Category: News

7 tips voor de Kwartaalrapportage Vermogensbeheerders

Als vermogensbeheerder bent u wettelijk verplicht om op kwartaalbasis cijfers aan te leveren. Veelal laat u dat gepaard gaan met een (niet verplichte) terugblik op het afgelopen en een vooruitblik op het komende kwartaal.

Op OpinioPro.com worden dagelijks Marktrapporten en Outlooks geplaatst van meer dan 50 Internationale Asset Managers. Een greep uit de onderwerpen die worden behandeld zijn o.a. de politieke ontwikkelingen, het centrale bankbeleid, reviews en previews van wat er op de markten is gebeurd en naar verwachting zal gaan gebeuren, macro economische ontwikkelingen en de asset allocaties.

Al deze rapporten zijn uiteraard een uitstekende bron van inspiratie voor de kwartaalrapportages. Maar hoe vindt u de weg in de alleen al 1000 nieuwe rapporten die in 2017 werden gepubliceerd?

Hier volgen 7 tips & tricks:

  • In de maandelijkse en kwartaal outlooks van diverse partijen wordt niet alleen vooruitgekeken, maar uiteraard ook teruggeblikt. Klik op deze link voor een overzicht van alle outlooks van het afgelopen kwartaal.
  • JPMorgan publiceert maandelijks een Market Review met daarin een handig overzicht van de maandrendementen (alsmede het lopende jaar en de vorige jaren) van alle asset classes.
  • Voor een snel overzicht wat er in de wereld op macro gebied is gebeurt bevelen wij “Macro Weekly” aan van ABN AMRO.
  • Als u wilt weten wat de heersende opinie is bij de asset allocatie is de maandpublicatie “Asset Allocation Consensus” van Alpha Research een goed uitgangspunt.
  • Uiteraard valt er dit kwartaal ook wat te vertellen over het Centrale Banken beleid. Hier leest u alles over de acties van de ECB en de FED
  • Natuurlijk mag de Brexit niet ontbreken.
  • En, uiteraard kunt u ook zelf naar onderwerpen zoeken waar u het over wilt hebben.

Nog een laatste belangrijk puntje, OpinioPro.com is voor de beleggingsprofessional geheel gratis! Succes met de kwartaalrapportage!

Introducing: OpinioPro Events Calendar

events-calendar

‘Events planning: Hoe efficiënt de juiste datum kiezen’
De OpinioPro Events kalender maakt datumprikken makkelijk
Donderdag 24 november 2016, 16:00 tot 17:30 uur
WTC Amsterdam – Amsterdam

Iedere Asset Manager herkent het; professionele beleggers worden het beste bereikt via een Event. Een mooi contactmoment met relaties. Maar ook de mogelijkheid om een beleggingsfonds of portfolio manager onder de aandacht te brengen. Echter, hoe plan je de beste datum zonder kennis te hebben van de planning van andere Asset Managers?
Oplossing
OpinioPro biedt de oplossing; In de OpinioPro Events kalender kunnen organisatoren hun Events opgeven. De combinatie van alle Events wordt in een overzichtelijke agenda tool weergegeven. Betere planning van een toekomstig Event wordt eenvoudig. Geen verrassingen meer van “concurrerende” Events op dezelfde dag.
Zelf ervaren
Tijdens deze OpinioPro bijeenkomst kunt u de Events kalender ervaren en maken we de toegevoegde waarde van het efficiënt plannen inzichtelijk. Wij laten zien welke mogelijkheden er zijn om uw Event zo min mogelijk te laten overlappen met dat van andere fondsenhuizen. Deze kunnen het succes van het eigen Event immers ondermijnen. M.b.v. de Events kalender van OpinioPro ”claimt” U als het ware uw datum en tijdstip voor het Event.

Overige Kenmerken

  • Kalender is alleen toegankelijk voor Asset Managers, dus niet voor het publiek;
  • events kunnen in de planningsfase worden aangemeld, dus ver voordat de werving  van start gaat;
  • events kunnen “private” worden aangemeld. Alleen organisator, plaats en tijdstip worden vermeld, het onderwerp en overige info niet;
    Programma
    Het programma van de OpinioPro bijeenkomst op donderdag 24 november verloopt als volgt:
    16:00    16:15    Ontvangst
    16:15    16:30    Opening en Introduction – Eelco Ubbels
    16:30    16:45    Demo Events kalenderfunctie – René van Mourik
    16:45    17:00    Toekomst en propositie – Eelco Ubbels
    17:00    17:15    Vragen
    17:15    17:30    Afronding
    Wij kijken ernaar uit u te verwelkomen op donderdag 24 november.

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You can directly Share de pdf documents via E-mail, LinkedIn Twitter etc.

The shared link is valid for 7 days. Non OpinioPro members can also open the document, so you can share it with whomever you want.

The Share Buttons can be found on the right hand-side above the opened pdf Document.

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The Ivy Portfolio vs OpinioPro

The Ivy Portfolio
The Ivy Portfolio

The Ivy Portfolio: How to invest Like the Top Endowments and Avoid Bear Markets is written by Mebane Faber in 2009. In 2007 he wrote the white paper called “A Quantitative Approach to Tactical Asset Allocation”. On the website SSRN Top 10 this paper is clearly number 1 and it has been requested over 175,000 times.

The paper “A Quantitative Approach to Tactical Asset Allocation” is a Tactical Asset Allocation model. However, the book The Ivy Portfolio is an analyses of strategic asset allocation. It discusses the battle between the universities Yale and Harvard. In what way do they differ in investing and allocations.

The book begins with an analyses of these two universities and comes with a few possibilities how to replicate the fantastic results – in other words: ‘shadowing the Super Endowments”. This results in a lot of pages showing data and data-analyses. However, this is necessary to understand him explaining about replicating these portfolios.

The strategy of the white paper A Quantitative Approach to Tactical Asset Allocation is discussed in the book as well. It is used to discuss the topic Alternatives. The characteristics of Private Equity and Hedge funds are important to scrutinize. By using the motto “Winning by not Losing” the active strategy of the most downloaded white paper is shown in a very clear way.

What becomes very clear from this book is that statistic allocations is not desirably. Active management or rotating between different asset classes is the solution. With the book The Ivy Portfolio you could also say: Following the Smart Money!

OpinioPro vs The Ivy Portfolio

Due to Brexit being official now, a lot of investments will feel the need to make modifications. This is possible when based on a model. Knowing statistics while investing to gain profit is the right course of action.  However, there will often be a discussion in an investing committee. The arguments that will support the investment case can be found on the research platform of OpinioPro.

OpinioPro is a platform for professional investors with visions from the perspective of supports and of opponents.

New research can be found on the platform of OpinioPro on a daily basis. However, you can also search an asset manager’s vision he had in the past. It will not be a surprise that at the moment the amount of published research on Brexit and asset allocation implications on www.opiniopro.com is enormous.

OpinioPro has currently over 3,000 investment research reports on these subjects on its platform. The best ‘research engine’ is now available without registration on www.opiniopro.com.

The Black Swan vs OpinioPro

TheBlackSwanThe Black Swan: The High Impact of the Highly Improbable was published in 2007, so it is a pre-crisis book. However, the writer Nicholas Taleb is still able to captivate the reader nowadays and this makes it a timeless book. Taleb has become a distinct criticaster of the financial world where he started himself as a trader. At the start of his career he was active in both equity and bond derivatives and later he became a market maker. He included in his bestseller The Black Swan both his positive and his negative experiences and sometimes he takes in the book a philosophical direction.

The book is about unpredictable events that have a huge impact. Before the crisis in 2008, the rise of  the “quantitative investor” in the financial world was big and it seemed like you could make a model for everything. When you have data you can make a quantitative model and you can start as an investor. However, there are unpredictable elements that cannot be included in a model.

During quantitative investing you can of course explain drawdowns afterwards and that is the insight Taleb wants to give you with his book. He gives an insight how these Black Swans can have a positive effect as well.

OpinioPro vs The Black Swan

This book makes you think about the fact how much time you spend on predictions, certainly with investing. A good philosophy or strategy is to bear in mind you can come across unexpected issues. This is a good addition to the investing policy. Knowing what experts are thinking belongs to the financial world and having a different vision is not automatically a negative thing. It might be a realistic vision we do not want to see. OpinioPro is a platform for professional investors to find many visions on a topic that is at issue in their organization in a fast way. Visions of both supporters and of opponents!

On OpinioPro’s platform, you can find new research on a daily basis. However, you can also search an asset manager’s vision he had in the past. At the moment Brexit, asset allocation and factor investments are hot topics on www.opiniopro.com.

OpinioPro has currently over 2,500 investment research reports on these subjects at its platform. The best ‘research engine’ is now available without registration on www.opiniopro.com.

Brexit: A big discrepancy between supply and demand of investment research

A referendum is being held on Thursday, 23 June to decide whether Britain should leave or remain in the European Union. This was officially announced a few months back in February. Since then the discussion of the pros and cons has significantly gained momentum. We will show that publishers of investment research (Investment Banks etc.) have been lagging the “Brexit” interest of their readers. In other words, “Brexit” has been a relevant topic for the user of investment research much longer then for the writers of investment research.

We came to this (non-academic) conclusion after we analysed the following set of data:

  1. In how many investment analysis reports the word “Brexit” is mentioned since the beginning of 2015 (as a percentage of all documents featured on OpinioPro.com)
  2. In how many investment analysis reports that were actually read the word “Brexit” is mentioned (as a percentage of all read documents on OpinioPro.com).

The first step was to check on a monthly basis in how many investment research reports, we have currently 3.500 available, the word “Brexit” was mentioned. As you can see from the chart below, for the most part of 2015 the word “Brexit” did not feature in more than 5% of all reports. In other words, investment writers were not really interested in the subject. This changed significantly in 2016. In May the word can be found in 30% of all publications.

To put things in perspective we also added “Grexit” to the equation. At the top of the Grexit hype last summer it was mentioned in 27% of all reports. So it seems that right now Brexit is a bigger topic then Grexit.

But so far we took a look at was has been written. Does this correspond with what has been read? And the answer is a clear NO. As can be seen from the chart as from November interest from readers has been much higher. Interest topped in March (in 46% of all read documents the word “brexit” is mentioned) and is declining since then. Although more has been written, readers are starting to read less about the subject. We can only guess why this is happening, maybe everything has been said by March? One thing is clear, there seems to be a investment research supply-demand disbalance.

what worrie investors.xlsx

 

 

Seven Research Reports you don’t want to miss #8

After two slow weeks, with a lot of public holidays and excellent summer weather, we are back with some interesting research reports that you do not want to miss.

  1. Blackrock is signalling an EM sweet spot. With a weakening U.S. dollar, a rebound in commodity prices and a recovering Chinese economy headwinds are abating for this asset class. But no reason to get too excited. Structural reforms addressing excess debt, industrial overcapacity and low corporate profitability are still necessary
  2. Actiam presented its investment vision and implications for asset allocation. The biggest change is the new overweight position in Emerging Markets. From -0,5% they add to +2% for this category.
  3. Janus posted a Barron’s interview with Bill Gross. In this interview Gross lectures that an investor, like a golfer, should not change strategy when he is down one with two holes to play; do not panic, just play your game!
  4. UBS is Meeting the challenge of negative rates. One of the recommended measures is the “Endowment approach”. Allocate a higher proportion of portfolio assets to illiquid alternative asset classes, including hedge funds, private equity, private debt, and real assets
  5. In May 2016 Barometer “Rally has further to go”, Pictet explains their current asset allocation. They stick to their overweight stance on equities and remain underweight bonds as monetary stimulus should underpin economic growth.
  6. Vontobel delves into the subject of negative interest rates. From “How did we get here?”, their “…best defence against low interest rates” to the impact on asset allocation. Read all about it in Investors’ Outlook – May 2016.
  7. And what would a “Seven Research Reports you don’t want to miss” blog be without a reference to the coming Brexit referendum? Read all about phone polls and betting markets. AXA is checking the British pulse in “Brexit Update
  8. Weekly Roundup OpinioPro