Working From Home with SPDR ETFs: Four Fearless Women

Bond Compass Q3 2020: Balancing Risks While Searching for Yield

The second quarter saw many major economies grappling with COVID-19, first as a health crisis and then as an economic catastrophe. Only through extreme central bank and fiscal measures has the fallout been somewhat contained. Against this backdrop, our investment experts will analyse fixed income flows and holdings during Q2, and what that can tell us about investor sentiment heading into Q3. They will also discuss the inflation outlook and potential investment ideas as we move into the next phase of the COVID-19 era.

After a quarter in which the high dispersion of performance between sectors continued to provide opportunity for relative gains, economies has begun to recover and economic data globally is bouncing back. However, there are still risks, with no near-term COVID-19 vaccine and possible continued lockdowns following new spikes and recovery optimism may not pay off. There could be more equity rallies, but they could also prove short-lived as with the recent rotation from growth to value. And the run-up to the US election is also likely to impact sector performance.
So what does this mean for sector investors over the coming months? Join Rebecca Chesworth, Senior SPDR Equity ETF Strategist at State Street Global Advisors and Marija Veitmane, Senior Multi-Asset Strategist at State Street Global Markets to hear where institutional and ETF investors have been placing their sector bets, and what opportunities we expect to see over the next quarter.

Four fearless women are taking decisive steps to lead Europe away from depression, but it remains to be seen whether it is enough and where it will lead us. Depending on the outcome, investors could have a range of opportunities. If we face persistent volatility and uncertainty, investors may stand to benefit from exploring non-equity performance drivers, such as the higher-returning parts of fixed income or convertible bonds. We also see an interesting dynamic in momentum versus value, where investors can either get in front of systemic market support mechanisms for momentum (e.g. investments benefiting from Fed support) or seek out value ideas (e.g. neglected assets with higher return potential that are not supported by central banks or government fiscal policy).

The dual shock of the negative economic effects of COVID-19 and the collapse in the oil markets has taken its toll on credit markets, leading to a spike in the number of ‘Fallen Angels,’ or issuers downgraded to high yield status from investment grade. Under such conditions, what risks and opportunities might face investors who either hold Fallen Angels or would like to take advantage of the price dislocations that accompany such downgrades? Join William Ahmuty, Brad Sullivan, Jason Simpson and Antoine Lesné for a discussion around Fallen Angels and the opportunities they might offer.

Bill Ahmuty, Head of SPDR Fixed Income Group
Brad Sullivan, Senior Portfolio Manager on the Corporate Credit Beta Team
Jason Simpson, Fixed Income ETF Strategist
Antoine Lesné, Head of SPDR ETF EMEA Strategy & Research

The market is not the economy

The S&P 500 index is back at its levels from the start of the year and there has been a sharp rotation in factor and sector leadership. To help explain these market moves, Rebecca Chesworth, Senior Equity ETF Strategist at State Street Global Advisors and Michael Metcalfe, Head of Macro Strategy at State Street Global Markets will discuss why the stock market has become dislocated from the real economy. They will evaluate the implications of recent market activity, how institutional investors are reacting and where to look for opportunities going forward.

Over three months into lockdowns and market turmoil there is lingering uncertainty among investors/across the world, but we are also seeing improvement and areas of opportunity.

In this webinar Elliot Hentov PhD, Head of Policy Research, Global Macro Policy team and Michael Arone, Chief Investment Strategist for the US Intermediary Business Group at State Street Global Advisors will discuss what the future of investing might look like and what to consider in the medium term; will there be a second wave of COVID-19 and a relapse to renewed lockdowns? What has been damaged permanently vs what can be recovered? How are markets priced for scenarios and what themes should investors consider when building portfolios in the post-pandemic environment?

Join us for a webinar on strategic and tactical Asset Allocation with Altaf Kassam, EMEA Head of Investment Strategy & Research and Antoine Lesné, Head of SPDR ETF Strategy & Research EMEA.

They will share the investment team’s most recent tactical asset allocation changes, as well as their longer-term views. Altaf and Antoine will also debate the recent rotation in performance and the extent to which it is supported by flows, as well as examining longer term trends in allocation tools and discussing the trend towards indexing in fixed income as investors move back into credit.

In this webcast, Phillip Brzenk, Senior Director, Strategy Product Management, S&P Dow Jones and Ryan Reardon, SPDR Senior Smart Beta ETF Strategist at State Street Global Advisors will discuss why Dividend Aristocrats strategies are uniquely positioned for the current environment, as these strategies seek to provide investors higher yield through stable dividends.

Amlan Roy, Head of Global Macro Policy Research at State Street Global Advisors and Gunjan Chauhan, Global Head of SPDR Capital Markets at State Street Global Advisors will discuss ETFs in the context of COVID-19 (liquidity, spreads, use cases) and also provide historical perspective on what sets COVID-19 apart from other crises. Furthermore, the discussion will aim to help investors interpret macro indicators and adjust to a ‘new normal’ investment landscape, as well as consider the prospects for sectors going forward.

Europa kehrt in kleinen Schritten zur Normalität zurück und der Fokus der Finanzmärkte ist verstärkt in die Zukunft gerichtet. Aus diesem Grund sollten konventionelle Risiken am Finanzmarkt wieder stärker in den Vordergrund rücken. In unserem deutschsprachigen Webinar beleuchten Elliot Hentov, Head of Policy Research, und Sophia Wurm, Senior ETFs Sales Germany, mögliche Implikationen der anstehenden US-Präsidentschaftswahlen auf verschiedene Anlageklassen, Regionen und Branchen.

Senior Secured Loans, like many other asset classes, have recently seen unprecedented volatility, much of which was technically driven.

As technicals have stabilized, loan market investors are shifting their focus back to fundamental credit selection with a particular focus on the impact of COVOD-19 social distancing measures.

An actively managed Senior Secured Loan strategy like SRLN potentially represents a defensive allocation for those investors interested in income producing investments in a slow global growth environment since senior secured loans are typically senior in priority and secured by collateral.

Together with GSO Blackstone, State Street Global Advisors developed one of the world’s largest senior loan ETFs (US domiciled). Join Daniel McMullen, Senior Managing Director at Blackstone / GSO for a conference call, where he will give an outlook on the senior loan market and a performance update of the SPDR Blackstone / GSO Senior Loan ETF.

After looking into the abyss as markets started to discount the impact of the global lockdown, and signs of capitulation started to show up, markets have rebounded briskly since March 23rd. We are now entering more complex phase which can be coined as “waiting for improvement”. Uncertainties abound as to the horizon of the recovery phase.

In this roller coaster context from a performance standpoint, convertible bonds have been delivering what they were expected to do thanks to their asymmetric risk profile. As cash strapped companies turn to the market as issuance reopens, convertible bonds may look more attractive. The three engines of performance are re-ignited from coupons, to equity linkage as well as volatility protection.

Join Jonathan Camissar SSGA Senior Convertible Bond portfolio manager and Meredith Shaw from our SPDR US Fixed Income group as well as Antoine Lesné, Head of SPDR ETF Research & Strategy – EMEA, to discuss the case for convertible bonds in this “waiting for improvement” phase and as investors show first signs of a return after the March exodus.

As part of our ‘working from home’ series, please join SPDR ETFs for a short webinar with experts from State Street Global Advisors SPDR and S&P Dow Jones Indices as we focus on why ESG remains a compelling investment proposition amid the current market uncertainty.

This webinar will give an overview of the current ESG landscape, flows and performance. It will also look at why S&P developed the S&P 500 ESG index methodology and what this means for US equity market exposure now

www.ssga.com/etfs

As more investors are having to work from home, we want to ensure you are as informed and up to date as possible. Please join our subject matter experts as they give regular brief (15-20 minute) updates on markets and flows.

Please visit our website for details of upcoming webcasts: https://www.ssga.com/institutional/etfs/insights/spdr-etfs-investor-briefing-calls

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Join State Street Global Advisors, Global Markets, and SPDR ETFs Strategy Teams to listen to insights on the current state of macro, markets, and flows

Début d’une grande rotation, anticipation d’une reprise de l’inflation ? Les investisseurs institutionnels ont donné l’impression d’entamer une liquidation de leurs portefeuilles obligataires alors que la crise sanitaire se développait en potentielle crise de liquidité. Sommes-nous déjà à la fin de ce mouvement ? Quelles opportunités saisir de ces mouvements violents et rapides ?

Le « Bond Compass » offre un éclairage inédit et synthétique sur les marchés obligataires à travers l’analyse des indicateurs de flux et de positionnement des investisseurs calculés sur 10 000 milliards* de dollars en dépôt chez State Street Bank**

Rejoignez-nous pour commenter ces changements et déterminer les tendances à venir pour une 7eme édition du Bond Compass en confinement



* Source: State Street Form 10-K, au 31 décembre 2018
** Les indicateurs relatifs aux flux et aux positions sur les marchés obligataires produits par State Street Global Markets, le pôle d’investissement, de recherche et de trading de State Street Corporation, reposent sur des données agrégées et anonymes fournies par State Street, en tant que conservateur. State Street Global Advisors n’a pas accès aux données de conservation sous-jacentes utilisées pour produire ces indicateurs.

Fixed Income Flows and Holdings, Inflation measures and themes

March saw broad outflows from all sovereign markets, while treasury bills were in demand. Both investment grade and high yield corporate bond suffered across the board. PriceStats® inflation measures show a decline in online prices across the world. Themes for the next quarter include: safety first, central banks to the rescue and emerging market debt for the long haul.

Join Antoine Lesné, Head of SPDR EMEA Strategy and Research at State Street Global Advisors, and Michael Metcalfe, Head of Macro Strategy at State Street Global Markets to discuss Q1 flows and holdings, inflation measures and themes for the quarter ahead.

In Q1, dispersion of performance between sectors expanded, providing more opportunities for investors. For Q2, our strategists explore three possible scenarios for COVID-19 recovery and the implications for sectors.