The Journal Vol 4. Chapter 3
The Journal Vol 4. Chapter 3
Important Information

Chapter 2 revisited

Chapter 2 revisited

Chapter 2 revisited


The light at the end of the tunnel: the sun and renewable energy

Michael Power, Strategist, Investec Asset Management

Michael Power argues that we live in challenging times, eking out the last gains from the Third Industrial Revolution, an age that was built upon computer energy. But there is good reason to be optimistic for we are on the cusp of the Fourth Industrial Revolution, which will be built upon renewable energy, energy generated by the sun and wind.  And, as we pass from one industrial era to another, so we pass from one historic age to another: the economic centre of gravity is shifting from West to East. Michael Power notes that it is thus fitting that it is the East, and not the West, that is in the vanguard of the renewable energy revolution.


The changing dynamics of global oil markets

Tom Nelson, Head of Commodities & Resources, Investec Asset Management

The world’s oil markets have crashed in the last two years, and while there is much energy expended on predicting where oil will go next, little investment attention is paid to the underlying causes of those changes. Here, Tom Nelson, Head of Commodities & Resources, looks at the changing political and economic dynamics that are driving the global supply of oil and the shifting demand patterns that will shape the future of the oil markets.


Avoiding long-term value destruction: a conversation

Ben Caldecott, Director, Sustainable Finance Programme at the University of Oxford's Smith School of Enterprise and the Environment
Roger Urwin, Global Head of Investment Content, Willis Towers Watson

In June 2016, the Investment Institute brought together Ben Caldecott, the Director of the Sustainable Finance Programme at the University of Oxford's Smith School of Enterprise and the Environment, and Roger Urwin, Global Head of Investment Content at investment consultant Willis Towers Watson, to discuss the issue of stranded assets and how investors can defend their portfolios from the long-term value destruction that could arise from asset stranding.


Investor’s View: Dale MacMaster
How Alberta is changing its portfolio strategy to meet the needs of its clients in a low return world

John Stopford, Head of Multi-Asset Income, Investec Asset Management
Dale MacMaster, Chief Investment Officer, Alberta Investment Management Corporation (AIMCo)

In April 2016, John Stopford, Head of Multi-Asset Income at Investec Asset Management, met with Dale MacMaster, chief investment officer at the Alberta Investment Management Corporation (AIMCo), which is a crown corporation (previously a government department). AIMco manages over C$90 billion for 26 Canadian public-sector pension, endowment and government funds. John spoke about how AIMCo is changing its portfolio strategy to address a low-return world. Dale has been with AIMCo for 18 years.


Using ESG to drive long-term returns

Therese Niklasson, Global Head of ESG, Investec Asset Management
Naasir Roomanay, ESG Analyst, Investec Asset Management

Environmental, social and governance (ESG) issues is a hot topic, particularly against the background of the agreement of the UN’s Sustainable Development Goals and the Paris Agreement on Climate Change in 2015. As these issues move into the foreground, Therese Niklasson, Global Head of ESG, and Naasir Roomanay, ESG Analyst, consider both the investment opportunities that may arise from viewing the world through an ESG lens and the challenges that we may face.


Resilience in an age of uncertainty

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