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EDITORIAL + CONTENTS
In this edition
Dear reader,
This year has been one of the most difficult periods for investment markets and the broader economy for quite some time. After years of low interest rates, central banks have been forced to make aggressive hikes in response to record-high levels of inflation. These accelerating price pressures sent shockwaves through most asset class- es in 2022, creating a simultaneous
bear market in equities and fixed income. In fact, negative returns for both stocks and bonds in a calendar year are extremely rare, with no such occurrences witnessed over the past 50 years. Under- standably, it has been difficult for investors to know where to turn. At Nordea Asset Management (NAM), we have long discussed our concerns surrounding correlations and the limits of traditional asset class diversification. In our nordic friends cover story, Asbjørn Trolle Hansen, the head of our Multi Assets Team, details our differentiat- ed alternative risk premia approach – which has proven capable of delivering stability through times of turbulence.1 Stability has always been the cornerstone of our approach. Our Nordea 1 – Global Stable Equity Fund , under the helm of Claus Vorm and Robert Næss, provided the expected shelter this year and is well positioned for continued uncertainty.1 Indeed, as expec- tations of a global recession rise, the managers expect the market to reward companies able to consistently generate steady earnings – exactly the types of stocks targeted by our team. Despite the difficult environment, we remain committed to offering investors robust and sustainable solutions.2 For example, in collab- oration with CBRE IM, we designed a solution combining resilience to inflationary pressures with the ongoing drive for improved sustainability. In this edition, we talk to CBRE IM’s Jeremy Anagnos and Joseph Smith, portfolio managers of our recently launched Nordea 1 – Global Sustainable Listed Real Assets Fund . The Article 9 fund combines NAM’s longstanding expertise in ESG and CBRE IM’s renowned listed real assets capability. Finally, from all of us at NAM, we would like to express our gratitude for your continuing support and trust. Have a safe and enjoyable festive period, and we look forward to speaking to you again early in the new year.
Cover story
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The alternative symphony New instruments are needed: using alternative risk premia, NAM’s Multi Assets Team achieves greater diversification than traditional portfolios can offer.
Fund in focus
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Driving change Investments in listed real assets are the key to a more sustainable society.
Market view
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Stability through the storm In times of economic headwinds, quality companies promise stability through robust profits.
Macro opinion
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Help when the economy lags Offering opportunities in difficult times: taking a look at fixed-income securities, multi-asset and co.
Inside Nordea
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Open door policy What the latest changes to MiFID II mean for advisers and how they can take action now.
Yours faithfully,
Lounge
Christophe Girondel Global Head of Institutional and Wholesale Distribution
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On the lookout for solutions Proven sustainable Nordic point of view: Christmas in the High North
1 The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of your investment can go up and down, and you could lose some or all of your invested money. 2 There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.
ISSUE 02.2022
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