EOS Stewardship Services
Responsibility & Stewardship
EOS Stewardship Services
Responsibility & Stewardship
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All eyes on Sustainability this Earnings Season
Our dedicated commitment to sustainable wealth creation means we are not only busy forming financial expectations for the upcoming earnings season, but ESG expectations too.
18/01/2021 - Fraser Lundie
Without a ‘Blue Wave’, will US energy companies steer towards a green future?
In the run-up to the US election, many investors had positioned themselves for a ‘Blue Wave’. Yet, as it became clear that Biden’s Presidency would not be accompanied by a majority Democratic senate, oil and gas stocks rallied and renewable energy producer stocks fell. The absence of a senate majority has cast doubt on the now President-Elect’s ability to push through a climate-focused plan that would see an overhaul of federal energy policy and pledge to rejoin the Paris accord.
12/11/2020 - Audra Delport
Credit Investors not valuing their privacy
Evidence shows that bonds issued by private companies offer no premium versus those with public equity market capitalization. Historic data coupled with elevated risks highlight why Fraser Lundie, Head of Credit at the international business of Federated Hermes, views this as a mispricing.
17/09/2020 - Fraser Lundie
Discerning dislocations in credit markets
Markets have been roiled by extreme volatility through the course of March, driving major dislocation between recent price action and intrinsic value. Andrew Jackson, Head of Fixed Income at the International Business of Federated Hermes, assesses four sectors where pricing and value seem particularly distorted.
31/03/2020 - Andrew Jackson
Federated Hermes & Beyond Ratings: New research highlights strong correlation between ESG factors and developed markets sovereign spreads
In a new study conducted with Beyond Ratings, ‘Pricing ESG risk in sovereign credit, part II’, Federated Hermes reveals...
03/03/2020 - Michael Viehs
Credit view: the impact of the coronavirus on industry sectors
The novel coronavirus spreading from China has shaken markets and clouded the outlook for global growth.
ESG rigours must be applied to ABS market
"Add a short extract from this post, that is 10-15 words."
11/11/2019 - Andrew Lennox
Hermes strengthens private debt platform with new hire
Hermes has announced the appointment of Kevin Roche as a Director for Private Debt and CLO’s.
End-of-bull market rumours may be exaggerated
Turbulence, disruption and uncertainty have always provided instances of opportunity for the savvy fixed income investor.
05/03/2019 - Andrew Jackson
Hermes expands global credit team with emerging market debt appointment
Hermes Investment Management, the $46.9 billion manager, has announced the appointment of Nachu Chockalingam as Senior Emerging Market Debt Portfolio Manager. Based in London, Nachu reports into Fraser Lundie, Co-Head of Credit. The appointment is representative of the firm’s approach to providing current and prospective clients with access to all areas of global credit markets. Nachu will help manage the performance and risk of existing emerging market allocations across all liquid credit strategies. This includes the Hermes Unconstrained Credit Fund, which was launched in May 2018 and has since raised $386 million.
25/11/2018 - Fraser Lundie
Four factors keeping oil markets in check
The fragility of oil prices has been tested by a confluence of factors over the past month. In this investment note, Audra Stundziaite, Senior Credit Analyst at Hermes Investment Management, identifies the four fundamental factors likely to keep global oil markets finely balanced over the medium term. By remaining cognisant of associated risks, she argues investors should be able to successfully navigate through this environment. After three months of relative stability, WTI oil prices dropped more than 10% in March, prompted by persistently high US inventories and confusion related to Saudi Arabia’s February production levels. Prices rebounded in late March and early April on signs of inventory draws, as well as more constructive headlines regarding the upcoming OPEC meeting and rising geopolitical tensions in the Middle East. This price volatility has reminded investors of global oil market fragility and the importance of appropriate positioning. We maintain our view of range bound oil prices at $45-55 a barrel, as the four factors below are likely to continue influencing the delicate rebalancing act within global oil markets.
25/04/2017 - Audra Delport
Macy’s in a muddle
Despite an improving domestic economy, the US retail industry is under pressure. Changing consumer preferences, falling tourist numbers, unseasonal weather and the rise of fashion e-retailers are among the reasons why US retailers – and department stores in particular – are struggling. Fraser Lundie, Co-Head of Credit, and Ilana Elbim, Credit Analyst at Hermes Investment Management, explain how they responded to this structural change with a defensive trade involving Macy’s, whose flawed strategy for reviving sales has proved one of the least effective in the sector.
17/01/2017 - Fraser Lundie
The investment case for banks – a bondholder’s perspective
As the world wakes up to the new reality of extremely slow growth, there seems little doubt the returns investors became accustomed to during the ‘Great Moderation’ are a thing of the past, according to Saker Nusseibeh, Chief Executive of Hermes Investment Management. We believe investors will need to adjust expectations downwards across almost all asset classes in the future, with real returns of 4-5% not unimaginable. Real yields on government debt may struggle to exceed 1-2% at the same time. While investors can receive a premium for corporate instruments, these are likely to experience rising default levels.
25/10/2016 - Filippo Alloatti
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