ARX Series
New and Notable
Editor's selection
Overview
ARX receives up to 100 new submissions each month: academic papers, industry research, white papers, market analysis and others. Here is a curated selection of new and noteworthy posts from our institutional and individual contributors.
To browse or search ARX's repository of more than 5,000 posts, select "Research" in the main menu.
Manufacturing-related Stocks that have led Net Fund Flows
iEdge SG Advanced Manufacturing Index constituents have seen net institutional inflows of close to S$10 million in 3Q22 through to 7 Sep, while the Index generated a decline of 4% in total return.
08 September 2022 | GEOFF HOWIE; SGX RESEARCH
Impact Investing for Public Pensions as Asset Owners: A Trial Report on the GPIF “Impact Report”
First, explain the overlapping area of impact investing and ESG investing, and the reasons why public pension funds should consider impact investing. Then discuss what kind of impact assessment should be analysed and disclosed.
07 September 2022 | Ryujiro Miki, CFA; Research Institute for Policies on Pension Ageing (RIPPA) in Japanese
China EV market: 2Q22 Earnings & Outlook for 2H22 Production Ramp
Nio, XPeng and Li Auto reported weaker deliveries and margins in 2Q22 amidst challenges from COVID-19 lockdowns in China, extreme weather conditions, as well as supply chain uncertainties.
09 September 2022 | LIONEL LIN; SGX RESEARCH
WEBINAR: Future of Skills and Learning: Planning Your Career for the Industry of Tomorrow
In this recorded webinar, Rhodri Preece, CFA and Ryan Munson present key findings from the latest CFA Institute Research report, The Future of Work in Investment Management: Skills and Learning. The authors discuss the factors disrupting the investment industry today and how job roles will be affected.
20 September 2022 | CFA Institute | Video: 62 mins.
China Sustainable Funds 1H 2022 Review
China’s sustainable funds saw a decline in the total assets under management (AUM) in the first half of 2022, dropping 11% from the all-time record of RMB 227 billion at the end of 2021 to the current RMB 203 billion (roughly USD 30bn).
14 September 2022 | Fay Wu, Jiaye Pan, MioTech
Schrödinger’s Carbon: Intensity and Paris Alignment
A case study illustrates the importance of considering both point-in-time and forward-looking analysis in understanding ESG index performance results, as well as the value of sector-based perspectives.
28 July 2022 | Maya Beyhan, S&P Dow Jones Indices
Addressing Stewardship Misconceptions in Passive Investments: Can Indexes Enable Scale Engagement?
This article explores the evolution of environmental, social and governance (ESG) engagement and passive investing, and demonstrates that sustainability index design can lead to scalable, efficient and impactful corporate engagement.
31 August 2022 | David Harris, Arne Staal, FTSE Russell
谈大中华地区金融机构可持续披露规定
在过去的一年中，中国内地、香港、台湾地区的政策和监管机构都推出了针对资产管理机构的ESG和气候相关披露规定，本报告分析了这些规定的内容，并讨论这些规定的跨地区适用性。此外，通过中国上市公司的气候信息披露情况，评估当下金融机构能够达到监管要求。
17 August 2022 | 吴菲, 朱晋轩, MioTech
2022年上半年中国可持续基金表现回顾
2022年上半年，可持续基金资产净值的减少和突然转变的净流出则反映了中国资本市场整体疲软，投资者信心受到全球经济衰退、高通胀压力和国内主要城市新冠疫情有所反复的影响。
30 August 2022 | 吴菲, 潘嘉业, MioTech
Investing & Building in Web 3
In this episode of FTSE Russell Convenes, Agnes Budzyn, Co-Founder and Managing Partner at SFI, discusses the latest NFT trends, how regulation will adapt alongside digital assets and the future of the Metaverse.
30 August 2022 | FTSE Russell Convenes
S & SEA Corporates: Currency Risk Exposure
The INR, IDR and PHP have depreciated sharply against the US $ in recent weeks. We analyzed the FX risks emanating from the operations, borrowings and FX hedging strategies of the S&SEA corporates under our coverage.
26 August 2022 | Lakshmanan R, CFA, FRM; Rohan Kapur, Jonathan Tan, CreditSights
China: State-Backed Property Bailout Fund
China plans to set up a bailout fund to alleviate the distress faced by 12 property developers. This fund is much larger than previous local-level bailout funds and could be a major step towards resolving the property crisis.
26 August 2022 | Karen Wu, CFA; Zerlina Zeng, CFA; Nicholas Chen, Luther Chai, CFA, CreditSights
WEBINAR: Asia-Pacific FinTech Month 2022 - Fintech for Sustainability
In this recorded webinar, we looked at a few business models and practices of fintech firms that contribute positively to sustainability. We also looked at the challenges when it comes to continuing innovation, and evolving opportunities in this area. In addition, we discussed how regulators and policymakers are encouraging fintech in sustainability, and additional steps that are needed.
25 August 2022 | CFA Institute | Video: 1hr 30mins.
Auto sector stimulus to drive near-term sales spike in China
Given the government’s latest stimulus policy directive for the auto industry, PengYuan believes that the central government is determined to ensure that auto sales momentum recovers this time around.
18 August 2022 | Vincent Ha, CFA, PENGYUAN
China Offshore Bond Market 1H2022 Review and 2H2022 Outlook Report: Embracing the Paradigm Shift
The China offshore USD bond new issuance dropped by 37.3% year-on-year in 1H2022. The offshore bond issuance was supported by the refinancing needs of LGFVs, but it was hit by the defaults of Chinese property developers and the Fred rate hike of USD.
18 August 2022 | Dr. Stan Ho, Alex Kung, Ben Yau, Toni Ho, Lianhe Ratings Global
WEBINAR: Asia-Pacific FinTech Month 2022 - Digital Banking Maturity
In this third webinar of the FinTech Month series, we looked at how heightened competition has been helping to push digital transformation in the banking sector – including the emergence and impact of virtual banks. Our panel of experts shared their views on the growth opportunities, regulatory implications and lessons learnt along the digitalization journey.
18 August 2022 | CFA Institute | Video: 1hr 33mins.
Testing the Pollution Haven Hypothesis with the Role of FDI and Total Energy Consumption
The main objective of this study was to examine the nonlinear relationship between environmental deterioration and foreign direct investment for subpanels based on the country’s income level.
31 May 2022 | Vishal Dagar, Farhan Ahmed, Farah Waheed, Štefan Bojnec, Muhammad Kamran Khan, Sana Shaikh, MDPI
Where to invest now
In this episode of FTSE Russell Convenes, Charles talks about his outlook on equities, the niche area of fixed income he finds very attractive right now and which digital assets he thinks are a zero versus those that are really here to stay.
15 August 2022 | FTSE Russell Convenes
Cryptocurrency vs. CBDC
Neha Narula returns to FTSE Russell Convenes to give us an update on the progress being made in both Central Bank Digital Currencies and Crypto Currencies.
15 August 2022 | FTSE Russell Convenes
The Future of Work in Investment Management: The Future of Skills and Learning
This report identifies gaps between the supply and demand for skills, outlines strategies for career development, and proposes structural changes to investment teams to better leverage diverse talent.
July 2022 | CFA Institute
WEBINAR: Asia-Pacific FinTech Month 2022 - Deployment of AI in the Financial Services and Investment Industry
In this recorded webinar, we brought together experts from technology companies and financial institutions to discuss on key AI techniques and practices. They also shared the experience on the benefits and challenges during the deployment. Lastly, we discussed the organizational transformation needed to realise the true potential of artificial intelligence.
11 August 2022 | CFA Institute | Video: 1hr 37mins.
A Framework for Assessing Natural Capital Risks and Opportunities in the Food Sector
This ESG in Depth examines the topic of natural capital and how it, along with the ecosystem services its provides, poses a material systematic risk and at the same time presents opportunities in several key sectors.
10 August 2022 | MFS Investment Management
Blue Suits and Greenflation: Exploring ESG Integration
Our fixed income ESG analyst explains what "greenflation" is and discusses why ESG integration into an active fixed income investment process matters so much.
10 August 2022 | MFS Investment Management
What do C-suite executives need to know about indices?
Read this detailed educational document for a deeper understanding of index basics like what an index is, the benefits of index inclusion, the relationship between liquidity and index inclusion, and about the FTSE UK Index Series.
10 August 2022 | David Sol, FTSE Russell
Chinese government bonds lagged the global bond rally in July
Chinese government bond returns were modest in July, compared to their global peers, following concerns over the global economic downturn. YTD Chinese $ high yield credit losses deepened compared to those of US HY, which rallied.
08 August 2022 | FTSE Russell
WEBINAR: Asia-Pacific FinTech Month 2022 - Virtual Assets
Watch our recorded webinar to hear from cryptoassets experts discussing valuating crypto assets, emerging opportunities and trends of virtual assets in APAC from different stakeholders' perspectives and advise to investment professionals.
04 August 2022 | CFA Institute | Video: 1hr 31mins.
ZSL releases new research on the timber and pulp industry
This year’s ZSL SPOTT assessments saw 100 timber & pulp producers, processors and traders assessed against 179 environmental, social and governance (ESG) indicators. See the results to find out the key sustainability issues across the sector.
03 August 2022 | Fergus Campbell, Zoological Society of London - ZSL SPOTT.
Market Maps: Performance Insights (USD Edition) - August 2022
Equities and high-yield bonds rebounded in July, lifted by hopes that deteriorating economic data and falling commodity prices could give central banks (but mostly the Fed) leeway to dial back their tightening campaigns.
02 August 2022 | FTSE Russell
Singapore Banks Begin Reporting 1H22 Results Tomorrow
This year the trio of DBS, UOB and OCBC have contributed more than 25% of the average daily turnover of the Singapore stock market, while averaging a 3% YTD total return following the 25% average total return in 2021.
28 July 2022 | GEOFF HOWIE, SGX RESEARCH
STI Clocks Up 6-week High on S$97 million of Net Fund Inflows
The STI posted a 2.7% gain last week, in-line with the FTSE APAC Index, returning the Singapore benchmark to levels last traded 6 weeks ago on 10 June. Global stocks were led by consumer cyclicals, industrial and technology sectors over the week.
25 July 2022 | GEOFF HOWIE, SGX RESEARCH
What's Yours is Mine and What's Mine is Mine
This article seeks to curb the prevalence of non-compliant related party transactions (RPTs) on the Lusaka Securities Exchange (LuSE) by increasing awareness of such RPTs, examining the harm that they inflict, and proposing actions to mitigate this harm.
27 July 2022 | Sumeet Jain, Godfrey Mwanza, CFA
Tracking Australia's Growing Agribusiness Sector
With 70% of its agricultural production exported today, Australia could play an integral role in meeting increased demand from the global supply chain.
07 July 2022 | S&P Dow Jones Indices
WEBINAR: The Rise of Indian Private Equity and Venture Capital
In this recorded webinar, Shreekant Daga of CAIA briefly made a presentation on the Indian private equity and venture capital industry. He then joined our panel of experts and discussed the investment landscape and opportunities, the regulatory and policy environment, and the risk factors fund managers should consider before investing.
21 July 2022 | CFA Institute; CAIA Association | Video: 61 min.
Navigating Social and Sustainability Bonds
This research paper aims to help investors and other market participants to better understand the development, trends, challenges and opportunities of the social and sustainability bond market.
20 July 2022 | Alan Meng, Lee Clements, Lily Chung, FTSE Russell
Bangladesh Budget FY2022-23: Targeting both Protection & Prosperity
In the FY23 budget, the Government of Bangladesh is expected to maintain socio-economic stability amid external pressures and continuing economic recovery in an inflationary environment as primary priorities, in a pre-election landscape.
06 June 2022 | BRAC EPL RESEARCH
Dhaka Stock Exchange (DSE) Performance in H1'22
During the H1’22, majority of the emerging and frontier market witnessed sluggish trend riding on macro-economic variables. DSE closed in 5.6% negative from 31 Dec 2021. The market turnover experienced 35.3% de-growth YoY in H1'22.
03 July 2022 | BRAC EPL RESEARCH
Should I Stay or Should I Go?
This paper examines considerations for asset allocation strategies across growth and value in today’s market environment.
14 July 2022 | Ross Cartwright, MFS Investment Management
WEBINAR: The Case for Venture Capital During Market Volatility
More disciplined financing rounds, emerging managers adding value, and startups learning the fundamentals earlier on are all bright spots in uncertain times. Listen to the recorded webinar where speakers discussed whether investors should be running towards or away from early venture capital.
14 July 2022 | CFA Institute | Video: 61 min.
Chartbook: Singapore REITs & Property Trusts
Singapore has 43 REITs & Property Trusts with a combined market cap of S$111B, representing 12% of Singapore’s overall listed stocks. This document provides an overview on the performance of respective SREITs and Trusts, index and ETFs.
16 June 2022 | EMELIA TAN, SGX RESEARCH
Dealing with income bias in sovereign ESG scores: Sovereign ESG revisited
Using a simple statistical framework and our proprietary Sovereign Risk Monitor (SRM) methodology, we estimate a log-linear relationship between the income level of economies and their respective E, S and G performance assessment.
12 July 2022 | Julien Moussavi, Lazar Karapandza, FTSE Russell
eFinancialCareers 2022 APAC Compensation Report
The new eFinancialCareers 2022 APAC compensation report looks at the comparative compensation for people working in the sell-side and the buy-side in Hong Kong and Singapore, plus average hours worked and how pay evolves with experience.
11 July 2022 | eFinancialCareers
Impact of Black Swan Events on ESG Relevance
We analyse the active return of the HSI ESG Enhanced Index (the “Index”) by attributing returns into different groups according to ESG performance and conduct back-testing to examine if the Index outperformed the HSI during various black swan events.
08 July 2022 | Hang Seng Indexes Company Limited
Developed Market Sovereign Bonds: ESG Factors Under the Spotlight
This whitepaper examines MFS's approach to developed market sovereign debt analysis and the importance of explicitly integrating ESG factors into the research process.
08 July 2022 | MFS Investment Management
What Is Internal Carbon Pricing And How Can It Help Achieve Net-Zero Goal?
CDP published a report on ICP in collaboration with CPLC. The report looks at the importance of carbon pricing in allowing businesses to transition to more sustainable operations, with a key focus on emerging economies.
1 May 2022 | CDP, The Carbon Pricing Leadership Coalition
An Index Approach to Factor Investing in India
Interest in factor investment solutions have significantly risen in the past decade. In general, factor investing refers to an approach that targets stock characteristics that drive the difference in expected returns over the long term.
4 July 2022 | Jason Ye, CFA, S&P Dow Jones Indices
Market Maps by FTSE Russell: Performance Insights - July 2022
Equities and corporate bonds fell further in June, deepening first-half losses, as investors repriced for higher-for-longer inflation, a synchronized central-bank tightening cycle and elevated risks of recession.
4 July 2022 | FTSE Russell
Focuses of FY23 Bangladesh Monetary Policy Statement by EBLSL
EPL Securities believes the central bank of Bangladesh will pursue a cautious policy stance to contain inflation, to reduce pressure on exchange rate depreciation and to protect foreign exchange reserves. Download the report to read more.
30 June 2022 | EBLSL Research
About the Author(s)
Senior Director: Scott Lee
Project Specialist: Natalie Yiu
Coordinator: Christy Leung