Kenniscentrum

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  • Jul
    29
    2014

    Annual Market Commentary - Second Quarter 2014

    Economies around the world continued to show signs of improvement in the third quarter of 2013, overcoming market volatility around the U.S. Federal Reserve’s next moves, the possibility of military intervention in Syria (in the early part of the quarter) and on-going woes in emerging markets. While positive developments were most notable in the U.S. and Japan, Europe also witnessed some signs of stabilisation and the U.K. appeared to be on an unexpectedly strong growth trajectory.

    [... More]

  • Jul
    24
    2014

    The Ongoing Conflict in Eastern Ukraine

    The situation in eastern Ukraine has continued to deteriorate, and resolution remains a long way off. It’s not yet clear if the recent downing of a civilian aircraft will serve to escalate or de-escalate the conflict. Our Funds remain well diversified, and both SEI and its managers are watching developments closely.

    [... More]

  • Jul
    17
    2014

    Japan: Value Trap or Opportunity

     Japanese equity markets have stalled following a strong rally in 2013. The short-term outlook for Japanese equities is generally positive, but faces challenges. We are optimistic on the long-term prospects for Japan and are evaluating the opportunities.

    [... More]

  • Jul
    16
    2014

    Behavioural Finance: Rules of Thumb and Representativeness

     The discipline of investing has many “rules of thumb” that often lead investors astray.Representativeness can be defined as, “What are the odds that A belongs to category B?” By assuming all investment opportunities are new and unique we can avoid the representativeness heuristic.

    [... More]

  • Jul
    11
    2014

    Second Quarter 2014 Market and Performance Update

    Uneven worldwide economic growth has resulted in global monetary policy at various stages of ebb and flow. Global inflation pressures may begin to weigh on accommodative central banking. Most developed-market equities continue to see earnings growth. A turnaround in Europe is one of the keys to global market performance in the months ahead.

    [... More]

  • Jun
    5
    2014

    May 2014 Monthly Market Commentary

    Economic growth showed measured improvement globally, and inflation remained below target in most regions. Most major bond markets—U.S., U.K., Japan and the eurozone—saw government bond yields fall, while global equity markets were again positive. While not as robust early in 2014 as they were last year, we believe equities have held up quite well in the face of political tensions and emerging-market growth concerns. [... More]

  • May
    6
    2014

    April 2014 Monthly Market Commentary

    Economic growth remained mixed across the globe, and inflation was tame in most regions. Most major bond markets—U.S., U.K., Japan and the eurozone—experienced a modest decrease in government bond yields. Global equity markets showed impressive resilience and were again positive. Global equity markets have not been as robust early in 2014 as they were last year, but we believe they have held up quite well in the face of political tensions and emerging-market growth concerns. [... More]

  • Apr
    21
    2014

    Annual Market Commentary - March 2014

    For the twelve month period ending 31 March, global high-yield debt performed particularly well, while emerging-markets debt and global government bonds suffered declines. Despite recent volatility, especially within emerging markets, the MSCI AC World Index remains near an all-time high.

     

    [... More]

  • Apr
    8
    2014

    Quarterly Market Commentary - First Quarter 2014

    •Optimism continued in advanced economies, while emerging economies faced multiple challenges.
    •Easing of inflation pressures around the world should keep global monetary policies accommodative.
    •Global equities reached positive territory by quarter end, while fixed income gained as interest rates generally fell.

    [... More]

  • Mar
    6
    2014

    February 2014 Monthly Market Update

    Economic data remained mixed in the U.S., despite some positive forward-looking indicators. Ongoing strength was seen in the U.K. and Japan, along with pockets of both resilience and weakness in Europe. Global bond yields were generally steady in the month following a resetting of levels in January. Global equity markets strongly rebounded as investor optimism was particularly strong across European markets. With positive economic growth in Europe and solid earnings reports from U.S. companies, there is plenty of optimism that 2014 will be a decent year.

    [... More]

  • Feb
    10
    2014

    January 2014 Monthly Market Update

    monetary policies of global central banks remain accommodative and are expected to continue as such, while global growth builds momentum. Concerns related to the U.S. Federal Reserve tapering of bond purchases, sustainability of corporate profits and Chinese output resulted in a pullback in global equities, while global fixed income gained. SEI does not believe the elements of a more serious equity bear market are in place. The most important drivers of stock-market performance in our framework are still flashing neutral-to-positive signals.

    [... More]

  • Jan
    21
    2014

    2013 Annual Market Commentary

    The generally positive sentiment that prevailed at the end of 2012 extended into January 2013. The last-minute (and much needed) passage of the U.S. fiscal cliff legislation on 1 January helped to maintain the encouraging tone. After an optimistic January, February’s mood was marred by the sequestration in the U.S., a disappointing election result in Italy and news of a credit rating downgrade of U.K. sovereign debt. March was dominated by events in the eurozone and Cyprus in particular. As the month drew to an end – and after drama-filled negotiations – the Cypriot government agreed to a restructuring of the nation’s banks in order to qualify for a €10 billion bailout from the European Union and the International Monetary Fund. March finished on a positive note, as the U.S. Congress passed an extension to the nation’s debt ceiling with little fuss or brinksmanship.

    [... More]

  • Jan
    20
    2014

    Weer zo’n feeststemming als in … 2013?

    We hebben er vertrouwen in dat de economische groei in 2014 wereldwijd gaat aantrekken. Dit onder aanvoering van de Verenigde Staten, die daarbij duidelijke steun krijgen van andere ontwikkelde landen. China handhaaft naar verwachting eveneens een fiks groeitempo, dat steun biedt aan de wereldwijde handel. Naar verwachting bouwt de Amerikaanse centrale bank de stimuleringsmaatregelen langzaam verder af, terwijl de eurozone waarschijnlijk in de problemen blijft zitten.

    [... More]

  • Jan
    7
    2014

    Fourth Quarter 2013 Market Commentary

    Global central bank policies remained accommodative to close the year, even as the U.S. offered insight into a plan for reducing its economic stimulus efforts in the New Year. Led by developed markets, global equities experienced robust performance for the period, with positive results across all equity sectors. Rising yields kept global bond markets subdued. Government bonds lagged the rest of the fixed-income market.

    [... More]

  • Dec
    6
    2013

    November 2013 Monthly Market Commentary

    Accommodative monetary policies by most global central banks remain in place, with the European Central Bank taking additional steps to aid the eurozone’s recovery. Global fixed-income markets dipped, with emerging market debt retreating much more than investment-grade bonds.  Global equities generally gained, led by the traditional growth sectors of health care, information technology and consumer discretionary.

    [... More]

  • Nov
    7
    2013

    October 2013 Monthly Market Commentary

    Global central banks maintained accommodative monetary policies in an effort to stimulate economic growth. A temporary U.S. government shutdown did not derail the year-to-date rally in global equity markets. Global fixed-income and equity markets were positive for the month, with equity’s leadership supported by the rebound in emerging-market equities.

    [... More]

  • Oct
    9
    2013

    Third Quarter 2013 Market Commentary

    The quarter ended with the focus firmly on the U.S. and its upcoming fiscal negotiations. The global fixed-income and equity markets faltered in August, but gained for the quarter as a whole.

    [... More]

  • Sep
    10
    2013

    August 2013 Monthly Market Commentary

    The upcoming fiscal year-end and debt ceiling debate in the U.S., the possibility of military intervention in Syria and emerging-market woes overshadowed positive economic news this month. The recovery witnessed in the global fixed-income and equity markets in July faltered in August, with equities losing their edge. Global government bonds held up best, while emerging-market debt experienced a sharp selloff.

    [... More]

  • Sep
    3
    2013

    Risk Parity: The Concept

    Investors are typically counselled to diversify capital across asset classes in an effort to reduce risk. In light of this, it could be something of a surprise to learn just how concentrated a traditionally diversified portfolio may be in terms of its sources of risk.

    [... More]

  • Aug
    6
    2013

    July 2013 Monthly Market Commentary

    Generally positive economic news from developed countries helped set the tone and reassurance from the U.S. Federal Reserve served to calm the markets and suppress volatility.

    [... More]

  • Jul
    24
    2013

    Annual Market Commentary to 30 June 2013

    Market sentiment was generally upbeat in the first three months of the period, as central bank actions helped to bolster investor sentiment.

    [... More]

  • Jul
    23
    2013

    Hoe snel gaat de Fed de monetaire stimulering afbouwen?

    De hogere volatiliteit op de aandelen- en obligatiemarkten is verontrustend, maar kan ook beleggingsmogelijkheden bieden.

    [... More]

  • Jul
    8
    2013

    Second Quarter 2013 Market Commentary

    Japan hit the headlines in early April by publicising dramatic quantitative easing initiatives, while the U.S. Federal Reserve shocked the markets in mid May, announcing that their asset purchase programme could taper off sooner than expected.

    [... More]

  • Jun
    11
    2013

    May 2103 Monthly Market Commentary

    The Federal Reserve shocked the markets by announcing that its asset purchase program could taper off sooner than expected. Despite the resulting market volatility, SEI expects the U.S. bull market to continue. Regardless of broader market declines, the appetite for risk continued, favoring high-yield bonds within fixed income, and cyclical sectors within equities. [... More]

  • May
    8
    2013

    April 2013 Monthly Market Commentary

    Japan hit the headlines by announcing dramatic quantitative easing initiatives. Global equity and fixed income markets both experienced gains, although equities maintained their edge. The appetite for risk continued within fixed income, favouring emerging market debt and high yield bonds.

    [... More]

  • Jun
    20
    2011

    U.K. Government Debt Downgrade: Would it Matter to Investors?

    In recent weeks, major credit rating agencies have expressed renewed concern over the financial outlook for the U.K., perhaps eventually losing its AAA rating. What are the implications for investors? [... More]

  • May
    6
    2011

    Annual Market Update to 31 March 2011

    The 12 months ending in March was positive for equity markets, in spite of an ongoing sovereign debt crisis, political turmoil in North Africa and the Middle East and the catastrophic events in Japan. Although the markets faltered in the wake of bad news, investor appetite remained resilient, signalling that the backdrop for global growth continued to be, on the whole, positive. [... More]

  • Apr
    14
    2011

    First Quarter 2011 Market Update

    There is no denying that the first quarter was a difficult one. Yet, with the main exceptions of Japanese and emerging-market equities, financial markets have managed through the bad news. This impressive resiliency can be attributed to the underlying strength of the global economy. [... More]

  • Mar
    16
    2011

    Japan: Too Early to Tell

    Japan, the third-largest economy in the world, has endured earthquakes, a tsunami and multiple nuclear reactor failures. The long-term downstream consequences will not be clear for quite some time. Gross domestic product (GDP) will be negatively impacted in the short term, but rebuilding should help economic activity rebound. [... More]

  • Mar
    15
    2011

    UK Pension Schemes Challenged with Managing Risk within the Portfolio

    The Pension Management Research Panel recently conducted a Quick Poll of pension trustees or internal pension/finance employees from 32 different organisations within the United Kingdom. [... More]

  • Mar
    15
    2011

    Poll Results: Top Priorities for UK Pension Scheme Sponsors in 2011

    The Pension Management Research Panel conducted a Quick Poll asking executives to identify their organisation's top pension priorities for the year. [... More]

  • Feb
    10
    2011

    Oil, Water, Food and Money: A Macro View of Political Tensions

    Ongoing political turmoil in Egypt led to the temporary closure of that country’s stock market and banking system and sparked a short-term flight-to-quality move in the bond markets. The market is expected to remain closed until the week of February 13, while banks reopened on Sunday, February 6. A run on Egypt’s currency or debt would cause considerable harm to its economy and financial system. [... More]

  • Jan
    20
    2011

    What is Fiduciary Management

    [... More]

  • Mar
    30
    2010

    Commentary: Outlook on Global Sovereign Debt

    Fears about sovereign debt have escalated in recent months, as the global recession has forced governments to run massive deficits. Media attention has led to speculation about possible sovereign debt defaults and raised questions about the viability of investing in sovereign debt securities issued by developed nations. Download our five-page commentary. [... More]

  • Sep
    28
    2009

    Commentary: Oil Prices and the Economy

    The Global Portfolio Strategies Team has published an article exploring the prospect for a longer-term trend of rising oil prices to create headwinds for U.S. economic growth. [... More]

  • Jun
    29
    2009

    Fiduciary Management vs. Implemented Consulting – SEI bespreekt de voor- en nadelen

    Afgelopen jaar is de populariteit van Fiduciary Management en de daaraan verwante aanpak, Implemented Consulting, in populariteit gegroeid als een alternatief voor het traditionele beheermodel voor pensioenfondsen.  In dit artikel proberen wij elke aanpak te definiëren, de mogelijke verschillen vast te stellen en te verduidelijken en de voordelen van elke aanpak te vergelijken. [... More]

  • Wat is Fiduciary Management?

    Fiduciary Management kan worden gedefinieerd als een pensioenbeheeroplossing gericht op het bereiken van de langetermijndoelstellingen van een pensioenfonds binnen een gedefinieerde risicobeheeromgeving door het aanbieden zowel dagelijkse vermogensbeheer als adviesdiensten. [... More]

  • De voordelen van Fiduciary Management

    Fiduciary Management is een oplossing voor dynamisch beleggen, waarvoor de tijd is gekomen. [... More]

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