Research team
Viewpoints
Original thinking from the TOBAM research team.
Blockchain equities: expanding beyond Bitcoin
As Bitcoin corrected, the listed digital-asset equity universe matured into a full value chain — from mining infrastructure and AI pivots to stablecoins, payments, custody and tokenisation.
Excluding Bitcoin from a portfolio “because of risk” is investment incompetence
Volatility is a sizing parameter, not an exclusion criterion. Yves Choueifaty on risk, dose and diversification.
Cracks in the crown: why it is time to diversify beyond U.S. mega-cap tech
Policy shocks, DeepSeek and Mag-7 fragility argue for diversifying beyond U.S. mega-cap tech — geographically and within U.S. equities.
Wall Street’s AI addiction: a fragile bet on mega-caps
Magnificent-7 concentration and AI enthusiasm leave cap-weighted portfolios exposed to a fragile mega-cap bet — and make diversification urgent.
TOBAM LBRTY® EM strategy — impact of the Indian election
How LBRTY® EM behaved through the 2024 Indian general elections and the role of Authoritarian Exposure in the outperformance.
Authoritarian risk in EM markets — 2024 Mexican elections case study
Judicial reform risk, Mexican equity drawdown, and why LBRTY® EM had already blacklisted Mexico on Civil Rights & Democracy ratings.
Four reasons to consider minimizing exposure to Chinese equity
FDI reversal, structural slowdown, the lowest Civil & Democratic Rights rating in MSCI ACWI, and demographic decline — four reasons to rethink China equity exposure.
High Yield maturity funds: opportunities into year-end 2023
Carry opportunity in short-maturity high yield into year-end 2023 — before rate cuts potentially close the window.
Is High Yield still attractive? An update
An August 2023 update on high-yield as a credit sweet spot: refinancing windows, B vs BB, and Europe versus U.S. risks.
Leveraged loans: beware of the return asymmetry — bank loans vs high-yield bonds
Bank loans vs high-yield bonds: long-term performance, callability/return asymmetry, and credit-quality concentration risks.
TOBAM’s commitment to human rights
Yves Choueifaty on why human-rights accountability is cheaper early than late — and how TOBAM’s philanthropy and investment process reflect that commitment.