A Country Picker's Market
|
|
- Florence Henry
- 5 years ago
- Views:
Transcription
1 A Country Picker's Market February 12, 2018 by Christopher Dhanraj of ishares It s a country picker s market. The most synchronized global economy in a decade comes with an unusual counterpart: the most un-synchronized global equity markets in over a decade. Country differentiation will become increasingly important as a mix of country-level risks and macro themes play out. Beneath the rosy global economic surface lies a shifting and nuanced global growth mix. Adopting a country-level focus may help investors better exploit shifting growth dynamics. We highlight four macro themes to watch: EM early innings: For higher exposure to global growth, look for countries benefiting from robust global trade, such as Japan, Taiwan, Korea, and China, as well as those with improving domestic economies such as Brazil, India, and Indonesia. Growth spillovers: Growth is synchronized, but output gaps are not. Strong DM growth is likely to spillover to trading partners. With the United States and Europe driving growth and China slowing, we favor non-commodity EM exporters, DM countries tied to global CAPEX cycles, while remaining cautious on capital dependent countries, such as Turkey, in case DM economies heat up faster than expected. China s rebalance: For relative value investors, China s shifting growth mix away from the old commodity-intensive industries and towards the new tech and consumer focused industries will be heavily felt along commodity vs. non-commodity lines. Investors may consider countries better positioned for China s new economy, such as northern EM Asia countries and avoiding commodity exporters. Figure 1: It s a country picker s market Average inter-country correlation Page 1, 2018 Advisor Perspectives, Inc. All rights reserved.
2 Source: Thomson Reuters, BlackRock U.S. ETF Investment Strategy. EM early innings Chart Despite synchronized economic growth, there are meaningfully differences across countries. Developed markets (DM), led by the U.S., are at or near full capacity while most of the emerging markets (EM) excluding China have negative output gaps. The difference in output gaps suggest EM countries can sustain the current above-trend growth for longer than DM. DM growth remains the global driver at the moment, however. U.S. fiscal policy could provide an additional boost, as well as a rebound in the U.S. and European CAPEX cycles and rising import demand. Investors may consider countries, such as Japan and EM Asia, levered to world trade as well as countries with improving domestic economies and accelerating GDP growth, such as Brazil, India, and Indonesia. Figure 2 illustrates exactly how sensitive companies in different regions and countries are to global economic growth. The higher number indicates that earnings growth in those countries in regions are more sensitive they have a higher beta in other words to economic growth. U.S. companies tend to be less impacted by global growth than companies in Japan, emerging markets and Europe. Figure 2: Corporate earnings growth sensitivity to economic growth shows the average pairwise country correlation, or intercountry correlation, of all forty seven countries in the MSCI All Country World Index. All country returns are measured in local currency using their respective MSCI country indices Source: Thomson Reuters, J.P. Morgan, as of January 30, Data measure the beta of year-over-year corporate earnings growth to the global PMI, developed markets (DM) PMI, and emerging markets (EM) PMI. A higher value indicates earnings growth is more sensitive to global conditions. Monthly data from 2005 to January Economic growth spillovers DM output gaps suggest DM countries may risk overheating in coming years at current economic Page 2, 2018 Advisor Perspectives, Inc. All rights reserved.
3 growth rates, yet DM growth spillovers to trading partners could ease domestic inflationary pressures and further underpin the global expansion. Investors may consider European countries with strong growth positions, export-oriented EMs to capture growth spillover, including EM Asia and EM Europe, while being cautious on capital dependent countries, such as Turkey, in case DM economies overheat. Figure 3: Global spillovers Impact of hypothetical 1% rise in economic growth over two years Source: BlackRock Investment Institute, with data from market and Thomson Reuters, January The chart gives estimates of the influence of a sudden economic growth boost in one economic region on others, in this DMs, China and EM excluding China split into commodity and non-commodity producers. The numbers represent the cumulative percentage-point impact on economic growth over rise would the subsequent have resulted two in years a 1.1% of a gain hypothetical in non-commodity 1% economic EM economic growth rise growth. in the originating The estimates region. are For derived example, from BlackRock a 1% DM analysis modelling economic growth in DM, China and EM ex China using data over the past decade. Growth in one region is assumed studies such to be as a the function IMF s of November its own historic 2016 Spillover growth along Notes. with that in the other regions. The results are similar to those found in Commodities and China s rebalance EM assets have rallied over the past year on the back of strong earnings growth and synchronized, above-trend global growth. However, unlike the bull market, when the global economy was again in sync and EM assets were outperforming DM assets, today s growth drivers are dramatically different. China s insatiable commodity demand from the mid 2000s has rapidly declined as China s growth continues to slow while also pivoting away from commodity-intensive industries and towards tech and consumer focused areas. Despite these secular challenges, robust global growth and tighter oil inventories have provided a lift to commodity prices. However EM commodity countries have failed to rally alongside higher commodity prices. One explanation: the market believes price increases are temporary. Oil, for example, has seen a 50% rally in the spot prices since June 2017, however longer-dated futures prices are unchanged and case Page 3, 2018 Advisor Perspectives, Inc. All rights reserved.
4 remain well below historic levels. In contrast to EM commodity countries, EM non-commodity countries are largely driven by advances in technology, such as Korea, Taiwan, and China itself, and by domestic growth stories, such as India and Indonesia. Figure 4: The new EM: Tech, not commodities USD returns 1 Where's my upside? Commodity prices vs. EM "commodity" alpha Source: Thomson Reuters, as of January 30, Commodity countries include Brazil, Chile, Colombia, Malaysia, Mexico, Peru, Russia & South Africa. Non-commodity countries include China, India, Indonesia, South Korea, Philippines, Poland, Taiwan, Thailand, Turkey. EM Commodity Alpha denotes the relative return between EM commodity countries and EM non-commodity countries. All returns measured in U.S. dollars using respective MSCI country indices. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs Page 4, 2018 Advisor Perspectives, Inc. All rights reserved.
5 or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. The Reformers The reformer countries offer a set of largely idiosyncratic risk/reward opportunities, where local reform agendas are improving economic and corporate fundamentals. Importantly, each country is working on reforms specifically designed to alleviate bottlenecks in their economies. These reforms have not just the potential for long-term rewards, including better growth, higher profitability, and stronger institutions, but as China s supply side capacity cuts have shown these reforms may also yield tangible results in the short-run as well. Summary The decline in intercountry correlations has made today s market a country picker s market. Beneath the synchronized global expansion are a number of shifting growth dynamics. With a country-level focus, investors can consider dialing up their EM or DM growth exposure, leverage relative value macro themes, and gain targeted access to idiosyncratic reform stories. ishares Page 5, 2018 Advisor Perspectives, Inc. All rights reserved.
Tracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
More informationCapturing Opportunity, Managing Risk
EVOLVING WORLD GROWTH FUND Capturing Opportunity, Managing Risk An Active Approach to Emerging Markets Investing THE CALAMOS DOCTRINE As the global marketplace changes, successfully investing for growth
More informationThe Future of Globalization
The Future of Globalization Isabelle Mateos y Lago, Chief Multi-Asset Strategist BlackRock Investment Institute Saturday, 18 th November 2017 Globalization has created a broader opportunity set for asset
More informationDoes Economic Growth in Emerging Markets Drive Equity Returns?
Does Economic Growth in Emerging Markets Drive Equity Returns? Conrad Saldanha, CFA Portfolio Manager Emerging Market Equities August 00 Conventional wisdom suggests that a country s economic growth should
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationRally in Emerging Market Equities Peaking, or Just Beginning?
Rally in Emerging Market Equities Peaking, or Just Beginning? Charlie Wilson, phd Portfolio Manager September 2017 Emerging market stocks should be a permanent part of portfolio allocation. But for those
More informationEmerging Markets: Compelling Long-Term Value or Value Trap?
INSIGHTS Emerging Markets: Compelling Long-Term Value or Value Trap? November 2015 203.621.1700 2015, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY * Emerging market asset classes, primarily equities
More informationPortfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios
Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity
More informationNavigating Emerging Market Turbulence
Navigating Emerging Market Turbulence Susan Rohe November 2018 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY Learning Objectives 1 Emerging markets: Looking beyond the volatility 2 Current landscape
More informationAsset Allocation THE CHANGING FACE OF EMERGING MARKETS
PRICE PERSPECTIVE February 218 In-depth analysis and insights to inform your decision-making. Asset Allocation THE CHANGING FACE OF EMERGING MARKETS EXECUTIVE SUMMARY Emerging markets have evolved, and
More informationDoes This Emerging Market Rally Have Legs?
Does This Emerging Market Rally Have Legs? August 8, 2016 by Nick Niziolek, Todd Speed of Calamos Investments Since the mid-january low, we have become more positive on investment opportunities in emerging
More informationMarket Review and Outlook. Todd Centurino, CFA
Market Review and Outlook Todd Centurino, CFA Q1 2017 Global Economy: On the Upswing Ranked Returns (%) Emerging Market Equities 11.40 European Equities 7.40 US Equities 6.10 Global Bonds 2.00 US Treasuries
More informationU.S. Global Investors Searching for Opportunities, Managing Risk
U.S. Global Investors Searching for Opportunities, Managing Risk On On the the Ground in in Emerging Markets: Our First-Hand Look at at Opportunities Frank E. Holmes CEO and Chief Investment Officer John
More informationGLOBAL EQUITY MARKET OUTLOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations
More informationGLOBAL EQUITY MARKET OUTLOOK: FAVOR U.S.; STICK WITH EM
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS U.S. economic and earnings growth continue to stand out globally and support our positive view of U.S. equities. We continue to see upside potential
More informationGlobal investment event Winners and losers from the recent oil price rally
For client use only Global investment event Winners and losers from the recent oil price rally Since mid-2017, oil prices have been on an upward trend. Strong oil demand growth, OPECled production cuts,
More informationP R E S E N T S. U.S. Economic Outlook Virtuous Growth
P R E S E N T S U.S. Economic Outlook Virtuous Growth December 2013 Presenter Robin Wehbé, CFA, CMT Director (617) 722-3965 Robin is the Lead Portfolio Manager on the Global Natural Resources Long/Short
More informationINSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: A Primer on Emerging Markets Equities
INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: A Primer on Emerging Markets Equities By Philip M. Fabrizio, CFA, CFP, Area Assistant Vice President and Allen Liu, Analyst Introduction
More informationA Classic Barometer. Insights April Richard Bernstein, Chief Executive and Chief Investment Officer. A classic barometer says US ok; EM not.
, Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique top-down, macro approach to investing with quantitative security selection. A Classic Barometer $2.9B
More informationEmerging Markets: Broader opportunities and declining systematic risk
June 2013 Emerging Markets: Broader opportunities and declining systematic risk Favorable outlook for emerging markets equity and debt Alexander Muromcew, Portfolio Manager, Emerging Markets Equity Strategy
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationCredit, Commodities, and Consumers: An Economic Update
Credit, Commodities, and Consumers: An Economic Update ROBIN J. ANDERSON, Ph.D. SENIOR ECONOMIST PRINCIPAL GLOBAL INVESTORS June 2015 All expressions of opinion and predictions in this report are subject
More informationDefining reflation, gauging momentum
Defining reflation, gauging momentum Emerging Markets Strategy May 217 IN BRIEF Today s reflation story is much more about growth than inflation. Despite setbacks and reduced expectations for fiscal stimulus
More informationCosa ci riserva il 2008?
Cosa ci riserva il 28? Scenari e previsioni per l anno in corso Keith Wade Capo Economista The US economy today A re-assessment of risk De-leveraging Financial sector Real economy Historical precedents
More informationCreating a More Efficient Fixed Income Portfolio with Asia Bonds
Creating a More Efficient Fixed Income Portfolio with Asia Bonds Creating a More Efficient Fixed Income Portfolio with Asia Bonds Drawing upon different drivers for performance, Asia fixed income can improve
More informationPortfolio and Market Discussion Artisan Partners Developing World Team. Lewis Kaufman, CFA, Portfolio Manager. Artisan High Income Fund
Artisan High Income Fund Portfolio and Market Discussion Artisan Partners Developing World Team Lewis Kaufman, CFA, Portfolio Manager For Institutional Investors Only Not for Onward Distribution Artisan
More informationShort-term momentum: Will it be sustained?
OECD INTERIM ECONOMIC OUTLOOK Projections published:20 Sept Short-term momentum: Will it be sustained? David TURNER Project LINK Meeting, UNCTAD in Geneva Oct 3-5, 2017 www.oecd.org/economy/economicoutlook.htm
More informationM&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015
M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing
More informationACTIVE MANAGEMENT AND EMERGING MARKETS EQUITIES
ACTIVE MANAGEMENT AND EMERGING MARKETS EQUITIES Together They Work RBC Global Asset Management (UK) Limited Active Management and Emerging Markets Equities: Together They Work 1 Introduction One important
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationFirst Quarter 2018 (as of December 31, 2017) The Factor Report. What s driving factor performance?
First Quarter 2018 (as of December 31, 2017) The Factor Report What s driving factor performance? Table of Contents Page Q4 Summary..................................................................................
More informationGLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK
1 Global Market Outlook Press Briefing GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK Alan Levenson, Ph.D. Chief U.S. Economist November 1, 17 FOR 1 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED
More informationGlobal Emerging Markets
Global Emerging Markets The Strategic and Tactical Considerations for Portfolio Construction Mugunthan Siva Head of Manager Research, ING Investment Management - Multi-Strategies Group Agenda Benchmark
More informationFranklin Fund Allocator Series
Annual Report May 31, 2017 Franklin Fund Allocator Series Franklin NextStep Conservative Fund Franklin NextStep Moderate Fund Franklin NextStep Growth Fund Sign up for electronic delivery at franklintempleton.com/edelivery
More informationEmerging market equities
November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider
More informationCan Emerging Markets Hold Steady?
SEP 25 2017 Can Emerging Markets Hold Steady? Carol Lye» China stepped on the stimulus gas pedal last year, marking the turn for emerging market (EM) assets. The weakening trend in the U.S. dollar and
More informationWhat is driving US Treasury yields higher?
What is driving Treasury yields higher? " our programme for reducing our [Fed's] balance sheet, which began in October, is proceeding smoothly. Barring a very significant and unexpected weakening in the
More informationThe Fertile Soil of Corporate Bond Market
Oct 09 Sep 10 Aug 11 Jul 12 Jun 13 May 14 Oct 09 Apr 10 Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Basis Points Basis Points PERSPECTIVES The Fertile Soil of Corporate Bond Market May 2014
More information3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment
3rd Research Conference Towards Recovery and Sustainable Growth in the Altered Global Environment Erdem Başçı Governor 28-29 April 214, Skopje Overview: Inflation and Monetary Policy Retail loan growth
More informationDeveloped thinking in an emerging world. Emerging Markets Debt. For professional clients only
Developed thinking in an emerging world Emerging Markets Debt For professional clients only 2 Despite high volatility from a series of financial and economic crises, returns for emerging markets debt have
More informationCharts for the beach. Richard Bernstein. Global Growth in Money Supply *vs. Inflation Rate. Emerging market problems are secular, not short-term.
CPI Y/Y % Charts for the beach Richard Bernstein August 9, 2013 Our basic positions are now famous (or infamous). We continue to favor US assets and to shield our portfolios from the on-going and broad
More informationGMO. CFA Society, Victoria. September 30, Arjun Divecha. North America Europe Asia-Pacific
North America Europe Asia-Pacific CFA Society, Victoria September 30, 2010 Arjun Divecha Proprietary information not for distribution beyond intended recipient. Overview San Francisco Boston London Zurich
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More informationSchroders Emerging markets - time for trustees to look again?
Schroders Emerging markets - time for trustees to look again? June 2014 Introduction Jonathan Smith, UK Strategic Solutions Most UK pension schemes already have some exposure to emerging markets (EM),
More information4 th Quarter 2015 Webcast. Global Macro Overview. Presented by. Francis A. Scotland Co-Director of Global Macro Research
th Quarter 21 Webcast Global Macro Overview Presented by Francis A. Scotland Co-Director of Global Macro Research 2 Brandywine Global Investment Management, LLC. All rights reserved. The views expressed
More informationEMERGING MARKETS MAY MAKE A GOOD DRAFT PICK TO ADD TO PORTFOLIOS
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS We believe emerging markets (EM) score well when evaluated along some of the same criteria that NFL football teams use to assess potential draft picks:
More informationCalamos Evolving World Growth Fund
calamos.com Calamos Evolving World Growth Fund Companies Not Countries, an Innovative Approach Driven by Independent Thinking 2 CALAMOS EVOLVING WORLD GROWTH FUND Calamos Investments is a global investment
More informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationQ QUARTERLY PERSPECTIVES
Q2-219 QUARTERLY PERSPECTIVES Tavistock Wealth - Investment Team Outlook Christopher Peel - John Leiper - Andrew Pottie - Sekar Indran - Alex Livingstone India Turnbull - Jonah Levy - James Peel Welcome
More informationA LONG-TERM CASE FOR EMERGING MARKETS
A LONG-TERM CASE FOR EMERGING MARKETS An Extraordinary Long-Term Opportunity Emerging markets have displayed significant evolution in terms of economic development and capital markets deepening in the
More information2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia
2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia January 8, 2018 The natural question in the minds of most equity investors after the 30%+ returns in 2017 is:
More informationMASTER INVESTOR SHOW APRIL
MASTER INVESTOR SHOW APRIL 2016 TWITTER @USTEWART WWW.7IM.CO.UK BREXIT - GREXIT - OR FIRE EXIT? APRIL 2016 TWITTER @USTEWART WWW.7IM.CO.UK GREAT START TO A NEW YEAR! A TOUGH START TO 2016 US -10.5% Europe
More informationWorld Steel Industry Development and Market Prospects 13 th International Market and Trade Conference
World Steel Industry Development and Market Prospects 13 th International Market and Trade Conference Global Steel Industry in the post-crisis Period Global economic recovery continues to disappoint The
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
More informationEMERGING MARKETS GAINING APPEAL FOR RETURNS AND DIVERSIFICATION BUT COUNTRIES MATTER EMERGING MARKET INDICES OVERWEIGHTED TO LARGE BRICS COUNTRIES
EMERGING MARKETS GAINING APPEAL FOR RETURNS AND DIVERSIFICATION BUT COUNTRIES MATTER EMERGING MARKET INDICES OVERWEIGHTED TO LARGE BRICS COUNTRIES SMALLER COUNTRIES LESS CORRELATED TO U.S. AND EUROPE CAN
More informationPIMCO Research Affiliates Equity (RAE) Fundamental
PIMCO Research Affiliates Equity (RAE) Fundamental Seek to get more from your equity allocation with a systematic strategy that captures the key benefits of a passive equity approach, with the potential
More informationEDOG ALPS EMERGING SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION
ALPS EMERGING SECTOR DIVIDEND DOGS ETF VALUE, INCOME, DIVERSIFICATION diversification discipline analysis EDOG provides the potential opportunity to capture above-market returns and high dividend income
More informationOur goal is to provide a clear perspective on the global financial markets, as well as a logical framework to discuss them, thereby enabling
Our goal is to provide a clear perspective on the global financial markets, as well as a logical framework to discuss them, thereby enabling investors to recognize both the opportunities and risks that
More informationNORTH AMERICAN UPDATE
NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationNEWTON GLOBAL EMERGING MARKETS STRATEGY
July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
More informationWHAT GLOBAL SYNCHRONIZED EXPANSION?
Special Commentary Written by Leo Goldstein WHAT GLOBAL SYNCHRONIZED EXPANSION? LEO GOLDSTEIN Senior Research Analyst JAMES F. KEEGAN Chairman and Chief Investment Officer Seix Investment Advisors is an
More informationCapital Flows to Emerging Markets - The Perspective from the IIF
Capital Flows to Emerging Markets - The Perspective from the IIF Felix Huefner Global Macroeconomic Analysis Department Institute of International Finance 1 st Meeting of the COMCEC Financial Cooperation
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More information2016 Investment Outlook: Crosscurrents
216 Investment Outlook: Crosscurrents January 13, 216 MODERATED BY: Celia Dallas Chief Investment Strategist Wade O Brien Managing Director, Global Investment Research Christopher Hunter Managing Director,
More informationNationwide Funds. A Nationwide Financial White Paper. Executive summary
Nationwide Funds A Nationwide Financial White Paper Emerging Markets Executive summary Emerging market economies have experienced faster population and economic growth than developed markets; a trend that
More informationFreedom Quarterly Market Commentary // 2Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange
More informationCountry Risk Analytics
Emerging Markets Country Risk Analytics MacroFinance Research Quarterly - 2018 Q2 www.taceconomics.com www.taceconomics.com 2 Country Risk Analytics EM Quarterly MacroFinance Research 2018 Q2 Description
More informationDividends in Emerging Markets: Buy the High, Sell the Low
Allianz Global Investors White Paper Series January 2017 Dividends in Emerging Markets: Buy the High, Sell the Low Investors are clamoring for income via bond and equity strategies in the wake of today
More informationConsumption Growth: Investing in Today s Emerging Markets
Consumption Growth: Investing in Today s Emerging Markets March 218 MIRAE ASSET GLOBAL INVESTMENTS About Mirae Asset Global Investments Mirae Asset Global Investments manages investment strategies for
More informationMeasuring Value-Added Trade: Implications for Macroeconomic Policy
Measuring Value-Added Trade: Implications for Macroeconomic Policy Ranil Salgado (with Mika Saito) Trade and Policy Review Division International Monetary Fund Outline Changing Patterns of Global Trade
More informationGlobal Aging and Retirement Security in Emerging Markets:
Global Aging and Retirement Security in Emerging Markets: Reassessing the Role of Funded Pensions Richard Jackson President Global Aging Institute August 12, 2015 AMCHAM Chile Santiago, Chile The world
More informationSandra Crowl, CAIA. Member of the Investment Committee
Sandra Crowl, CAIA Member of the Investment Committee 1 Macro Backdrop and Investment Ideas for 2018 2 Emerging Markets Tailwinds Overall consumption growth, annual change Global trade growth, in volume
More informationDoes This Emerging Market Rally Have Legs?
AUGUST 2016 www.calamos.com/ourway Nick Niziolek, CFA Co-CIO and Senior Co-Portfolio Manager Todd Speed, CFA SVP and Portfolio Specialist Does This Emerging Market Rally Have Legs? Since the mid-january
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationBond Basics July 2007
Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy
More informationEmerging wealth Capturing the long-term growth dynamics of the emerging markets
Emerging wealth Capturing the long-term growth dynamics of the emerging markets Originally published by Watson Wyatt Worldwide Emerging wealth Capturing the long-term growth dynamics of the emerging markets
More informationEmerging Market Hard Currency The Right Allocation? March 2018
Emerging Market Hard Currency The Right Allocation? March 21 VIEWPOINT By Warren Hyland - Portfolio Manager With deteriorating fundamentals in the sovereign universe, should investors consider increasing
More informationJoshua Aizenman, Michael Hutchison and Ilan Noy. Inflation Targeting and Real Exchange Rates in Emerging Markets
NIPFP-DEA Program on Capital Flows New Delhi, 30 September 1 October 2008 Joshua Aizenman, Michael Hutchison and Ilan Noy Inflation Targeting and Real Exchange Rates in Emerging Markets Comments* Vincent
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationINFORMATIONAL PACKET SEPTEMBER 30, Vident International Equity Fund VIDI
INFORMATIONAL PACKET SEPTEMBER 30, 2017 Vident International Equity Fund VIDI INVESTMENT FRAMEWORK Apply time-tested principles to investment research Identify sources of wealth creation Utilize time-tested
More informationWhy Invest In Emerging Markets? Why Now?
Why Invest In Emerging Markets? Why Now? 2018 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1998
More informationINTERIM SHORT REPORT. Henderson Institutional Emerging Markets Fund. For the six months ended 30 April 2015
INTERIM SHORT REPORT For the six months ended 30 April 2015 Henderson Institutional Emerging Markets Fund Henderson Institutional Emerging Markets Fund Short Report For the six months ended 30 April 2015
More informationMarket E-digest October 2018 Issue
Market E-digest October 2018 Issue A) Emerging Markets: Diminishing Risks VS. Fears Emerging market (EM) economies are facing a number of insecurities. Investors have grown increasingly concerned about
More informationNew in 2013: Greater emphasis on capital flows Refinements to EBA methodology Individual country assessments
As in 212: Stock-take: multilaterally consistent assessment of external sector policies of the largest economies Feeds into Article IVs Draws on External Balance Assessment (EBA) methodology/other Identifies
More informationThe common belief that international equities can
August 2005 International Equities Are Investors Missing the Opportunity? Robert E. Ginis, CFA Senior Investment Strategist Global Quantitative Management Group Steven A. Schoenfeld Chief Investment Strategist
More informationTempleton Emerging Markets Fund
Product Profile Product Details 1 Fund Assets $267,096,563.10 Fund Inception Date 09/20/1991 Number of Issuers 82 Base Currency CAD Benchmark MSCI Emerging Markets Index Distribution Frequency Annually
More informationGlobal Risk Outlook May 2016
Global Risk Outlook May 2016 Scott Livermore Managing Director and COO slivermore@oxfordeconomics.com About Oxford Economics Oxford Economics is a world leader in global forecasting and quantitative analysis.
More informationHere's To Your Wealth October, 2015
Page 1 of 6 Here's To Your Wealth October, 2015 The Markets: The third quarter was a tough one for stocks, and we received a few more comments of concern from investors than expected. Perhaps this nervousness
More informationGlobal Economics Monthly Review
Global Economics Monthly Review January 8 th, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Please see important disclaimer on the last page of this report 1 Key Issues Global
More informationEmerging Markets Race Ahead in January
Investment Team Update 15 February 2019 Emerging Markets Race Ahead in January EMERGING MARKETS INSIGHTS Three Things We re Thinking About Today 1. As widely expected, the US Federal Reserve (Fed) left
More informationTHOMAS WHITE INTERNATIONAL
THOMAS WHITE INTERNATIONAL Capturing Value Worldwide PORTFOLIO STRATEGY NOVEMBER 2017 Emerging Markets: Renewing The Promise KEY TAKEAWAYS We believe emerging market fundamentals are much healthier now,
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy February 2017 Global Stock Market Rally likely to Continue with Solid Q4 Earnings & Stronger 2017 Earnings, ECB
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationActively Emerging: Opportunities in Debt
Aon Hewitt Retirement and Investment Actively Emerging: Opportunities in Debt Risk. Reinsurance. Human Resources. Executive summary Emerging Market Debt (EMD) offers higher yields relative to developed
More information