The Gender Gap

According to the IFC Job Study, women comprise 49.6 percent of the world’s population, but make up only 40.8 percent of the formal global labor market.  While globally inequality between men and women in education has been shrinking, women are still less likely to be educated.   These gender imbalances, primarily represented by education and employment, have been coined as “the Gender Gap”.  Before one can address this unfortunate social issue, the magnitude of potential positive change and the barriers to eliminate the issue must be understood.

A research report conducted by Goldman Sachs indicated that if Australia were to reconcile its Gender Gap (hire as many women as men), its GDP could increase by 11 percent.  Conducting the same analysis for other major nations suggests that US GDP could be boosted by as much as 10 percent, Eurozone GDP by 14 percent and Japanese GDP by 21 percent.  These projections are based on women’s contributions as more efficient laborers, as well as a simple increase in laborers.

Empirical evidence indicates that female employment has a positive impact on a company’s productivity and society’s well-being. In a recent case study, Oderbrecht’s, a Brazilian engineering, construction and chemicals group, newly acquired female-led team performed tasks 35 percent faster than teams with a majority of male workers.  Additionally, employed women are more inclined to help their families and communities out of poverty.  According to the IFC Jobs Study, women-headed households were found to reinvest up to 90 percent of their income into their families, compared to 30-40 percent contributed by men.  By investing in their children, women are helping to create a more productive future generation.

The barriers that stand in the way of progress toward reconciling the Gender Gap can be categorized as legislative, cultural and financial.

 

  • Government Difficulties:  In many developing nations, government instability makes implementing new policies and adapting old policies very difficult. Further in 102 of 141 economies, there already exists at least one legal difference between men and women that could hinder women’s economic opportunities – IFC Job Study.
  • Cultural Norms:  Much of the world still holds traditional views when it comes to women’s roles. Some cultures require permission from a husband to work; others don’t allow women to work outside of the home at all – IFC Job Study.
  • Financial Constraints:  Women are more likely to lack access to finance. A study of 34 countries from Western Europe to East Asia showed that women were 5 percent less likely to receive a loan – IFC Job Study.

These barriers provide a clear direction for effectively addressing the seemingly perpetual Gender Gap.  Over time, these barriers will diminish, especially where progress is intentionally encouraged. By supporting organizations and companies that implement gender-diversity hiring practices, as well as increasing awareness of the Gender Gap, we can help to eliminate it.

The Missing Middle

     Big business often dominates the financial headlines every day, as journalists, investors and politicians seemingly track every single movement of the stock and bond markets. Yet when it comes to the U.S. economy, big business is only part of the story. One infrequently hears about businesses with less than 500 employees, yet in the U.S. they represent 99.7 percent of employer firms, have created over 65 percent of net new jobs from 1994 to 2009, and account for over half of nonfarm private GDP. These smaller businesses are often considered the lifeblood of the American economy, accounting for a good portion of innovation and often helping to give rise to the next generation of industry leaders. They have been a major driver of the economic growth of the U.S., as well as almost every major developed economy.

     In developing economies, the story is somewhat different. Historically, a lack of investment capital and poor economic policies have generally suppressed the growth of these small and medium enterprises (“SMEs”). Their business owners are just like business owners in the United States – willing to work hard to expand their businesses, create real value for their economies, accept accountability for results and ultimately help contribute toward a better future for their families and communities. Unfortunately, they have historically had a number of obstacles hindering their growth, the most common of which is a lack of access to financing.

     SMEs are the backbone of most economies, and have come to be known by many names in financial markets. “Small business,” “small-cap,” “middle market,” are some of the terms used to describe those firms that typically are profitable enough to have grown past the start-up phase, but yet not big enough to finance themselves in the debt capital markets. The definition of what qualifies as an SME can vary greatly from country to country, depending on the relative size of the economy and the sector under consideration. In the United States, the Small Business Administration (SBA) defines small business broadly as those businesses with 5 to 500 employees, a definition adopted for TriLinc Global.

     The “missing middle” is a term generally used by economists to describe the lack of financing available to this vital portion of the global economy. It describes the typical situation in developing economies: the largest businesses typically dominate bank financing. Microbusinesses are primarily funded by microfinance institutions, which have helped this business segment grow over the last 20 years. Unfortunately, those small and medium-sized businesses in the middle often have a harder time accessing finance, with five out of six SMEs worldwide claiming a lack of access to sufficient capital, thus making up the “missing middle” of finance.

 

What is the Difference Between Impact Investing and Socially Responsible Investing?

When many investors first become aware of impact investing, they wonder if it is the same as Socially Responsible Investing. It is not. In this blog post, we seek to uncover the difference between impact investing and socially responsible investing.

So what is the difference between impact investing and socially responsible investing? Impact investing is distinctly different from socially responsible investing in that socially responsible investing typically applies a set of negative or positive screens to a group of publicly listed securities – for example, a mutual fund that avoids investments in tobacco, alcohol and firearms. Impact investing goes beyond a passive screen by actively seeking to invest in companies or projects that have the potential to create positive economic, social and/or environmental. Where socially responsible investing fund managers are generally passive and adopt a “do no harm” approach, impact investing funds typically not only seek to create positive impact, but measure and report their impact in a transparent way.

Beyond the impact investing objective, impact investing also typically targets progress on environmental, social and governance (ESG) matters relevant to a company’s strategy and operations. In impact investing the ESG analysis, which takes into account the effect that a company’s operations has on its market, community and environment, has become more mainstream in recent years, as analyses have determined that it can both drive long-term value and reduce brand and reputational risks. The UN Principles for Responsible Investment (like impact investing), which detail best practices in ESG investing, have been signed by nearly 700 investment managers and over 250 asset owners around the world, including Blackrock, Fidelity, KKR and CALPERS.

It is not enough for impact investing managers to merely intend to make a positive difference – managers and investors must track their social and environmental performance (the impact). In 2009, a group of impact investing stakeholders including investment managers, the Rockefeller Foundation, and the U.S. government, began to create a common set of social and environmental impact metrics that would increase the transparency and credibility of impact reporting. This led to the creation of the IRIS framework, which applies across sectors and geographies to give investors a standardized measure of the non-financial impact of their investments, ranging from average employee wages to metric tons of greenhouse gas offset. With leading impact investing funds and investors utilizing IRIS metrics to track and report their social and environmental results, investors will increasingly be able to compare and benchmark non-financial performance across managers and strategies.


What is Impact Investing?

First things first: what is impact investing? Impact Investing is generally defined as investing with the specific objective of achieving both a financial return and a positive economic, social and/or environmental impact. Impact investing has been called “investing with purpose,” since it actively pursues positive social change, but not through philanthropy. Rather, impact investing is about making profit-seeking investments, using traditional debt and equity instruments, which support companies that have the power to change their communities and the world for the better.

Although it has only recently been growing in recognition, impact investing has been in existence in various forms for a long time. Since the 1960s, government-funded development finance institutions such as the World Bank’s private investment arm the International Finance Corporation (IFC), and U.S. Overseas Private Investment Corporation (OPIC), have engaged in a form of impact investing by making primarily private equity and debt investments in developing economies. The IFC, which coined the term “emerging markets” in the early 1980s, has proven that generating impact investing (investing with impact) does not necessarily require sacrificing return, achieving an annual internal rate of return of 18.3% on its investment funds portfolio between 2000 and 2011.

Within the field of impact investing, there is a wide range of investors seeking out different opportunities based on various types of desired impact and financial goals. Impact investing is commonly categorized as either “financial first” or “impact first,” which simply refers to the primary goal of the investment. Impact investing that puts “Impact first” is first and foremost trying to solve a particular economic, social or environmental problem, and are willing to sacrifice some level of financial return to achieve that primary objective.

Other impact investing managers engage in “financial first” impact investing, with the primary goal of delivering competitive financial returns while creating as much impact as possible. While most financial first impact investing focuses on solving a particular economic, social or environmental problem, their investment strategy is likely more traditional with a disciplined, primary focus of generating financial returns. This group of investors, which includes TriLinc Global, tends towards the long-term view that generating returns that are competitive to those of traditional asset classes will likely attract more capital to impact investing, and thus have the scalability to generate a larger, positive impact on society in the long term.

Many reports and articles predict a bright future for the impact investing industry, as investors seek to create something greater than a financial return from their invested assets. Hope Consulting has predicted that there is approximately $120 billion in current demand for such investments, and found that this demand is likely to grow as investors become more comfortable with the emerging asset class. As impact investing develops, an even greater variety of funds targeting the different risk, return and impact profiles of individual investors will likely appear. Over time those most successful at achieving their primary objective will likely emerge as industry leaders and market makers. Other burgeoning efforts, such as those to establish independent ratings systems and standardized metrics, will further standardize measurement and enable comparison across a multitude of factors, all of which will help individual and institutional investors to make decisions that align their money and their desired impact. For the businesses that they fund, and the communities and environments that those businesses improve, the growth of impact investing is a very welcome trend.


Read more: What is ESG? >

Weekly Impact Investment Market Update: January 04, 2019

Impact Investing & ESG
 

How Green Wall Street Can Weather 2019
The New Year promises serious challenges for the rapidly growing number of socially conscious investors.

Sustainable Investment in Asia: Ready to Take Off
Broader adoption of ESG investing is now accelerating in Asia. In particular, we’re seeing a greater push by leading institutions or governments in embracing ESG.

Impact Investing, Just a Trend or the Best Strategy to Help Save Our World?
Impact investment is capturing the growing attention of mainstream investors, and everyone is increasingly hearing and talking about it.

Impact Investing: The Mindless Mantra – ‘Doing Well by Doing Good’
To bring about fundamental change and to find long-lasting solutions, isn’t always pretty and it is certainly not always a win-win in the financial sense.

Want to Discuss Gender Lens Investing? #MeToo
Increasingly discussed in asset management firms and the financial press alike, gender lens investing is one of the most rapidly growing segments of sustainable investing. Specifically, gender lens investing in an investment thesis that seeks to turn the abstract idea of an investment’s benefit to women into a functional investment strategy.

 

United States & Europe
 

U.S. Economy Added 312,000 Jobs in December and Wage Growth Gained Steam, Marking a Strong Finish to 2018
The U.S. economy added 312,000 jobs in December, smashing expectations for year-end growth, and wages rose 3.2 percent in the year since December 2017 after nearly a decade of tepid improvements, federal economists reported Friday.

 

Developing Economies
 

Why Kenya’s Economic Prospects Look Promising
The year 2018 marked a turning point in Kenya’s economic growth. Projections suggest growth will be on an upward trend till 2022.

Southeast Asia is the Best Market for Fintech
Fintech investments in ASEAN countries in 2018 will exceed the $5.7 billion invested in 2017 by 20% to 30%, according to the report, which surveyed more than 60 private fintech firms. Online lenders and fintechs that facilitate access to credit are identified by the report as the most promising areas.

China’s Growth to Shape Asia’s Economy in 2019
The current slowdown in the Chinese economy, the world’s second-largest, is likely to define the 2019 economic outlook in Asia. After years of expansion, the Chinese economy is showing signs of waning. It is anticipated that growth in 2018 will be the weakest seen since 1990.

Weekly Impact Investment Market Update: December 14, 2018

Impact Investing & ESG
 

How Socially Responsible Stocks Could Protect Investors in a Bear Market
So-called ESG equity strategies—buying the stocks of companies that perform well on environmental, social-responsibility and governance metrics—can help you align your portfolio with your ethical values. But can they also help you ride out a down market, or even a bear market, with fewer losses? It seems 2019 may be the year that investors find out.

‘Investing for Good’ Meets the Law
By law, a trustee must abide by fiduciary duties of loyalty and prudence, and therefore act for the “exclusive” benefit of the beneficiaries, considering “solely” their interests, without regard for collateral benefits, such as advancing social or environmental causes.

Creating an On-Ramp for Impact Investors: An Interview with the GIIN’s Amit Bouri
Started in 2009, the Global Impact Investing Network (GIIN) conducts research on impact investment, runs training programs for investors and fund managers, organizes industry events and builds tools and resources for impact measurement.

IPE Conference: Quantitative vs Qualitative in Impact Investing
Being able to convey the social or environmental impacts of investments in numbers is not the be-all and end-all of impact investing, asset owners told IPE’s annual conference last week.

How Impact Investing Could Move from the Margins to Mainstream
The amount of money that goes towards impact investing globally is far short of what is needed to meet the United Nations’ Sustainable Development Goals. Charitable institutions, donors, foundations and NGOs have long been the chief champions of impact investing, and the best bet is for the private sector to address the funding gap, experts say.

Impact Investing Could Accelerate the Fight Against Cancer
A new generation of philanthropists, whose wealth was created via entrepreneurship in technology-driven fields, has the unique opportunity to make a real difference in speeding the pace of progress in the fight against cancer.

10 Key Alpha Drivers in Impact Investing
Yes, impact investing does boost financial returns, but does more, according to the latest study confirming this finding, which also zeroed in on 10 “unique drivers” that “can enhance or add financial value” for investors.

 

Developing Economies
 

Outlook 2019: Emerging Markets are Better than the U.S. if Dollar Cooperates
It’s already happening. Don’t let the recent sell-off scare you: The smart money is moving out of the U.S. and going abroad. The risk-off cash position is due to the Fed. The rest is a symptom of a red-hot U.S. stock market that got too expensive for its own good, and right at a time when interest rates are rising and tight labor markets have peaked.

Deals, Dollars and Development on the African Continent
The first-ever Africa Investment Forum was a resounding success with some fascinating math: 49 projects worth $38.7 billion over three days, all for the continent.

A Southeast Asian Currency is Set to Top 2018’s Emerging-Market List
Having a strong buffer in times of stress does pay off. Just look at the baht. The Thai currency has declined 0.3 percent to 32.672 against the dollar this year as of 1:11 p.m. in Bangkok, the best performance among 22 major developing-economy currencies tracked by Bloomberg.

From Politics to Policies: A Guide to Latin America Markets in 2019
Latin America’s two largest markets will start 2019 in the hands of new populist presidents who are pledging to overturn decades of consensus policies in an effort to revitalize growth and boost investor confidence.

Latin American Markets Look Promising in 2019 and Beyond
2019 is likely to be a year of volatility in Latin America, but markets look promising for long-term investors. Given banks’ and other financial institutions’ significant exposure to Latin America, analysts and investors will have to be very attentive to external and domestic factors that will influence the performance of Latin American bonds, equities and foreign exchange markets.

Brazil’s 2019 Earnings Growth May Top Emerging-Market Peers
Brazil’s Ibovespa index has advanced over 15 percent so far this year, one of the best performers among main global benchmarks, as corporate results shined amid record low interest rates and subdued inflation. In the third quarter, earnings before interest, tax, depreciation and amortization grew 27 percent for Ibovespa listed companies, according to Banco Santander Brasil SA.

Weekly Impact Investment Market Update: December 7, 2018

Impact Investing & ESG

Advisory Intelligence: The Importance of the ‘S’ in ESG
Though when ESG is split into its component parts: the ‘E’ – the environment has dominated the narrative, with the ‘G’ – governance – being the bread and butter issue companies must be seen to be dealing with effectively, while the social aspect, making up the ‘S’ has been left behind.

CalPERS Make ESG Changes
CalPERS officials hope ESG revisions will add alpha to the pension system’s $178.6 billion global equity portfolio.

FTSE Russell, Sustainalytics to Develop ESG Indexes
FTSE Russell and ESG research firm Sustainalytics are working together to develop ESG indexes. Through this partnership, investors will have environmental, social and governance-factor versions of the core Russell 1000, 2000 and 3000 family of U.S. indexes, using Sustainalytics’ ESG Risk Ratings tools, said Tony Campos, FTSE Russell director of North America ESG, in a phone interview.

ESG Can and Should be a Key Part of Credit Investing
ESG investing is rapidly growing in popularity as an investment theme around the world, and this couldn’t be truer than in Asia. ESG integration is a key component of fundamental research and is a theme that now features heavily across the spectrum of investment products.

UBS Global Wealth Management Will Give ESG Scores to Funds
UBS Global Wealth Management will score the environmental, social and governance strategies of investment funds available to its advisers and clients starting next year.

 

United States & Europe

U.S. Unemployment Holds at 3.7 Percent as Economy Adds 155,000 Jobs
The jobless rate remained at a nearly 50-year low of 3.7 percent in November as employers added 155,000 jobs, fewer than in October and less than expected by private analysts.

EU Reaches Limited Agreement to Bolster Economic and Monetary Union
EU finance ministers concluded a deal on Tuesday (4 December) to bolster the region with new tools to save ailing banks and member states but postponed Europe-wide instruments to protect depositors or stabilize national economies.

 

Developing Economies

Trade Truce Offers Dose of Cheer for Emerging-Market Investors
A temporary truce from a highly anticipated dinner between U.S. and Chinese leaders may give emerging-market traders a reason to cheer Monday, though it didn’t dispel the uncertainty that their dispute has inflicted on markets through much of the year.

AEC 2018 – Africa’s Private Sector can be Major Driver for Regional Integration
Africa’s growing and vibrant private sector can be a major driver of the regional integration across the continent, according to leading experts at the ongoing African Economic Conference (AEC) 2018.

Rwanda the Emerging Economy to Watch
In recent years, at business summits across the world, it’s not uncommon to hear such praise about Rwanda. Various speakers have singled it out as one of the emerging economies to look out for in terms of investment opportunities, value for money and economic growth.

South Africa’s Economy Out of Recession as GDP Expands 2.2% in Q3
South Africa’s economy grew more than expected in the third quarter as manufacturing and agriculture accelerated to drag the country of its first recession in nearly a decade, data showed Tuesday.

Shenzhen and Jakarta Shine in City Economy Forecasts for 2030
U.S. cities have a firm grip on the ranking of the biggest urban economies on either side of the Pacific, but a power shift lies ahead within Asia, new data from the Japan Center for Economic Research shows.

Brazil Economy Bounces Back in Third Quarter
Brazil’s economy grew at its fastest pace in 18 months during the third quarter as the country bounced back from a crippling trucker strike and providing a fillip to the incoming government of Jair Bolsonaro.

Weekly Impact Investment Market Update: November 21, 2018

Impact Investing & ESG
 

Your Money – Is Impact Investing Too Good to be True?
There is more to socially responsible investing than just avoiding stocks that are against your principles, whether it be guns or tobacco or bad environmental practices.

Big Issue Works with Fund Managers on Impact Investing Push
Standard Life Aberdeen, Columbia Threadneedle and AllianceBernstein have teamed up with the Big Issue, the magazine sold by homeless people, to create a blockchain-powered platform that offers impact funds to retail investors.

Are ESG Ratings the New Credit Rating for Stock Prices?
A new MSCI study of ESG ratings finds they have a similar impact on share prices as do credit ratings.

Female Advisers More Likely to Consider ESG Investing Strategies
A recent study conducted by InvestmentNews Research and sponsored by Calvert Research and Management measured financial advisers’ perceptions of environmental, social and corporate governance investing.

 

Developing Economies
 

Why Emerging Markets are a Screaming Buy
Stocks in the developing world are volatile but inexpensive.

What Africa’s Central Banks Will Discuss in the Next Ten Days
A plunging oil price gives African central banks more to think about as they move toward a cycle of raising interest rates.

Girls Hold the Key to Zambia’s Future
“I never thought of seeing a lady as an engineer – I thought engineering was just for men. But since I came here I have met women who are accountants, working in construction and even have their own businesses. It is shocking.”

Weekly Impact Investment Market Update: November 9, 2018

Impact Investing & ESG
 

Impact Investing: A Multitrillion-Dollar Market in the Making
Impact investing has been gaining traction over the last decade, as investors, consumers, and—to an extent—policymakers come to recognize that new ideas are needed in order to address some of the largest societal and environmental challenges facing humankind.

New Standards Give Investors Uniform Data on ESG Criteria
A foolish consistency is the hobgoblin of little minds, but the big thinkers of sustainable investing have long argued for what they say is much-needed consistency in defining what exactly sustainable means. Now, the Sustainability Accounting Standards Board has unveiled its first set of industry-specific accounting standards, outlining which issues are financially material for 77 industries.

Gender and Ethnic Diversity Make Impact Investing Profitable
Companies with strong ethnic diversity are even better impact investments than gender diverse ones.

Mainstreaming Sustainability: What Banks and Business Schools Should do Next
As institutional investor demand for ESG products mounts due to robust ESG performance and stakeholder pressure to address global challenges, banks and business schools alike should offer mandatory sustainable investing training to meet the demand for financial services professionals who understand sustainability.

Impact Investing Versus ESG Investing – Aren’t They the Same Thing?
The difference between impact investing and ESG investing remains a mystery to many investors, but the broader trend towards investing sustainably is gaining ground

Asia’s Slowly Tightening ESG Embrace
Trailblazing asset owners are aiding cautious investors by adopting environmental, social and governance measures, as a special report researched by AsianInvestor reveals.

The Importance of Impact Measurement
Nearly three decades since the launch of the earliest Socially Responsible funds, the impact investment industry has grown tremendously. Estimates indicate that the market could reach hundreds of billions in assets under management over the next decade. Yet, as it grows, the industry continues to grapple with the challenge of impact reporting.

 

United States & Europe
 

Fed Leaves Rates Unchanged, Says U.S. Economy Strong
The U.S. Federal Reserve held interest rates steady on Thursday but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment.

IMF Lowers Economic Growth Projection for Europe
The International Monetary Fund has lowered its forecast for economic growth in Europe for 2018 and 2019, but said the region was still growing above its potential.

 

Developing Economies
 

Investors’ Bright Future in Africa
For decades, risk, or at least the perception of it, has been a major impediment to Africa’s efforts to attract foreign investment. But rapid economic growth and a much-improved business environment are changing how investors view the continent.

IMF Says Pick-Up in the Non-Oil Sector Will Boost Nigeria’s Economic Growth to 1.9% in 2018
IMF explains that the growth momentum in Nigeria will see an average rise in sub-Saharan Africa economy from 2.7% in 2017 to 3.1% in 2018.

Buhari Approves $98 as Nigeria’s New Monthly Minimum Wage
Nigerian President Muhammadu Buhari on Tuesday signed an agreement with organized labour raising the minimum wage in Africa’s most populous nation.

Argentina to Extend Currency Band in 2019, Likely Adjust Less
Argentina’s central bank will extend the use of a currency trading band into next year and will likely manage peso fluctuations less than at present, a sign the country’s IMF-backed monetary policy is bearing fruit as the end of a harrowing year draws near.

Weekly Impact Investment Market Update: November 2, 2018

Impact Investing & ESG
 

Demand for ESG Investing is Knocking at Your Door…or Should Be
Panelists at the InvestmentNews Women Adviser Summit discuss the opportunity of engaging clients and prospects on environmental, social and governance issues.

World’s Largest Pension Fund Cites Improved ESG Adoption by Corporates
Within Asia, equity portfolio from India showed the most improvement in ESG ranking, followed by Japan and Hong Kong

Special Report: ESG Takes Root
One in every four professionally managed dollars is now invested sustainably according to some definition, with a total of $22.9trn run in this way overall, according to the Global Sustainable Investment Alliance.

Investors Can and Should Address the Fundamental Causes of Income Inequality
Investors are increasingly aware of the system-level effects of their investments.

Commentary: Sustainable Investing at a Tipping Point
Sustainable investing, which takes full account of environmental, social and governance factors, has come of age. More than $1 in every $4 of assets under professional management has a sustainability mandate, making a total of about $22.9 trillion.

Responsible Investing: Consider ESG as Financial Data, Says WWF
ESG data is still regarded as non-financial information that only acts to complement the usual reporting requirements. But there is a growing school of thought that it should be recognized as financial data as ESG issues can materially impact profits in the future, says Keith Lee, sustainable finance engagement manager at the World Wildlife Fund (WWF).

Opinion: Impact Investors are Engaging in Blended Finance. Here’s What they Offer
Blended finance is the use of catalytic capital from public or philanthropic sources to increase private sector investment in sustainable development. It is an effective risk-sharing arrangement whereby public or philanthropic capital, largely provided by foundations, NGOs, individuals, and development agencies, is used to shrink the distance between real and perceived risks, making it possible to crowd in commercial investors.

Why Faith-Based Organizations are Shifting to Impact Investing
Faith-based organizations are increasingly investing in socially and environmentally responsible causes. A 2010 global study of faith institutions showed that 77% of 103 respondents practice impact investing.

 

United States & Europe
 

U.S. Added 250,000 Jobs in October; Unemployment at 3.7%
The last official snapshot of the economy before Americans vote on Tuesday offered another reminder of the labor market’s persistent strength. Hiring is up. Wages are up. The total number of workers and job searchers is up.

 

Developing Economies
 

Minimum Wage Surge across Southeast Asia
Minimum wages in Southeast Asia are rising sharply as governments strive to please their publics.

Southeast Asia’s Risk Map: Country-by-Country Breakdown
Geopolitical risk comes in many forms. While Investors are keeping a wary eye on political divisions in the U.S., trade war between Beijing and Washington, and rising populism in Europe, Southeast Asian markets are facing their own unique headwinds.