Name: Gilt trip: A spotlight on credit and lessons from the recent liquidity event
Start: 2022-11-22T10:00:00Z
End: 2022-11-22T10:00:46.000Z
Location: BrightTALK
Rating: 5

Welcome to the AXA IM Core channel. Our purpose, to act for human progress by investing for what matters, is central to every action we take as a business. As a responsible asset manager, we actively invest for the long-term to help our clients, our people and the world to prosper. 
We will share insights and our latest thinking via this channel with clients and the broader investment community. Here you will be able to take part in exclusive webinars with world-renowned speakers alongside our AXA IM investment professionals, and be part of live Q&A sessions. You will also be able to watch recordings of events, videos and read some of our thought leadership content on related topics.


For professionals only.

Register for our webinar now and join Boutaïna Deixonne, Head of Euro IG & HY Credit, Benoit de Laval, Senior Portfolio Manager and Gonzague Hachette, Euro Credit Investment Specialist for 30 minutes on Tuesday 14th May at 10am CEST to hear why we are positive on euro credit.

In the current environment, investment grade and high yield both offer opportunities, however being selective could be key. With rate cuts expected as soon as June and economic data still providing mixed results, diversification across euro credit should help investors mitigate the impact of potential volatility. 

You will also have the opportunity to ask questions directly with our live Q&A session. So, don’t miss out and register now to secure your place.

Where to look across euro credit when markets are uncertain

Who said the only way to benefit from the liquidity and cost-efficiency of ETFs is through passive equities? Not us. At AXA IM we have been exploring new frontiers in applying the benefits of an ETF wrapper to all kinds of investment solutions, including our long heritage in fixed income alpha generation.

Don’t miss the opportunity to join our panel of experts in a rich and informative discussion on how to simply invest in fixed income through an active ETF, as well as the exciting opportunities currently on offer in the US high yield market in particular. 

Presenters:
Olivier Paquier - Global Head of ETF Sales
Boutaina Deixonne - Senior Portfolio Manager Fixed Income
Jack Stephenson - US Fixed Income Investment Specialist

Get off the beaten track with an active US high yield ETF

*For professional investors only*

Join us for an insightful discussion where our portfolio managers will share their perspectives on optimising Buy and Maintain strategies for future scenarios.

Far from being 'set-and-forget' vehicles, Buy and Maintain strategies boast many of the same benefits as full active strategies for institutional investors. Buy and Maintain stands out due to its emphasis on long-term fundamentals, provision of stable income, hedging against liabilities and strong focus on risk mitigation.
 
Topics to be discussed include:
• Real-life case studies of Buy and Maintain in action
• The opportunities and challenges in the current market environment
• The role of shorter versus longer dated bonds in Buy and Maintain portfolios
• How sustainability can support a Buy and Maintain approach

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Presented by:
– Benoît Guerineau, Senior Portfolio manager, AXA Investment Managers
– Rob Price, Senior Portfolio manager, AXA Investment Managers

Moderated by:
– Martin Sanders, Head of Pension Investments, AXA Investment Managers

Unlocking Buy and Maintain strategies’ full potential

For professional investors.

In the US, strong growth combined with further disinflation has raised the credibility of a very rare occurrence: a painless landing. With inflation still above 2% and speculation rife on when a rate cut may occur, it is no time to be complacent. Nevertheless, we may experience a ‘goldilocks’ scenario for high yield where the higher quality portion of the market could benefit from the stabilization and decline in interest rates, while the lower quality portion of the market could benefit from a stable economy and a slowdown in rising interest expense. How will these dispersions create opportunities for investors? Mike Graham, Head of US High Yield, and Jack Stephenson, US High Yield Investment Specialist, discuss the US high yield market and offer their outlook. You will also have the opportunity to ask questions directly with our live Q&A session. So, don’t miss out and register now to secure your place. Once you register, you will have the option to add a meeting invitation to your MS Outlook calendar that will include the meeting details.

If you can't make it, a webinar recording will be available afterwards.

Is 2024 going to be a Goldilocks scenario for US HY?

Register for our webinar now and join us on Wednesday 31st January, at 4pm CEST to hear about the opportunities across the US Investment Grade market in 2024.
We expect that the Fed Fund Rate has peaked at the current level of 5.25% - 5.5%, and we don’t expect to see any significant loosening in policy in the near term.  Corporate bonds should do well in a benign rate environment. However, with the economy also forecasted to soften, the focus is likely to be on quality within credit. 
Is US investment grade, therefore, well-placed to offer investors opportunities against this macro backdrop?
Join Frank Olszewski, Head of IG Active US Credit, and Chris Iggo, CIO of AXA IM Core, as they discuss the US investment grade market and offer their outlook 2024. In addition, Frank will share his investment perspectives for our different US IG strategies. 
You will also have the opportunity to ask questions directly with our live Q&A session. So, don’t miss out and register now to secure your place.

Is 2024 the year for US investment grade?

The US’ much-forecasted recession failed to materialise in 2023, but what does 2024 have in store for the world’s largest economy? Policy and politics are set to be highly consequential in driving challenges and opportunities across asset classes. 

The good news is AXA IM can now offer a diverse range of US-focused ETFs across equities (including a broad market exposure with a climate transition strategy, and a narrower NASDAQ 100 exposure focused on the largest technology and other non-financial US companies), and fixed income (including investment grade credit and high yield credit).
 
Join our panel of experts on the US economy and the ETF landscape to find out more about the potential to navigate a fascinating year for US markets. You will be able to ask questions during the call. Following the call, a recording will be available.

Presenters:
Olivier Paquier   - Global Head of ETF Sales
David Page  - Head of Macroeconomic Research
Zeinab Ali Abdallah  - ETF Capital Markets Specialist
Henry Jim  - ETF Analyst - Bloomberg Intelligence

Unveil opportunities across US markets in 2024 with ETFs

Insurers, like other investors, are increasingly making commitments to achieve net-zero portfolios, whether driven by risk and financial materiality, regulations or the desire to make a positive impact on the world we live in. Fixed Income is an important asset class to consider on the road to net zero. But with many different considerations to keep in mind, the process can become daunting.

During the webinar we will explore the challenges that investors face when it comes to turning commitment into action. Our specialists share their views on how insurance companies can build more resilient buy and maintain credit portfolios, in order to achieve their net zero goals while fulfilling reporting requirements. 

Topics being discussed will include:
• How can insurance companies reshape investment portfolios to reduce their carbon footprint?
• How do you concretely implement net zero goals in your portfolio?
• What kind of KPIs do you use to measure progress towards an objective? 
• How can you assess corporate commitments and track the carbon pathway of a strategy?

How buy and maintain credit can help insurers towards their Net Zero target

For Professional Investors only. Capital at Risk.

On 22 May, Nigel Topping (UN Climate Change High Level Climate Champion) and Nicolas Loz de Coëtgourhant (Head of Sustainable Business Practices, WWF France) will share their views on how best to tackle biodiversity loss alongside Jane Wadia, AXA IM’s Head of Investment Specialists. The webinar will be hosted by Chris Iggo, AXA IM CIO Core Investments and Chair of AXA IM’s Investment Institute.

Human life and nature depend on a complex system of interactions between the environment and living organisms. It is  fundamental to our existence and deeply sensitive to our interventions. The oceans, forests, agricultural land and climate, as well as the plants and animals they support, are examples of the ‘natural capital’ at the heart of this – and they are under threat. Biodiversity loss is currently costing the global economy 10% of its output each year and it’s estimated that we need to invest $8.1 trillion by 2050 to protect and restore nature.

Biodiversity loss echoes climate change as a systemic risk which needs to be understood and managed to ensure that we have sustainable, and investible, economies long into the future. Major nature initiatives such as the Taskforce on Nature-related Financial Disclosures, among numerous others, have been modelled on their climate predecessors and discussions about how biodiversity interacts with net-zero transition  plans will only increase going forward. 

Topics being discussed will include:

• What lessons can be learned from climate-related initiatives? 
• How should we view the commonalities between nature and climate?
• What role has the financial industry to play?
• How can investors address the most pressing drivers of biodiversity loss?

Tackling Biodiversity Loss with Nigel Topping and WWF

As US debt ceiling moves up the agenda, it is likely to trigger distinct market reactions to a no deal scenario: funding stress, tightening of financial conditions, repricing of risk assets, and that of lower growth. 

House Republicans made the first move towards passing a bill to raise the debt ceiling to $1.5trn, however on the condition of material spending cuts of $4.5trn over ten years that is likely to hinder progress in the debt ceiling resolution. 

Join us in this webinar as we dive into the macro landscape and breakdown the implications of the upcoming US debt ceiling on markets.

Live webinar: US debt ceiling – where will it take markets?

Large investors are increasingly integrating sustainability into their investment principles and goals as they seek to build more resilient and diversified investment strategies. Biodiversity loss echoes climate change as a systemic risk that needs to be understood and managed – for portfolios right now, and in order to ensure that we have a viable, and investible, economies long into the future. Join our investment experts for their insights on harnessing listed equities within your investment strategy for pension schemes and insurance companies seeking positive, impactful change that protects people and planet. Topics will include:
 
• What are the forces driving a biodiversity-friendly transition and how does regulation fit into the picture?
• Why is biodiversity important for your pension scheme and insurance company, and what are the challenges of seeking to deliver impact?
• How can institutional investors use listed equities to tackle biodiversity loss, manage risk and support solutions seeking positive outcomes?
• How do we identify companies which contribute real and measurable impact around biodiversity? 

Speakers:
Tom Atkinson – Portfolio Manager – Biodiversity and Clean Economy
Liudmila Strakodonskyaya – ESG Analyst - Research
Stephane Lago – Head of Investment Specialists Equity
 
Moderator:
Rachel Basarab-Horwath – Head of Global Pension Group

How can institutional investors make an impact on biodiversity in portfolios?

Over the course of this AXA IM original series Investors’ ESG Guidebook: The Road to Equitable and Sustainable Growth we have heard the case for responsible investing, and the crucial role that finance and investors can play in the transition to net zero. Along the way, we have looked at issues including greenwashing and how data can help, how to approach companies with a low score on environmental, social and governance (ESG) issues, and how investors can potentially better align their portfolios with a net zero goal.  

However, there are challenges inherent in responsible investing today, including the need for more standardised measurement reporting, ensuring that companies’ sustainability plans encompass the social element as well as climate, and consistency and transparency around what asset managers are offering to their clients. 

And the market for responsible investing is continually evolving, which means fresh challenges but also potentially greater opportunities for investors, and greater opportunities to put our capital to work in areas that will really make a difference to people and planet. 

In this final episode, we look at some of the approaches available to investors today, and how we see the market developing. As investors become more climate and socially-aware, they are placing different demands on asset managers – and at the same time, there are new regulations coming in that the industry needs to take into account. Find out how our expert panel views the responsible investing industry today, and how they see it evolving in the future – and how investors can play their part. 

Topics for discussion include:   
- How responsible investing could develop in future – what is next, and what are the obstacles to progression? 
- What does the asset management industry need to do to support the responsible investors of tomorrow?   
- How investors can play their part in the evolution of responsible investing.

Responsible Investing today – and tomorrow

Greenwashing – where an organisation or products are portrayed as more sustainable than they really are - is a big concern for investors. Alongside this comes ‘social washing’, regarding how organisations treat their employees, including labour policies, human rights, gender equality and more. With allegations of corporate greenwashing continuing to make headlines, it’s understandable that investors are asking questions about what an investment strategy’s ‘green’ label really means.   

Transparency is vital if investors are to overcome the challenges they face with respect to greenwashing. A plethora of new regulations and guidelines, such as the EU Taxonomy classification system and the Sustainable Finance Disclosure Regulation, are helping to ensure greater consistency and a standardised approach to important aspects of responsible investing. As corporate sustainability disclosures become more common and more detailed, the ability of analysts and asset managers to score environmental, social and governance (ESG) performance should improve and help mitigate against the risks of greenwashing and allowing investors to make more informed decisions. .  

In Episode 3 of AXA IM’s original series "Investors’ ESG Guidebook: The Road to Equitable and Sustainable Growth" hear from leaders in the responsible investing space about how they are shaping their investment objectives in line with increasing corporate sustainability disclosures. Find out about some potential strategies to aim to protect your portfolio against the pitfalls of greenwashing.  

Topics for discussion include: 
- Asset allocation strategies for responsible investing  
- What to look for when analysing how green an investment truly is 
- How ESG analysis and engagement can help protect against the risks of greenwashing  
- The future of responsible investing: How increased corporate sustainability disclosures are levelling the playing field and driving opportunities for responsible finance

Aiming to Protect Portfolios Against Greenwashing and How Data Can Help

Environmental, social and governance (ESG) exclusion policies, and divesting from holdings that don't meet ESG standards, are often fairly straightforward tools available to asset managers taking a sustainable approach.  

However, simply divesting such stocks doesn't equate to achieving a truly net zero economy. The way investors allocate capital can give them influence over the behaviour of the companies in which they invest. By engaging with companies with low ESG scores and holding them accountable for reaching their own net zero goals, professional investors can play their part in facilitating the transition to a green economy while also aiming to bolster the long-term impact of their own portfolio.  

At AXA IM, we believe that engagement and open dialogue with companies and issuers – as well as with clients – are crucial to understanding and influencing the transition to net zero. And while we understand that many organisations need time to adjust, we're not willing to compromise on the rigorous standards that we hold on behalf of our clients. As a result, we have adopted a “three strikes and you’re out” approach, where we will divest from holdings that we believe to be laggards in terms of climate change, if we do not see sufficient progress on their paths to net zero. In Episode 5 of AXA IM’s ‘Investors’ ESG Guidebook: The Road to Equitable and Sustainable Growth' hear from leaders in ESG investing about the best practices for engaging and driving transformation with companies with low ESG scores.  

Topics for discussion include: 
- What constitutes poor practices in environmental, social or governance issues, and how investors may be able to help drive improvement   
- Divest or engage? Best practices for approaching companies with a low ESG score 
- The data advantage: Harnessing ESG disclosures to source companies that are prime for transformation 
- Holding companies to account: Active management strategies to drive transformation in low ESG performers

Opportunities in Transformation: How to Approach Companies with a Low ESG Score

As the fight against climate change intensifies, more companies than ever are understanding the pressing need to transform their business plans and prepare for a net zero future. As of June 2022, more than a third of the world’s largest publicly-traded companies had net zero targets, up from one fifth in December 2020, according to Net Zero Tracker.*

As businesses increasingly incorporate environmental and carbon reduction commitments into their business strategies, they also need to consider the impact on their employees, potentially redeploying or retraining workers, as well as assessing the impact of their actions on the communities in which they operate. Against this evolving backdrop, the reasons for transforming your portfolio and aligning with net zero have never been stronger.  

In Episode 4 of AXA Investment Managers’ original series, 'Investors’ ESG Guidebook: The Road to Equitable and Sustainable Growth’ hear from thought leaders from across the responsible investing space about their views on the future of investing on the road to net zero. Find out about strategies that could potentially help to future-proof your portfolio and how to adopt a net zero approach. 

Topics for discussion include: 
- The case for portfolio transformation on the road to net zero 
- What to consider when building a carbon transition portfolio and how challenges could be overcome
- Driving impact: Lead your team through transformation and adopt a net zero approach

*Net Zero Stocktake 2022 | Net Zero Tracker

Portfolio Transformation: Aligning with Net Zero

To halve global emissions by 2030 and reach net zero by 2050, global decarbonisation must reach an annual rate of 12.9% - five times that achieved between 2020 and 2021, according to a report by PwC. Governments, industries and regulators are under increasing pressure to reform their models and practices to ensure that achieving global climate goals remains feasible.

The UN Intergovernmental Panel on Climate Change recently warned that the world faces multiple unavoidable climate hazards over the next two decades, even if global warming is successfully limited to +1.5°C.[i] Even temporarily exceeding this warming level could result in “additional severe impacts, some of which will be irreversible. Risks for society will increase, including to infrastructure and low-lying coastal settlements”. With the power to engage business leaders and drive sustainable long-term development, the finance industry undoubtedly has a key role to play in the transition to net zero. As the industry becomes increasingly regulated and growth in digital banking gives rise to a wave of first-time investors, advisors and portfolio managers need to adapt their practices to ensure they can achieve the transparency and authenticity of service needed.

In Episode 2 of the Investors’ ESG Guidebook: The Road to Equitable and Sustainable Growth, leaders from across the responsible investment industry share their insights on the shifting role of finance in the transition to net zero and explore the first steps you can take to be part of the movement. 

Topics for discussion include:
- How the global economy is responding and adapting to the transition to net zero 
- How can investors play a role in the ‘Just Transition’ 
- From shareholder profit to stakeholder prosperity: Understanding finance’s new objective 
- Leading the way: How asset managers are adapting to optimise their position in the green economy.

[i] Press release | Climate Change 2022: Impacts, Adaptation and Vulnerability (ipcc.ch)

The Role of Finance in the Transition to Net Zero

In this video Helen Clarkson, CEO of Climate Group discusses why industry, transport and the built environment are some of today’s biggest polluters. To achieve net zero, they need to become environmental leaders.

Helen Clarkson, CEO of Climate Group

In this video Maria Mendiluce, Head of the We Mean Business Coalition discusses the missing ingredient to achieving net-zero supply chains.

Sustainable supply chains will only come with greater collaboration

The past few months have been a tumultuous period which has reminded us that liquidity should be a cornerstone of investment strategy. These times have been a useful test of credit portfolio resilience and a timely reminder of how robust trading capabilities, particularly during a period of market stress, are a critical element of successful fixed income management. We also believe this market event underscores the potential increased importance for credit in helping UK DB schemes meet their longer-term objectives.

Register now to join our credit investment and trading specialists to discuss: 
• Lessons learnt: An overview of credit market movements before, during and after the recent liquidity event
• Trading insights into how to access market liquidity and minimise costs during a crisis
• How long-dated credit can potentially help de-leverage schemes while providing a return over gilts

Gilt trip: A spotlight on credit and lessons from the recent liquidity event

Liquidity

DB Schemes

Trading Analytics

gilts

Fixed Income

Market Research

Investment Management

Investment Strategy

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Gilt trip: A spotlight on credit and lessons from the recent liquidity event

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