DWS Research Institute

Direct Lending Markets in Europe and the US

By: Michael Verhoeven, Maria Milina

Many similarities and a few nuances

Improving investor understanding when it comes to nature

By: Michael Lewis, Steffen Kutscher, Otar Sarishvili, Annekathrin Mueller-Lohmann

Whitepaper #3: Standards, frameworks and tools relating to nature

How asset managers can support female investment trends

By: Maria Milina, Michael Lewis

From the margins to the mainstream

Stress testing equity markets with higher carbon prices

Comparing the impact on traditional and ESG equity indices

The corporate green bond renaissance

By: Michael Lewis, Jay Joshi

Financing climate transition plans

Long View Q2: Equity concentration risk & long-term estimates for Value, Growth and Small Cap

By: Jason Chen, Dirk Schlüter, Bhavesh Warlyani

European High Yield for Allocators

By: Jason Chen

Evaluating the use of European high yield within an investment portfolio

Artificial Intelligence- Investing in AI innovation leaders

By: Maria Milina, Jason Chen

Artificial Intelligence (“AI”) is reshaping our world, with the potential to add trillions to global economic growth. In this paper, we explore the opportunities for investors to capture transformative opportunities of AI.

Is Mr. Market Apolitical? Not quite

By: Maria Milina, Robert Bush, Jason Chen, Johannes Müller

Long View Q1: Equity and bond risk premia

By: Jason Chen, Dirk Schlüter

The narrowing gap between equity and bond risk premia

Liability-aware Strategic Asset Allocation

By: Matthias Schuckardt, Marco Kleweken, Artur Stoll, Jason Chen

A simplified approach applied to a sample balance sheet of an average European Life-Insurer

Yes, Virginia, there are Active ETFs…

By: Robert Bush

So, is it fair to say that ETFs are typically thought of as passive for good reason?

Convexity and prepayment risk

By: Jason Chen, James Kole

How the price and yield relationship is impacted for issuer callable bonds

Why companies are waking up to nature’s value

By: Michael Lewis, Steffen Kutscher, Otar Sarishvili, Dr. Yannik Bofinger, Annekathrin Mueller-Lohmann

Whitepaper #2: How nature affects the bottom line

Energy efficiency policies & investments

By: Siena Golan, Murray Birt

European developments create cross-asset class investment opportunities

Dividends and Inflation – Let’s Get Real...

By: Robert Bush, Jay Joshi, Alicia Ansorg

In this paper, the first of a series of four, we will look at the relationship between dividends and inflation over the last twenty years

DWS Long View - 2024

By: Jason Chen, Christian Scherrmann, Dirk Schlüter

The return outlook for the next decade

Europe’s transformational scorecard

By: Michael Lewis, Murray Birt, Maria Milina

Tracking European sovereigns in their transformational journeys

A Bit of Bitcoin Considerations for an Allocation

By: Robert Bush, Angelina Kostyrina, Steve Kurz, David Knowlton, CFA

​A short examination of how investors should think about Bitcoin. Which investment and asset class framework to use for thinking about them, and whether they deserve a place in a diversified portfolio.

High Yield Bonds for Allocators

By: Jason Chen

Evaluating the use of high yield within an investment portfolio

The DWS Macro Metric Part II – Investment Grade

By: Johannes Müller, Robert Bush

Finance and psychology go hand in hand.

The road ahead for direct lending

By: Michael Verhoeven, Maria Milina, Michael Lewis

Supporting transformation and sustainability ambition

Flipping the Crypto Script

By: Björn Jesch, Thomas Schuessler, Steve Kurz, Chris Rhine

An interview with four senior leaders from DWS and Galaxy.

Investing in carbon: a new asset class

By: Murray Birt, Jay Joshi, Michael Lewis

European carbon allowances - “A little goes a long way”

Nature-focused regulations start to get serious

By: Michael Lewis, Steffen Kutscher, Otar Sarishvili, Dr. Yannik Bofinger

Whitepaper #1: Catching-up to climate

Long View Q3: Japanese reflation

By: Jason Chen, Katrin Loehken, Dirk Schlüter

Japanese market has generated renewed confidence among investors with the potential to escape the deflationary trap of the past three decades.

Mr. Market Goes to Washington

By: Maria Milina, Robert Bush, Jason Chen

Once considered separate domains, economic and national security have seen growing convergence in recent years.

Thematic Investing: Skating to the Economic Puck

By: Robert Bush, Jason Chen, Maria Milina

“I skate to where the puck is going to be, not where it has been” - Wayne Gretzky, Professional Ice Hockey Player, and Coach

Decoding Carbon in Real Estate: Strategic implications of taking a whole lifecycle approach

By: Siena Golan, Murray Birt, Aleksandra (Sasha) Njagulj

In the race to reach ‘net zero’ carbon emissions, much effort has been directed towards reducing the carbon produced in operating buildings

Transforming European Energy: Alternative Fuels

By: Richard Marshall

DWS’s major report on European Transformation concluded that a deep transformation is needed to maintain Europe’s sustainable prosperity.

Long View Q2: Inverted yield curves

By: Jason Chen, Dirk Schlüter

Fixed income returns in inverted yield curve environments

ESG in Strategic Asset Allocation: The 2023 Update

By: Matthias Schuckardt, Gunnar Friede, Peter Warken, Marco Kleweken, Jason Chen

Artificial Intelligence

By: Jason Chen, Maria Milina

Opportunities for investors

A new boiling point: Oceans heat up

Given all the headlines of new extreme levels of temperature rise on land, one might have overlooked that a similar rise in temperatures is occurring in our oceans.

Solutions to drive Europe’s transformation

By: Johannes Müller, Michael Lewis, Murray Birt, Maria Milina

To address the structural forces holding back European growth and investment returns requires a significant transformation of the European economy.

Changing the flow of global climate finance

Long View Q1: Monetary tightening

By: Jason Chen, Christian Scherrmann, Dirk Schlüter

Transmission of monetary tightening into financial conditions and demand destruction

Direct lending & the European transformation

By: Maria Milina, Murray Birt, Michael Lewis

A financing solution for SMEs to participate in the transition

Earth Day– E-mobility solutions

The Role of REITs in Real Estate Allocations

By: Geoffrey Shaver, CFA, Annie Del Giudice, Jason Chen, Grace Qiu Tiantian, Ph.D., Harry Huang Peng, CAIA, FRM

Energy efficiency project focused funds

By: Murray Birt, Johannes Heickmann

DWS Long View - 2023

By: Jason Chen, Francesco Curto, Dirk Schlüter

In this edition of the Long View, we examine the risks around monetary policy tightening measures.

The hidden cost of water

Transforming transportation

By: Michael Lewis, Maria Milina, Richard Marshall

Policies to electrify European roads

More work ahead for COP28

By: Michael Lewis

Recap of the World Climate Summit 2022

A Framework for European Transformation

By: Francesco Curto, Johannes Müller, Murray Birt, Peter Doralt

Why has European Transformation become a matter of urgency? Read our report to learn more and about role real estate can play in the Europe's transformation journey.

ESG Special – Inequality

By: Martin Moryson

Inequality – An Investors’ Perspective.

Long View Q3: The discount rate

By: Francesco Curto, Jason Chen

The importance of interest rates and inflation on equity fair value

Earth Systems

By: Michael Lewis

Exploring the climate-biodiversity-land-water-oceans-just transition nexus

Deep Reinforcement Learning, how AI helps to invest your money

By: Dr. Sebastian Kring, Jan Keesen

One of the key challenges that investors face is determining financial strategies that are optimal for multi-period investment objectives.

Making sense of carbon price forecasting

By: Michael Lewis

The predictive power of commodity analysts and forward curves

Long View Q2: The risk of the ‘new normal’

By: Francesco Curto, Jason Chen

Implications on the global macroeconomy and financial markets.

The Global Market Portfolio

By: Peter Warken, Angelina Kostyrina

Setting a new standard for the post 60/40 regime

The corporate journey to carbon neutrality

By: Maria Milina, Michael Lewis, Andrew Lu

Deploying renewable energy to lower companies’ carbon footprint

Russia’s invasion of Ukraine: ESG & Sustainability implications

By: Francesco Curto, Michael Lewis, Murray Birt

Long View Q1: The impact of country risks

By: Francesco Curto, Jason Chen

Within this report, we present the DWS long-term capital market assumptions as of the end of March 2022 for major asset classes.

DWS Long View - 2022

By: Francesco Curto, Jason Chen, Dirk Schlüter

Carbon markets: The why, what & where

By: Murray Birt, Michael Lewis, Jay Joshi

Carbon pricing and carbon allowances

By: Murray Birt, Robert Bush, Michael Lewis, Jay Joshi

ESG Special – Societal Inequality

By: Martin Moryson

Inequality – a global challenge

Financial implications of addressing water externalities in the apparel and meat industries

Research partnership with Ceres and Bluerisk

DWS Long View | The impact of rates on returns

By: Francesco Curto, Jason Chen

The impact of rising rates and inflation on equities

By: Francesco Curto, Colin McKenzie

Higher rates driven by higher growth expectations should be broadly positive for equity markets (especially at the cyclical end).

Exploring the financial materiality of social factors

By: Michael Lewis

In this paper, we examine the social factors that pertain to companies and why this is attracting increasing attention among institutional investors.

Liquid alternatives in multi-asset portfolios: Smoke and mirrors or a true paradigm shift?

By: Peter Warken, Marc Möhrle

Why ESG reporting requires scientific verification

By: Francesco Curto, Michael Lewis

A credible set of sustainability reporting standards need to be science-based, incorporate double materiality, and go beyond simply climate-related financial risks to broader sustainability issues such as inequality, human rights, water risk and biodiversity loss.

DWS Long View | Inflation

By: Francesco Curto, Jason Chen, Martin Moryson, Dirk Schlüter

Within this report, we present the DWS long-term capital market assumptions as of the end of March 2021 for major asset classes.

Making Sense of a Chaotic ESG Reporting Landscape

By: Francesco Curto, Michael Lewis

Traditional approach to corporate reporting and the drive towards sheer profit maximisation has led to environmental damage, human rights abuses and greater inequalities

The paths of responsible investing in China and Europe

By: Katherine Han, Sisi Liu, Michael Lewis

In this joint white paper, Harvest and DWS compare and contrast the drivers of responsible investing in China and Europe. We explore the pros and cons of the approaches adopted and provide our recommendations to support the market’s growth.

Forecasting ten year return and volatility for the CSI 300 index

By: Eric Legunn, CFA, Robert Bush, Jason Chen

A cautious and systematic assessment of potential returns over the next decade suggests that China A-Shares, may still offer similar return potential as U.S. Equities.

DWS and WWF research highlights why we can no longer afford to neglect water risk

By: Alexis Morgan, Francesco Curto

DWS and WWF, the largest independent conservation organization in the world, have co-authored an article highlighting the importance of underpinning investments with a clearer approach to water risk and opportunities.

ESG in Strategic Asset Allocation (SAA): A practical implementation framework

By: Gunnar Friede, Guido Lombardi, Peter Warken, Jason Chen, Dirk Schlüter, Robert Bush, Francesco Curto

A transformational framework for Water Risk

By: Francesco Curto, Michael Lewis, Murray Birt

An institutional framework on addressing water risk across asset classes

DWS Long View - Update

By: Francesco Curto, Sarvesh Agrawal, Jason Chen, Martin Moryson

Within this report, we present the DWS long-term capital market assumptions as of the end of September 2020 for major asset classes.

DWS Long View - Update

By: Francesco Curto, Sarvesh Agrawal, Jason Chen, Martin Moryson

Over the past quarter it has become clear that with the ongoing crisis the impact on corporate fundamentals may be comparable to those witnessed in 2009.

Time to get a GRIP

By: Peter Warken

A new, state-of-the-art portfolio construction methodology

Real estate and ESG in a post-COVID world

By: Jessica Elengical, Gregory Herriman

How the priniciples of sustainable real estate can improve outcomes during the crisis and beyond.

History Lesson II – Estimating the dilution from a COVID-19 recession for equity investors

By: Francesco Curto, Sarvesh Agrawal

Equities have displayed remarkable resilience so far in this crisis. The first quarter fall in equity prices was steep with the S&P 500 down 20%, a record for the first quarter. But, considering the magnitude of the crisis, some have argued that equities should have fallen by more.

How European insurance regulators are responding to climate risk

By: Michael Lewis, Murray Birt, Marlon Rockenfeller, Thomas Gillmann

Efforts to measure, stress test and manage climate risks among insurers are accelerating

Responsible investing - The world tour

By: Michael Lewis

How the U.S. is playing a leading role, why ESG is particularly relevant for Emerging Markets, and Europe’s ambitions to be a global rule setter

German Corporates & Sustainability

By: Michael Lewis, Murray Birt

German corporates are faced with significant risks and opportunities when it comes to sustainability and specifically climate change.

Have your private equity cake and eat it

By: Mark McDonald

Up until now, investors in private equity had to choose between the superior alpha of direct buy-outs or a secondary market that offered more liquidity and less risk.

Multi-Asset Longview

By: Christian Hille

A new DWS study examines the most important asset classes’ long-term return expectations. The "Multi-Asset Long View" offers long-term investors valuable insights for their portfolio composition.

Ambitions of the EU Sustainable Finance Action Plan

By: Michael Lewis, Murray Birt

The Why, The What and The How

Green bonds explained

By: Michael Lewis, Murray Birt

Green bonds are an important part of a portfolio that is aligned with the low-carbon transition.

Experts on climate change

By: Murray Birt

Everything you need to know about climate change from a scientific, legal, actuarial, accounting, investment consultant, and portfolio management perspective.

Greening the financial system and the role of central banks

By: Michael Lewis, Murray Birt

Central banks are increasing their efforts to promote the transition to a more sustainable financial system

Don’t be fooled by low volatility

By: Christian Hille, Peter Warken, Stuart Kirk

Just because realised volatility is low in many developed equity markets doesn’t mean things are calm below the surface. Extreme moves at the edges of the distribution of returns compared with the middle reached a record high this year.

Cashflow Driven Investing

By: Shalin Bhagwan

The merits of private infrastructure debt for Cashflow Driven Investors.

The quant road to ESG integration

By: Dr. Irina Sidorovitch, Tanja Schubring

Applying a quantitative approach to ESG integration offers big benefits to clients.

Dynamic factor investing

By: Stuart Kirk

There has never been a better time to look at factors. Not only have single and multi-factor approaches been refined, but dynamic strategies offer a powerful new way to invest.

Brace for impact

By: Andrew Pidden

Sustainable and impact investing is the best way to generate returns while addressing the world's most critical problems.

Transparency vital as climate change takes hold

By: Stuart Kirk

With commitment and transparency, investors and issuers could better address the physical impact of extreme weather events.

Leaders Low Carbon

By: Michael Lewis, Murray Birt

Responsible investing that reduces your carbon footprint.

Blockchain

By: Adam Iley, Stuart Kirk, Roland Guenther

What distributed ledgers mean for asset management

Integrating SDGs

By: Michael Lewis, Murray Birt, Carsten Keil

The UN Sustainable Development Goals provide an important framework for governments, companies and investors

Deaccumulation

By: Anthony Lupa, Stuart Kirk

This ugly word can solve the savings crisis

Slaying ESG dragons

By: Stuart Kirk

Put inconsistency, hypocrisy and unintended consequences to rest

Say hi to CDI

By: Karl Tuck

The what ans why of cashflow-driven investing

Private Banking

By: Sven Württemberger, Hans-Joerg Morath

Paying for investment advice - a private banking revulution