Research Publications Archive

Charting New Waters: What Pension Plan Sponsors Should Know About Digital Assets

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Blockchain technology and digital assets could disrupt the way many of the companies in a pension plan’s current investment portfolio do business. Pension plan sponsors can benefit from an increased understanding of blockchain technology and its potential portfolio implications. In addition to providing a general overview of how blockchain technology and digital assets investments work, this paper answers questions on related challenges and developments for plan sponsors to consider.

Emerging Markets Equities: It’s Not All About the Fed

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The Federal Reserve is poised to continue lifting interest rates this year. Many investors tend to view tightening Fed policy as a headwind for emerging markets (EM) equity performance and may be tempted to dial back exposure to the bloc, but market history is an inconsistent guide when gauging how EM equities will perform when the Fed raises rates. In this paper, we outline several reasons EM exposures could prove to be diversifying as the current cycle plays out.

Higher Rates Are a Headwind, but US Housing Rests on Solid Foundations

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The US housing market has been on a tear in recent years, supported by low interest rates, favorable supply/demand dynamics, and a recent boost from the pandemic-related demand for more space. This publication provides an update on some of the macro forces supporting housing and describes different asset classes that offer exposure to US housing.

Decades of Data: Emerging Markets 1987–2021

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The 2021 Emerging Markets edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.