3
EDITORIAL + CONTENTS
In this edition
Dear reader,
The global economic and market environment remains incredibly challenging as we head into 2022. While Covid-19 vaccines have given us a pathway to an eventual return to normal, new variants of the virus continue to cause concern. In addi- tion to the ongoing issues related to the coronavirus, the health of the economic recovery also raises ques-
tions – particularly with elevated inflation levels across many parts of the world. Whether inflation is simply transitory or something more persistent remains a key theme our investors will be evaluating as we progress through 2022. While there are many unknowns when it comes to the invest- ment backdrop, there is one certainty distributors and financial advisers will be confronted with next year: the obligation to offer MiFID-eligible ESG portfolios to clients with sustainability preferences. From August 2022, sustainability preferences must be actively asked for and incorporated into the overall client suitability assessment. At NAM, we are committed to helping you navigate the complex regulatory terrain, as well as offering you all the building blocks you need to construct sustainable offerings. Read more about this in our cover story. Speaking of sustainability, earlier this year, we unveiled our newest Article 9 investment strategy, the Nordea 1 – Global Climate and Social Impact Fund . Managers Thomas Sørensen and Henning Padberg will be well known to you, with the duo running our renowned Global Climate and Environment Strate- gy since its launch back in 2008. The new fund not only looks to allocate to environmental solutions, but the team also seeks to capitalise on the compelling opportunity in the social, or ‘S’, megatrend within ESG. We also hear from Asbjørn Trolle Hansen, Head of NAM’s Multi Assets Team. Trolle Hansen explains why the old-fash- ioned way of constructing a multi-asset portfolio may have reached its limits, particularly as the diversification potential of government bonds has significantly decreased in recent years. From all of us at NAM, we want to thank you for your ongoing support and trust over the past year. Have a safe and pleasant festive period, and we look forward to speaking to you again early in the New Year.
Cover story
4
Build your ESG portfolio NAM can provide financial advisers with all the building blocks for their sustainable portfolios. Fund in focus 8 A powerful combination NAM’s Global Climate and Social Impact Strategy captures both the “E” and “S” megatrends. Market view 12 Right on course Taking an alternative approach, NAM’s Alpha MA strategies have stayed on course in any weather. Macro opinion 15 The last leg of a tremendous rally The current equity rally is drawing to its close. What does that mean for investors? Inside Nordea 16 Your ESG partner to reach net zero With the MiFID II amendment, the next major regu- latory change is coming soon. NAM offers support. ESG decrypted 19 Changes to MiFID: are you ready? PAI can be a valuable tool for financial advisers to meet the upcoming regulatory challenge. How so? Lounge 20
Yours faithfully,
Sustainability matters Keeping you informed Nordic point of view: Suspense from the far north
Christophe Girondel Global Head of Institutional and Wholesale Distribution
ISSUE 02.2021
Made with FlippingBook - professional solution for displaying marketing and sales documents online