DWS Research Institute

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.

DWS Long View

By: Francesco Curto, Jason Chen, Dirk Schlüter

The green decade

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

Sustainable Energy Trends: Small is Beautiful

By: Murray Birt, Gianluca Minella, Aizhan Meldebek

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.

The U.S. election and America’s ESG journey

By: Michael Lewis, Jason Chen

How sub-national actors have taken center stage in climate action

Stakeholders and shareholders

By: Gunnar Friede, Murray Birt, Michael Lewis

Why Milton Friedman got it wrong

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.

Dilution Risk in the US Banks

By: Francesco Curto, Sarvesh Agrawal

In a report in Apriltthe dilution risk in equities from the economic downturn triggered by the lockdown related to the COVID-19 pandemic was analysed. Now we look at those scenarios using the results of the Federal Reserve’s 2020 stress test of US banks.

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.

Investing for a green or dirty planet

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

Climate risk and corporate capex

Time to get a GRIP

By: Peter Warken

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

Green, healthy buildings as economic stimulus

By: Murray Birt

EU policy recommendations on starting a paradigm shift

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.

DWS Long View: The impact of COVID-19 pandemic on long-term return forecasts

By: Francesco Curto, Sarvesh Agrawal, Jason Chen, Robert Bush

Following the COVID-19 crisis, we have conducted a thorough analysis on the impact of the crisis on the DWS Long View. This update is essential reading to understand how this crisis has fundamentally impacted asset class returns for the next 10 years.

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 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.

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.

History Lessons - why do markets sell-off and then rebound

By: Francesco Curto, Sarvesh Agrawal

In a nutshell, the answer is fear. The common perception is that collapsing earning expectations during recessions drive share prices. However, they explain only a small part of the price move.

ESG investing - getting under the hood

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

Environmental, Social, and Governance (ESG) investing has gathered significant momentum over recent years. This momentum has occurred as investors aim to include material extra-financial information into their investment process with the aim of improving the return characteristics of a portfolio.

DWS Long View

By: Francesco Curto

In our updated DWS Long View we outline why we believe that expected returns will be lower over the next ten years than they were in the past.

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

Integrating climate transition risk into investment portfolios

By: Michael Lewis, Carsten Keil

Climate change is a significant risk for investors, from the financial losses incurred from extreme weather events, the asset re-pricing in the transition to a low carbon economy to the use of law courts as a new instrument to enforce and accelerate climate change action.

Why emerging markets are defined by ESG

By: Michael Lewis

ESG forces are moving deeper into emerging markets from the network of central banks sharing best practice, stock exchanges mandating ESG disclosure requirements, regulators acting in the area of fiduciary duty and the launch of new EM-focused investment products.

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: - Managing Partner, Private Equity 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.

The strategic benefits of microfinance funds

By: Murray Birt

Creating returns while contributing to economic growth and the Sustainable Development Goals by reducing poverty and supporting female entrepreneurs, plus the potential to help improve resilience to physical climate impacts

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.

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

Active-passive debate

By: Stuart Kirk

Why passive isn't red and active isn't dead

The bond yield myth

By: Stuart Kirk

Bond and dividend yields are not correlated

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