Quoniam Asset Management

Beim diesjährigen FAROS Pension & Asset Advisory Investoren Summit kam die deutsche institutionelle Kapitalanlage in Köln zusammen - und Quoniam war mittendrin. Die Veranstaltung stand dabei ganz im Zeichen von "Kapitalanlage in Zeiten unsicherer Geopolitik" mit Fokus auf Strategien für resiliente Portfolios. Quoniams Senior Partner und Mitgründer Thomas Kieselstein, CFA diskutierte im Abschluss-Panel mit weiteren Experten über die fundamentalen Änderungen, die der Einsatz von KI im Asset Management verursacht und über die Grenzen künstlicher Intelligenz. Vielen Dank an Dennis Westwood, CFA, CAIA und Thomas Kieselstein, CFA, die Quoniam vor Ort vertreten haben. Wir freuen uns auf die nächste Veranstaltung. #ki #KünstlicheIntelligenz #AssetManagement #Versicherungen #Pensionskassen #Stiftungen #Versorgungswerke

In view of the current risk premiums for high-yield bonds and the less dynamic development of the global economy, investors are asking themselves whether high-yield bonds currently represent an attractive investment opportunity. Dr Veronika Herzberger, CFA, Head of Fixed Income Portfolio Management, explains the head winds and tail winds for high yield bonds and where the sweet spot lies for investors. Read more: https://lnkd.in/eGfBv_eW

The low volatility anomaly explains the advantages of low volatility investing. An additional benefit: The lower the volatility, the greater the compounding of portfolio returns. In their new white paper, Carsten Rother and Xavier Gerard, PhD, CFA find that using a low volatility approach in emerging markets can significantly reduce the risk of the market portfolio, making the compounding effect exceptionally powerful. ➡ Read the full paper: https://lnkd.in/etXC4TNj

What does the interest rate normalisation mean for credit spreads and economic growth? Dr Harald Henke takes a closer look in this month’s fixed income story.  In general, spreads and interest rates are negatively correlated. Historically, rising rates have been associated with strengthening economic growth, lower credit risk and falling spreads. Likewise, falling rates due to deteriorating economic conditions coincided with rising credit risk and spreads. However, in recent years we have seen a positive correlation between spreads and rates. This was particularly evident in 2022, when ten-year German rates rose from deep negative territory to one percent while Euro IG spreads rose from around 90 bp to a peak of 234 bp in October 2022. With economic indicators showing weakness and central bank cuts widely expected, what can we expect going forward? This month’s chart shows the correlation between Euro IG credit spreads and duration-matched German bond yields split into months with low interest rates (defined as Bund rates below 1%) in green and months with medium or high interest rates in blue. As can be seen, the relationship between spreads and yields is negative, with the exception of months with extremely low yield levels. The low-yield environment has been characterised by massive intervention with central bank bond buying and policy support packages which have driven down interest rates and supported credit spreads. As rising inflation rates have put an end to these interventions and to low interest rates, we have returned to a more normal environment. As a result, the traditional negative relationship between rates and spreads is expected to dominate the dynamics of credit markets once again. If you haven’t seen our analysis of how the normalisation of interest rates and the end of political forces driving the pricing process in the markets favours systematic approaches, you can find it here: https://lnkd.in/etN7gb3t 

As of one the contributors in the study of the Diversity, Equity and Inclusion landscape in the European Asset Management Industry conducted by Diversity Project Europe (DPE) and PwC Switzerland, at Quoniam Asset Management we look forward to the webinar 16 September 1-2pm CET where the results will be presented and discussed. Register here to take part in the webinar and to receive a copy of the report! 👉 https://bit.ly/4d8miJl

We are looking forward to our Bavarian Breakfast Seminar on September 25th in Helsinki together with Union Investment Institutional. Don't miss the talks of Thomas Kieselstein, CFA and Christian Kopf and sign up for the event via the link below.

Last week Jonas Becker had the chance to present the paper “Global Bank Lending and Exchange Rates” which he wrote together with Maik Schmeling and Andreas Schrimpf at the 51st annual meeting of the European Finance Association (EFA) in Bratislava. The paper reveals that increased cross-currency lending by non-US banks in US dollars significantly appreciates the USD, impacting FX swap markets, and US short-term funding markets, especially since the global financial crisis. Read the full paper: https://lnkd.in/etGXVCCz 

KI im Asset Management – welche fundamentalen Änderungen kommen auf die Branche zu? Durch die Integration von künstlicher Intelligenz in das Asset Management verändern sich Prozesse zur Datenaufbereitung und die Generierung von Signalen. Doch KI hat auch ihre Grenzen. Darüber diskutiert Quoniams Senior Partner und Mitgründer Thomas Kieselstein, CFA mit weiteren Experten am 12. September 2024 auf dem FAROS Pension & Asset Advisory Investoren Summit. Wir würden uns sehr freuen, Sie am 12. September vor Ort in Köln begrüßen zu dürfen – melden Sie sich dazu unter folgendem Link an: https://lnkd.in/ej_97UKt

Du hast Lust, dich neben dem Studium für mindestens ein Jahr unserem Team Product Communications & Marketing anzuschließen und bei der Vermarktung quantitativer Anlagestrategien mitzuwirken? Dann ist das deine Chance! 😎   In unserem Bereich Product Communications & Marketing unter der Leitung von Leigh Ann Kittell beschäftigen wir uns sowohl mit Kundenangeboten und Präsentationen als auch mit Content-Management, Events und Social Media. Jede:r Einzelne in unserem Team übernimmt Verantwortung für anspruchsvolle und abwechslungsreiche Tätigkeiten. Deine Aufgaben:  📌 Du gestaltest die Visitenkarte von Quoniam mit! Im Team Product Communications & Marketing unterstützt du bei der Bearbeitung von Ausschreibungen und Präsentationen, pflegst unsere Content-Datenbank sowie Website.    Dein Profil:  ✅ Du studierst Marketing, Kommunikation, Betriebswirtschaft oder einen verwandten Fachbereich, verfügst über ausgezeichnete Deutsch- und Englischkenntnisse. Du begeisterst dich für Produktkommunikation und Marketing und bringst Interesse für Asset Management mit. Wir freuen uns auf deine Bewerbung: https://lnkd.in/eyxy7q7c #ProductCommunications #Marketing #WorkingStudent #Quoniam #Careers

In this month’s fixed income story Sebastian Dudziak explains why the recent steepening of the yield curve between the 2-year and 10-year points has raised concerns among economists about an impending economic slowdown. Many economists agree that certain yield curve formations can famously warn of economic slowdown. While inverted curves are not in themselves a cause for concern, but rather an indication of a possible contraction ahead, recessions have historically occurred just as the curve begins to turn positive again. For example, the last three recessions, including the pandemic, all occurred after the yield curve turned positive. Traders seem to have become indifferent between the 2-year and 30-year points on the treasury curve, with the two maturities yielding roughly the same today at around 4.4%, it is the first time the curve has been flat since January 2024. Similarly, the 2y10y curve has steepened, sending signals that are hard to ignore. In terms of fixed income performance, falling yields at the front end of the curve will favour positive total returns, but recession fears and a downturn will also trigger spread widening from the current low spread environment. To find out how to diversify in a rising spread market, where many asset managers are long risk and tend to underperform, see our study on the diversifying properties of credit factor investing: https://lnkd.in/e9he7EzX