Equities – Page 26
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*A 3-D outlook for Asia & China equities – domestic, digitalisation, diversification*
Chinese and Asian equities roared back in 2020, outperforming peers thanks in no small part to an effective control of the pandemic. Asia is again the engine of global growth in 2021, helped by the emergence of significant intra-Asia trade. China, the largest economy in the region, continues its structural transition toward higher quality growth. In our view, the stage is set for Asian and Chinese equities to do well again this year.
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Global Equities: Four Things We Are Watching In 2021
Stephen Dover shares four investment themes he’s thinking about as the world recovers from the COVID-19 pandemic.
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SDG Engagement Equity commentary: Glanbia
Launched in January 2018, the Hermes SDG Engagement Equity Fund has the dual purpose of delivering attractive returns and measurable real-world impact.
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2021 investment case in equities and how Japan fits into it
Although the global recovery began to be priced in last year, the current pro-cyclical rotation is likely to continue. Because of the dollar’s weakness, we prefer emerging markets, but Japan has other things going for it that, at the very least, can help balance out the portfolio.
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What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
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Equity factor investing – The impact of portfolio constraints on performance
We investigate the impact of long-only constraints on portfolio performance in the context of the recent underperformance of equity multi-factor funds.
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Cutting Loose: COVID-19 deals globalisation a further blow
Globalisation’s image problem may have been further tarnished by the pandemic, but can political leaders use the crisis to reform it for the better and resist the urge to abandon it altogether?
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China to exert greater financial discipline in 2021
Imposition of financial discipline to reduce moral hazard is more of a risk to Chinese economic growth in 2021 than a tightening of monetary policy.
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International Small Caps: Quality Plus Quantity
Screening for quality in international small caps is important, but what sort of “quality” should we look for, and can we find it without narrowing down our choice too much?
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Equity factor investing: Putting performance into perspective
What drives the performance of equity multifactor funds? While the value, quality, low risk and momentum factor styles have outperformed over the long term, there have been periods of underperformance. These include the tech bubble of the late 1990s, the Great Financial Crisis of 2008, and now the COVID-19 crisis. Value factor underperformance explains this latest drawdown.
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Key investment decisions in a multi-factor equity framework
When it comes to building an efficient and consistent multi-factor equity strategy, investors need to decide which factors to use and how to diversify their exposure. This determines the long-term risk-adjusted performance of the strategy.
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Is a Blue Wave Enough to Deliver Blue Skies?
Disappointing U.S. employment suggests slowing momentum amid rising cases, but growth is expected to pick up on the backs of greater potential fiscal stimulus and vaccine deployments. Improving data in China confirms the PBOC can pursue its path of less accommodative policy.
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Taiwan’s Institutional Resilience
Taiwan is illustrative of a broader transformation in emerging markets over the last decade.
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Global Equities case study: Vonovia
In our latest case study direct from our Global Equities portfolios, we examine the favourable ESG attributes of current holding Vonovia, a German real estate company.
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The False Dawn of Big Tech Regulation?
Calls for increased regulation of tech giants have indeed grown—but will they have the desired impact? In our opinion, the focus on “big is bad” is simply ineffective in a digital world.
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Biden, Taxes and Your Portfolio
Higher personal taxation under a Biden administration could strengthen the case for municipal bonds and tax-managed equity strategies.
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Biden and Democrats take control despite Trump protesters
The 2020 US general elections ended on 6 January 2021 with a Democratic sweep of two critical Georgia Senate seats, giving Democrats a slim majority and control of government until at least the next round of Congressional elections in two years. The stunning developments on Capitol Hill will not change the significance of the Georgia election, which will have far-reaching implications for Biden’s policy agenda and financial markets.
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Global Emerging Markets: ESG Materiality, Q4 2020
In our ESG Materiality Newsletter, Q4 2020, we seek to demonstrate our engagement activity with portfolio companies and showcase holdings that create positive impact aligned to the Sustainable Development Goals (SDGs)
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Global Equities case study: Kurita Water
Our Global Equities strategies hold a diverse range of companies with attractive combinations of long-term fundamentals and good or improving ESG characteristics.
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GCC/MENA Bond Market Update
The result of the US election and positive COVID-19 vaccine developments led risk assets higher. Emerging market (EM) equities and crude oil were among the stronger performers.