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Article
July 2024
8 min.
Market commentary equities: How can active management perform in highly concentrated equity markets?

As market concentration continues to rise, investors are asking: How can active management deliver? Quoniam’s equity portfolio managers Andjelka Bannes, CFA, and Mark Frielinghaus, CFA, analyse the active performance of global equity managers over the past five years against a backdrop of increasing market concentration providing new insights and practical strategies for navigating index concentration and improving portfolio resilience.

General
July 2024
6 min.
Market commentary bonds: Interest rates on a high and spreads on a low

After the first quarter of 2024 saw a dramatic pricing out of aggressive central bank rate cuts, the first ECB rate cut and a bottoming out of spreads in the second quarter made it clear that the end of the interest rate cycle has been reached. More volatility lies ahead.

Article
May 2024
8 min.
Why have EUR credit spreads been higher than USD credit spreads since 2022?

EUR credit spreads have historically been lower than USD IG credit spreads, with the exception of the euro debt crisis period. This has changed since 1Q2022. Dr Harald Henke, Head of Fixed Income Strategy, explains this reversal from previous trends and looks at what factors might be driving this divergence.

Video
May 2024
Reflections and evolution: Quoniam's investment beliefs over 25 years – Part 2 of 2

How can investors navigate the current market frenzy surrounding artificial intelligence and quantitative trading? Is the hype surrounding AI truly unprecedented, or are there historical parallels that offer valuable insights? In this interview with Jonathan Clenshaw, Thomas Kieselstein, Senior Partner at Quoniam, explores these questions and delves into the nuances of quantitative trading in today’s dynamic market landscape.

Video
May 2024
Reflections and evolution: Quoniam's investment beliefs over 25 years – Part 1 of 2

How does a company navigate 25 years of relentless technological shifts and market dynamics? What foundational principles have sustained Quoniam’s journey as a pioneering force in quantitative asset management? In an interview with Jonathan Clenshaw, Thomas Kieselstein, Senior Partner, explores Quoniam’s past, present and future.

Video
April 2024
Navigating emerging markets with a MinRisk strategy

How can investors unlock the untapped potential of emerging markets while mitigating risk? What strategies are proving effective in navigating the complexities of these dynamic economies? In an interview with Jonathan Clenshaw, Mark Frielinghaus, CFA, Executive Director Equities, delves into the realm of emerging market equities, the rationale behind a min risk approach, the significance of diversification, and the integration of sustainability factors into investment strategies.

Article
April 2024
2 min.
Best Bond Global Corporates EUR Fund Over 10 Years: Quoniam Fund Selection SICAV – Euro Credit EUR A dis

The Quoniam Fund Selection SICAV – Euro Credit EUR A dis has been awarded as winner in the category “Best Bond Global Corporates EUR Fund Over 10 Years” by the LSEG Lipper Fund Awards United Kingdom 2024.

Article
April 2024
8 min.
Market commentary equities: Bye-bye growth, hello value? We answer our investors' questions

Many of our clients have asked us what positioning the various equity factors of our factor investing strategies suggest in the current market environment. Our portfolio manager Andjelka Bannes, CFA, shares and explains our findings on growth, quality, value and low-volatility equities in the context of dynamic markets.

Article
April 2024
7 min.
Quant Spring – A new market regime favouring quantitative credit approaches

The era of easy money with negative interest rates and central bank bond-buying programmes is over. Going forward, market forces will play a more important role when determining asset prices and assessing risks and opportunities in markets. The investment implications are profound – and should favour quantitative approaches.

Article
April 2024
8 min.
Market commentary bonds: Quo vadis, credit spreads?

Stubbornly high inflation led to rising interest rates and diminished expectations of rate cuts in the first quarter of 2024. Nevertheless, credit spreads continued to tighten. Systematic credit factors point to a more cautious positioning.

Interview
April 2024
7 min.
Machine learning: a powerful tool for asset managers

Artificial intelligence is seen as a major investment opportunity in 2023, but it’s also a technology that investors can use in their investment process. Machine learning is one form of AI that we’ve been using at Quoniam for a long time. Here we speak to Dr Maximilian Stroh, CFA, Head of Research at Quoniam, about what machine learning is, its benefits and how we use it at Quoniam.

Press release
March 2024
2 min.
Study on diversity and inclusion in the European asset management industry

The Diversity Project Europe (DPE) today announced the first strategic research partnership of its kind with leading consulting firm PwC Switzerland. The project aims to determine the current state of diversity, equality and inclusion in the European asset management industry and to conduct a maturity assessment.

Article
March 2024
7 min.
Unlocking the potential: Celebrating International Women's Day

Since its inception in 1909, this day has been a testament to the indomitable spirit of women worldwide. As we commemorate their achievements, we’re reminded of the hurdles they’ve overcome in fields like data science, mathematics, finance, and investment, and use this as our inspiration to effect change in the broader industry, and to ensure such barriers do not exist at Quoniam.

Article
February 2024
6 min.
How did credit factors perform in 2023?

Credit spreads experienced significant volatility in 2023 and ended the year very favourably, delivering reasonable returns on the back of a strong rebound in the carry factor. There are good reasons to believe that the next few years will offer a supportive market environment for factor strategies.

Article
February 2024
2 min.
Incorporating pre-trade bond liquidity data into corporate bond management

The identification of liquidity is a key factor for successful corporate bond management. In this white paper, we show how the incorporation of pre-trade liquidity data into the portfolio construction process provides more precise estimates of tradability, tradable volumes, and transaction costs. It also increases relative portfolio performance.

Video
February 2024
How can investors profit from investing in fixed income factor strategies? - Part 2 of 2

How can investors improve the risk/return characteristics in their fixed income portfolios? What is the best way to cover different market environments? In an interview with Jonathan Clenshaw, Dr Harald Henke, Head of Fixed Income Strategy, provides answers and compares systematic and fundamental approaches with regards to performance, return patterns and factor weighting.

Video
February 2024
How can investors profit from investing in fixed income factor strategies? - Part 1 of 2

How can a multi-factor approach be an additional source of diversification for fixed income investors? What diversification benefits can be expected from combining different approaches? In an interview with Jonathan Clenshaw, Dr Harald Henke, Head of Fixed Income Strategy, explains the importance of credit factor investing and what can be a good starting point for more stable returns.

Article
February 2024
2 min.
Awarded "Top Fund Manager" for European equities by Handelsblatt Research Institute

Quoniam’s European equity strategy, managed by Dr Lisa Herr, is named top fund manager out of 61 listed funds.

Video
January 2024
High Yield MinRisk: How to find the sweet spot

What makes high yield different from other asset classes? And why should high yield be considered in an investor’s asset allocation? In an interview with Jonathan Clenshaw, and Dr Harald Henke, Head of Fixed Income Strategy, answers these questions and explains why investing in Quoniam’s High Yield MinRisk approach can be an effective response to the risk/return challenge over the long term.

Article
January 2024
10 min.
Market commentary equities: Breaking down the boom - Analysing 2023's stock market success

In contrast to the pessimistic market forecasts, 2023 proved to be an exceptionally positive year for the stock market. In this article, we break down the performance of different sectors, regions, sizes, and styles to understand the driving forces behind the market boom. Additionally, we look ahead to the next year with a view on current valuations and earnings forecasts.

Article
January 2024
6 min.
Market commentary bonds: Falling interest rates - reality or wishful thinking?

Interest rates and spreads fell sharply in the fourth quarter. Expectations of rate cuts and hopes of a soft landing for the US economy have boosted markets. Is this a realistic scenario or are investors looking at the markets through rose-tinted spectacles?

Interview
January 2024
5 min.
Bonds with benefits: Combining sustainability and return potential in corporate bond portfolios

Can investors in corporate bonds do good and earn an attractive return at the same time? That was what Quoniam experts Dr Desislava Vladimirova and Dr Jieyan Fang-Klinger set out to determine in their recent research paper, Bonds with Benefits: Impact Investing in Corporate Debt, recently published in the Financial Analyst Journal. We spoke to them about their research, what they found and what it means for investors.

Interview
November 2023
5 min.
Unlocking the potential of equities: Why 130 minus 30 is more than 100

In the ever-evolving landscape of investment strategies, one approach is gaining significant attention for its potential to improve returns – the 130/30 quantitative strategy. This investment approach blends the best of both worlds, offering investors a unique combination of risk management, adaptability, and performance. In this interview, Andjelka Bannes, CFA explains the benefits of the strategy, how it works in practice and how it has performed.

Video
October 2023
Asset Pricing: Missing Data and the Quality of Signals - talk with Michael Weber and Volker Flögel

What are the most common pitfalls that practitioners face when dealing with missing data? And is it possible to extend the history of data by backfilling datasets, for example with ESG data where there is not so much reliable historical data? Find out in this insightful discussion with Michael Weber, Associate Professor at the University of Chicago Booth School of Business, and Volker Flögel, CIO at Quoniam. Together they discuss how to deal with missing data in asset pricing and investment – also in light of the current market environment – and give an outlook on upcoming research in this area.

Article
October 2023
5 min.
Market commentary bonds: Treading lightly between recessionary trends and market opportunities

Stubborn inflation, hawkish policies and recessionary trends – Dr Harald Henke examines the growing challenges facing fixed income markets and offers ideas on how investors can position themselves in the current market environment.

Article
October 2023
7 min.
Opportunities and challenges: Why China and Emerging Markets may still be attractive

Too big to ignore, yet unpopular as rarely in years, if not decades: Investing in China, whether through the stock market or direct investment, is currently out of fashion. In this article, Mark Frielinghaus describes the background to the current scepticism about investing in China and how investors can position themselves in such an environment.

Interview
October 2023
5 min.
Objectively measuring sustainability: "It's about capturing the true impact of business on the environment and society."

How can sustainable investing be objectively measured? This question is being asked by an increasing number of institutional investors who want to make their portfolios sustainable. Together with Effectual Capital, Quoniam is implementing a unique investment approach based on the sustainable return developed by Effectual. Andreas Gintschel, Managing Director of Effectual, and Jonathan Clenshaw, CSO & CMO of Quoniam, explain what makes this approach unique.

Interview
August 2023
5 min.
Quoniam Research Seminars: Bridging the gap between theory and practice

Academic research is plentiful, but do theories work in real portfolios? Quoniam’s research team has launched a new seminar series to increase the exchange between financial researchers and quant practitioners. Halfway through the series, Dr Tamas Barko, organiser of the series, reflects on the lessons learned from the first sessions and the benefits of engaging with universities for research-driven asset managers.

Article
August 2023
3 min.
How can investors measure the selection component of credit portfolios?

Investors who want to measure the selection performance of a credit portfolio are often confronted with the problem of having to make a simple but sufficiently precise measurement of this performance. Dr Harald Henke shows a way to achieve such a measurement.

Article
July 2023
4 min.
Quoniam wins World-class Workplace award for Best in DACH by Effectory

Together with Effectory, one of the leading employee feedback providers, Quoniam ran an employee engagement survey in 2022. We are proud to announce that the feedback our employees provided confirmed that Quoniam is an excellent place to work and that we have been awarded the Effectory World-class Workplace Award for Best in DACH 2022-2023.

Article
July 2023
6 min.
Market commentary equities: NVIDIA and the concentration on the stock markets

A new megatrend, artificial intelligence (AI), has so far dominated stock markets in 2023. AI is another catalyst for the historic wave of concentration in global equity markets. Historical comparisons show the extent to which the market is currently being driven by a single theme.

Article
July 2023
7 min.
Market commentary bonds: Signs of recession are growing stronger

Are resurgent inflation concerns and the increasingly inverted yield curves indicators of an impending recession – or can the economy and a strong labour market hold out? Dr Harald Henke explains what conclusions can be drawn from the current market situation.

Article
May 2023
9 min.
Market commentary equities: Markets buoyed despite high valuations and inflation concerns – central banks' next moves awaited

Equity markets have been boosted by liquidity, but high valuations suggest a potential for a pull back. The Fed’s fight against inflation is being undermined by weakness in regional banks and the wage-price spiral, which adds to inflationary pressures. In our market commentary, we draw parallels with historic valuations and explore central banks’ position in the current economic environment.

Press release
May 2023
2 min.
Jonathan Clenshaw joins Quoniam Asset Management as CSO & CMO

Jonathan Clenshaw will assume responsibility for sales and marketing activities as Chief Sales Officer & Chief Marketing Officer (CSO & CMO) as of 1 July 2023 and, subject to regulatory approval, will join the executive board of Quoniam Asset Management GmbH.

Article
May 2023
6 min.
Credit Factor Investing as a Solution to Combining Sustainability and Outperformance

What is the ex-ante impact of different sustainable investment approaches on the alpha of a credit portfolio? And what can investors do who want both outperformance and sustainable credit investments? Credit factor investing provides a framework and a solution to both questions.

Article
April 2023
2 min.
Best Bond Global Corporates EUR Fund Over 10 Years: Quoniam Fund Selection SICAV - Euro Credit EUR A dis

The Quoniam Fund Selection SICAV – Euro Credit EUR A dis has been awarded as winner in the category “Best Bond Global Corporates EUR Fund Over 10 Years” by the Refinitiv Lipper Fund Awards United Kingdom 2023.

Article
April 2023
9 min.
Market commentary bonds: Have credit events ended the central bank rate hike cycle?

The market has been oscillating between recession and inflation concerns for several quarters. With the banking crisis in March 2023, the trend is clearly moving towards recession. This is also reflected in the interest rate expectations of market participants. Investors can tilt their portfolios towards this scenario.

Interview
April 2023
6 min.
Cloud data warehousing: quantitative asset management research meets academic expertise

Andre Fröhlich, Head of Research Technology at Quoniam, and Prof Dr Stephan König from Hannover University of Applied Sciences and Arts researched which prototypes of a cloud data warehousing architecture work in practice. We spoke with them about the advantages of a cloud architecture in investment research, the results of their research and the future relevance of this topic for Quoniam.

General
March 2023
2 min.
International Women's Day 2023: Facts, Figures and Insights about Women at Quoniam

On International Women’s Day, we would like to highlight and celebrate our female colleagues across the company. This matters for our business because every day we experience how diversity and an inclusive working culture enriches Quoniam, improves our decision-making, drives innovation, and enables us to better respond to stakeholders.

Interview
February 2023
4 min.
Expert discussion on Fixed Income Impact Investing – can active return and sustainability be combined?

In this interview, Desislava Vladimirova provides insights into the trade-off between impact investing and outperformance of credit factor strategies and the possibilities of combining the two.

Article
February 2023
8 min.
Credit Factor Effects 2022: How did systematic factors perform in the challenging environment?

2022 was a difficult year for active credit managers with high inflation rates, rising spreads and rates, as well as negative risk premia returns. Dr Harald Henke explains how systematic credit factors help up in EUR and global investment grade markets.

Interview
January 2023
5 min.
Full transformation ahead! Introducing the new Quoniam Climate Equities strategy

The new Quoniam Climate Equities strategy actively captures the opportunities associated with climate change and sustainable transformation. The focus is on companies that are strongly committed to emission reductions. Claudia Röring, Dr Laura Jehl and Johannes Lins explain the benefits of a forward-looking approach.

Article
January 2023
9 min.
Market commentary bonds: From 2022 to 2023 - How strong will the recession be this year?

2022 brought the weakest fixed income returns in decades due to inflation and interest rate increases. In 2023, on the other hand, the focus will be on the economic downturn. If the upcoming recession is not too severe, 2023 could be a good year for fixed income investors.

Article
January 2023
7 min.
Market commentary equities: Equity strategies at the inflation tipping point

2022 was a turbulent year for equity markets, with the indices in Europe, the US and the emerging markets correcting significantly. During 2023, all eyes will continue to be on the central banks. In our market commentary, we describe which styles and regions you can still look forward to with optimism.

Press release
December 2022
3 min.
Thomas Kieselstein hands over his role as CIO of Quoniam Asset Management to Volker Flögel

Dr Volker Flögel assumes responsibility for the investment division as Chief Investment Officer as of 1 January 2023 and joins the Management Board of Quoniam, subject to regulatory approval.

Article
November 2022
6 min.
Can government bonds plus index CDS replace a credit allocation?

Government bonds plus index CDS – this combination is sometimes marketed as a liquid alternative to corporate bond portfolios. We analyse how the two approaches differ and what risks investors need to be aware of.

Interview
November 2022
6 min.
Why diverse teams outperform homogenous teams - and harnessing the power of diversity is a win-win for people and business

Camilla Udd has been Head of Culture, Diversity and Change at Quoniam for a year now. In the interview, she talks about her work in the area of Diversity & Inclusion and explains why diverse teams outperform homogenous teams – provided an inclusive workplace culture is in place.

Interview
November 2022
5 min.
Expert discussion on the role of forward-looking climate metrics in decarbonization portfolios

Dr Jieyan Fang-Klingler, Dr Maximilian Stroh and Frederik Wisser share pioneering insights on the topic of climate data and decarbonisation of portfolios from their new working paper “Back to the Future: The Role of Forward-looking Climate Metrics in Decarbonization Portfolios“. In the interview, they explain their findings and give an outlook on further ESG research projects.

Article
October 2022
6 min.
Market commentary bonds: Between inflation and economic worries

High inflation and a weak economic outlook are forcing central banks to choose between expansionary and restrictive monetary policy. Markets now believe in a hard line to fight inflation. This is likely to trigger a recession in 2023. Nevertheless, corporate bonds look attractive at current levels.

Article
October 2022
8 min.
Market commentary equities: Is high volatility the new normal?

Central bank policy was in focus once again in the third quarter of 2022. Fears that inflation had not yet peaked led to a radical trend reversal in the middle of the quarter and shows that increased volatility results in greater dispersion of factor returns. Hence, risk management is key.

Article
October 2022
6 min.
CEO Statement on decarbonising institutional portfolios: doing nothing is the worst option of all!

The required changes in the wake of the climate crisis may seem like a (regulatory) burden, but in fact present a massive chance for asset owners and asset managers – not only to support transformation, but also to manage risks and create value.

Article
October 2022
7 min.
Credit Performance in the Summer of 2022

Despite rallying credit spreads, corporate bond managers on average underperformed in July 2022, while they outperformed in August 2022 despite rising spreads. What is behind this unusual performance pattern?

Article
October 2022
5 min.
Did Factor Investing Continue to Diversify in 2022?

Empirical evidence shows that credit factor investing has a diversifying effect in an investment grade (IG) credit portfolio. The year 2022 with its extreme market movements is a good test case to revisit the question and ask whether this diversification effect still holds.

Article
October 2022
6 min.
Climate in focus: Classifying performance effects and identifying companies for a sustainable future

Do climate-friendly companies offer a return premium? Should investors rely on past data? Or should they dare a look ahead? Our research experts Dr Jieyan Fang-Klingler and Dr Maximilian Stroh answer these questions.

Article
August 2022
7 min.
How attractive is investment grade credit?

What does the current market situation mean for liquid instruments? Dr Harald Henke explains to what extent an investment in Euro investment grade corporate bonds makes sense in the scenario with declining inflation and increasing recession concerns.

Article
July 2022
7 min.
Recession ahead - How are the central banks reacting?

How is inflation developing? Dr Harald Henke looks at the reactions of the central banks and the associated developments of key interest rates and inflation in the emerging recession with a view to the Eurozone and the USA.

Article
July 2022
7 min.
Outlook: What comes after the money glut and stock market bubble?

The shift in the role of the central banks has led to a positive price development since the beginning of the millennium, despite several crises. The highly expansive monetary and fiscal policy, combined with the low general inflation rates until recently, has also led to increases in asset prices, some of which have been significant. Thomas Kieselstein, CIO, describes this development and the associated consequences for investors.

Article
July 2022
2 min.
Fire sale in EUR investment grade credits?

Since the beginning of the war against Ukraine, credit spreads have come under pressure. This is particularly evident in EUR investment grade spreads which have widened significantly in this environment.

Article
June 2022
4 min.
How do we create multidimensional value for investors?

The investment challenges facing institutional investors are becoming ever greater. In this environment, it is crucial to have an asset manager at your side who offers significantly more than just managing the money. This is what really matters in the future.

Article
June 2022
7 min.
Which stocks stand the test of stagflation?

Mark Frielinghaus and Dr Oliver Murschall examine the situation of the stock market in the current stagflation environment and look at parallels to the situation in the 1970s. How did different investment styles such as value, growth/profitability, momentum, multifactor and defensive stocks perform in comparable market phases and what conclusions can be drawn about the development of the current stagflation?

Interview
June 2022
4 min.
Quoniam experts publish paper in the Journal of Banking & Finance with Professor from Goethe University Frankfurt

Dr Claudia Zunft and Dr Volker Flögel of Quoniam Asset Management teamed up with Prof Dr Christian Schlag from Goethe University Frankfurt to explore the value-added of short-term momentum in factor portfolios. Their work was recently published in the Journal of Banking & Finance.

Interview
June 2022
5 min.
Expert discuss Corporate bonds & ESG regulation: "The choice of exclusion criteria has an immediate performance effect."

How can investors rebalance their fixed income portfolios according to environmental and/or social characteristics? In this interview, Dr Veronika Herzberger, Head of Fixed Income Portfolio Management and member of the Quoniam SI Committee, explains what investors should bear in mind and what special features different bond indices have.

Article
May 2022
12 min.
How do government and corporate bonds perform in a stagflationary environment?

The 1970s hold fascinating insights for the current market environment. Dr Harald Henke looks back at historical bond markets in this period of stagflation and answers how a similar scenario might play out today.

Interview
May 2022
11 min.
Interview with CTO Dr Alexander Beck: Technology at a quantitative asset manager

As a quantitative asset manager, we translate scientific theory into mathematical and computer models that guide our trading and portfolios. The Technology division has the important task of creating the space for these models to be developed and operated. Data management plays an important role here. In conversation with our Chief Technology Officer, Dr Alexander Beck.

Interview
May 2022
6 min.
Expert discussion on climate data: Analysing, combining and integrating signals

Climate change is the challenge of our time. Companies and investors must address the associated risks, but also want to benefit from the opportunities. In conversation with Dr Laura Jehl, Research Analyst at Quoniam Asset Management, on how to address climate change with a data-driven investment approach.

Article
April 2022
8 min.
Emerging Market Equities: Participate in the opportunities with reduced risk

Emerging markets are considered high risk for a reason: During the past two years alone, we have witnessed the Corona outbreak in China in 2020, the global semiconductor crisis, production failures in Asia and supply chain problems and now the Russian invasion of Ukraine and a war in Eastern Europe.

Article
April 2022
10 min.
Outlook April 22: What's next for US interest rates?

In the mix of accelerating inflation, slumping growth, aggressive Fed rate hikes and geopolitical turmoil with far-reaching implications for the global financial system, the question is, what’s next for US interest rates.

General
March 2022
3 min.
A day with ... Verena Jörges, People & Development

In the interview, Verena takes us into her varied everyday life in the People & Development team, tells us about a very special moment at Quoniam and shares her hiking tips. 

Article
March 2022
4 min.
Equity investments in illiquid markets: Managing the trade-off between returns and costs

European small caps and emerging markets stocks can offer attractive returns and alpha opportunities. However due to limited investor attention, these stocks lack liquidity and have higher transaction costs. As part of our Quoniam Doctoral Programme, Kay Stankov researched how incorporating liquidity forecasts into a quantitative investment process can improve returns after transaction costs in these markets.

Interview
March 2022
3 min.
A day with ... Dr Theofanis Archontakis, Portfolio Management

Dr Theofanis Archontakis provides insights into his work as a multi-asset portfolio manager and talks about the exciting topic of alternative data sources, which particularly engages him at the moment.

Article
March 2022
4 min.
Artificial intelligence at Quoniam

Have you been wondering how artificial intelligence can add value in portfolio management? The simplified answer is that it can reveal relationships that are not immediately obvious and provide clues to the most relevant data sets and variables.

Interview
March 2022
7 min.
Interview: International Women’s Day 2022

At Quoniam, diversity and inclusion are an integral part of our corporate culture. In an interview, we asked our CEO Nigel Cresswell and our CFO and CCO Silke Weiser-Walther what the International Women’s Day on 8 March means to them personally and what Quoniam is doing to promote equal opportunities.

Article
March 2022
1 min.
War in Ukraine: Position of Quoniam and implications for investments

At Quoniam, we stand in solidarity with the people of Ukraine and would like to express our deepest sympathy to all victims of this conflict. From an asset manager’s perspective, we expect that it will permanently change the international security architecture, energy policy, and create significant volatility. The situation is dynamic and fast moving.

Article
March 2022
2 min.
Diversifying credit portfolios with factor investing

How can investors profit from investing in fixed income factor strategies? How does multi-factor credit differ in its characteristics from the fundamentally managed credit funds? Quoniam’s empirical study demonstrates that investors can diversify their overall credit exposure by adding a multi-factor strategy to their fundamentally managed credit allocation.

Article
February 2022
4 min.
Is the Fed about to make a mistake?

The Fed has announced an aggressive monetary policy response to current inflation rates with several rate hikes this year. While this has led to rising interest rates, the bond market has also reacted with a dramatic flattening of the curve. The market is critical of the impact of these measures on future economic growth. Is the Fed about to make a mistake?

Interview
February 2022
3 min.
A day with ... Rocío Muñiz, Portfolio Management

Rocío talks about her day-to-day life in portfolio management, looks back on 20 years at Quoniam and shares her extensive list of book recommendations.

Interview
February 2022
4 min.
Expert discussion on the use of Big Data: "We want to keep the information edge on unstructured data"

In conversation with Markus Ebner, Head of Multi-Asset at Quoniam Asset Management.

Article
February 2022
5 min.
Making investment decisions with alternative data

How can asset managers gain an information advantage in today’s world? One way is to use unstructured data. They provide valuable signals and can thus offer an important investment advantage.

Article
February 2022
3 min.
How our multi-factor approach provides diversifying benefits for institutional investors

With multi-factor investing, we offer institutional investors a diversifying investment style. In doing so, we rely on a broad, balanced mix of factors. This way, we ensure that your portfolio is not overly concentrated on a single company or factor.

Interview
January 2022
2 min.
A day with ... Hanna Kurz, Client Relations

In this interview, Hanna talks about her everyday life as an advisor to institutional investors and explains what makes Quoniam special as an employer.

Article
January 2022
4 min.
Bond markets 2021: Carry was the measure of all things

Inflation and the central banks were the main drivers of bond market dynamics last year. While there was little for investors to gain on the interest rate side, corporate bond investors were rewarded for risks.

Article
January 2022
4 min.
Stock markets in 2021: Record high inflows and the return of value and quality

There was no talk of a return to normality in 2021 either. But the majority of investors ignored the negative factors and drove the stock markets in the developed countries to new highs. At the same time, the first important trend changes were observed, which are likely to continue in 2022.

Article
January 2022
4 min.
The Quoniam University Award – The 2021 winning article: Quality as the cornerstone of the portfolio

Crisis-proof investment strategies are once again in high demand in uncertain times. Investors are looking for attractive returns with low risk.

Article
January 2022
6 min.
Central bank policy and market expectations in the US 2022

The US Federal Reserve has made clear announcements about monetary policy in 2022. What does the market expect from the Fed and what impact do the capital markets think this policy will have? An analysis of the market at the end of 2021. 

Article
December 2021
4 min.
Quoniam Outlook 2022: Selective approach is the key to investment success

Excessive liquidity, asset prices at all-time highs and inflation rates of more than five percent: even though the challenges for investors in 2022 are great, returns can still be achieved on the international capital markets with a skilful asset allocation.

Article
December 2021
2 min.
Quoniam supports GIZ project on promoting female entrepreneurs in South Africa

The “Promoting Women Export Entrepreneurs” programme seeks to build an ecosystem of women entrepreneurs and supporting them in their access to export markets. 

Interview
December 2021
4 min.
A day with … Dr Desislava Vladimirova, Research Forecasts

In this interview, Dr Desislava Vladimirova gives us an insight into her path from working student to permanent doctoral candidate at Quoniam and tells us what makes working in research so exciting.

Article
November 2021
4 min.
Distinguishing Factor Strategies in Corporate Bonds and Equities

Factor investing is becoming increasingly popular in the corporate bond market. Academic and practitioner evidence demonstrates that well-known equity factors can be redefined to capture excess returns in global corporate bond portfolios.

Article
November 2021
3 min.
Together for responsible asset management

This is how the SI team works for the success of your sustainable investments.

Article
November 2021
1 min.
Quoniam joins the Net Zero Asset Managers Initiative

By joining the Net Zero Asset Managers Initiative, we commit that our portfolios will be carbon neutral by 2050 or earlier.

Interview
October 2021
5 min.
CEO interview: "My aim is to create multidimensional value for our clients"

Our CEO Nigel Cresswell introduces himself and sets out his plans for Quoniam.

Interview
October 2021
5 min.
Cloud, Python & Co.: next-level research at Quoniam

Setting up efficient research in the cloud, migrating tens of thousands of lines of code to Python – and doing it all largely from home? Our research team has made it possible. An interview with Dr Volker Flögel, Head of Research, and Andre Fröhlich, Head of Research Technology.

Article
October 2021
3 min.
Promoting diversity as a key strategic priority

Diversity unites and is crucial for creative and successful collaboration.

Article
September 2021
3 min.
Why have US interest rates been falling since April 2021? A fact check.

Contrary to the expectations of many market participants, US interest rates fell markedly since the end of Q1/2021 despite macro data in the US pointing in the opposite direction. Market participants discussed several reasons for this move on which we shed a light in this article.

Article
August 2021
5 min.
What Opportunities does the Low-Risk-Anomaly offer?

Less risky stocks often achieve higher risk-adjusted returns – a phenomenon called the low-risk anomaly. But is this theory still valid today and what role does it play in the current market environment?

Article
July 2021
4 min.
Can news sentiment forecast macroeconomic data?

In recent years, researchers have explored sentiment from various media and its usefulness in predicting financial markets. However, macroeconomic forecasting has not yet been a focus. We show how forecasts of industrial production and consumer prices can be improved by applying a new method to incorporate emotions from newspaper articles.

Article
June 2021
4 min.
Will tapering lead to rising interest rates?

As the economy recovers, voices are getting louder to withdraw monetary policy support. Does this pose a threat of further interest rate hikes? The past years show that US interest rates have risen in phases of bond purchases, but fell when purchasing programmes or the Fed balance sheet were reduced. There is  therefore no indication that a reduction in bond purchases must be negative for bond prices.

Article
May 2021
3 min.
How speculative bubbles and asset price inflation drive equity markets

Just over a year has passed since the outbreak of the COVID-19 pandemic. While Europe is still in lockdown in many places, the global stock markets have long since reached new highs. Governments and central banks continue to print money on a grand scale, asset prices are rising to record levels and the danger of inflation is increasing. How are equities doing in this environment?

Article
April 2021
2 min.
Introducing Quoniam Global Equity SDG

Our new investment strategy offers institutional investors participation in the global equity markets with a focus on companies that make an above-average contribution to achieving at least one of the 17 UN Sustainable Development Goals (SDGs).

Article
January 2021
4 min.
Attractive returns with US Corporate bonds

For 2021, with interest rates at record lows and tightened spreads, investors are wondering where to turn in order to generate returns in the liquid fixed income universe. We will show that US credit investments offer attractive returns even after currency hedging. Due to a steep US yield curve, the expected return is higher than the current yield.

Article
December 2020
10 min.
Quantifying sustainability – making sense of ESG data

The variety and quantity of ESG data are increasing rapidly. In this ‘insights’, our ESG experts answer eight important questions on how ESG data has evolved, what challenges institutional investors face and how a quantitative investment approach can give them transparent solutions.

Article
October 2020
4 min.
Facing the Challenges of Fixed Income Factor Investing

Several challenges make fully systematic fixed income investing different than equity. Below we share what the common challenges* are and how we address them at Quoniam.

Article
October 2020
3 min.
Generating alpha with innovative ideas

Successful patents create a competitive advantage and added value for enterprises. The challenge in portfolio management is to determine the value of such innovations, and to apply this to single-issue share selection. Strategies that buy companies with high patent values and sell those with low patent values generate annual excess returns above 4%.

Article
September 2020
4 min.
Unstructured Data: Effects of Covid-19

The use of unstructured data has become increasingly popular over recent years as “traditional” data such as financial ratios or announcements reflects financial markets events, particularly crises, with a time lag. This year’s COVID-19 outbreak is an example that illustrates how sentiment measures derived from newspaper narrative capture these dynamics and generate positive returns.

Article
July 2020
4 min.
Finding Quality in Value Stocks

Comparing the relative performance of Value and Growth stocks, we can see that the gap has widened considerably in recent years – and particularly in the recent past. In phases of recovery or when valuation bubbles burst, Value stocks generate strong outperformance, while cyclical stocks are at risk amid the ongoing slowdown of the real economy.

Article
May 2020
4 min.
Growth Vs Value: What Are The Risks?

Across Europe, measures implemented to contain the COVID-19 pandemic are being gradually lifted. Infection rates are decreasing. At the same time, the capital markets are recovering. Thus, we are currently at the crossroads between crisis and recovery. Which is the smarter strategy in such an environment: Growth or Value?

Article
March 2020
4 min.
Short Selling as an ex ante alpha signal

In order to further develop our alpha forecast model we analyse factors that are both expected to show an outperformance and are not correlated to the information previously used. With the information of the short-selling market we have found such a factor and included it in our forecast model.

Article
February 2020
4 min.
Credit Factor Strategies offer an uncorrelated investment style

There is increasing academic and practitioner evidence that well-known equity factors can be used to capture excess returns in global corporate bond portfolios. In this paper we discuss the implications for an asset owner using multiple managers with different alpha sources and styles. We analyse the exposure to the Value, Quality and Momentum factors for three leading fundamentally-managed investment grade credit funds in comparison to the Multi-Factor portfolio of Quoniam.