Monthly investment outlook Global equities pressed higher in December with risk free yields rising while credit spreads compressed as liquidity growth accelerated into year end. With the Fed recognising that it had not eased the USD liquidity backdrop meaningfully since September’
It is too early for either China or the United States to claim victory following the ‘Phase 1’ agreement announced last week. The ongoing 5G debate in Germany may hold the key for the US credibly to claim victory towards
Dear Reader, Following the shock caused by near-20% declines during the fourth quarter of 2018, global equity markets rebounded strongly in early 2019 as the US Federal Reserve brought its rate hikes to an end in the first quarter before
Year-to-date, Swiss and Global equity funds continue to deliver strong absolute and relative performances, ranking in the top quartile versus their peer groups. Despite short-lived sector/style rotations into oversold value names, the ytd performance of the MSCI AC World reached
Year-to-date, Swiss and Global equity funds continue to deliver strong absolute and relative performances, ranking in the top quartile versus their peer groups. Despite short-lived sector/style rotations into oversold value names, the ytd performance of the MSCI AC World reached
October 2019 US and ECB communications revealed divided opinions on the prospect for more aggressive stimulus looking ahead despite stress in US money markets. As a result, investors may face a ‘gap’ between limited monetary policy support and emerging fiscal
Staying Engaged in Markets but actively Managing Risks Equities, bonds, AND gold all moved higher in October highlighting the challenge facing investors in markets. The easing in tensions across both the US-China trade war and UK-EU Brexit negotiations has helped
The ECB has been missing on its inflation target for 10 years The ECB never got to the “tightening window” In 2013, cash was yielding zero, now it is the EUR Aggregate market… …however, the EUR Aggregate market bears some
In the current low yield environment, Danish mortgage bonds are a very attractive alternative for EUR, USD and JPY fixed income investors, given that Danish mortgage bonds offer a relatively high expected return and a very low credit risk. Denmark
Why thematic investing? Traditional approaches to investing are constantly challenged by leading companies which are by nature innovative and, for most of them, multisectoral. Disruptors can be found in any sector or industry, making the traditional industry classification framework less
As expected, US and ECB communications disappointed markets and the ongoing US-China conflict flared once again in August leading to the return of volatility. Long-dated bond yields and equities fell sharply over the month. Pressure on the global economic outlook
Uncertainty in Argentine markets has increased following the government’s announcement (28 August 2019) to engage with foreign investors over a voluntary re-profiling of a portion of their eurobonds and with local investors to extend their peso/local debt*. These measures are
Current Strategy | August 2019 We see a range trading environment for EM, supported by Fed monetary easing and likely easing by other major developed and EM central banks. This should offset President Trump’s latest threat to impose new tariffs
Our views for the coming months After a strong start of the year, with EM sovereign bonds up 7.6%, EM corporate bonds up 6.8% and EM local bonds up 3.0% in USD terms, we expect carry to be the primary
Absolute Return Low Vol Fixed Income Longer-lasting low interest rates, challenging liquidity conditions and abundant political risks demand for adapted solutions within the defensive fixed-income space Demographic trends in Europe are constraining growth prospects and the outlook for significantly higher
Don’t fight the Fed The 2019 rally in global equities continued in February as signs of an impending resolution to the US-China trade war emerged and the US Federal Reserve continued its shift begun in January to more overtly dovish
The Fed returns the punchbowl to the party January saw global equity markets rally nearly 8%, completely reversing their 7% collapse in December, 2018. This rebound was matched in corporate credit as spreads reversed their dramatic December widening. Importantly, accompanying
Managing risk is key in highly volatile markets Global growth should remain sustained in 2019, but it will offer rising disparities among countries and the cycle will be desynchronised across the main regions. Despite an apparent truce in US-China trade
Managing risk is key in highly volatile markets Global growth should still remain at a high pace, but several countries will experience a slowdown next year. US growth should remain sustained, and activity in China is expected to rebound later
It is an investment made with the intention of generating a positive social and/or environmental impact alongside financial returns. Impact investments exist across a diverse range of asset classes and geographies. Underlying investment candidates should demonstrate a clear “intentionality” within
The US economy remains in fine shape; other economies are not so strong Emerging equities show signs of stabilisation Value stocks make a comeback
What is impact investing? How is impact investing different from investing based on environmental, social and governance (ESG) factors? The UN’s Sustainable Development Goals (SDGs) as a road map Impact measurement The role of “engagement” in impact investing Teaching an
Global Tactical Asset Allocation Global growth looks strong, but it is no longer accelerating and headwinds have appeared related to the new US trade policy and rising fears of protectionism. Inflation is progressively rebuilding and central banks will remove their
Key points Responsible Investment has been growing steadily over the last years, reaching $22.9 trillion in 2016. Still, the offering of sustainable emerging market (EM) credit portfolios is limited as investors remain sceptical that ESG considerations and emerging markets are
Growth cycle is robust and the outlook remains positive, particularly for developed countries. Inflation is trending higher, particularly in the US where the economic cycle is more mature than in other developed countries. Monetary policy should progressively remove its support,
The fight for the Democratic nomination moves into the next round. -> https://www.opiniopro.com/2020/02/fn/the-fight-for-the-democratic-nomination-moves-into-the-next-round/ #elections #usa #Trump #Republican #Democrats via @DWS_Group
Slowing but going -> https://www.opiniopro.com/2020/02/fidelity/slowing-but-going/ #AssetAllocation #Equities #FixedIncome #RealEstate via @Fidelity
The prospects for economies and markets in 2020. -> https://www.opiniopro.com/2020/02/bmo/the-prospects-for-economies-and-markets-in-2020/ #brexit #centralbank #china #Fed #manufacturing #oil #recession via #BMO
Navigating a Sentiment Crash -> https://www.opiniopro.com/2020/02/qma/navigating-a-sentiment-crash/ #crash #Equities #growth #sentiment #value via @pgim
Are you taking enough risk? How do you know? -> https://www.opiniopro.com/2020/02/invesco/are-you-taking-enough-risk-how-do-you-know/ #china #Equities #factor #FixedIncome #riskpremium via @InvescoEMEA
