Fekko Ebbens

2023 was a great year for TCX and local currency is high on the development agenda. One can say "finally" as the first local currency borrowing and loan was made back in 1994 by EBRD. Finally things are taking off. Watch this TCX space. 2024 will bring more news. #mdb EBRD Norbert Seiler Tamsin Sridhara Vince Purton Alexander Auboeck Louis de Montpellier René Karsenti Ruurd Brouwer Othman Boukrami Bert Van Lier Brice Ropion Carien Dam Sarah Russell Bola Adesola Tim Armbruster Jingdong Hua #localcurrency #developmentbanking #derivatives #bondmarkets #emergingmarkets #fx #em #developmentfinance #dfi #currencyhedging #hedging #superbinstitution and #greatcolleagues #impact

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Robeco has strengthened its position in transition investing with the launch of two new equity strategies, and the repositioning of two fixed income strategies. The strategies allow investors to tap into the growth potential of the sustainable transition, both from financial and sustainability perspectives. #Equity #FixedIncome

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Despite the stagnant R&R environment, we believe there are opportunities for investors. JELD-WEN is one of those. After years of uninspiring operating and margin performance (and therefore, stock price underperformance), we believe the time is now. We believe the stock is valued at a low multiple on the low point of earnings (~6x EV/EBITDA). The management team, which started in late 2022, is making operational improvements that should have been done years ago and there is an extensive pipeline of projects still being worked through. JELD is not reducing capacity, but is improving its cost structure so that every dollar of future sales is more profitable. We believe improvement is already happening, but lower volumes are suppressing total sales, EBITDA and margin. We would encourage investors to look beneath the surface to see the improvements. JELD has reduced the number of manufacturing sites to 55 in North America. Sales and EBITDA on a per unit basis are trending much better than reported and expected segment results. When volumes return, we expect meaningful margin expansion in the North America segment, leading to higher EBITDA and a higher multiple.  #trgbuildingideas https://lnkd.in/gUatiXKV

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Do investors consider environmental impact? 💱 The answer is yes, and increasingly so, according to the '2024 Global Climate Investing Survey' report, which international asset manager Robeco distributed among 300 institutional and wholesale investors in Europe, North America and Asia-Pacific last January. "We can see that many investors are becoming more skilled as climate investors. For example, expertise on calculating carbon footprints across different asset classes has risen," says the report. 🌏 One of the most significant trends highlighted in the report is that, for the first time, there are more investors in the Asia-Pacific region (79%) than in Europe (76%) who consider climate change a central element in their investment policy. In both cases, this is far ahead of North America (35%). Over next two years, these figures will grow significantly in all three markets: Europe (89%), Asia-Pacific (87%) and North America (56%). 👤 Other interesting data revealed by the investors' responses show that the vast majority of them (76%) are already allocating or plan to allocate to funds/strategies with a low-carbon approach and that more than half (53%) have a decarbonisation strategy for all or part of their fixed income portfolio. In the case of equity portfolios, the percentage is higher (62%). 👉🏼 If you are interested, you can download the full report here: https://lnkd.in/et-2N2y3 #greentechnologies #greensteel #climateinvestments

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“Fugayzi, fugazi. It’s a whazy. It’s a woozie. It’s fairy dust. It doesn’t exist. It’s never landed. It is no matter. It’s not on the elemental chart. It’s not real.” The pandemic of management teams (US Tech the biggest culprits) inflating earnings by adding back real expenses, like share based compensation, has afforded me the opportunity to incorporate one of my favourite movie quotes into this #marketinsights article. 😆 Hope you enjoy it. #investing

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Explore the future of living in Asia-Pacific with our latest whitepaper, "Asia-Pacific Living Outlook 2024-2026", that delves into the shifting investment trends, demographic dynamics, and macroeconomic factors shaping the residential markets across the region. From the growing preference for the residential sector among institutional investors to the innovative housing solutions like serviced and co-living apartments, this whitepaper highlights the opportunities and challenges ahead. Clemens Kramp MSc FRM, Melle Simonis #residential #realestate

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⏰ Got a spare 46 seconds? Check this out! 👀 📹 Very cool visualisation of the nuanced #perspective of #investing in the #ClimateTransition via #EmergingMarkets ⚪️🟢🔴 ...there are many ways in which a company can accelerate or hinder the #climate transition. Robeco #ThinkDifferently 💡 #indicesinsights #SDG #EM #sustainability #leadership #future #Robeco Joop Huij, PhD, Simon Lansdorp, Frank Wirds, CFA, Jean-Paul van Brakel, CFA, Georgi Kyosev, PhD

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According to a recent survey by Robeco, the number of investors utilising climate scenario analysis to inform their decision-making processes is expected to surge by an impressive 142% over the next two years! More information can be found at: https://lnkd.in/eQbu2ekp

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Our Head of Climate Research, Bert Kramer has shared his insights with International Financing Review on how various asset classes such as equities and fixed income, will be exposed differently to climate change and the extent of pricing-in that has already taken place. Thanks Tessa Walsh, it was wonderful to have the opportunity to discuss the potentials risks and market instability that financial markets should be aware of, and how investors can prepare for different alternative futures. https://lnkd.in/e3crWsqc

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Large parts of the energy industry need to become more sustainable, which comes with some major challenges. ‘Traffic jams’ on the Dutch electricity grid will affect companies and consumers for at least the next 10 years. Michael Bosman, Senior Portfolio Manager in APG's Credit team, explains how APG plays a role in financing much-needed change by investing in the green bonds of Dutch transmission and distribution companies. #APG #APGAssetManagement #FixedIncome #ResponsibleInvesting #EnergyTransition

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Read about our RI efforts over 2023 & so pleased that Menglan Liu, CFA and I could collaborate on an article featured in the report also - hope you find it interesting!

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In this week’s round-up, we recap Coller Capital’s recent survey findings, which outline investors’ expectations for the growth of the secondaries market as well as their immediate allocation plans. Two of the industry’s leading lights also share what trends they are seeing develop, while one of the largest Dutch pension funds joins a long list of leading LPs in sounding out interest for a slice of its PE portfolio. I - While all private secondaries markets are on a steep growth trajectory, it is the trading of secondhand private equity assets that investors are most bullish on. That is according to findings from the latest Coller Capital Barometer, in which 73% of LPs say they see the PE secondary market delivering substantial growth, followed by 63% who say the same for private credit secondaries. Secondary fundraising is also poised to rise. Private credit is anticipated to see the highest increase in target allocations, with 45% of investors planning to boost their exposure. Secondaries follow closely, 38% of respondents intend to increase their allocations to the strategy. Read Coller’s full survey findings for more: https://shorturl.at/kT9xE II - AlpInvest Partners chair and The Carlyle Group’s head of global investment solutions, Ruulke Bagijn, and global head of primaries, Wendy Zhu, recently shared some valuable insights on what they’re witnessing in the secondary market. For one, sellers in the LP-led market are prioritizing offloading high-quality assets. This is helping them to minimize discounts to NAV and therefore maximize their returns. Secondly, and contrary to the perception that secondaries are a tool for managing tail-end exposure, there is a trend towards buyers seeking out younger vintages in which they see more value creation potential. Understanding these current market dynamics is crucial for sellers, helping them to put their best foot forward when managing their portfolios. Read the full interview with Bagijn and Zhu at Private Equity International: https://shorturl.at/ESVo2 III - A prime example of quality assets coming to market is Dutch pension fund APG’s recent efforts to divest a chunk of its PE portfolio. The investor is exploring the sale of $2bn-$3bn worth of fund interests, joining other large institutions such as Kaiser Permanente, HarbourVest Partners, Washington State Investment Board, LACERA and the UK’s Universities Superannuation Scheme (Ltd), which are all either shopping large LP portfolios or have recently found buyers for their assets. For APG, sources told Secondaries Investor that the pension fund is overallocated to PE and this sale is being sought to rebalance its exposure. The portfolio is said to comprise premium-quality buyout fund stakes for the most part. Buyout has been the best-priced strategy for sellers for some time. According to PJT Partners, these assets changed hands for between 90-95% of NAV in Q1 this year, up slightly on the previous quarter. #privateequity #secondaries

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What do we know about the interplay between biodiversity and investments? In 2023, we became a founding partner in the MISTRA Finance to Revive Biodiversity (FinBio) research programme. This pioneering multiyear project addresses one of the world’s most pressing yet least understood environmental and economic problems: how to ensure the preservation of the variety of life that makes up our natural world. The FinBio programme is a long-term commitment and underscores how we support research to develop strategies that protect natural capital and halt biodiversity loss. Learn more in our Annual Review: https://lnkd.in/gCq78CUQ #biodiversity #regeneration

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What is the euro's hidden success? To find out, please read our new article!

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Food production and consumption contribute to the changing climate and biodiversity loss. Embracing transformation of these processes is key if we are to protect our environment for future generations. The Van Lanschot Kempen Investment Management explore both listed and private investment opportunities to help speed this transition in the article below #foodtransition #sustainability #komverder

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Markets Group 6th Annual Benelux Institutional Forum On June 11th 2024, I had the honour to lead a Panel Discussion about Credit and Fixed Income. Our panel consisted of seasoned Fixed Income professionals: Sandor Steverink, CFA and Roy Kroon. Rising yields, tighter credit spreads, barely easing Central Banks and geopolitical uncertainty have made the outlook unclear, but falling inflation and resilient economies present a benign investment climate for bonds. With a German 10-year government bond yield of 2.7% there were slightly more people in the room who thought this yield will rise even more in 12 months time than who thought that this yield will fall. Several catchy investment ideas were presented: French government bonds, Inflation Linked Bonds and Illiquid parts of the Credit spectrum. I would like to thank Markets Group and Sherell Ghauharali for the excellent organisation and the dynamic forum!

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