Choose Country Colchester Papers The Merits of Emerging Market Sovereign Bonds – Comparing Hard and Local Currency Debt All investors, to varying degrees, need to balance and trade off three objectives, namely safety, liquidity and return. Their particular circumstances, objectives and risk tolerance will each play a key role in the asset allocation decision of where to invest. In this paper we focus solely on Emerging Market government debt and consider the characteristics and valuations of both the local currency and hard currency segments of this asset class; looking at where opportunities may be sought in the future. DOWNLOAD THE PAPER Colchester Sovereign Engagement Framework Responsible Investing is, and has been since the inception of Colchester, a fundamental part of our investment process. Environmental, Social and Governance (ESG) factors are incorporated along with macro-economic and financial analysis within our investment valuation framework. Please find attached for your interest our ‘Sovereign Engagement Framework’ which explains how we integrate engagement holistically into our investment process. We believe that enhanced and clear policies can improve a country’s business environment, which in turn reduces country investment risk, funding costs, supports economic growth and should ensure more sustainable debt paths. DOWNLOAD THE PAPER ESG Engagement For Sovereign Debt Investors This report has been written with the contribution of the PRI’s Sovereign Debt Advisory Committee (SDAC) of which Claudia Gollmeier, Colchester’s Senior Investment Officer, is the Chair. It aims to provide insights on how sovereign engagement is conducted and where the industry can extend this custom to advance responsible investing. DOWNLOAD THE PAPER The Death of Government Bonds has Been Greatly Exaggerated The global pandemic of 2020 has exacerbated many of the trends that have been evident over recent years, and historic lows in developed market government bond yields have caused concern that the asset class may offer little or no value. This paper discusses our belief in the continued defensive nature of the asset class and its capacity to cushion a downturn in equity markets. DOWNLOAD THE PAPER Has Covid-19 Thrown Up Value in the Local Currency Emerging Market Debt Universe? Colchester have provided an analysis of the local currency emerging sovereign bond markets in light of recent events and beyond. DOWNLOAD THE PAPER Green Bonds – Assets Under Management more than double in one year “The rising popularity and issuance activity of green bonds is leading to significant growth in green bond funds – both in terms of the number of funds and the assets under management. A total of four new Green Bond funds have been launched this year. These are products of the asset managers Franklin Templeton, Colchester Global Investors, Degroof Petercam and Lyxor. Here, Scope Analysis discusses the current Green Bond Fund market and outlook.” DOWNLOAD THE PAPER A practical guide to ESG Integration in Sovereign Debt Claudia Gollmeier, Colchester Senior Investment Officer and as Chair of the PRI Sovereign Working Group, has contributed to this paper and it's case studies; specifically the foreword on page 7, plus pages 22, 29 and 49. DOWNLOAD THE PAPER Colchester – Global Bond Investing in an Era of Negative Interest Rates Navigating the prevalent negative bond yielding environment is leaving investors perplexed. This article addresses the misconception that positive returns cannot be delivered from government bonds with negative nominal yields and looks at the opportunities available across global sovereign markets. DOWNLOAD THE PAPER Emerging Market Local Currency Sovereign Debt Colchester provide an introduction to the emerging market local currency debt asset class, discuss the merits of this investment choice and how Colchester manage their client's portfolios in this space. DOWNLOAD THE PAPER Emerging Markets – Resilient External Balance Sheets Support Attractive Currency Valuations This is an opportune moment to take a step back and reassess valuations and financial stability in the local currency emerging market debt universe. DOWNLOAD THE PAPER Sovereign Credit Risk Case Study Colchester’s case study on sovereign credit risk written by Claudia Gollmeier (pg 78-81) and published by the PRI as part of their paper ‘Shifting Perceptions: ESG, Credit Risk and Ratings. Part 3. From Disconnects to Action Areas.’ DOWNLOAD THE PAPER Integration of ESG Factors into Sovereign Bonds: A Case Study of Russia Colchester’s contribution written by Claudia Gollmeier (pg 132-140) for the CFA Institute’s ‘Guidance and Case Studies for ESG Integration: Equities and Fixed Income’. DOWNLOAD THE PAPER How Vulnerable are Emerging Markets to Rising Interest Rates? Colchester’s investment team analyse debt levels in emerging markets in light of recent rises in global interest rates; and assess how vulnerable they really are in the event of further or more rapid rates rises. DOWNLOAD THE PAPER Environmental Social and Governance – Colchester Global Investors Responsible Investment Responsible investing is, and has been since the inception of the company in 1999, integral to the investment process employed by Colchester. Colchester which has the primary... DOWNLOAD THE PAPER Global and Emerging Market Inflation Linked Bonds Colchester’s investment team analyse the evolution of the Inflation Linked Bond market, how and why they are utilised in portfolios, and what Colchester’s investment approach is for this sector of the market. DOWNLOAD THE PAPER Prospective Real Yields and Active Global Bond Management The prospective real-yield approach, based on purchasing power parity concept, appears to have real-world application, with a minimal need for forecasting. Only inflation can be forecast. Both perfect foresight and lagged... 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Colchester Global Investors Limited is also registered with the Securities and Exchange Commission in the USA and is registered as a Commodity Trading Advisor and Commodity Pool Operator with the Commodity Futures Trading Commission. Colchester Global Investors Limited is incorporated in England and Wales with its registered office at Heathcoat House, 20 Savile Row, London W1S 3PR, United Kingdom and registered number 3855960. Colchester Global Investors (Singapore) Pte. Ltd holds a capital markets services licence in fund management issued by the Monetary Authority of Singapore. Colchester Global Investors (Singapore) Pte. Ltd also holds an offshore discretionary investment management services licence issued by the Financial Services Commission of Korea. Please note the following in respect of Colchester’s regulatory status in Australia: (i) neither Colchester Global Investors Limited nor Colchester Global Investors (Singapore) Pte. Ltd. holds an Australian financial services licence for the provision of certain financial services, and both entities are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cwlth) in respect of the financial services Colchester provides; (ii) Colchester Global Investors Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom under UK laws, which differ from Australian laws; (iii) Colchester Global Investors (Singapore) Pte. Ltd. is regulated by the Monetary Authority of Singapore under Singapore laws, which differ from Australian laws. Therefore, Australian wholesale clients are not necessarily subject to the same types of legal protections or remedies that they would enjoy if Colchester was directly subject to the Corporations Act. Colchester is entitled to offer its financial services in Australia pursuant to an exemption from the requirement to hold an Australian Financial Services Licence under the Corporations Act, on the basis, among other things, that the clients are “wholesale clients” within the meaning of the Corporations Act. Colchester Global Investors Middle East Limited is regulated by the Dubai Financial Services Authority for the provision of Advising on Financial Products and Arranging Deals in Investments. All communications and services are directed at Professional Clients only. Persons other than Professional Clients, such as Retail Clients, are not the intended recipients of Colchester Global Investors Middle East Limited’s communications or services. Colchester Global Investors Middle East Limited is a company established in the Dubai International Financial Centre (DIFC) pursuant to the DIFC Companies Law with registration number CL 3239. Colchester Global Investors Limited is licenced as a financial services provider by the Financial Sector Conduct Authority (licence number 43012) in South Africa. Colchester Global Investors Limited is registered with the Securities Commission of The Bahamas, as the investment manager for an investment fund licenced as a Smart Fund model 003, in accordance with the provisions of the Investment Funds Act, 2019. Colchester Global Investors Inc. is a wholly owned subsidiary of Colchester Global Investors Limited. It is not permitted to provide investment advice or otherwise engage in a regulated activity. | Website by Nest Creative