Content (490)

  • Shifts & Narratives #1 - Do not give up on fundamental valuations

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    Shifts & Narratives #1 - Do not give up on fundamental valuations

    2021-04-09T09:56:00Z

    Today, most investors are at a loss regarding what to think of the notion of value and valuations and, even most importantly, how to use it in portfolio construction.

  • Investment Outlook - You asked, we answered

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    Investment Outlook: You asked, we answered

    2021-04-08T16:04:00Z

    Our Global Views team attempts to answer some of the questions often asked by our clients.

  • Market Scenarios and Risks - April 2021

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    Market Scenarios and Risks - April 2021

    2021-04-08T15:58:00Z

    Significant progress in managing the pandemic, massive fiscal impulse in the US, and boosters in the RoW amidst accommodative monetary policies.

  • Macroeconomic Picture - April 2021

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    Macroeconomic Picture - April 2021

    2021-04-08T15:52:00Z

    United States: thanks to fiscal aid and still extremely accommodative monetary policy, the US economy will likely recover much of the ground lost during 2020, returning to prepandemic levels around mid-year, while the labour market will take longer to recover fully.

  • Speculative grade default cycle - an earlier peak and an expected benign trend

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    Speculative grade default cycle: an earlier peak and an expected benign trend

    2021-04-07T10:13:00Z

    Extraordinary policy intervention has made this HY default cycle unusually short-lived, helping to limit quite significantly the rise in defaults among mid- and high-rated speculative grade companies. A turn into a more benign falling trend over the next quarters looks likely, in light of improved macro perspectives, expected progress in vaccinations and encouraging signals from financial drivers.

  • Allocating to real and alternative assets - a framework for institution…

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    Allocating to real and alternative assets: a framework for institution…

    2021-04-06T15:41:00Z

    Institutional investors have significantly increased their allocation to real and alternative assets, such as private equity, real estate, infrastructure and private debt, over the past decade, with the objective of enhancing the return or the expected yield of their portfolio, as well as improving its diversification. 

  • Why investors should look at Indian assets

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    Why investors should look at Indian assets

    2021-04-06T10:09:00Z

    India is the fifth-largest economy in the world, according to the World Bank, in terms of nominal 2019 GDP in dollars, and ranks second by population (1.38bn). Although it is one of the world’s fastest-growing economies, its GDP per capita is more than 29x and 4x lower than the USt or China, respectively (also according to the World Bank, nominal 2019 per-capita GDP in dollars). The potential for a catch-up in income over the next decades looks huge.

  • Dollar - short-term bull, medium-term dull?

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    Dollar: short-term bull, medium-term dull?

    2021-04-02T16:03:00Z

    As the global economy recovers from its worst economic slump since the 1930s, any investment decision will hinge critically on the evolution of the dollar.

  • How hot is the inflation pot? Strategies to protect portfolios from inflation risk

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    How hot is the inflation pot? Strategies to protect portfolios from inflation risk

    2021-03-31T12:06:00Z

    As the global economy emerges from its worst slump since the 1930s, we envisage plenty of inflation fertilisers at stake, especially in the United States. Inflationary trends could emerge due to a combination of factors, including the cyclical recovery as countries try to get the pandemic under control and gradually lift mitigation measures.

  • Fixed-income markets - from cyclical to structural challenges

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    Fixed-income markets: from cyclical to structural challenges

    2021-03-31T12:03:00Z

    Since the start of the year, bond yields have surged in the economies of the G10 as markets anticipate a sharp acceleration in inflation and economic activity. This rebound is likely to be particularly strong in the US given its enormous fiscal stimulus plan. In the medium term, opinion is divided concerning the post-Covid crisis macroeconomic trajectory and a possible change in the inflation regime in the US.

  • European equity value has further to go in this cycle

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    European equity value has further to go in this cycle

    2021-03-30T13:20:00Z

    Since the lows recorded in March 2020, we have seen three different phases of the value recovery. The first was driven by cheap quality cyclicals. This was followed by the outperformance of the deep value Covid-19 stocks from early November amid developments of effective Covid-19 vaccines.

  • Crypto-currencies - a bubble or the emergence of a new paradigm in decentralised finance?

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    Crypto-currencies: a bubble or the emergence of a new paradigm in decentralised finance?

    2021-03-24T19:30:00Z

    The proliferation of crypto-currencies (CCs) and the popularity of these assets among investors has led us to question their nature, function, valuation and potential development. CCs are at the crossroads of technological innovation, finance and monetary policy.