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Insights and Commentary from our Sub-advisors

Wespath Institutional Investments' (WII) asset managers produce commentary on the state of the economy, markets, interest rates, industry segments and other topics of interest to institutional investors. These reports provide valuable insight that can help investors understand factors driving performance in the financial markets and lead to more informed decisions. The views expressed are those of the asset managers and do not necessarily represent WII's views.

Impax Asset Management—Foundations for Global Net Zero: An Investor's Reflections on COP26 – With the COP26 climate change conference still fresh on investors' minds, one of our public equity asset managers recaps the event and identifies key next steps that the financial community can support to help drive the transition to net zero. Posted December 22, 2021

Disciplined Growth Investors—Fishing with My Dad – This article from one of our public equity asset managers reflects on lessons learned from an old-school fishing enthusiast and explains how the same approach—one of patience, process, fundamentals and discipline—can be applied to investing. Posted August 27, 2021

Disciplined Growth Investors—Navigating Investment Shoals – In a new piece discussing the current investment landscape, our sub-advisor compares post-COVID investment opportunities to sailors moving through storms while navigating around shoals. The COVID-19 crisis created quite the storm, but those with disciplined approaches can still find great investments and avoid dangerous market areas. Posted March 5, 2021

Mondrian Investment Partners—The Continuing Role of Small Cap and Value Investing – This white paper examines the potential role of international small-cap investment in the COVID-19 economic recovery. Mondrian suggests that fiscal and monetary stimulus should provide a boost following the pandemic—and that small-cap strategies could prove successful as quality managers seek to take advantage of attractive valuations and market inefficiencies. Posted May 20, 2020

Brown Capital Management— Coronavirus: Isolating Truth from Fear – Our sub-advisor provides an early look at the economic repercussions of the coronavirus outbreak and highlights how their approach to investing in “growth” companies separates out company fundamentals with a focus on long-term performance. March 3, 2020

Disciplined Growth Investors—Reflections on 2019 – One of our public equity investment managers reflects on 2019 with a few key messages, including a look at the potential of small- and mid-sized company stocks and several interesting trends in the S&P 500 and global bond markets. Posted February 19, 2020

Impax Asset Management—2019 Engagement Report – Our sub-advisor’s engagement report details the importance of effective engagement with corporate management in an effort to manage risk, increase transparency and unlock value. Posted June 4, 2019

Wellington Management—How the Insurance Industry Can Lead on Climate Change – Property and casualty insurers are uniquely exposed to climate risk due to population growth in vulnerable coastal regions. Our sub-advisor explains how the insurance industry can mitigate this risk by adapting enhanced climate-risk repricing and reexamining its traditional investment approach. Posted March 7, 2019

Disciplined Growth Investors (DGI)—1987 Redux? – Our investment manager discusses the similarities between the 2018 and 1987 markets, its view on the current economic environment, why it believes hedge funds are not worth the high fees and a critical flaw of passive investing. Posted March 6, 2019

PIMCO—The Fed: Poised to Pause in March – The probability that the U.S. Federal Reserve will cut its policy rate has increased as global economic growth and inflation forecasts have recently been revised lower. Posted January 31, 2019

PGIM Real Estate—Quarterly Insights: United States – Our sub-advisor discusses the implications of two real estate trends—rising construction costs and the changing demand for office space. Posted June 20, 2018

PIMCO—Issuer Engagement is Crucial to the Future of Sustainable Investing – Our sub-advisor discusses how successful engagement with fixed income issuers regarding their environmental, social and governance (ESG) practices can have positive impacts, including reducing credit risk and improving valuations. Posted May 9, 2018

Standish—The Impact of Tax Reform on the Investment Grade Credit Market – Our sub-advisor discusses the potential impact to investment grade companies regarding four recent tax law changes: 1) a lower corporate tax rate, 2) a limitation on interest deductibility, 3) the expensing of capital expenditures and 4) a one-time repatriation tax. Posted March 7, 2018

Wellington Management—Brewing Storm: Are Investors Discounting Climate Risks and Opportunities? – Our sub-advisor makes the case that investors need to proactively focus on managing and hedging climate-related investment risk. The article highlights the unique climate risk considerations for the insurance industry. Posted December 20, 2017

HarbourVest—China: The Intersection of Innovation and E-Commerce – Our sub-advisor discusses private equity opportunities in China, focusing specifically on the wave of innovation in mobile technology. Posted December 20, 2017

Wellington Management—Power on: Five Insights on Electric and Autonomous Vehicles – Our sub-advisor shares insights into the trends and obstacles, along with potential investment opportunities and risks, related to electric/autonomous vehicles. Posted November 29, 2017

Genesis—The EV Revolution and Implications for Materials Demand – The article discusses the impact of the growing electric vehicle (EV) industry on the metals supply chain, specifically in relation to battery production. It demonstrates how Wespath sub-advisor Genesis is thinking critically about which companies are likely to succeed in the transition to a low-carbon economy. Posted November 14, 2017

PIMCO—Emerging Market Local Debt: Growing Depth, Growing Opportunity – Our sub-advisor makes a case that the addition of new emerging markets to major global indices will benefit active fixed income portfolios. Posted August 17, 2017

PIMCO—10 Reasons Why ESG Investing is Growing – This article gives a succinct description of 10 major trends contributing to reasons why ESG investing is becoming increasingly popular. Posted July 18, 2017

Standish—For Emerging Market Debt, A Sustainable Recovery – The article discusses how the U.S. dollar, U.S. Federal Reserve’s policy and the overall financial health of emerging nations is supportive for a sustainable recovery in local currency emerging market debt. Posted July 5, 2017

Wellington Management—Charging Toward a Lower-Carbon Economy – Despite the Trump administration's announcement to withdrawal from the Paris Climate Accord, Wespath manager Wellington strongly believes that companies focused on sustainability and renewable energy will continue to thrive as increasingly favorable economics and global support provide a tailwind for long-term growth and value creation. Posted June 15, 2017

Baillie Gifford—Enlightened Self-Interest: Perspectives on ESG – Wespath manager Baillie Gifford discusses the critical importance to its clients of considering the impact of ESG factors when investing for the long-term. Posted June 6, 2017

Schroders—Outlook 2017: Emerging Market Debt Relative – Common investment themes in early 2017 have been the expectation for U.S. reflation, rising interest rates and continued strength in the U.S. dollar. Despite potential headwinds, Schroders believes emerging market debt offers attractive yield and diversification, and any change in market expectations could create further benefit through emerging market currency appreciation. Posted February 8, 2017