To: BUSINESS EDITORS Contact: Mike Dunn, +1-212-922-7859, mike.g.dunn@bnymellon.com
SAN FRANCISCO, April 12 /PRNewswire-FirstCall/ -- Analyzing inventory patterns and actively controlling risk can help enhance returns for commodities investors, according to a recent white paper by Mellon Capital Management Corporation. The analysis also concluded that commodities can act as a hedge against inflation and provide diversification in a properly designed strategy for those investing in traditional securities portfolios such as stocks and bonds. We believe active investors can improve portfolio performance by taking advantage of the factors affecting commodity prices, such as the length of time required for producers and consumers to react to and correct physical inventory shortages," said Kenton K. Yee PhD, senior research analyst, Mellon Capital. "In addition, investors p...
LISLE, Ill. -- Western Asset/Claymore Inflation-Linked Securities & Income Fund (NYSE: WIA) and We...About Western Asset Management . Western Asset Management Company, founded in 197..., Western Asset intends to employ proprietary risk management techniques that were developed specific...
... the Fund's shareholders, the Board and management of the Fund have sought to identify solutions that... in the Fund is subject to certain risks and other considerations. Such risks and considera..., Reinvestment Risk, Derivatives Risk, Inflation/Deflation Risk, Management Risk, Turnover Risk, An...
Predicting the future has always fascinated humans, and economic forecasting doubles the interest by adding a chance to turn a profit. One popular forecasting tool -- the yield curve -- has made headlines lately because it may be predicting a recession. The yield curve simply plots the yield on the bond against its time to maturity. Yield curve predictions about future growth come in two general flavors. The most straightforward, and, arguably, robust way to use the yield curve is to use the statistical relationship between its slope and future economic growth, and then look where the current yield curve is pointing. Despite the evidence linking the yield curve to economic growth, and even though yield-curve inversions preceded the two most recent recessions, many have suggested that th...
... feel those longer-term bonds have more risk, requiring a higher return. Put differently, the s... rate set by the FOMC, adjusted for inflation-is high relative to its long-run level, the chance... becomes more familiar with the risk-management approach to policymaking, it seems that the signal...
Some studies suggest that the issuance of Treasury Inflation-Protected Securities (TIPS) -- inflation-indexed debt -- has not been as cost-effective for the Treasury as the issuance of nominal securities. The studies base their conclusions on ex post analysis, that is, they look back from the actual inflation outcome to determine whether TIPS issuance costs exceeded the costs of nominal Treasury issuances of similar durations. This article argues that the ex post approach has drawbacks when it comes to assessing the costs and benefits of TIPS over the long run; instead, an ex ante approach is recommended. A comprehensive analysis of TIPS should also consider the program's other, more difficult-to-quantify, benefits -- especially when cost analysis shows that TIPS are only marginally mor...
... to obtaining protection against inflation risk, known as the inflation risk premium.3 With regard... with the Treasury's current debt management objectives. In a November 2001 speech, Under Secre...
LONDON and NEW YORK, Oct. 27, 2011 /PRNewswire/ -- Investors who dynamically adjust asset class exposures as growth and inflation expectations shift may significantly improve risk-adjusted returns, according to Great Expectations: Regime-Based Asset Allocation Seeks Higher Return, Lower Drawdowns, a white paper from BNY Mellon Asset Management's Investment Strategy and Solutions Group (ISSG). A back-tested portfolio based on ISSG's methodology that adjusted allocations according to changes in growth and inflation expectations over the last 23 years achieved nearly a doubling of the risk-to-return Sharpe ratio (a higher Sharpe ratio implies a higher return for the same amount of risk), when compared with a typical institutional portfolio, according to the report. This approach to asset a...
The current global economic downturn is the deepest in the post-war period. The turnaround was abrupt and pronounced, and is having a negative impact on markets for most goods and services. The turnaround in Norway had already occurred just over a year ago, but in the period to autumn last year, it appeared that capacity utilization in the Norwegian economy would gradually decrease to a normal level. Norges Bank reduced the key policy rate by 0.5 percentage point on both October 15 and October 29, by 1.75 percentage points on December 17 and by a further 0.5 percentage point to 2.5% on February 4. Norges Bank has also stepped up its supply of liquidity to banks in the form of short-term and long-term loans. The operational target of monetary policy in Norway is low and stable inflation ...
...On the other hand, there is a risk that the downturn in Norway will be more pronounce... not normally used in liquidity management, including both government bonds and private secto...
... of Guggenheim Partners Asset Management, LLC ("GPAM") as investment sub-adviser to the Fun... supported by a team of equity analysts and risk managers. Scott Minerd. Since 2001, Mr. Minerd has... Leverage Risk, Foreign Investment Risk, Inflation/Deflation Risk, Management Risk, Portfolio Turnove...
... are unable to enforce rules that reduce the risk of collusion between the rating and rated entities... use of credit ratings in investment management in the U.S. and Europe", Journal of Fixed Income, ... asset complexity: a theory of rating inflation", Journal of Monetary Economics, 56 (5), 678-695. ...
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