Investissement

Toutes les obligations à haut rendement ne se valent pas : sur le marché américain, la différence de spreads entre les obligations notées CCC ou moins et les titres notés BB est passé de 4,6 % à 9 % depuis le début de l’année. 

Fresh registrations for alternative investment funds in Luxembourg, considered the top European hub for private investments, this month are at their lowest monthly level in nearly six years. Regulatory changes as well as market conditions are cited as a reason for the slowdown. Some issuers have decided to wait for the new year to avoid regulatory reporting in 2022.

High-yield bonds are not equal. In the US market this year, the difference in spreads between bonds with credit ratings of CCC and below versus BBs rose from 4.6 percent to 9 percent.

Le style est l’un des risques les plus importants que les investisseurs durables doivent prendre en compte. Car un grand nombre de fonds d’actions dotés d’un mandat durable ont souvent tendance à mettre l’accent sur les valeurs de croissance. Or, dès que l’on opte pour un style déterminé, il est possible que les investisseurs boudent ce dernier pendant une certaine période. Et cette année, c’est le cas de la croissance.

Style risk is one of the key risks that sustainable investors need to be aware of. After all, many equity funds with a sustainable mandate tend to lean towards a growth style. Any choice of style brings the likelihood of it falling out of favour with investors over a period of time. So too this year’s growth style.

Outlines of reform proposals for European long-term investment funds (Eltif), agreed by EU policy-makers last month, have been hailed as major positive step forward by some in the industry. More quietly, though, others suggest the fundamental contradictions at the heart of the vehicle have yet to be resolved. 

It has been a dire and highly volatile stock market year so far. The opportunity for active investors to make a difference and outsmart the market. Fine words notwithstanding, more than three quarters of active managers have failed again this year. “The biggest cause of active funds’ failure is their inability to survive.”

This is according to the latest Morningstar European Active/Passive Barometer, a semi-annual report that compares the performance of European-based active funds with passive funds in their respective Morningstar categories.

Luxembourg’s government is proposing to simplify the corporate income tax process for investment funds which have overseas investors or subsidiaries by reducing their risk of being subjected to full Luxembourg anti-tax avoidance corporation tax. The changes of the “reverse hybrid rule” seek to remove doubt from how to deal with tax exempt entities.

Le 23 juin 2016, les Britanniques ont surpris les marchés financiers avec leur décision de quitter l’Union européenne. Depuis cette date, le pays est en proie à des incertitudes croissantes, avec une avalanche de problèmes et de controverses, tant sur le plan politique qu’économique. 

Alors que la revalorisation des fonds SFDR bat son plein, les fonds vert clair n’ont pas échappé à la violence du marché cette année. Les fonds de l’article 6 et de l’article 8 ont connu une importante sortie d’actifs. Les fonds les plus verts ont réussi à attirer de nouveaux actifs.