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  • ECB action: kitchen sink or leaky tap for hedge funds? | Thinking Aloud
    continue in Europe driving a range of opportunities but also risks Opportunities include going long or short in senior and subordinated bank debt However financial sector deleveraging impairs liquidity in the marketplace as banks shrink their balance sheets and as their risk appetite for credit wanes The possibility of a disorderly deleveraging cannot be discounted More cyclical credit strategies may find their opportunity set diminished because of the ECB s actions We were anticipating that interest in distressed debt funds could pick up as the credit cycle progressed throwing up opportunities as companies started to struggle to finance their debt or defaulted as hedge funds can take short as well as long positions However the ECB s actions may have pushed the timing for an increase in distressed corporates out further default rates will probably not pick up materially in the near future as treasurers of highly indebted companies take advantage of the lower rate environment to kick the can down the road through opportunistic issuance and pushing out the maturity of their debt For equities there is a range of interesting dynamics One long short equity manager commented that the continued repression of bond yield spreads will be helpful for the more defensive companies which see their share prices influenced by bond discount rates The ECB actions should also clearly be helpful for banks although we observe that those who have exposure to this area were invested prior to the announcement on fundamental valuation grounds While the ECB action is clearly supportive it does not indicate a major regime change Another manager outlined that if there is a positive impact on GDP growth and some euro weakness this will be helpful for operational results for European companies However the former is still in question and there has been limited evidence of the latter so far While the ECB action is clearly supportive it does not indicate a major regime change The best course of action may indeed be to sit tight and be patient Important Information Foreign securities are more volatile harder to price and less liquid than U S securities They are subject to different accounting and regulatory standards and political and economic risks These risks are enhanced in emerging markets countries There are special risks associated with selling securities short A short position will lose value as the security s price increases Theoretically the loss on a short sale can be unlimited The use of leverage will also increase market exposure and magnify risk Derivatives entail risks relating to liquidity leverage and credit that may reduce returns and increase volatility Fixed income securities are subject to certain risks including but not limited to interest rate changes in interest rates may cause a decline in the market value of an investment and credit changes in the financial condition of the issuer borrower counterparty or underlying collateral Ref 30005 050416 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/ecb-action-kitchen-sink-or-leaky-tap-for-hedge (2016-04-26)
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  • Creating value through effective stewardship | Thinking Aloud
    the UK Volkswagen in Germany Olympus and Toshiba in Japan and Petrobras in Brazil involved in corporate malfeasance as a direct result of poor corporate governance standards Disregarding ESG considerations can clearly have damning effects Poorly governed companies tend to be more prone to unforeseen events By contrast companies that put ESG at the heart of their business are generally better managed likely better able to mitigate risks and are thus better prepared for all eventualities This means they are far more likely to perform to the upside Asset managers play a unique role here in acting as responsible stewards for the funds and companies they invest in Companies mentioned for illustrative purposes only and should not be taken as a recommendation to buy or sell any security It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list Important Information International investing entails special risk considerations including currency fluctuations lower liquidity economic and political risks and differences in accounting methods these risks are generally heightened for emerging market investments Image credit Boris Lyubner Illustration Works Corbis Ref 23211 300316 1 1 Perspectives on ESG Integration in Equity Investing An opportunity to enhance long term risk adjusted investment performance Calvert Investments July 2015 2 Morningstar is a Chicago based investment research firm that compiles and analyzes fund stock and general market data Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity creating value through effective stewardship Select Article URL Close Alternatives Asia inc Japan Europe Global Japan Latin America Private Equity UK Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Asian property seeking excitement without danger All LPs are equal but some are more equal than others Lesson from Germany the value of hybrid property Alternatives Asia inc Japan Europe Global Japan Latin America Private Equity UK Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/creating-value-through-effective-stewardship (2016-04-26)
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  • Taking some risk off the property table | Thinking Aloud
    property is a good quality property Risk is a strange concept When you don t experience it it doesn t seem very important to take notice of the possible outcomes that didn t happen The more this goes on the less likely you are to take note Think of risk management as an insurance policy we all try and avoid risks in the first place We lock the doors when we leave our house turn on the lights turn the water off when we are on holiday or maybe even install a burglar alarm If we don t get burgled or have a water leak for five years do we cancel our insurance policy No Sacrificing some of the upside of performance in recognition that markets will fall seems like a sensible piece of insurance to have in place all the time Important Information Alpha is a risk adjusted performance measure comparing the price risk of a fund and the risk adjusted performance of its benchmark Positive alphas represent outperformance of the benchmark while negative ones represent underperformance Indices are unmanaged and are being provided for comparison purposes only No fees or expenses are reflected You cannot invest directly in an index This article was originally published in Estates Gazette on February 27 2016 Ref 30005 010416 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity taking some risk off the property table Select Article URL Close Commercial North America Property Residential UK Related Articles Like the US the UK needs infrastructure capital Asian property seeking excitement without danger Lesson from Germany the value of hybrid property Creating value through effective stewardship Tale of two West Coast cities Commercial North America Property Residential UK Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/taking-some-risk-off-the-property-table (2016-04-26)
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  • Tale of two West Coast cities | Thinking Aloud
    consolidated their headquarters to Seattle s South Lake Union submarket in 2007 These two companies are the pillars of Seattle s position as one of the top U S tech hubs and are attracting other technology companies to open offices in the city Recently Apple Google Salesforce and Twitter have opened Seattle offices to test whether or not the city might be a reasonably priced answer to future expansion plans As new technology jobs open in Seattle top level talent is relocating to the city which has caused apartment rents to rise 54 over the past five years Average one bedroom apartments now rent for 2 100 per month which is high for Seattle standards but still well below San Francisco levels The promising outlook for growth in Seattle has spurred development activity in the city New apartment completions in 2014 were at the highest level in the past 25 years adding about 9 5 of existing inventory to the market So far demand has continued to outpace supply This leads us to the deciding question what is next As office and apartment rents have already increased across all three markets many forecasters are wondering can rents driven by tech sector growth continue to rise to higher levels over the near term In Silicon Valley the current tech boom is being driven by companies that already have a successful track record and are profitable like Apple and Google While expensive it appears the real estate market is stable because these companies can afford it Meanwhile in San Francisco technology companies such as Salesforce and Twitter are driving growth but have a less clear path when it comes to sustained profitability Although many of these companies are in growth mode hiring more employees and taking up new space if one fails there could be a ripple effect on the local real estate market Lastly Seattle s real estate prices are in line with similar sized U S cities Its market feels stable similar to Silicon Valley s because of Amazon s and Microsoft s stronghold The present story of the Bay Area and Seattle real estate markets is one of encouraging growth and positive outlooks Managing realistic expectations for growth and understanding supply and demand fundamentals in each market will be the key to identifying the best investment opportunities going forward Companies mentioned for illustrative purposes only and should not be taken as a recommendation to buy or sell any security It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list Ref 23211 240316 3 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity tale of two west coast cities Select Article URL Close Alternatives Commercial Demographics Labour North America Property Residential Related Articles Like the US

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/tale-of-two-west-coast-cities (2016-04-26)
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  • Words are wind in bond markets | Thinking Aloud
    levels have performed disastrously Deutsche Bank has relatively low levels of available distributable items causing market participants to cast doubt on whether the bank will pay coupons on the instruments With so many gusts blowing in different directions it can be hard to keep a grip on the true direction at any one given moment We stand ready to change direction as the conditions data and facts change It is at this point we are reminded of another great quote this time from one of America s greatest inspirational authors William Arthur Ward The pessimist complains about the wind the optimist expects it to change the realist adjusts the sails The winds may not be permanently changing for European corporate bonds but in such an uncertain environment where flexibility is the key to successful navigation we re staunchly in the realist camp ready and able to adjust Important Information Fixed income securities are subject to certain risks including but not limited to interest rate changes in interest rates may cause a decline in the market value of an investment credit changes in the financial condition of the issuer borrower counterparty or underlying collateral prepayment debt issuers may repay or refinance their loans or obligations earlier than anticipated and extension principal repayments may not occur as quickly as anticipated causing the expected maturity of a security to increase International investing entails special risk considerations including currency fluctuations lower liquidity economic and political risks and differences in accounting methods these risks are generally heightened for emerging market investments Ref 23211 220316 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity words are wind in bond markets Select Article URL Close Asia ex Japan Bonds Economics Europe Fixed Income Global Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Lesson from Germany the value of hybrid property Paradox for emerging market positivity Fighting off China s cold Asia ex Japan Bonds Economics Europe Fixed Income Global Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/words-are-wind-in-bond-markets (2016-04-26)
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  • On Europe’s home ground | Thinking Aloud
    investments Care homes in undersupplied wealthy regions are also a good option as home owners can use their home to pay for their care Social housing has the potential to be an enormous investment market in Europe although it remains a limited investment opportunity at the moment This should change in the longer term as there is strong demand for social housing in many countries and governments have little capital to build new homes or refurbish existing ones In the UK for example there are over two million people on the waiting list for social housing There is demand for seven million subsidised homes in Germany and that was before it received more than one million migrants in 2015 Meanwhile we believe the Dutch market currently offers the best opportunities as regulatory changes mean that social housing providers will be forced to withdraw from the middle income non regulated market Serviced apartments are a niche part of the residential sector According to our research the entire serviced apartment sector across Europe is less than a thousandth of the size of the German private residential rental market The largest locations are London and Paris but the overall numbers in Europe are considerably lower than in major cities in the U S and Asia As such there is huge potential for growth Branded purpose built developments are expected to dominate future growth in this sector In our view private rented residential is by far the most attractive and investible residential subsector It continues to have very strong demand constrained supply and a secure income stream Renting in many of its various forms could be here to stay Important Information International investing entails special risk considerations including currency fluctuations lower liquidity economic and political risks and differences in accounting methods these risks are generally heightened for emerging market investments Investments in property may carry additional risk of loss due to the nature and volatility of the underlying investments Real estate investments are relatively illiquid and the ability to vary investments in response to changes in economic and other conditions is limited Property values can be affected by a number of factors including inter alia economic climate property market conditions interest rates and regulation Ref 23211 210316 1 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity on europes home ground Select Article URL Close Europe Global Property Residential Related Articles Like the US the UK needs infrastructure capital Asian property seeking excitement without danger Lesson from Germany the value of hybrid property Paradox for emerging market positivity Fighting off China s cold Europe Global Property Residential Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/on-europes-home-ground (2016-04-26)
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  • The ups and downs of U.S. share buybacks | Thinking Aloud
    the scope for such additional financial engineering is becoming limited as levels of debt have grown in recent years And in these uncertain times shareholders are starting to favor balance sheet strength over capital return So a fall in share buybacks appears imminent Given the support that buybacks have provided to the U S equity market there are reasons for caution should this significant pillar of support be removed Share repurchases are unlikely to stop overnight and there are reasons to see their continuation in the very near term including the expiry of the closed period following the quarterly reporting season There is also a lag between announcements and implementation Sometimes this can take up to two years But if the U S stock market is going to make further progress it looks like companies are going to have to start generating real earnings the traditional way by growing sales improving efficiencies or both Important Information The use of leverage will increase market exposure and magnify risk Ref 23211 080316 2 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity the ups and downs of u s share buybacks Select Article URL Close Economics Equities North America Related Articles Japan why faltering reforms shouldn t hide corporate achievements Like the US the UK needs infrastructure capital Paradox for emerging market positivity Fighting off China s cold Taking some risk off the property table Economics Equities North America Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of the information may contain projections or other forward looking statements regarding future events or future financial performance of countries markets or companies These statements are only predictions opinions or estimates

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/the-ups-and-downs-of-u.s.-share-buybacks (2016-04-26)
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  • What is midstream energy? | Thinking Aloud
    ongoing deployment of private capital could provide a healthy and needed boost to the midstream energy sector As energy needs in the U S continue to expand midstream energy infrastructure will play a critical role in making sure that energy can be properly stored and transported so it can power homes factories schools hospitals and offices around the world Important Information Real estate investments are relatively illiquid and the ability of an investment to vary its makeup in response to changes in economic and other conditions is limited Property values can be affected by a number of factors including inter alia economic climate property market conditions interest rates and regulation There are special risks associated with an investment in commodities including market price fluctuations regulatory changes interest rate changes credit risk economic changes and the impact of adverse political or financial factors Ref 23211 080316 1 1 Deloitte Center for Energy Solutions The rise of the midstream Shale reinvigorates midstream growth 2013 Social media Download share or print this page Copy link Email link Print this page Share on twitter Share on LinkedIn Share on Google Share on Facebook Copy URL http www aberdeen asset ca en thinkingaloudus investment clarity what is midstream energy Select Article URL Close Alternatives Global Infrastructure North America Private Equity Related Articles Like the US the UK needs infrastructure capital Asian property seeking excitement without danger All LPs are equal but some are more equal than others Paradox for emerging market positivity Fighting off China s cold Alternatives Global Infrastructure North America Private Equity Related Links Contact Us Learn more about Aberdeen This Content Component encountered an error Send us feedback First Name Last Name Email Address Comments Thinking aloud Internal Links About Thinking aloud Privacy and Cookies Policy Accessibility Help Keep in touch twitter LinkedIn google facebook More about Aberdeen Asset About Aberdeen Asset Management Aberdeen Asset Management Copyright 2015 IMPORTANT INFORMATION PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS The views and opinions expressed are provided for general information only and do not constitute specific tax legal or investment advice to or recommendations for any person We suggest that you consult your financial or tax advisor accountant or attorney with regard to your specific situation The details contained here are for information purposes only and should not be considered as an offer or solicitation to deal in any of the investments mentioned herein Aberdeen Asset Management AAM does not warrant the accuracy adequacy or completeness of the information contained herein and expressly disclaims liability for errors or omissions in such information and materials Any research or analysis used in the preparation of the information has been procured by Aberdeen for its own use and may have been acted on for its own purpose Some of the information may contain projections or other forward looking statements regarding future events or future financial performance of countries markets or companies These statements are only predictions opinions or estimates made on a general basis and actual

    Original URL path: http://www.aberdeen-asset.ca/en/thinkingaloudus/investment-clarity/what-is-midstream-energy (2016-04-26)
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