“America, China and Europe are global centres of power. But in terms of digitalisation, we
Europeans are have-nots.” This was the view of Kai Diekmann, journalist and former editor of
Bild newspaper, at our Global Asset Management Colloquium at Hotel Petersberg near Bonn,
which we highlight in this issue. Digitalisation is a blessing for some and a curse for others. But
everyone is clear that it will change the world.
The article by Kerstin Keller, Head of Event Marketing, gives an insight into the topics we
discussed with our clients at the annual Global Asset Management Colloquium: what are the
benefits of digitalisation, what risks – buzzword data security – does it involve, and how will
investors benefit from this trend?
Behind change lies the creative power of disruption – the destruction of the old by the new
that creates the opportunity for improvement. So, reason enough to invest in the future like a
rational optimist: in tangible assets and in the drivers of change. Hans-Jörg Naumer, Global
Head of Capital Markets & Thematic Research, explains how this works.
Another driver of change is the trend toward greater sustainability. This year, we shone a
spotlight on how this is altering investment strategies. The last issue, for example, explained
how impact investing works. In this issue, Richard House, Head of Emerging Markets, and his
colleague Nicolas Jaquier, show why ESG criteria can be a good indicator of a debtor’s future
solvency – with the help of a case study on Turkey.
Change becomes particularly visible when it comes to investing in infrastructure. A world
without smartphones? Two decades ago, this would have still been the norm, but now it’s
unimaginable. We look 20 years ahead: at the trends in infrastructure investing through to
2040, and how they will benefit investors.
The question remains as to whether, with so much change happening, old risk factors remain
valid. Take momentum as an example. Yes, says our author, Thomas Zimmerer, Global Co-
Head of Multi Asset. He shows what momentum strategies will look like in the future, and why
they remain of interest to investors.
I hope you find it a stimulating read.
Head of Institutional Germany, Austria & Switzerland, Allianz Global Investors
Investment Themes & Strategy
Global Asset Management Colloquium 2019: focus on artificial intelligence and new media
Blessing or curse? Virtually no other trend is growing as fast as
global digitisation – with an enormous impact on society and the
capital markets of the future. The Global Asset Management
Colloquium 2019, held in Königswinter, examined the growing
potential, but also the dangers, stemming from this trend, such
as in traditional sectors of the economy.
The world is becoming a better place. All the indicators concur:
increasing life expectancy on every continent of the planet, falling
child mortality and child labour, rising prosperity and, from a global
perspective, declining inequality. Wherever the forces of creative
disruption are allowed to unfold, we have every reason to be
rational optimists. But what does this mean for investors and others?
The creditworthiness of an emerging market country is dependent on many factors. Typically, investors focus on a range of macroeconomic variables, such as fiscal deficits, debt levels, or the stock of foreign exchange reserves.
The underperformance of momentum-driven
investment strategies in the recent past
has caused some investors to wonder: Is
momentum dead as a risk factor? Kai Trinkies,
Team Lead Conusltant Relations, likes to
discuss this issue with Thomas Zimmerer,
Global Co-Head of Multi Asset at Allianz