All Equities articles – Page 2
-
White papersUnderstanding tariffs in five charts
Tariff is a word many of us first heard in history class: we remember the Great Depression and the dark side of protectionist trade policy. Fast forward to today and tariffs are once again taking centre stage, serving as the linchpin of President Trump’s trade policy. A fierce debate has emerged over the impact they could have on the global economy — and as a cause of sharply rising market volatility.
-
White papersRevisiting the case for UK small and mid-caps (SMID)
Matt Tillett, fund manager of the Premier Miton UK Value Opportunities Fund, looks for mis-priced stocks across the entire market cap spectrum. Here’s his take on UK SMID right now – including potential catalysts for change.
-
White papersPositive mood in Emerging Markets
“The weakness in U.S. stocks reinforces our conviction that a rotation away from expensive U.S. large-cap stocks may persist. We also believe there is more value to be explored in regions such as emerging markets, including China.”
-
White papersCross Asset Investment Strategy - March 2025
Topic of the month: A step forward for Europe
-
White papersA step forward for Europe
From sluggish to strong: Germany poised to support Europe’s growth
-
White papersRecession risks: Weighing policy uncertainty and market volatility
The U.S. economy faces pressure from tariffs, slower growth, and high valuations, unsettling markets and investors. A recession isn’t inevitable, though—strong consumer and corporate balance sheets and possible Fed support could help. While risks have grown, a recession shouldn’t be seen as the base case, but it also shouldn’t be ruled out.
-
White papersMr. Trump Goes to Washington
The new U.S. administration has promised many pro-growth policies, but can those ambitions survive the disruptive measures of its early months?
-
White papersRebalancing Act: Rethinking Growth Versus Value
Heading into 2025, a handful of mega-cap tech companies had tilted the U.S. public equity markets meaningfully into growth territory. Recent gyrations have revealed the potential risk in such positioning, and offered yet more evidence for why we believe it is time to rebalance portfolios by increasing exposure to value.
-
White papersJapan’s economic revival – the first steps of a long-awaited transformation
At the beginning of last year, we sat down and put pen to paper on a thought piece which argued this was Japan’s decade of sustained economic momentum. The events of 2024 certainly strengthened our case.
-
VideoStrapped to the mast
With short-term noise threatening to pull us off course, it’s crucial to stay ‘strapped to the mast’, says Stephen Auth, CIO, Equities.
-
White papersSteering through the fog of policy uncertainty
Why a short-term economic soft patch should give way to a strong second half for markets.
-
White papersConfronting the risk of a policy-driven recession
U.S. recession risks have risen amid policy shocks, severe tariff proposals, and elevated uncertainty, all weighing on growth and sentiment. While a slowdown appears likely, resilient fundamentals and potential future support measures suggest a 2025 recession is not yet a foregone conclusion.
-
White papersRethinking the Stock-Bond Correlation
The correlation between stocks and bonds has been a prominent topic of discussion over the past 5 years, particularly due to the resurgence of inflation risks. Many portfolio managers, who had long assumed that the stock-bond correlation was negative, were surprised when this relationship turned strongly positive in the aftermath of the COVID-19 crisis. This article examines the stock-bond correlation from both a theoretical and an empirical perspective.
-
White papersMonthly Market Viewpoint – Not so exceptional after all
Declines in US equities over the last month were primarily a function of disappointing economic data and a partial ‘Magnificent-7 unwind’ rather than tariffs. Lately, it has been self-reinforced panic selling, which we expect will be reversed. We remain optimistic on the medium-term outlook.
-
White papersDecoding tariffs: What’s the economic impact?
A new round of tariffs targeting Canada, Mexico and China has whipsawed financial markets in recent days as investors wrestle with the implications of rising policy uncertainty and the impact on the global economy.
-
White papersGermany’s historic step to raise spending
“A realisation in Europe on the need to spend more on defence and infrastructure has created a positive sentiment, leading to the recent upside in the markets.”
-
White papersLocked ‘n’ loaded and ready to fire: first take on China’s National People’s Congress (NPC)
Premier Li Qiang kicked off the annual meetings of the National People’s Congress (NPC) with the government’s Work Report, marking the nation’s biggest political event of the year. Besides a busy calendar of political decision-making, the NPC is also closely watched by markets as Beijing sets the course for the economy and macro policies for the remainder of 2025.
-
White papersTrade tensions: Navigating market risks
Escalating trade tensions are injecting fresh volatility into markets. The U.S. trade deficit, which remains sizable with key partners like China, Mexico, and Europe, underscores the stakes in ongoing trade disputes. However, while tariffs could increase costs and disrupt supply chains, history suggests that markets adapt over time. A well-diversified portfolio remains the best defense against short-term uncertainty.
-
White papersUsing Factor investing to integrate sustainability objectives into a “3D” portfolio
The general philosophy of systematic equity investing and Factor investing is based on the idea that sustained long-term performance can be achieved through a well-diversified exposure to rewarded equity factors which are expected to effectively capture risk premia and optimize the risk budget of a portfolio.
-
White papersGlobal Investment Views - March 2025
In February, the markets have shown that love is in the air: despite new tariff announcements, inflation risks, and the DeepSeek shakeup, positive market sentiment continues to prevail.
