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Interview
August 2022
A day with…Kay Stankov, Research Forecasts

In this interview, Kay Stankov gives us an overview of his role as a doctorate student in the forecasting team of our research department and describes his path from a mathematics student to a research analyst.

Article
August 2022
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
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
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
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
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
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
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
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 Portfolio Management Fixed Income 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
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
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
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
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
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.

Interview
March 2022
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
A day with…Desislava Vladimirova, Research Forecasts

In this interview, 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
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
Together for responsible asset management

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

Article
November 2021
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
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
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
Promoting diversity as a key strategic priority

Diversity unites and is crucial for creative and successful collaboration.

Article
September 2021
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.