Episode 251 of the InsuranceAUM Podcast + 9 New Articles!
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Episode 251: The Evolution of Home Building: Land Banking, Affordability, and Market Resilience
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the evolving landscape of real estate finance with Robert Clark , Founding Partner of DW Partners, LP and Chief Investment Officer at Domain Real Estate Partners . The discussion focuses on?homebuilder finance, a niche yet critical area within the broader real estate market. Bob shares his journey from a math enthusiast with family ties in the pizza business to becoming a key player in the homebuilding finance industry, explaining how Domain provides crucial funding to homebuilders for land acquisition and development.
Click HERE to listen to the podcast.
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Securing stability: The strategic role of infrastructure debt in US insurance portfolios
Insurance companies often prioritize public and private credits to fulfill liability cash flow requirements. Infrastructure debt, as a private credit investment, offers several compelling features that go beyond traditional credit investments:
To access private infrastructure debt, insurers can employ diverse strategies to customize their exposure through deal structuring and choice of investment vehicles. This paper seeks to explore the methods available that best match an insurer’s distinct financial objectives, risk tolerance, and budgetary limitations.
Click HERE to read more from Macquarie Asset Management
Q&A: Infrastructure Debt Goes Mainstream
High inflation, elevated interest rates and bank retrenchment have driven considerable growth for private credit loans among infrastructure borrowers. Meanwhile, investors have readily met this demand, seeking exposure to counter-cyclical assets that offer a hedge against inflation and market volatility—and a way to leverage the megatrends shaping the global economy.
In the following interview, Ian Simes and Eric Wittleder discuss the trends and tailwinds behind private infrastructure debt, which industries and regions have been most active, and their approach to investing in this growing asset class.
Click HERE to read more from Brookfield
Insights into the Fed’s interest rate action and the implications on private credit
Key Takeaways
Click HERE to read more from Antares Capital LP
Part One: Private Credit Pulse: Higher For Longer Still Intact
For more than 25 years, Antares has been at the forefront of the private credit market. Through cycles, we have gained in-depth experience and insights we are proud to share.
Click HERE to listen to Antares Capital LP 's podcast
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Insurance Asset Allocation Outlook: Take it “ease”-y
I think the Fed’s rate cut validates a risk-on tilt and a boost for surplus assets amid decent growth and decelerating inflation. That said, I opted for a moderate rather than full overweight view on global equities given that markets anticipated the Fed’s move, growth is slower, and geopolitical risks loom.?
Click HERE to read more from Wellington Management
CYCLICAL OUTLOOK: Securing the Soft Landing
In the wake of pandemic shocks, economies appear more “normal” than at any time since 2019. Yet policy rates remain elevated. As central banks cut interest rates to more neutral levels, key questions include how fast they get there and what those neutral levels will look like.
Zig When Others Zag: Thoughts on Value Investing
Assessing stocks through the lens of excess capital formation can help investors avoid value traps and identify high-quality stocks that tend to look less attractive based on traditional metrics.
What draws investors to value stocks? Maybe it’s the allure of a low price-to-earnings (P/E) ratio or a nice dividend. However, these indicators only offer a limited snapshot of a stock’s true value and can lead to overlooked gems and mistakenly glorified stocks.
Our excess capital yield (ECY) framework provides a more sophisticated, holistic lens through which to view value opportunities. Below are two examples of how ECY can uncover hidden value in companies with distinctive profiles, adding a new dimension to traditional metrics.
Click HERE to read more from Voya Investment Management
Emerging Market Corporate Opportunity Set: Favorable Ratings Trend Persists into 2024
In 2023, the cloud of headline risks swirling around emerging market (EM) corporates (COVID, Russia/Ukraine and China’s property crisis) began lifting as rating upgrades outpaced downgrades. Year to date 2024, the positive trend has persisted, bolstered by an uptick in sovereign-related upgrades.
In our view, EM corporations’ responses to the challenges they faced during the past few years have made them stronger. Looking forward, we believe that resilient EM corporate fundamentals, experienced company management and a more supportive macro backdrop should continue to support an improving ratings trajectory.
Click HERE to read more from Loomis, Sayles & Company
Global Outlook 2025
In 2025, we believe the core question to dominate economic discussions is where the unobservable natural rate (r*, the neutral rate of interest that supports full employment and constant inflation) lies and when central banks should stop cutting.
As global inflation decelerates, all the regions respective central banks have begun a cutting cycle, except for the Bank of Japan which is normalizing from lower rates. We expect rate paths to continue down through the first half of next year of the year with little fanfare. The second half of the year would become more challenging as central banks consider ceasing cuts.
Alongside the further normalization of inflation, we expect moderate but steady GDP growth in each region. This base case rests on avoiding significant conflict escalations, increases in geopolitical tensions, and quantitatively significant policy changes resulting from the outcome of U.S. elections.
Click HERE to read more from MetLife Investment Management