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-- 17.0200 Funds Talk 02: Uncover Exceptional Opportunities with PineBridge Investments
Welcome to Funds Talk 02! We are excited to announce that PineBridge Investments will join us this time.
Focused on active, high-conviction investing, PineBridge draws upon years of experience in various asset classes, a global network of offices with highly skilled investment teams, and world-class infrastructure to uncover exceptional opportunities.
PineBridge has been widely recognized by the industry, as reflected in the numerous awards it received over the past years.
Part 1: Why invest with PineBridge?
An experienced global asset manager
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day.
Formerly the asset management division of AIG and independent since 2010, we draw on decades of experience managing money for sophisticated investors. Today, our clients include pension plans, insurance companies, official institutions, private banks, advisors and intermediaries, supported by offices and staff in 25 locations. Our footprint enables us to deliver the firm’s full capabilities to investors at a local level, working closely to understand investor objectives, meet their needs, and help to solve their challenges.
As of 31 March 2023, the firm managed US$147.4 billion across global asset classes for sophisticated investors around the world.[1]
A Collaborative Culture: Cultivating the Best Ideas
Open sharing of information and debate of differing viewpoints help us uncover opportunities and identify risks across our investment platform. Our collaborative asset class investment forums bring teams together regularly across disciplines, markets,
and regions of the world – offering global perspective with local insights to generate the best investment ideas.
An Integrated Approach to Responsibility
Our collaborative culture also informs our integrated approach to ESG investment and corporate responsibility. We believe businesses that are sustainable create the most value for investors and for society at large – and this is true both for ourselves as a firm and for the companies in which we invest.
We began our sustainable investing journey in 2006, when our investment teams integrated ESG principles into their processes. As part of our continued commitment, we became a signatory of the United Nations Principles for Responsible Investment
in 2015, formed our own Corporate Responsibility Steering Committee in 2019, and instituted a Global Head of Corporate Responsibility in 2021.
To learn more about our commitment and approach to corporate responsibility, please visit https://pinebridge.com/corporateresponsibility.
Part 2: What sets PineBridge's fund products apart on Moomoo Fund Hub?
At PineBridge, we are a firm believer in active, high-conviction investing. Certain asset classes and market segments are less efficient than others, creating particularly fertile ground for active management. We operate in those segments where we believe our high-conviction approach can add the most value – helping clients achieve outcomes that go beyond traditional market benchmarks, seeking higher returns, and actively managing risk. Our investment capabilities span multi-asset, fixed income, equity and alternatives.
Available on Moomoo, our flagship $PineBridge Global Dynamic Asset Allocation Fund (IE0034235295.MF)$:
Flexibly invests in a diversified portfolio of global asset classes: The Fund harnesses returns from a universe of 80+ asset classes including alternatives, providing attractive diversification to traditional equity and fixed income portfolios.
Dynamically responds to different market conditions: The asset allocation adjusts to market signals – holding assets that are likely to outperform and reducing those that are likely to underperform. This helps protect the portfolio during downturns and maximize upside participation.
Offers income potential: The ADC share class of the Fund has historically provided stable monthly payouts. As of 31 March 2023, the Fund had an annualized dividend yield of
Incorporates ESG factors into investment process: We believe investing with a strong focus on environmental, social, and governance (ESG) principles will endure, with high ESG-scoring investments so far showing resiliency in terms of both performance and volatility of returns.
Historically exhibits resilience in times of market crises: The Fund recorded lower maximum drawdown than MSCI World Index in previous market crises. Our approach of diversified investments and dynamic asset allocation provided buffers in market downturns.
Chart[2]: Fund Performance in Previous Market Crises
Tap the "Fund Details" of $PineBridge Global Dynamic Asset Allocation Fund (IE0034235295.MF)$ to learn more!
*The selected currency for the funds in this event is USD. Only one currency/dividend type will be displayed for the same fund.
Part 3: What are PineBridge's unique insights into recent hot spots?
A Central Bank Retreat is Nowhere in Sight
Silicon Valley Bank’s collapse sparked debate around whether bank failures might reverse central bank tightening. Instead markets are now realizing that despite a year of rapid rate hikes, only a few outliers in the banking system were extreme or weak enough to be caught out by the generational shift in interest rates. The system itself remains quite resilient, like household and business balance sheets. To date, rate hikes have yet to meaningfully dampen the demand for goods, services, labor, and secular inflationary forces. Further restraint is needed through ongoing shrinkage of central bank balance sheets. China’s reopening and recovery of pragmatism provides a counter-balance.
Given the resilience of US households and businesses, as well as capital and liquidity in the US banking system, we do not anticipate the current turmoil evolving into a balance sheet recession akin to the Great Financial Crisis. Balance sheet recessions require long workout periods which depress demand and inflation. We do, however, anticipate a cyclical income statement recession. Reduced credit availability likely pulls forward such cyclical pressures which previously were being pushed out owing to improvements in Europe and China. The European banking system is healthier than the US’s and is also enjoying positive momentum from a surprisingly warm winter and thus inflation relief. China’s recovery is gathering strength from surprising pivots towards reopening and pragmatism. Suddenly, the US looks like the weakest link, which is likely to have ongoing downward pressure on the elevated US dollar.
The banking outliers nonetheless did play a role in temporarily reversing the Fed’s quantitative tightening. The Bank of Japan’s recent efforts to hold onto Yield Curve Control beyond its time also led to an inadvertent surge in their balance sheet. Both surges could reignite inflationary pressures, and now require committing to longer periods of balance sheet shrinkage. Economic tightening is a cumulative process, and there is good reason to see rates settling high for longer, teamed with the renewal of balance sheet shrinkage. This will exacerbate liquidity shrinkage, not pause it, in our view.
Mopping up the era of free money leaves capital markets increasingly vulnerable to cracks spreading in the system. In the current environment, we maintain our cautious stance.
Reopening and supportive monetary environment bodes well for Chinese equities
We remain constructive on EM equities, especially Chinese equities, which we anticipate will outperform with accelerating cash flows without monetary pullback, in contrast with declines in both cash flows and liquidity in the US. We recently allocated to Indian equities as well, with India poised to structurally benefit from incremental FDI steering away from China. India also benefits from a growing labor force, and a rebuilt banking system that along with FDI can nurture the nascent investment cycle. In developed market equities, our focus remains on higher-quality companies capable of preserving their margins. We adopt a more cautious stance on broader US stocks, particularly given today’s overvaluation teamed with the upcoming tightening in credit and risk aversion by banks, as well as the Fed’s balance sheet reversing its current rise and resuming a steady, long-lasting decline.
Turning to fixed income bond yields have dropped sharply amid ongoing bank turmoil, with markets anticipating multiple Fed rate cuts in 2023. For this to occur, one of two outcomes would result: either a rapid decline in the US economy, or the central bank lowering short rates (despite secular inflationary pressures lingering) to aid the income statements of regional banks. We don’t foresee the deposit run escalating, and therefore do not see the Fed cutting rates to aid regional bank income statements. A true Fed pivot requires not only ceasing rate hikes but also ending quantitative tightening.
We believe Asia high yield is currently an attractive means to earning higher carry with very low duration. Relative to US high yield, Asia HY offers less breadth, yet more spread with declining, instead of rising, credit issues.
In the alternative space, commodities find themselves caught in the midst of conflicting cross currents, making their future trajectory uncertain. On one hand, the accelerating domestic growth in China offers a positive outlook for commodities, as the nation’s expanding economy bolsters demand. On the other hand, our concerns regarding a potential recession in the US and Europe dampen the prospects for broad commodities. As such, we see no strong catalyst for commodities to continue to rise.
After exploring PineBridge's funds and their perspectives on current hot topics, it's time for you to join us for an ACE Q&A session! Here, you can ask thought-provoking questions in the comment section. You may get answers from the experienced teams at PineBridge, so don't miss the chance to be rewarded for your insightful inquiries!
Submit your questions and suggestions to win the rewards!
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Time:
May 30 – June 13
S$8.8 fund cash coupon: for writers of the top 5 influential comments with great insights and meaningful questions over 50 words.
500 points: for writers whose suggestions and questions are selected.
66 points: for all writers of on-topic comments.
*Notes:
1. The selection is based on post quality, originality, creativity, and influence.
2. Posts that are not original or relevant shall be excluded.
3. Rewards 1 and 2 are not mutually exclusive, but neither of them can be paired with reward 3.
4. All rewards will be distributed to your universal account within 15–30 working days after the winner's announcement.
Related Funds:
Related Funds:
This statement is for information and educational use only and does not constitute a recommendation or endorsement of any particular investment or investment strategy. Tap this link for more details.
[1] AUM as of 31 March 2023 includes US$47.3 billion (US$19.1 billion equities, US$20.3 billion fixed income, US$7.9 billion multi-asset) of assets managed by joint ventures or other entities not wholly owned by PineBridge Investments. AUM also includes PineBridge Benson Elliot Real Estate AUM of US$4.1 billion.
[2] Source: PineBridge Investments, as of 31 March 2023. The Fund performance is calculated net of fees on NAV to NAV in USD with dividends reinvested. Performance is representative of A class in USD. The crisis periods mentioned here included: European Debt Crisis – 16 September 2011 to 4 October 2011; Crimea Crisis – 4 September 2014 to 16 October 2014; China Stock Market Turmoil (1st Wave) – 6 August 2015 to 26 August 2015; China Stock Market Turmoil (2nd Wave) – 21 December 2015 to 27 January 2016; and Covid-19 Pandemic – 5 March 2020 to 23 March 2020. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than the base currency of the fund. Past performance is not indicative of future results. Investment involves risks. Investors should refer to offering document, including risk factors.
[2] Source: PineBridge Investments, as of 31 March 2023. The Fund performance is calculated net of fees on NAV to NAV in USD with dividends reinvested. Performance is representative of A class in USD. The crisis periods mentioned here included: European Debt Crisis – 16 September 2011 to 4 October 2011; Crimea Crisis – 4 September 2014 to 16 October 2014; China Stock Market Turmoil (1st Wave) – 6 August 2015 to 26 August 2015; China Stock Market Turmoil (2nd Wave) – 21 December 2015 to 27 January 2016; and Covid-19 Pandemic – 5 March 2020 to 23 March 2020. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than the base currency of the fund. Past performance is not indicative of future results. Investment involves risks. Investors should refer to offering document, including risk factors.
Disclosure
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any re-publication or sharing of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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doctorpot1 : In the post only the performance in bad market condition is shared. could you share the overall performance (after deduction of fees) of PineBridge Investments since inception and compare it with passive investment index, e.g. MSCI World Index or S&P500 index, return in the same period? also since inception how much % of the total returns will had been paid as fees?
doctorpot1 : As an investors investing into a funds, the most important thing we look at is returns and low fees. Can you shed some light, hopefully with some scientific research paper backing, on how does being the "Best Places to Work in Money Management", or having a Collaborative Culture, or having an Integrated Approach to Responsibility, correlates to fund performance?
Seekr : This would most likely not fully cover the said fund by doctor but
Organizational Culture and Financial Performance: A meta-analysis by Hartnell et al. (2011) concluded that three cultural aspects - involvement, consistency, and adaptability - are positively related to financial performance.
This implies that companies with engaged employees, consistent practices, and adaptability to market changes are likely to achieve better financial results, which can be translated into superior returns for investors.
Ethical Culture and Corporate Behavior: A study by Barnett (2007) indicated that an ethical organizational culture can lead to a lower risk profile for companies. As ethics often correlate with long-term sustainable performance, investing in funds managed by companies with high ethical standards could, in theory, reduce investment risks and enhance long-term returns.
Collaborative Culture and Financial Performance: A collaborative culture often leads to better decision-making as it involves more perspectives, potentially leading to better investment performance.
For instance, Hong, Kubik, and Solomon (2005) found that mutual funds managed by teams outperformed those managed by individuals, providing indirect evidence for the role of collaboration in performance.
Employee Satisfaction and Corporate Performance: Edmans (2011) in his research found that companies listed in "100 Best Companies to Work For in America" produced 2.3% to 3.8% higher stock returns per year than their peers from 1984 through 2011.
This suggests that employee satisfaction, which likely correlates with "Best Places to Work" rankings, might contribute to better corporate and hence investment performance.
Seekr doctorpot1 : Commented below
Seekr : As for the peformance， just look at the charts. wld not opine too much abt it
Dadacai : Hi, what is the annualised dividend yield for the ADV share of $PineBridge Global Dynamic Asset Allocation Fund MDis (IE00BDCRKT87.MF)$ ? I can’t seem to see the figure in the post. What are the pros and cons of investing in $PineBridge Global Dynamic Asset Allocation Fund (IE0034235295.MF)$versus $PineBridge Global Dynamic Asset Allocation Fund (IE000G9MARM6.MF)$ ? I understand one is in SGD and the other is in USD. What is the time horizon one should have when considering investing in this fund?
102608650 : Ok
EYSY : It's great to see another fund being offered on moomoo. Additional fund offers another option for investment diversification. As a fund investor, the first thing I would like to look at is past fund performance. I've 2 questions on the fund performance below:
1. May I know how do I interpret the calendar year performance in the fact sheet? It seems inconsistent with Chart 2 in the post. Based on chart 2, the fund's total return during covid is -19% but the return in the factsheet is 7-8%.
2. Based on chart 2 above, the fund seems consistently outperform the benchmark (at least during the crisis). In the fact sheet, the return seems lower than benchmark?