Asset Management Survey examines current investment management practices, including the outsourcing of investment services, as well as potential changes in investment strategy over the next year. The survey was undertaken against the recent backdrop of relatively strong capital market pricing, but continued heightened levels of uncertainty over general economic conditions and interest rates.

Bank Loans: Market Dynamics Poised to Deliver Attractive Risk-Adjustment Return
PineBridge Investments: (Submitted: Thursday, August 04, 2011)

Our Leveraged Finance investment experts explore how low default rates, eventual rising interest rates, supply/demand imbalances and the shrinking "Maturity Cliff" are combining to make the current Bank Loan market attractive.

Impaled on a Roman Tipping Point
GR-NEAM: (Submitted: Monday, July 25, 2011)

The rapid transmission of Eurozone risk pricing to Italian government bonds is a symptom of growing acceptance that sovereign risk is not limited to emerging markets or the European periphery. This is a tap on the shoulder for governments in general, including the U.S.

The Infrastructure Moment: Favorable Trends in Infrastructure Investing
J.P. Morgan Asset Management: (Submitted: Friday, July 15, 2011)

This piece reviews the "tipping points" in the current environment that appear to be lining up to support infrastructure investment today

Why a Greek Default May Be Good for the Markets
Strategic Asset Alliance: (Submitted: Saturday, June 25, 2011)

OK, now that I have successfully shocked you. I will attempt to make the case for the benefits of Greece, the cradle of democracy, defaulting.

Emerging Markets Commodity Inflation: Potential Winners and Losers
PineBridge Investments: (Submitted: Monday, June 20, 2011)

At the beginning of the quarter, we pulled together our team of Emerging Market equity analysts to review the potential ramifications of inflation across the globe to identify regional "winners" and "losers" in terms of inflation.

U.S. Investment Grade Corporate Credit Outlook
Conning: (Submitted: Thursday, June 16, 2011)

Since the start of 2009, the U.S. Investment Grade Corporate Credit sector has returned over 2,500 basis points of excess return...So where does the market go from here?

Emerging Markets Strategy: Evaluating Inflation and Commodities
J.P. Morgan Asset Management: (Submitted: Wednesday, June 15, 2011)

With the recent momentum in earnings estimates for developed markets now appearing to have come to an end, George Iwanicki, emerging market macro strategist, examines the value story for the emerging markets asset class against the current global cyclical backdrop and takes a closer look at the inflation issues that have occupied investors over recent months.

Swiss Re sigma study “World insurance in 2010”
Swiss Re: (Submitted: Sunday, June 12, 2011)

According to Swiss Re’s latest “World insurance in 2010” sigma study, world insurance premium volume increased 2.7% on an inflation-adjusted basis. Life premiums rose by 3.2%, non-life by 2.1%. Premium growth in emerging markets accelerated. The industry’s capital and solvency improved, while low interest rates weighed on investment income.

First Bubble, R.I.P. Next, Step Forward
GR-NEAM : (Submitted: Friday, June 03, 2011)

The contractionary undertow from household delevering and banking shrinkage continues, which the Federal Reserve is trying to offset by buying government bonds. As is often the case in government behavior, they are having an effect opposite that which they intend.

Managing Asymmetric Returns - Inside Downside Risk
GR-NEAM : (Submitted: Friday, June 03, 2011)

Mean-Variance (MV) asset allocation methodologies are criticized most often on two counts. The validity of the first criticism depends upon practitioners' return assumptions. The second criticism is valid, but can be overcome.

The Attraction of Emerging Market Currencies
J.P. Morgan Asset Management : (Submitted: Wednesday, May 18, 2011)

Emerging market currencies are coming under increasing scrutiny. In this paper Amit Tanna, a senior portfolio manager in J.P. Morgan Asset Management's currency group based in London, argues that many emerging market currencies (particularly in Asia) could outperform in the coming months, driven by rising inflation, higher interest rates and growing pressure from western policymakers.

Regime Change: Implications of macro shifts on asset class and portfolio perform
J.P. Morgan Asset Management: (Submitted: Wednesday, May 18, 2011)

This paper focuses on economic regime based asset allocation. A regime-based approach is designed to give investors the flexibility to adapt to changing economic conditions within a benchmark-based investment policy. The paper does not advocate abandoning benchmark-based investing. Rather, it advises to adjust allocations around the strategic benchmark in response to shifts in economic regimes.

Investing in China: Why Now and How
J.P. Morgan Asset Management: (Submitted: Sunday, May 08, 2011)

Rebecca Patterson, Chief Markets Strategist for J.P. Morgan Asset Management's Institutional business, notes how new factors—including the country's shifting political regime and the growing RMB-denominated markets—underscore the need to add exposure to China now.

Uncovering Covered Bonds
Conning: (Submitted: Tuesday, May 03, 2011)

If investors do their homework, they can take advantage of the initial wave of covered bonds before spreads compress and their premium is reduced.

Municipal Bonds Under Siege - Separating the Wheat from the Chaff
Conning: (Submitted: Monday, April 18, 2011)

The spate of negative press has been a major factor in the record outflows from municipal bond funds over the past several months. Since an estimated 70% of municipal bond holders are retail investors, this asset class is very vulnerable to headline risk.

Janus Investment Insights
Janus Capital Group: (Submitted: Friday, April 01, 2011)

Get access to Janus’ most recent investment insights, including Thought Leadership, Whitepapers, and Analyst Viewpoints.

U.S. GAAP Impairment Accounting: Understanding FASB Staff Position 115-2
Deutsche Insurance Asset Management: (Submitted: Monday, March 21, 2011)

Exploring "other-than-temporary-impairment", an accounting issue of particular and continuing significance for insurance investors.

Squeezing Out Yield without Having to Hold Your Nose
Conning: (Submitted: Monday, March 21, 2011)

Investors of all sorts have been looking for ways to add yield to their portfolios - even if it means taking on additional risk. Are there ways to add incremental yield while adhering to a prudent, long-term strategy? In this Viewpoint, we examine different asset class strategies and give examples of investment opportunities we believe may exist even in this continuing difficult environment.

Ride the High Dividend Wave
Conning: (Submitted: Monday, March 21, 2011)

In the current low-interest rate environment, investors are looking to take advantage of opportunities to boost income and diversify their holdings. In the equity universe, there are a number of income-oriented options that can provide higher levels of income, including high dividend paying equities. What are the benefits and risks of this asset class? What metrics are critical to consider in the selection process?

Income Elasticity of Demand
GR-NEAM: (Submitted: Wednesday, March 02, 2011)

Financial markets have risen virtually without interruption for six months to February. But commodities and risky securities cannot rise together indefinitely. The price of oil continues to probe the world's tolerance for rising prices.

Foreclosure Delays: Impacts and opportunities in the non-agency MBS market
J.P. Morgan Asset Management: (Submitted: Saturday, February 26, 2011)

This report takes a look at three issues: (1) incomplete review and “robo-signing” of foreclosure affidavits, (2) potential breaches in title transfers/mortgage assignments and (3) violations of representation and warranties—and discusses the potential implications and opportunities they may represent for non-agency MBS investors.

Long Duration Mortgages: Matching liabilities and enhancing returns
J.P. Morgan Asset Management: (Submitted: Saturday, February 19, 2011)

This report emphasizes how a fundamental relative value strategy incorporating long duration mortgages (CMOs) can help to improve asset/liability matching while enhancing excess return over market cycles.

Japan Viewed in 3D (Debt, Demographics and Deficits): Decision-Making Implicati
PineBridge Investments: (Submitted: Thursday, February 17, 2011)

Our investment experts share their thoughts on what's next for this important global currency.

REITs: Poised for Dividend Growth
Advantus Capital: (Submitted: Wednesday, February 16, 2011)

REIT yields are back to historical levels relative to high yield corporate bonds and 10-year Treasuries, and are poised for further increases.

The Rise and Rise of Emerging Market Debt
PineBridge Investments: (Submitted: Thursday, February 10, 2011)

This paper explores the history of this fast evolving asset class and looks at the three core strategies that have now become asset classes in their own right; external debt, local currency debt and corporate bonds.

Reflections: Rising Oil Prices - The Invisible Virus
GR-NEAM : (Submitted: Sunday, February 06, 2011)

Economic recovery is a good thing, particularly for developing countries. The downside lies in upward pressure on oil prices, which history has shown to be a consistent source of unpleasant surprises.

Negative Yields and Monetary Policy: The Real Story
Dwight Asset Management Company LLC: (Submitted: Thursday, January 27, 2011)

Buying Treasuries at negative real yields effectively locks in guaranteed losses for years at a time...why would any rational investor do that? Derrick Wulf, CFA, Head of Interest Rate Positioning at Dwight Asset Management Company LLC, examines the negative real yield phenomenon and what the Fed aims to accomplish by keeping real rates below zero.

Reflections: Hypothesis Testing
GR-NEAM: (Submitted: Friday, January 21, 2011)

Recent events suggest a better U.S. economy in coming months than we previously expected. But that only postpones the debt reckoning.

$100 billion of sloppy paperwork? Questions & answers about “foreclosure-gate”
Advantus Capital Management : (Submitted: Friday, December 10, 2010)

As the housing market moves through the late stages of a long and painful correction, widespread errors in foreclosures have come to light, calling the entire process into question. Advantus examines a broad definition of the issues, questions the probability of repurchases by the loan originators, and explores the potential impact on mortgage related securities.

Updated Fair Value Disclosures: SSAP No. 100 – Fair Value Measurements
AAM – Insurance Investment Management : (Submitted: Thursday, December 09, 2010)

This memo summarizes the new statutory fair value reporting requirements that were approved on November 29, 2010 and are effective December 31, 2010.

Guggenheim Partners Market Perspectives
Guggenheim Partners Asset Management, LLC: (Submitted: Monday, November 29, 2010)

Chief Investment Officer Scott Minerd describes his unique view on the future of fixed income. Debunking what he describes as “the Urban Legend of the Bond Bubble,” Minerd makes a compelling argument that interest rates will remain at historic lows for the next three to five years and draws conclusions for what an extended low-yield environment means for investments.

Municipal Credit Research, "State of the States"
Conning: (Submitted: Monday, November 29, 2010)

In this edition, Conning's Municipal Credit Research Group provides an update to our April 2010 "State of the States" report, setting forth our key findings and the results of our proprietary state ranking process. Generally, changes in ranking order were minimal, although a few states experienced double-digit declines in rankings. Additionally, a number of large and/or mid-Atlantic states may not be positioned well for the future.

Reading the Tea Leaves: Finding value in today’s Asian bond market
J.P. Morgan Asset Management: (Submitted: Monday, November 29, 2010)

Asian EMD strategist Stephen Chang and Client Portfolio Manager Eric Delomier discuss challenges and opportunities in the Asian bond market.

China and India: Shifting Trends, Outsized Potential
PineBridge Investments: (Submitted: Sunday, November 28, 2010)

Provides new insights into these two emerging markets superpowers, including attractive investment opportunities, sectors and industries. Our local experts on the ground in both regions share their thoughts on the past, present and future investment landscapes of both countries.

Reporting for Financial Instruments – FASB and IASB Perspectives
Conning: (Submitted: Saturday, November 27, 2010)

In this edition, we provide a comprehensive follow-up to our August 6 Asset Management Viewpoint, laying out the elements of the FASB exposure draft on Reporting for Financial Instruments. We explore key issues in the draft that (if implemented) could affect an insurance company's portfolio, outlining the critical questions that need to be addressed before the draft is adopted.

Managing Bonds in a Low Interest Rate World
Fort Washington Investment Advisors, Inc.: (Submitted: Friday, November 19, 2010)

This white paper discusses investment strategy in the current low interest environment.

Accessing commodities in a long-term portfolio
J.P. Morgan Asset Management: (Submitted: Friday, November 19, 2010)

This paper focuses on: The imbalances between the demand for and the supply of commodities and, how the rise of China as an economic power will impact prices in the mid- to long-term How the "non-normality" of commodity returns affects the return and risk profile of an investment portfolio How commodities offer protection against inflation, deflation and cyclical macroeconomic downturns How active management can exploit the linkages between commodities and outperform an index-based strategy tied to a fixed basket of commodities.

Emerging Markets: Understanding the risks
J.P. Morgan Asset Management: (Submitted: Friday, November 19, 2010)

Emerging markets offer compelling long-term return potential, but continue to present risks that every investor should understand.

How the Financial Crisis Intensified the Need for Portfolio Transparency
Clearwater Analytics: (Submitted: Friday, October 29, 2010)

Legacy investment portfolio reporting systems were not originally designed to generate compliance, performance and risk management reporting on a daily basis. Few are satisfied with current levels of financial process automation . . . the status quo works, though often in a Rube Goldberg-like way, and the effort to integrate is seen as expensive, messy and potentially not worth it.

Understanding BCAR for Property and Casualty Insurers
A.M. Best Company: (Submitted: Friday, October 29, 2010)

This article explains A.M. Best's Capital Adequacy Ratio for property and casualty insurers and its implications for financial strength ratings.

Structured Product Update: Dwight’s View on MBS, ABS, and CMBS Sectors
Dwight Asset Management Company LLC: (Submitted: Friday, October 29, 2010)

Paul Norris, Head of Structured Product at Dwight Asset Management Company LLC, provides an update on the Fed, MBS, ABS, and CMBS sectors as of October 2010.

Growth Stocks and Dividends: A Winning Combination
Janus Capital Group: (Submitted: Wednesday, October 20, 2010)

After years of taking a back seat in the minds of growth investors, dividends are once again becoming an increasingly important component of total returns, particularly in the United States. Investors generally think of value-oriented sectors when they think of companies paying dividends. But more and more, companies in typically growth-oriented sectors, such as technology, are initiating or raising their dividends. But dividends are only part of the story.

Revisiting the Role of Insurance Company ALM Within a Risk Management Framework
Goldman Sachs Asset Management: (Submitted: Saturday, October 02, 2010)

GSAM's Insurance Strategy team illustrates a comprehensive approach to ALM and investment strategy designed to preserve capital and diversify sources of market risk and return.