All Active articles – Page 20
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White papersEurope: economic optimism and fewer wins for the populists
As 2018 starts, the scene is set for a positive year for equities. Across Europe, there are clear indicators of continuing economic growth after a very strong 2017.
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White papersTechnology and ‘mega-trends’ to drive US equity performance
US equities have outperformed global equities since the beginning of the recovery because the US economy was initially the sole engine of global growth, as European countries wrestled with the Eurozone crisis.
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White papersAsia’s new era of sustainable growth
The huge Chinese economy is experiencing a ‘second awakening’ under President Xi Jinping, with a strong agenda for supply-side reforms and an emphasis on sustainable macroeconomic growth.
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White papersGlobal equities: quality will out
Following a good year globally for the high-quality stocks that we favour, valuations in certain parts of the market have started to look stretched.
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White papersCommodities hitch a ride on global growth
Highly favourable tailwinds give us confidence that commodity prices will push significantly higher in 2018.
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White papersThe UK’s demise is overstated
UK equities reached all-time highs in 2017, but relative to world stocks (in US dollar terms) they were laggards.
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White papersJapan: three reasons for a positive outlook
In recent weeks we further raised our allocations to Japanese stocks, with near-term catalysts.
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White papersAdding Science to the Art of Active Management
Most investors understand that equities and bonds have a fundamental value – an anchor or a centre of gravity to which price should typically converge over the intermediate- to long-term.
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White papersThe acid test of active management
Active managers are more likely to outperform in certain market conditions, but our research finds that there is also a group that can outperform whatever the weather.
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White papersWhy multi-asset strategies suit a changeable world
For the past 35 years, a ‘set and forget’ strategic asset allocation has worked well. A typical 60:40 asset mix of equities and bonds had around the same volatility as a pure 100% bond portfolio, but with a better return. It is not likely to be as fruitful moving forward.
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White papersChina’s state-managed overseas expansion
China’s clampdown on overseas acquisitions this year, accompanied by the detention of some high-profile corporate bosses, seemed to confirm the worst about the risks faced by private conglomerates and billionaire tycoons.
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White papersBond Connect opens access to China’s debt markets
Bond Connect is the latest manifestation of China’s gradual opening up of its capital markets to international investors. The pilot scheme, launched by China and Hong Kong in July, gives foreign institutional fund managers a new route to China’s RMB69 trillion ($10 trillion) interbank bond market (CIBM).
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White papersAustralia cautious on dividends
A generation of Australians has enjoyed a record 26 years without experiencing a recession. The country has withstood global financial crises, endured volatile commodity prices and export revenues, and shrugged off warnings of housing bubbles and declining domestic savings.
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White papersAsia tech: boom, bubble or bust?
Technology has been the best-performing stock market sector throughout the world this year, accounting for around half of US and emerging market Asia equity returns so far. The spectacular rise has aroused scepticism about its sustainability at the same time as other investors remain convinced about the prospects for further growth and higher earnings.
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White papersA hard landing for the Gulf’s high flyers
Three airlines face disruption to their role as ‘superconnectors’ as the state-owned groups fight to justify a business model built around hubs in a volatile region.
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White papers10 reasons to invest in Asia bonds
Asia’s fixed income markets are now a key part of diversified, international bond portfolios. Issuance volumes continue to rise to record levels, there is a wide range of issuer-type, yield and tenor, and the pool of regional liquidity is growing.
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White papersOpportunities in...Asian fixed income
The Asian fixed income market is often at a different part of the economic, political and credit cycle to core western markets – this can include economic growth that surpasses most other regions. In an investment world that often seems devoid of income without excess risk, Asian fixed income can offer a compelling proposition in both a relative and absolute sense.
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White papersOpportunities in...UK Equity Income
Valuations in some global markets are looking stretched, but UK equities remain attractively valued relative to many international counterparts. Uncertainty around Brexit and heightened political risk has led global asset allocators to be underweight UK equities, creating valuation anomalies. We pay attention to factors that are harbingers of potential dividend reductions.
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White papersOpportunities in...European Corporate Bonds
Why European investment grade corporate bonds? At a time when attention is increasingly focused on a gradual reduction in US and European monetary stimulus, the European investment grade corporate bond market presents investors with an increasingly broad investment opportunity set focused on the rapidly evolving European market.
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White papersAsset Allocation Update: What will upset the Goldilocks environment?
How to identify the future political and monetary policy events that will dominate market discussions is critical. It is our job to filter out noise and determine what signposts, events or issues are truly meaningful in terms of their potential impact on markets. This feels particularly pertinent at present, when the broad global macroeconomic environment can be characterised as ‘Goldilocks like’, with decent global growth and only gentle rises in inflation
