Q QUARTERLY PERSPECTIVES
|
|
- Barbra Gallagher
- 5 years ago
- Views:
Transcription
1 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
2 Welcome to the Q2-219 Quarterly Perspectives publication Previous Quarter Review As the first quarter ends, government bond markets are priced for recession. In the US, Treasury yields declined, prompting an inversion in the curve for the first time since 27. Bond yields are already negative in Japan, whilst in Europe the 1-year Bund yield fell below zero for the first time since 216. Meanwhile, global equities appear to be ignoring the warning signs flashing in the bond market and have risen more than 12% in 219 the best start to a year in two decades. Our preference for risk assets and pro-cyclical positioning benefited the portfolios which performed in-line with our high expectations. During the quarter we added new positions in commodity equities, emerging markets and increased exposure to long-dated government bonds. Key Themes The record setting equity bull market in the US has CASH GBP US TREASURIES Less Attractive More Attractive further to run, but higher returns will likely come from markets in the UK, Europe and Asia, specifically China and India. A rotation away from the US will probably occur over the next 12-months, the speed of which will be heavily influenced by 2nd and 3rd quarter company earnings. Real yields are low or negative in many developed markets and represent a poor store of value rather than a source of positive return. The leveraged FIXED INCOME EQUITY UK GILTS INVESTMENT GRADE HIGH YIELD EMERGING MKT DEBT (HARD) EMERGING MKT DEBT (LOCAL) DURATION RISK US UK EUROPE JAPAN ASIA PACIFIC ex JAPAN loan, high yield and BBB sector of the corporate bond markets are particularly vulnerable to any economic headwinds or rise in the default rate. Within the FX markets, sterling is significantly undervalued and should appreciate by year-end. ALTERNATIVES CURRENCY (vs. GBP) EMERGING MARKETS SMART BETA EXPOSURE COMMODITIES PROPERTY EQUITIES US DOLLAR EURO JAPANESE YEN SWISS FRANC CANADIAN DOLLAR AUSTRALIAN DOLLAR Current Previous All Change: Fed Funds Predictions for 219 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Chart of the Quarter The US Federal Reserve has indicated a pause in the tightening cycle and the market has gone from pricing in 1-2 rate hikes to a rate cut. The rally in the US Treasury market seems excessive given that the Fed has stated that further policy movements will be data dependant. Job growth remains above trend, unemployment is low and inflation remains benign, so it s too early to conclude that the next movement in interest rates is down. Probability of Cut Probability of Hike Source: Thomson Reuters Datastream / Tavistock Wealth / CME Group Date of Data: 29/5/218-8/4/219 Page 1
3 Fixed Income The dovish pivot in global central bank policy contributed to strong first quarter returns in fixed income assets. Although we remain underweight duration our decision to increase exposure to long-dated government bonds in Europe and the US contributed disproportionately to total performance. Ongoing concerns surrounding liquidity in corporate bond markets means we continue to favour short duration investment grade and high yield debt. Within fixed income our preferred region is emerging markets. Our decision to switch from local to hard currency debt in the second half of last year has worked particularly well. Going forward, we believe the sell-off in certain emerging market currencies may provide an attractive opportunity for local currency debt later this year Corporate Bond Market Liquidity Outstanding US Corp Bonds ($tn, LHS) Date of Data: 1/1/21-1/4/219 Source: Thomson Reuters Datastream / Tavistock Wealth / SIMFA Corporate Dealer Inventory ($bn, RHS) Liquidity is the major risk facing corporate bond markets. Over the last decade, changing regulatory requirements has contributed to a dramatic decrease in dealer inventory even as the value of outstanding US corporate debt has increased. US equities have delivered positive returns during previous periods where the Federal Reserve has paused or reversed interest rate hikes. This theme looks set to continue following the Fed s decision to pause interest rate hikes in January. Equities Global equities rebounded strongly to record their best first quarter in over two decades. It is likely that further price appreciation will be more measured going into the second quarter. Although the economic fundamentals in Europe remain soft, we see the divergence in growth prospects between Europe and the US narrowing over the next 12-months. This could lead to investors rotating out of the US and into cheaper European equities S&P 5 Around Mid-Cycle Fed Pauses/Easing Price Returns Index Months since pause -12M -1M -8M -6M -4M -2M 2M 4M 6M 8M 1M 12M Within equities, our preferred region is emerging markets, particularly China where sentiment surrounding the US-China trade talks remains Source: Thomson Reuters Datastream / Tavistock Wealth positive. Stronger than expected PMI data, the inclusion of Chinese A shares in the MSCI EM index and accommodative policy out of Beijing should continue to support the asset class into Q2. We also like Indian equities, which should outperform in the run up to elections. December 1987 September 1995 March 216 January 219 Average Within our core smart beta equity allocation, quality remains our preferred factor. This is because corporations with strong balance sheets are better placed to withstand downward pressure on earnings growth during the late stages of the economic cycle Page 2
4 Commodities Commodities have led this year s market rebound following Q4 218 s heavy losses. Optimism surrounding the US-China trade talks has bolstered the asset class, particularly in the energy and base metals sectors. We are positioned for a trade deal, which would be bullish for the asset class. In the US, the Fed has gone into patient mode and announced that there will be no rate hikes in 219. This dovish policy should lead to a marginally weaker dollar and higher commodity prices. Oil prices have rallied for 4 straight months following OPEC+ cuts, US sanctions against Iran and Venezuela and growing (albeit slowing) global GDP. These drivers are expected to continue through Q However, record crude production levels from the US may limit further price appreciation. This quarter we initiated a new position in an ETF which tracks companies in the global timber and forestry industries. These sectors are strongly correlated to housing and construction, emerging markets and a weaker US dollar all of which stand to benefit from the Fed pause Global Timber & Forestry ETF Bought The Global Timber and Forestry ETF has lagged broader equity market gains so far this year offering considerable upside potential. This position is sensitive to global growth and should outperform in an environment of low interest rates and a return to above trend growth later in the year Foreign Exchange ishares MSCI World GBP Hedged (LHS) ishares Global Timber & Forestry ETF (RHS) Source: Thomson Reuters Datastream / Tavistock Wealth Date of Data: 1/4/217-15/4/219 As Brexit uncertainty continues to fade we forecast further gains in sterling against the developed market currencies we actively hedge in the portfolio. Sterling Trade Weighted Index Despite falling US Treasury yields the US dollar has remained relatively strong given its positive yield differential relative to the rest of the world. The Japanese yen on the other hand has not fared so well given the resurgence in global risk appetite. The Euro also performed poorly this quarter, weighed down by deteriorating economic data in the region and ongoing political instability. Sterling s recent past and indefinite future continue to be defined by Brexit, as the uncertainty surrounding the UK s departure from the EU remains as unclear as the day the UK made the decision to leave the union close to 3 years ago. Year-to-date sterling has made considerable gains against a basket of developed market currencies, benefiting our currency overlay strategy, which continues to protect the portfolios from excess levels of volatility CHF JPY USD AUD CAD Sterling Trade Weighted Index Average of Trade Weighted Index Source: Thomson Reuters Datastream / Tavistock Wealth Date of data 31/3/24 31/3/219 Sterling Versus Developed Market Currencies YTD EUR 4.46% -.3% 1.5% 2.15% 3.54% 3.33% Page 3
5 Final Thoughts The global economy decelerated in the 2nd half of last year and the International Monetary Fund recently revised its growth forecast downward from 3.5% to 3.3% in 219. This is far short of predicting a recession and the dovish policy changes by the Fed and the ECB push the cyclical time frame back even further. Equity and bond markets performed very well during the 1st quarter and further price appreciation will be more measured. We are positioned for a positive outcome to the US-China trade talks and that this will eventually lead to an increase in global trade. In this scenario, risk assets such as equities have further upside, however corporate bonds remain vulnerable given the size of the market and largescale refinancing requirements. Looking ahead, volatility is expected to rise and portfolio diversification between and within assets classes will be even more crucial in the coming months. Asset Class Return & Volatility Expectations (5 Year) Expected Annualised Beta Return 1% 8% 6% 4% 2% Cash Date of Data: 31/12/18 Ex-gov US Bonds TIPS Treasuries US High Yield % % 5% 1% 15% 2% 25% Source: Thomson Reuters Datastream / Blackrock / Tavistock Wealth USD EM Debt Bank Loans Local EM Debt Ex-US Large Caps Expected Annualised Volatility Large Caps Long Credit Long US Treasuries Small Caps Fixed Income Equities Cash EM Equity Over the next 5-years, equities are expected to offer greater risk-adjusted returns than fixed income. As a result we have increased our strategic risk allocation to this asset class. However, volatility is unlikely to stay at low-levels as we slowly return to historical norms, making tactical asset allocation decisions increasingly important. This investment Blog is published and provided for informational purposes only. The information in the Blog constitutes the author s own opinions. None of the information contained in the Blog constitutes a recommendation that any particular investment strategy is suitable for any specific person. Source of data: Tavistock Wealth Limited, Lipper for Investment Management and Thomson Reuters Datastream. Date of data: 18th April 219 unless otherwise stated. Page 4
Navigating the storm Investing in ideas to aid diversification
Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please
More informationINVESTMENT OUTLOOK March 2016
Austrasse 56 P.O. Box 452 94 Vaduz, Liechtenstein asset@imt.li www.imt.li INVESTMENT OUTLOOK 03.2016 19 March 2016 Since mid-february markets have calmed significantly and risky assets have enjoyed a clear
More informationFive investment themes for 2014
December th, 1 Five investment themes for 1 MARTIN LEFEBVRE Asset Allocation and Investment Strategist (1) 1 87 martin.lefebvre@bnc.ca Monthly review November was another good month for the stock market.
More informationYear in review Summary
Summary Canadian equities declined in 2018 and underperformed their global peers in Canadian dollar terms. U.S. equities also corrected as the risk of slowing pace of economic expansion, higher interest
More informationMarket Insight Economy and Asset Classes December Oil Prices Downtrending: The Real Global Economic Stimulus
Market Insight Economy and Asset Classes December 2014 Oil Prices Downtrending: The Real Global Economic Stimulus 2 Equities Markets Feature In Citi analysts view, the expansion phase the US are enjoying
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationViews and Insights. Schroders Multi-Asset Investments. Section 1: Monthly Views November Summary Issued in November 2015
Issued in November 215 For Financial Intermediary, Institutional and Consultant use only. Not for redistribution under any circumstances. Views and Insights Section 1: Monthly Views November 215 Summary
More informationAUD-EUR OUTLOOK Risk Appetite is the Key Wednesday, 25 January 2012 The Australian dollar has recently soared to record highs against the euro, reflecting heightened concerns about European sovereign risk,
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationGlobal Investment Outlook
Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging
More informationMarket & Economic Update
Market & Economic Update Market Commentary July was a positive month for the majority of asset classes, as measures of market volatility remained low and indicators of global growth remained on a firm
More informationPost QE2 The Dollar to rally? --- The verdict
Post QE2 The Dollar to rally? --- The verdict Suresh Kumar Ramanathan Regional Rates/FX Strategist suresh.ramanathan@cimb.com +6 03 2084 9775 June 2011 3 camps with 3 different views Gradual exit - Doves
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationMonthly Economic Report
Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were
More informationIMT Asset Management AG Austrasse 56 P.O. Box Vaduz, Liechtenstein
Austrasse 56 P.O. Box 452 9490 Vaduz, Liechtenstein asset@imt.li www.imt.li INVESTMENT OUTLOOK 08.2017 4 August 2017 The most important debates currently center on the sustainability of the equity bull
More informationThemes in bond investing
For professional investors only Not for public distribution Themes in bond investing June Asia 2011 2009 outlook Introduction Asian markets enjoyed a Goldilocks economic scenario in 2010 that helped them
More informationETF portfolio review, 30th September ETF portfolios with ESG overlay. market overview. portfolio performance
ETF portfolio review, 30th September 2017 market overview All our ETF portfolios performed better than s in September and all portfolios bar fixed-income continued to add to their gains year-to-date. Our
More informationSherpa Investment View 4 th Quarter 2015
Sherpa Investment View 4 th Quarter 2015 James Mantosh, CFA Sherpa Investment Management Jan 2016 Fourth Quarter 2015 Commentary 2015 was a volatile year. Stateside, the dollar strengthened but stocks
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly December 2015 Joost van Leenders, CFA, Chief economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 SUMMARY INVESTMENT CLIMATE
More informationJohn Deehan - Investment Sales Manager
The investment cycle The return of volatility & The importance of being selective for multi asset investors in the current environment John Deehan - Investment Sales Manager Multi-Asset Choice Cost efficient
More informationHigh yield and emerging market bonds continue rally
Markit iboxx monthly report April 216 High yield and emerging market bonds continue rally April saw corporate and emerging market bond returns continue to gain amid a calmer economic backdrop. Calmer markets
More informationRolling 12-Month Review. September Page 01
Rolling 12-Month Review September 2018 Page 01 CONTENTS MANAGER OVERVIEW 1 PROFILE 3 - ASSET & GEOGRAPHICAL ALLOCATION 2 PROFILE 3 - PERFORMANCE ATTRIBUTION 3 PROFILE 4 - ASSET & GEOGRAPHICAL ALLOCATION
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationA PIVOTAL OCTOBER. Issue #14. October 2018
A PIVOTAL OCTOBER Issue #14 October 2018 Stock markets tend to post their best returns from October to April but October itself can be the most volatile month of the year. The tug of war between good news
More informationInvestment Opportunities in Global Fixed Income Markets
Investment Opportunities in Global Fixed Income Markets GSAM Insurance Fixed Income May 217 GSAM Insurance Asset Management Key Themes for 217 Economic Backdrop End of the Distortion Monetary to Fiscal
More informationA Country Picker's Market
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
More informationthe drive you demand ASSET ALLOCATION June 2017 Global Investment Committee
the drive you demand ASSET ALLOCATION June 217 Global Investment Committee GLOBAL TACTICAL ASSET ALLOCATION Rising earnings argue for remaining overweight equities Global economy / Asset allocation Sustained
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationThe increasing importance of multi asset solutions genuine diversification to reduce total risk
The increasing importance of multi asset solutions genuine diversification to reduce total risk Ariconsult Vermögensverwaltungs-Symposium 17 September 2014 Richard Batty Fund Manager, Multi Asset This
More informationQuarterly market summary
Quarterly market summary 4th Quarter 2016 Economic overview Economies around the world appear to be relatively resilient, with data signalling that in many countries, economic activities are expanding
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationFourth Quarter 2015 Market Review. March 2016
Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001
More informationQuarterly Range Report
Quarterly Range Report MyFolio Market Range - Q1 2019 Pension Insured Funds S4 Retail MyFolio Market MyFolio is a flexible solution consisting of 25 multi-asset funds of funds, split into five ranges (three
More information03/03/2015. Investing in ideas Achieving genuine diversification. Agenda. Diversification dilemma. Investing in ideas.
Achieving genuine diversification TEXPERS Annual Conference David Millar, FIA Head of Multi Asset March, Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual
More informationSchroder Asian Income Monthly Fund Update
Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund
More information2008 Economic and Market Outlook
Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses
More informationCorporate bonds resurgent in March
Corporate bonds resurgent in March Markit iboxx monthly report March 216 After a volatile start to the year, fixed income returns bounced back in spectacular fashion with corporate and emerging market
More informationMarket volatility to continue
How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?
More informationEUR-USD USD-JPY AUD-USD USD-SGD GBP-USD** XAU-USD** Spot Support
FX STRATEGY 7 January 03 The comments represented in this publication are made on the basis of a week outlook Contents EUR USD Pg USD JPY Pg 3 AUD USD Pg USD SGD Pg 5 GBP USD Pg 6 XAU USD Pg 7 Interest
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly October 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Uncertainty about US monetary
More informationMAY 2018 Capital Markets Update
MAY 2018 Market commentary U.S. ECONOMICS The U.S. added 223,000 jobs to payrolls in May, well above the consensus estimate of 180,000 and the expansion average of around 200,000. Sector job gains were
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationMacro Outlook September 2014
Macro Outlook September 2014 Interest Rate Markets The sharp increase in government debt in the world s major developed economies, as a consequence of the financial crisis, remains a key driver of monetary
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 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 informationNOVEMBER 2018 Summary global growth is above average but slowing
EMBARGOED UNTIL: 11.AM THURSDAY 1 NOVEMBER 1 THE FORWARD VIEW GLOBAL NOVEMBER 1 Summary global growth is above average but slowing While global growth remains above average, available GDP data for Q point
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS Fourth Quarter 2016 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationStand-alone Risk Exposure % Closed Closed Closed
Jan 2019 Global Absolute Return Fund 31 January 2019 The Standard Life Investments Global Absolute Return Fund aims to provide positive investment returns in all market conditions over the medium to long
More informationSeven-year asset class forecast returns, 2015 update
Schroders Seven-year asset class forecast returns, 2015 update Craig Botham Emerging Markets Economist Introduction Our seven-year returns forecast builds on the same methodology which has been applied
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationA sudden drop in risk appetite
* A sudden drop in risk appetite The eruption of US equity market volatility, with global spillover effects, is a delayed reaction to a rather significant increase in bond yields since the second part
More informationAn economic update Craig Botham, Economist May 2017
An economic update Craig Botham, Economist May 2017 2016 image of the year Donald and Nigel at Trump towers Source: Splashnews.com. 1 Key issues UK: the election, Brexit and beyond Europe: out of the woods?
More informationGlobal. Market Review. November David Bassanese, Chief Economist
November 2014 David Bassanese, Chief Economist SUMMARY The major development over the month of November was the sharp drop in commodity prices which caused the A$ to fall and the local equity market to
More informationEndowment Funds Performance (Year ending March 31 st, 2013)
Endowment Funds Performance (Year ending March 31 st, 2013) Investment Management Committee Meeting May 16 th, 2013 (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 Total Endowment
More informationFIVE KEYS TO EMERGING MARKET OUTLOOK John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS We favor emerging market and U.S. equities for tactical asset allocations based primarily on our outlooks for global economic growth and earnings. We
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Monthly Economic & Capital Market Update
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Monthly Economic & Capital Market Update July 2015 Yield to Maturity Monthly Change Jul-63 Jul-67 Jul-71 Jul-75
More informationForex and Interest Rate Outlook AIB Treasury Economic Research Unit
Forex and Interest Rate Outlook 22nd November 2017 Global economic recovery gathering momentum, but inflation remains very subdued Central banks patient on policy tightening. Rates rise at a slow pace
More informationEconomic Outlook. DMS Economic Outlook for next 12 months
Economic Outlook DMS Economic Outlook for next 12 months GDP growth will be modest at approximately 2.5%, but the economy will experience periods of unstable growth. Consumer confidence will improve as
More informationASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS)
FOR PROFESSIONAL INVESTORS 6 September 2018 ASSET ALLOCATION MONTHLY BNPP AM Multi Asset, Quantitative and Solutions (MAQS) REGIONAL DIFFERENCES, DIVERGENT RETURNS Asset allocation overview: Christophe
More informationQ Outlook and Strategy Income Funds
Q3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationQuarterly Currency Outlook
Mature Economies Quarterly Currency Outlook MarketQuant Research Writing completed on July 12, 2017 Content 1. Key elements of background for mature market currencies... 4 2. Detailed Currency Outlook...
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationJune 2013 Equities Rally Drive Global Re-rating
June 2013 Equities Rally Drive Global Re-rating Since the lows of 2011, global equities have rallied 30% while Earnings per Share remained flat. This has been the biggest mid-cycle re-rating of global
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly April 2016 Joost van Leenders, CFA, Chief economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 SUMMARY INVESTMENT CLIMATE
More informationKBC INVESTMENT STRATEGY PRESENTATION. Defensive August 2017
KBC INVESTMENT STRATEGY PRESENTATION August 2017 Investment climate Key rate trends and outlook 2,0 2,0 1,5 VS EMU 1,5 0,5 0,5 0,0 0,0-0,5-0,5 - - 07-2012 07-2013 07-2014 07-2015 07-2016 07-2017 07-2018
More informationIMT Asset Management AG Austrasse 56 P.O. Box Vaduz, Liechtenstein
Austrasse 56 P.O. Box 452 9490 Vaduz, Liechtenstein asset@imt.li www.imt.li INVESTMENT OUTLOOK 04.2017 20 April 2017 In March, equity markets continued to rally. Emerging markets outperformed developed
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy
HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back
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 informationSIP Aggressive Portfolio
SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly September 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Growth weakness in emerging
More informationMonthly Market Snapshot
ly Market Snapshot FEBRUARY 2017 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights In February, economies of the major developed
More informationCredit Suisse Swiss Pension Fund Index Q1 2018
Credit Suisse Swiss Pension Fund Index Q1 2018 Q1 2018: 1.33% Performance correction in Q1 2018 Negative contribution from all asset classes except real estate and mortgages Equity component shows a fall
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 informationASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND. Quarterly Report 31 March For professional investors only, not for retail investors
ASSET MANAGEMENT ROYAL LONDON GMAP BALANCED FUND Quarterly Report 31 March 2018 For professional investors only, not for retail investors Contents CONTENTS ROYAL LONDON GMAP BALANCED FUND 3 2 PAGE Royal
More informationQuarterly market summary 4th Quarter 2018
POOLED PENSIONS Quarterly market summary 4th Quarter 2018 Economic overview As the quarter progressed, investors became increasingly concerned about the outlook for the world economy. The perception was
More informationGlobal Equites declined from Concern over Trade War
Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand
More informationweekly review Week ending 30 November 2014
weekly review Week ending 30 November 2014 OPEC decides not to cut oil production European government yields hit record lows US data disappoints, but equities set new record Growth remains subdued in Japan
More informationNOT JUST A BOND PROXY
GLOBAL LISTED INFRASTRUCTURE: NOT JUST A BOND PROXY This research paper will explore the often misunderstood impact of interest rates on Global Listed Infrastructure and differentiate between the short
More informationPROTECT AND PROFIT THROUGH VIGILANCE
PROTECT AND PROFIT THROUGH VIGILANCE Q2-2017 OUR ETHOS: Deliver with honour. Behave with integrity. Protect and Profit through vigilance. That requires some FOREWORD From day 1, our aim has been to set
More informationEconomic Outlook. DMS Economic Outlook for next 12 months
Economic Outlook DMS Economic Outlook for next 12 months GDP growth has rebounded from a dismal first quarter and GDP is growing modestly at 2.6%. Personal income growth has improved in recent months and
More informationEndowment Funds Performance (Year ending March 31st, 2012)
Endowment Funds Performance (Year ending March 31st, 2012) Investment Management Committee Meeting June 20 th, 2012 (Note: all returns and values are expressed in Canadian Dollars- CAD s) 1 $ M Endowmwent
More information6/11/12 Spanish bank rescue announced. 6/6/12 China cuts interest rates, fueling best day for U.S. stocks in 2012
Trade History Tactical Opportunities Portfolio LPL Financial Research MODEL WEALTH PORTFOLIOS December 31, 2012 The LPL Financial Research asset allocation process, coupled with a strong security selection
More informationUK Economic Outlook March 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects Consumer spending prospects after Brexit Will robots steal our jobs? 2 Global growth in 2017 should be slightly
More informationIMT Asset Management AG Austrasse 56 P.O. Box Vaduz, Liechtenstein
Austrasse 56 P.O. Box 452 9490 Vaduz, Liechtenstein asset@imt.li www.imt.li INVESTMENT OUTLOOK 03.2019 10 April 2019 In March the market rally continued, albeit at a slower pace. In the first quarter,
More informationINTERNATIONAL EQUITIES
2018 Global Market Outlook Press Briefing INTERNATIONAL EQUITIES Justin Thomson Portfolio Manager, CIO, Equity November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS
More informationABACUS DFM MODEL PORTFOLIOS
ABACUS DFM MODEL PORTFOLIOS Q4 2018 ABACUS DFM MODEL PORTFOLIOS QUARTERLY PERFORMANCE CONTENTS MODEL PORTFOLIOS 1 THE INVESTMENT MANAGEMENT REVOLUTION 2 SIGNIFICANCE OF CURRENCY HEDGING 4 INVESTING IN
More informationPerformance Summary September 2015
Performance Summary September 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this
More informationMACRO INVESTMENT OUTLOOK
MACRO INVESTMENT OUTLOOK AUGUST 18 INVESTMENT STRATEGY AND DYNAMIC MARKETS TEAM, MULTI ASSET GROUP GLOBAL SHARES CONSTRAINED BY TRADE WAR FEARS BUT AUSTRALIAN SHARES RELATIVELY RESILIENT 5 Australia -
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationInvestment Report. Corporate Investment Proposition Passive Plus Funds Report. Standard Life
Investment Report Standard Life Corporate Investment Proposition Q1 2017 Corporate Investment Proposition 1 Our Corporate Investment Proposition is made up of a family of carefully constructed risk-based
More informationWorld Trade Powering Global Economic Growth
WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS Peter Donisanu Investment Strategy Analyst World Trade Powering Global Economic Growth August 1, 217 Key Takeaways» Evidence is mounting that global
More informationMULTI MANAGER TARGET RETURN FUND
PENSIONS INVESTMENTS LIFE INSURANCE MULTI MANAGER TARGET RETURN FUND QUARTER 3 (Q3) 2016: JULY TO SEPTEMBER Welcome to the third edition of the Multi Manager Target Return Fund quarterly updates. In this
More informationQuarterly market summary
Quarterly market summary 2nd Quarter 2017 Economic overview Economic indicators, such as employment statistics, manufacturing activity and company profits, seem to indicate that the global economy is recovering
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
More informationThemes in bond investing June 2009
For professional investors only Not for public distribution March 2011 Themes in bond investing June 2009 Japan outlook: Will Japanese equities jump in the Year of the Rabbit? Introduction There is no
More informationExecutive Board meeting
..9 Executive Board meeting June 9 Equity markets Indices. January =. Daily figures. January June 9 Euro area Norway US Emerging economies Japan Jan- Jun- Nov- Apr- Sep- Feb-9 Jul-9 Source: Thomson Reuters
More informationMarket Bulletin. The UK economic and equity landscape post-brexit. September 2016 MARKET INSIGHTS. In Brief: BREXIT? WHAT BREXIT?
MARKET INSIGHTS Market Bulletin September 2016 The UK economic and equity landscape post-brexit In Brief: Despite the surprisingly strong bounce in UK economic data over the summer, we remain fairly downbeat
More information