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Global Macro Shifts: Environmental, Social and Governance Factors in Global Macro Investing

Author: Dr. Michael Hasenstab, Executive Vice President, Portfolio Manager, Chief Investment Officer, Templeton Global Macro

Date: February 2018

Environmental, social and governance (ESG) factors are being recognized in fixed income investing as value-added indicators of potential economic performance. In this edition of Global Macro Shifts, Templeton Global Macro outlines how it integrates ESG factors into its research process. The team has developed a proprietary ESG scoring system called the Templeton Global Macro ESG Index (TGM-ESGI), to assess current and projected ESG conditions in various countries, and to facilitate macroeconomic country comparisons around the world.

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Topic Papers

DateTitleFormat
April 2018

Investment Strategy and Research Committee Allocation Views

Executive Summary as at 4 April 2018: We continue to favor risk assets due to synchronized global economic growth, modest though rising inflation, and supportive sentiment. Despite the rise in global equity market volatility, our views and key themes across asset classes and regions remain intact. We caution against mistaking a rise in market volatility with changes in corporate fundamentals or economic strength. We believe global inflation will continue to trend higher in developed markets as the macroeconomic backdrop continues to firm. However, we also think structural forces such as globalization and technology should limit an inflation “shock” from occurring.
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March 2018

Artificial Intelligence: A Game Changer for All Industries

In this paper, we examine how AI might revolutionize data analytics, spur demand for products and services in the data chain, cloud computing and application software areas, and create sustainable competitive advantages for both tech and non-tech companies.We will also look at companies we think will be the biggest winners in the AI evolution.
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March 2018

Investment Strategy and Research Committee Allocation Views

Executive Summary as at 6 March 2018: we have focused on what is driving US interest rates higher, we continue to closely monitor the drivers of US interest rates. Slowing growth momentum should not derail risk assets, from our perspective, as long as growth remains above-trend. Risks to our view arise if inflation pressures prove to be more sustainable, which would ultimately represent more of a headwind to equities and raise the risk of a potential monetary policy error.
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February 2018

Investment Strategy and Research Committee Allocation Views

Executive Summary as at 6 February 2018: We favor risk assets due to synchronized global economic growth, modest inflation and supportive liquidity conditions. This generally translates into our preference for equities relative to fixed income. Within fixed income, we prefer short duration exposure and, on a regional basis, emerging-market debt (EMD). From an equity perspective, we prefer select non-US exposure, including Japan and emerging markets.
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January 2018

Investment Strategy and Research Committee Allocation Views

Executive Summary as at 2 January 2018: From an economic perspective, global growth has continued to expand at a modest pace. Leading economic indicatorsremained upbeat—notably purchasing managers’ indexes (PMIs) and confidence measures. We believe global growth is now bestcharacterized as synchronized, which has rarely occurred outside of the original recovery from the global financial crisis.
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December 2017

Investment Strategy and Research Committee Allocation Views

Executive Summary as at 6 December 2017: We favor risk assets due to synchronized global economic growth, modest inflation and supportive liquidity conditions. This generally translates into our preference for equities relative to fixed income. Within fixed income, we prefer short duration exposure and, on a regional basis, emerging-market debt (EMD). From an equity perspective, we prefer non-US exposure, including Japan and emerging markets.
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November 2017

Investment Strategy and Research Committee Allocation Views

Major themes that frame our tactical asset allocation as at 9 November 2017: continued global growth, subtle inflation pressures and business cycle remaining supportive.
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October 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 10 October 2017: continued global growth, inflationary pressures and business cycle remains positive.
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September 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 5 September 2017: continued global growth, inflationary pressures and business cycle remains positive.
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August 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 1 August 2017: continued global growth, inflationary pressures and business cycle remains positive.
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July 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 5 July 2017: continued global growth, inflationary pressures and business cycle remains positive.
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June 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at June 1, 2017: synchronized global growth, inflationary pressures and the business cycle remains positive.
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May 2017

Global Macro Shifts: Trade and Taxes in a World with Borders

Templeton Global Macro examines the possibility of a value-add tax and its likely impact on prices and exchange rates, longer-term macroeconomic outlook, different domestic sectors and trade flows, and International trade relations.
Summary
May 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
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April 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
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March 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
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February 2017

Global Investment Committee Absolute Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’Uneven global growth and low government bond yields drive our search for defensive investments.
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Archive

DateTitleFormat
January 2017

Global Macro Shifts: Latin America – The Rise and Fall of Populism

This issue of Global Macro Shifts believes Latin America’s experience with populism has important lessons and warnings for the developed world at a time when orthodox economic policymaking appears to be at risk of falling out of favor.
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June 2016

Global Macro Shifts: Emerging Markets: Mapping the Opportunities

This issue of Global Macro Shifts argues that the key to successful investment in emerging markets lies in distinguishing the more resilient markets from the more vulnerable ones.
Summary
February 2016

Global Macro Shifts: Inflation: Dead, or Just Forgotten?

In this edition of Global Macro Shifts, Templeton Global Macro team provides compelling evidence that challenges widespread fears of deflation across the global economy.
Summary
November 2015

Global Macro Shifts: Japan: The Quest for Growth and Inflation

This edition of Global Macro Shifts takes a fresh look at Japan, breaking down the factors that have brought Japan to a crossroads and the obstacles the economy still faces.
Summary
July 2015

Global Macro Shifts: China: Searching for a New Equilibrium

This edition of Global Macro Shifts provides an in-depth look at the challenges and opportunities China faces as it continues to grow.
Summary
May 2015

Medical Malpractice Insurers Analyzing Liabilities First

How medical malpractice insurance providers can improve the efficacy of their investments on both the liability and asset sides of the balance sheet.
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February 2015

Global Macro Shifts: Global Growth: Headwinds or Tailwinds

This edition of Global Macro Shifts provides a counterpoint to recent pessimistic forecasts for global growth.
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