Latest expert views and analyses

Comeback of the Covered Bonds

^25.05.2023
They are one of the most successful German export items: Pfandbriefe, also known as covered bonds in their general form in Europe. Due to the interest rate turnaround, this bank refinancing instrument again offers attractive and low-risk returns for investors.

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Volatility: come to stay?

^{15.05.2023 | Moritz Bauer}
While the bond markets show high fluctuations, the volatility on the stock markets is currently rather low. This should change towards the second half of the year. On the equity side, price setbacks offer an opportunity, while on the bond side, a gradual increase in duration presents itself. In the long term, capital market volatility is likely to remain elevated.

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Infrastructure sector on course for growth

^08.05.2023
To meet the challenges of the future, infrastructure must be expanded globally. Climate protection, demographic change, urbanisation and digitalisation - these are four major megatrends and task areas of economic transformation. They require new infrastructure investments worth billions.

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From the mine to the wind turbine

^05.05.2023 
The decarbonisation of the economy depends on the use of certain natural resources. But their extraction often causes major problems. How should commodity investments be assessed in this field of tension?

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Corporate bonds offer a real alternative

^23.03.2023
Bonds issued by companies with good to very good credit ratings are yielding more than four percent, even in the current volatile environment. This makes them a good alternative to more volatile asset classes such as equities for less risk-averse investors. 

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Corporate bonds: riding the interest-rate tailwind

^20.03.2023
The turnaround in interest-rate policy in 2022 has triggered a renaissance for fixed-income investing. Euro-denominated investment-grade corporate bonds are a key component of many portfolios. 

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Value equities: Profiting from the new market environment

^22.02.2023
We are experiencing a regime change in the capital markets. Inflation has returned and interest rates are rising. Stefan Brugger, Senior Portfolio Manager Equities, explains why value stocks can benefit from the new capital market regime.

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The Great Transformation: a new era for the global economy and the capital markets

^{16.02.2023  | Frank Engels}
According to Dr Frank Engels, member of the Union Investment Board of Managing Directors responsible for portfolio management, the new era of the "Great Transformation" will have a defining influence on the capital market environment and will impact investment decisions very directly in the coming years. Engels identifies five key trends. 

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Structured credit: opportunities through complexity

^02.02.2023
For decades, structured credits have been an efficient component in the portfolio construction of professional investors.  Alexander Ohl, Head of Credit Solutions at Union Investment, provides reasons that speak for this asset class.

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Under pressure

^17.01.2023 
Various factors have contributed to the tailwind for profit margins in recent decades. But in this decade of the great transformation, many of these drivers will reverse course (or are already doing so). As a result, profit margins for US businesses are likely to be structurally lower than they have been used to. There are many reasons for this.

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Does rising debt pose a risk for bond markets?

^17.01.2023
Europe is raising funds in the capital markets mainly in order to support consumers, whereas the objective in the US is to obtain money for infrastructure projects. However, falling energy prices in Europe may lead to a reduction in funding volumes again. What does the packed calendar of new issues mean for fixed-income investors?

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Renaissance for 60/40 portfolios

^17.01.2023
Last year was challenging for portfolios combining equities and bonds due to the high correlation between these two asset classes. Active adjustments to these portfolios will therefore be required this year in order to restore stability.

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Ten pressing questions for fixed-income investors

^{12.12.2022 | Christian Kopf}
For the bond markets, 2022 has been a year of extremes. As it draws to a close, we look ahead to 2023. Christian Kopf, Head of Fixed Income Portfolio Management at Union Investment, shares his thoughts on the most pressing questions on the minds of customers.

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Great transformation – the dawn of a new era

^{05.12.2022 | Michael Herzum}
Globalisation is giving way to the great power rivalry between the US and China. This marks the dawn of a new era, with far-reaching consequences for the capital market environment and investments. Although volatility is growing, interesting opportunities may open up if the right approach is taken.

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Capital market outlook 2023

^{16.11.2022 | Dr. Frank Engels} 
In the short term, the capital markets are likely to be weighed down by high inflation, weak growth and tight monetary policy. However, improvements to these key parameters will gradually brighten the prospects for risk assets over the course of 2023: A renaissance is around the corner for fixed-income assets and there is slight potential for equities to bounce back, despite profit headwinds.

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Corporate bonds regaining appeal

^11.11.2022
Corporate bonds are back – at least on the primary market floor. In addition, investment-grade bonds are now offering attractive yields. And even demand for longer-dated paper is picking up again, although the outlook for economic growth remains highly uncertain.

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Time for value stocks to shine? An in-depth interview.

^{10.10.2022 | Stefan Brugger}
Union Investment’s value investment style focuses on companies whose profits in the short term appear to be below their long-term potential and that meet a minimum quality threshold. In the following interview, Stefan Brugger, Senior Portfolio Manager for Equities, explains why the time could be right for value stocks to shine.

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Turn of the times - from a sustainability perspective

^{21.09.2022 | Dossier}
Russia's attack on Ukraine marks a fundamental turning point - many are already talking about a new world order. Does the world situation change the view on sustainable investments? In our theses, we outline the medium-term effects we expect the Ukraine war to have on various sustainability issues.

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Pretty much best friends?

^16.08.2022 
China and Russia see their common world view as a clear antithesis to the West. The war in Ukraine accelerates bloc formation, but a complete split is (at present) unlikely. What does this mean for geopolitical equilibrium – and for foreign companies operating in China?

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Is greenflation becoming structural?

^12.07.2022 
The transition to a more climate-friendly world will contribute to rising inflation. But 'greenflation' is just one factor behind rising prices. The impact is currently greater from 'climateflation' and 'fossilflation'. How will price pressure from greenflation, climateflation and fossilflation change over time? What will be the implications for fiscal and monetary policy?

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A new world order

^05.05.2022 
Russia's attack on Ukraine marks a fundamental turning point and there is already much talk of a new world order. Will a return to competition between great powers become the basis of any such new order? Will there be a change in the pathway to becoming climate-neutral? In six propositions, we outline the impact we expect the war in Ukraine to have on the economy and the capital markets.

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Building bridges for sustainability

^{16.04.2022 | Jonas Weisbach, Florian Sommer, Andreas Mark, Vinay Sharma}
Investments in sustainable infrastructure pay off - in several ways: In the medium to long term, they are suitable measures in the fight against climate change and for achieving the United Nations' "SDGs". Such infrastructure measures can also lay an important foundation for strengthening long-term economic potential.

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Can weapons be sustainable?

^{11.04.2022 | A balancing act}
Sustainable investing is often a balancing act. There are plenty of objectives that compete with one another, cannot be achieved simultaneously or contradict one another. The only way to operate in a credible and consistent manner is to follow clear principles. This also applies to investments in weapons and arms companies.

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Decarbonisation at DAX 40 – companies

^{07.03.2022 | Bastian Grudde, Leon Ließem}
How are major German companies placed when it comes to climate change mitigation? Union Investment has compiled data on three key criteria for the public limited companies listed in the DAX 40: When does the company aim to be climate-neutral? What proportion of renewables does the company currently use in its energy mix? And does the company use carbon pricing internally – if yes, what is the price?

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The UN Sustainable Development Goals

^{04.06.2020 | Dossier}
The adoption of the 2030 Agenda and its SDGs by the UN in 2015 marked the beginning of an economic-social-ecological transformation of the world towards greater sustainability. The 17 SDGs cover a broad range of topics, the implementation of which is a joint task for politicians, companies and investors as well as industrialised, emerging and developing countries.

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Meat is not a vegetable

^{30.04.2020 | Florian Sommer, Thomas Jökel}
They are still something of a niche product, but the trend for alternative meat products is growing. The financial and environmental cost of the world’s consumption of animal-based pro ducts is immense. Will we be able to afford to eat meat at all in future? 

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