January 29, 2018
Not created equal: Surveying investments in non-investment grade U.S. corporate debt
Private middle market senior loans have emerged as the sweet spot for non-investment grade U.S. corporate debt. They offer yield premiums of 100 to 200 basis points over broadly syndicated bank loans to compensate for lower liquidity, with lower default and loss rates. Middle market senior loan yields are at parity with high-yield bonds, but with less credit risk due to their senior secured position. Their floating-rate structure also offers a measure of protection against rising interest rates.
September 11, 2017
Infrastructure Debt: Pipeline to yield, diversification and lower risk
Derek Wolff, Ph.D., Head of Strategic Product Development, Nuveen Asset Management
September 7, 2017
Private Infrastructure: Building blocks for customizing portfolio risk and return
W. Andrew Deihl, Sector Head, Energy & Infrastructure, TIAA Private Investments
August 15, 2017
Reinforcing portfolio foundations with public infrastructure
Jay Rosenberg, Head of Real Assets, Nuveen Asset Management
Infrastructure public equity has distinct characteristics that can reinforce institutional portfolios. This asset class offers the potential for higher yield and total return, combined with lower volatility, compared to traditional global equity.
July 13, 2017
Private Real Assets: Improving portfolio diversification with uncorrelated market exposure
John Goodreds, Head of Global Alternative Solutions; Justin Ourso, CFA, Head of Nuveen Natural Resources; Thomas Park, U.S. Strategy and Research, TH Real Estate
May 30, 2017
Infrastructure: Opportunity for yield and diversification
John Goodreds, Head of Alternative Solutions, Nuveen/TIAA; Marietta Moshiashvili, Head of Private Energy & Infrastructure Asset Management, Nuveen/TIAA; Brian Roelke, Head of Private Capital, TIAA Investments; Jay Rosenberg, Head of Investments for Real Assets, Nuveen Asset Management; and Derek Wolff, Ph.D., Head of Strategic Product Development, Nuveen Asset Management
April 19, 2017
Clean and green fixed income: Bright prospects despite power shift in Washington
Stephen M. Liberatore, CFA, Lead Portfolio Manager, Responsible Investment Fixed Income Strategies, TIAA Investments
While a clear shift in domestic energy priorities has begun under the Trump administration, we believe compelling investment opportunities focused on clean energy, including "green bonds," will continue. Momentum toward a low-carbon economy has been driven more by state and local governments, public-private partnerships, and the private sector than by federal policy. We see a variety of ways to incorporate clean energy into fixed-income portfolios, as the volume of issuance remains strong at the state and local level and from public and private issuers.
October 7, 2016
The rise of impact investing
Rekha Unnithan, CFA, CIMA, Portfolio Manager, Impact Investing
Historically, investors looking to have a positive social impact have had a limited set of opportunities to do so while also earning a competitive return on their investment. In recent years, the emergence of impact investing has joined those twin ambitions by bringing market-based discipline to address some of society’s most pressing problems.
September 6, 2016
Private Debt: The opportunity for diversification with illiquid assets
Private debt is a potential solution for institutional investors confronting low interest rates, rising asset correlations, and volatile markets. This relatively illiquid asset class historically has offered higher yields with less credit risk than similarly-rated public bonds. A TIAA analysis found that middle market direct loans and mezzanine debt increased portfolio risk-adjusted returns when combined with public stocks and bonds. For long-term investors, private debt’s illiquidity can be a reasonable tradeoff for a more attractive risk-return profile relative to traditional asset classes. A new TIAA white paper explores the factors causing increased demand for private debt: