DWS Research Institute

original ideas | made clear

The DWS Research Institute produces valuable insights in order to help our clients. It is powered by experts from across DWS as well as academia, industry and think tanks.

May 08, 2024 DWS Research Institute

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

ESG
May 02, 2024 DWS Research Institute

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?

Americas
Apr 30, 2024 DWS Research Institute

Convexity and prepayment risk

By: Jason Chen, James Kole

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

Bonds
Apr 23, 2024 ESG

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

ESG
Apr 19, 2024 Europe

Energy efficiency policies & investments

By: Siena Golan, Murray Birt

European developments create cross-asset class investment opportunities

Sustainability, Europe, Real Estate, Infrastructure, Alternatives, ESG
Apr 02, 2024 DWS Research Institute

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

Mar 19, 2024 Allocation

DWS Long View - 2024

By: Jason Chen, Christian Scherrmann, Dirk Schlüter

The return outlook for the next decade

Allocation, Multi Asset, Artificial Intelligence, Global, Inflation
Mar 18, 2024 European Transformation

Europe’s transformational scorecard

By: Michael Lewis, Murray Birt, Maria Milina

Tracking European sovereigns in their transformational journeys

ESG, Thematics
Feb 15, 2024 DWS Research Institute

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.

Digitalization
Feb 12, 2024 DWS Research Institute

High Yield Bonds for Allocators

By: Jason Chen

Evaluating the use of high yield within an investment portfolio

Multi Asset, Fixed Income
Feb 07, 2024 DWS Research Institute

The DWS Macro Metric Part II – Investment Grade

By: Johannes Müller, Robert Bush

Finance and psychology go hand in hand.

Macro
Feb 01, 2024 ESG

The road ahead for direct lending

By: Michael Verhoeven, Maria Milina, Michael Lewis

Supporting transformation and sustainability ambition

ESG, Thematics
Jan 02, 2024 DWS Research Institute

Flipping the Crypto Script

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

An interview with four senior leaders from DWS and Galaxy.

Digitalization
Dec 12, 2023 ESG

Investing in carbon: a new asset class

By: Murray Birt, Jay Joshi, Michael Lewis

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

Commodities, Sustainability, Energy, Equities
Dec 01, 2023 ESG

Nature-focused regulations start to get serious

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

Whitepaper #1: Catching-up to climate

ESG
Nov 27, 2023 Multi Asset

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.

Multi Asset

European Transformation Research Hub

Europe has transformed itself many times in the past. Particularly during recent decades, its capacity to respond to challenges has been essential in maintaining prosperity and preserving living standards. Yet the transformation required now is arguably unprecedented.

Nov 10, 2023 Thematics

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.

Thematics, Americas, Globalization, Technology
Oct 25, 2023 DWS Research Institute

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

Thematics
Oct 18, 2023 Real Estate

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

Real Estate
Oct 18, 2023 Infrastructure

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.

Infrastructure, Energy
Sep 27, 2023 Multi Asset

The Global Market Portfolio

By: Peter Warken, Angelina Kostyrina, Timo Schanz, Jason Chen

The 2023 Update

Multi Asset
Sep 12, 2023 ESG

Navigating the climate index jungle

By: Michael Lewis, Lukas Ahnert

Climate benchmarks and their personalities

ESG
Aug 17, 2023 Multi Asset

Long View Q2: Inverted yield curves

By: Jason Chen, Dirk Schlüter

Fixed income returns in inverted yield curve environments

Multi Asset
Jul 28, 2023 ESG

ESG in Strategic Asset Allocation: The 2023 Update

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

ESG
Jul 27, 2023 ESG

Earth Overshoot Day – Moving the Date

This year, Earth Overshoot Day (EOD) falls on August 2. This is the point in the calendar when human consumption of ecological services, such as water provision and carbon storage, passes the point at which the earth can replenish these services in any given year.

ESG, Macro, Alternatives
Jul 06, 2023 Artificial Intelligence

Artificial Intelligence

By: Jason Chen, Maria Milina

Opportunities for investors

Technology, Autonomous driving, Big Data, Information Technology
Jun 06, 2023 ESG

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.

ESG, Macro, Alternatives
Jun 01, 2023 European Transformation

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.

Europe, ESG
May 23, 2023 ESG

Changing the flow of global climate finance

ESG, Macro, Alternatives
May 16, 2023 Multi Asset

Long View Q1: Monetary tightening

By: Jason Chen, Christian Scherrmann, Dirk Schlüter

Transmission of monetary tightening into financial conditions and demand destruction

Multi Asset, Interest rates, Monetary policy
Apr 20, 2023 DWS Research Institute

Direct lending & the European transformation

By: Maria Milina, Murray Birt, Michael Lewis

A financing solution for SMEs to participate in the transition

Alternatives, Europe, ESG
Apr 18, 2023 ESG

Earth Day– E-mobility solutions

ESG, Macro
Mar 31, 2023 DWS Research Institute

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

Alternatives, Real Estate
Mar 27, 2023 ESG

Energy efficiency project focused funds

By: Murray Birt, Johannes Heickmann

Macro, ESG, Alternatives
Mar 23, 2023 Allocation

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.

Allocation, Multi Asset
Mar 21, 2023 ESG

The hidden cost of water

Macro, ESG, Alternatives
Mar 09, 2023 ESG

Transforming transportation

By: Michael Lewis, Maria Milina, Richard Marshall

Policies to electrify European roads

Macro, ESG, Alternatives
Jan 23, 2023 ESG

More work ahead for COP28

By: Michael Lewis

Recap of the World Climate Summit 2022

Macro
Dec 15, 2022 European Transformation

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.

Macro, Alternatives
Nov 23, 2022 ESG

ESG Special – Inequality

By: Martin Moryson

Inequality – An Investors’ Perspective.

Macro
Nov 15, 2022 Allocation

Long View Q3: The discount rate

By: Francesco Curto, Jason Chen

The importance of interest rates and inflation on equity fair value

Allocation, Multi Asset, Interest rates
Nov 04, 2022 Macro

Earth Systems

By: Michael Lewis

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

ESG, Macro
Oct 25, 2022 Artificial Intelligence

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.

Artificial Intelligence
Oct 21, 2022 Macro

Making sense of carbon price forecasting

By: Michael Lewis

The predictive power of commodity analysts and forward curves

Macro, ESG
Aug 04, 2022 Macro

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

By: Francesco Curto, Jason Chen

Implications on the global macroeconomy and financial markets.

Allocation, Macro
Jul 28, 2022 Multi Asset

The Global Market Portfolio

By: Peter Warken, Angelina Kostyrina

Setting a new standard for the post 60/40 regime

Multi Asset
Jul 11, 2022 ESG

The corporate journey to carbon neutrality

By: Maria Milina, Michael Lewis, Andrew Lu

Deploying renewable energy to lower companies’ carbon footprint

ESG, Energy, Sustainability
Jun 27, 2022 ESG

Russia’s invasion of Ukraine: ESG & Sustainability implications

By: Francesco Curto, Michael Lewis, Murray Birt

ESG
May 16, 2022 Macro

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.

Allocation, Macro
Apr 06, 2022 ESG

ESG in Strategic Asset Allocation: The 2022 update

By: Gunnar Friede, Peter Warken, Jennifer Braun, Dirk Schlüter, Jason Chen

ESG
Mar 17, 2022 Multi Asset

DWS Long View - 2022

By: Francesco Curto, Jason Chen, Dirk Schlüter

Allocation, Multi Asset, ESG
Feb 17, 2022 ESG

Carbon markets: The why, what & where

By: Murray Birt, Michael Lewis, Jay Joshi

ESG
Feb 16, 2022 ESG

Carbon pricing and carbon allowances

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

ESG
Feb 16, 2022 ESG

ESG Special – Societal Inequality

By: Martin Moryson

Inequality – a global challenge

ESG
Dec 09, 2021 ESG

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

Research partnership with Ceres and Bluerisk

ESG, Sustainability
Aug 24, 2021 Interest rates

DWS Long View | The impact of rates on returns

By: Francesco Curto, Jason Chen

Allocation, Multi Asset, Equities, Interest rates
Aug 04, 2021 Inflation

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).

Inflation, Equities
Jun 30, 2021 Sustainability

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.

International, ESG, Sustainability, Industry
Jun 24, 2021 Multi Asset

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

By: Peter Warken, Marc Möhrle

Multi Asset
Jun 03, 2021 ESG

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.

ESG, Sustainability
May 11, 2021 Inflation

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.

Inflation, Macro, Multi Asset, Fixed Income, Equities
Mar 24, 2021 ESG

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

ESG, Sustainability
Mar 08, 2021 ESG

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.

ESG, Multi Asset, Sustainability
Feb 19, 2021 Multi Asset

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.

Multi Asset
Jan 20, 2021 ESG

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.

Sustainability
Dec 15, 2020 ESG

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

ESG, Multi Asset
Nov 30, 2020 ESG

A transformational framework for Water Risk

By: Francesco Curto, Michael Lewis, Murray Birt

An institutional framework on addressing water risk across asset classes

Sustainability, ESG
Nov 04, 2020 Multi Asset

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.

Multi Asset, Allocation, Fixed Income, Equities
Sep 11, 2020 ESG

Stakeholders and shareholders

By: Gunnar Friede, Murray Birt, Michael Lewis

Why Milton Friedman got it wrong

ESG
Aug 07, 2020 Multi Asset

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.

Multi Asset, Allocation, Fixed Income, Equities
Jul 06, 2020 ESG

How best to measure asset managers’ credentials when it comes to ESG

By: Wan Huang, Michael Lewis

A transparent approach is required particularly when it comes to measuring ESG AuM, assessing proxy voting track record and understanding ESG datasets.

ESG
Jun 12, 2020 ESG

Investing for a green or dirty planet

By: Francesco Curto, Murray Birt, Michael Lewis, Sarvesh Agrawal

Climate risk and corporate capex

ESG, Portfoliomanagement
May 30, 2020 Research Paper

Time to get a GRIP

By: Peter Warken

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

May 20, 2020 Real Estate

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.

ESG, Real Estate, Global
Apr 23, 2020 Macro

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.

Macro, Global
Apr 06, 2020 ESG

How Covid-19 could shape the ESG landscape for years to come

By: Michael Lewis, Murray Birt

From more rigorous integration of social issues into the investment process to the strategic case for sustainable investments.

ESG
Mar 26, 2020 Macro

The response to the Coronavirus epidemic

By: Andrew Pidden, Priscilla Lu

As long term investors we believe in investing where there is demand and critical need and long-term drivers of growth.

ESG, China
Feb 06, 2020 ESG

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

ESG, Europe
Oct 09, 2019 ESG

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

Emerging Markets, Europe, ESG
Jul 24, 2019 ESG

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.

ESG
Apr 29, 2019 Private Equity

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.

Private Equity
Jan 31, 2019 Multi Asset

Multi-Asset Longview

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.

Allocation, Fixed Income, Equities, Multi Asset
Jan 28, 2019 ESG

Ambitions of the EU Sustainable Finance Action Plan

By: Michael Lewis, Murray Birt

The Why, The What and The How

Bonds, Politics
Nov 28, 2018 ESG

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.

Fixed Income, Bonds, Politics
Nov 23, 2018 ESG

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.

Politics
Nov 07, 2018 ESG

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

Monetary policy, Politics, Bonds
Oct 18, 2018 Equities

Don’t be fooled by low volatility

By: 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.

Europe, USA, Multi Asset
Oct 15, 2018 Infrastructure

Cashflow Driven Investing

By: Shalin Bhagwan

The merits of private infrastructure debt for Cashflow Driven Investors.

Infrastructure
Oct 05, 2018 ESG

The quant road to ESG integration

By: Dr. Irina Sidorovitch, Tanja Schubring

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

Multi Asset, Allocation, Equities, Factor, Sustainability
Sep 05, 2018 Factor

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.

Factor, Allocation
Sep 05, 2018 ESG

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.

ESG
Jul 03, 2018 ESG

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.

ESG
May 01, 2018 ESG

Leaders Low Carbon

By: Michael Lewis, Murray Birt

Responsible investing that reduces your carbon footprint.

Apr 01, 2018 Information Technology

Blockchain

By: Adam Iley, Stuart Kirk, Roland Guenther

What distributed ledgers mean for asset management

Information Technology
Apr 01, 2018 ESG

Integrating SDGs

By: Michael Lewis, Murray Birt, Carsten Keil

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

Mar 01, 2018 Demography

Deaccumulation

By: Anthony Lupa, Stuart Kirk

This ugly word can solve the savings crisis

Demography, Retirement Solutions
Feb 01, 2018 ESG

Slaying ESG dragons

By: Stuart Kirk

Put inconsistency, hypocrisy and unintended consequences to rest

Feb 01, 2018 Equities

Say hi to CDI

By: Karl Tuck

The what ans why of cashflow-driven investing

Feb 01, 2018 Financial Services

Private Banking

By: Sven Württemberger, Hans-Joerg Morath

Paying for investment advice - a private banking revulution

Financial Services

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