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Leading in turbulent times webinar series: Surviving the shockwaves

Financial markets and the COVID-19 crisis

By Karl Schmedders

74 min.

April 2020

The COVID-19 pandemic is not only affecting people’s daily lives and the global economy, it is also sending shockwaves through financial markets. We have witnessed equity market declines not seen in a generation—and this is only the beginning.

In this webinar, Karl Schmedders, Professor of Finance, IMD, discusses the current state of the world’s financial markets and attempts to provide an outlook in response to recent policy measures.

But this expert in computational economics and the effect of external factors on finance is not as optimistic as some. While most recent commentary on the economic impacts of the coronavirus crisis has suggested the consequences will be severe but short-lived, he believes the road to recovery will take much longer than expected.

Professor Schmedders explores the U-shaped economic model he predicts will prevail. After the current, steep decline, he suggests a somewhat flat bottom will follow, ending in a slow, low-sloping recovery.

To find out more about upcoming webinars from the Leading in Turbulent Times series, please visit the full schedule here.

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Research Information & Knowledge Hub for additional information on IMD publications

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Down under the data: LPX explores listed private equity

By Arthur Enders Karl Schmedders and Maximilian Ulrich Werner
Case reference: IMD-7-2583 ©2024

Summary

LPX AG, founded in 2004 by Michel Degosciu and Robin Jakob, is a leader in listed alternatives, focusing on listed private equity (LPE) and listed infrastructure. With its pioneering LPX Listed Private Equity Index series and NMX Infrastructure Index series, LPX provides essential benchmarks and innovative index-linked products used globally by asset managers. In February 2024, Michel returns from a skiing holiday, ready for a pivotal business trip to Sydney. He will meet with an investment advisory firm interested in developing new financial products based on LPX’s flagship indices, LPX50 and LPXBO. This meeting is crucial for enhancing LPX’s global market presence. Michel anticipates rigorous scrutiny from the Sydney analysts on the risk metrics and performance of LPE stocks. He plans to present a detailed analysis, showing when LPE stocks excel and underperform, integrating comprehensive risk factors for a nuanced understanding. The LPX50 Index captures the performance of the 50 largest LPE companies worldwide, while the LPXBO Index focuses on buyout strategies. Both indices have demonstrated superior long-term performance compared to the MSCI World Index, though with higher volatility. Michel's analysis reveals that LPX indices offer risk-adjusted returns comparable to the MSCI World Index. Employing the capital asset pricing model (CAPM) and a six-factor model, Michel quantifies the indices’ market risks and performance drivers, showcasing LPX’s sophisticated analytical capabilities. His goal is to demonstrate LPX’s expertise and the compelling investment potential of LPE, aiming to attract global investors and solidify LPX's reputation for future growth.

Reference IMD-7-2583

Organization LPX Group

Industry Finance and Insurance, Financial Services

Available Languages English

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Time to go green? What bonds are best for you?

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IG4 Capital: Private equity with a purpose

By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545 ©2024

Summary

SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. With 52 professionals worldwide across seven offices (in São Paulo, London, Lima, Madrid, Bogotá, Washington, DC and Santiago), the firm was now heading to manage some $1.7 billion, with more than $1.1 billion invested in special situations over recent years. What made Gustavo particularly proud was the fact that the firm was able to operate not only under the highest sustainability standards, as an early signatory of the Principles for Responsible Investment (PRI), but also as a fully certified B Corp, a first in emerging market private equity. IG4’s portfolio companies now generated more than $2 billion of turnover with around 20,000 employees in different countries across Latin America, and many of them had achieved or were on their way to their own B Corp certifications. Could a Cerberus-inspired special situations strategy, often perceived as brutal, be adapted to a more culturally sensitive, developing-market equivalent, with clearer environmental, social and governance (ESG) integration? In other words, could “vulture capital” be turned into “culture capital”? The value proposition resonated with investors, and the track record of IG4 Funds I and II were now solid pillars upon which to build. But what else could the company do to ensure that its private equity investments in different segments, with a deep ESG toolbox, would help establish sustainable capitalism in the Latin American region? What else should it consider doing to reaffirm its ESG credentials even further?

Reference IMD-7-2545

Organization IG4 Capital Partners

Industry Finance and Insurance, Private Equity

Available Languages English

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