Sea Change: The Ebbing of Quantitative Easing Policy and its Impact on the Capital Markets
|
|
- Felix Pierce
- 5 years ago
- Views:
Transcription
1 Sea Change: The Ebbing of Quantitative Easing Policy and its Impact on the Capital Markets William W. Priest CEO, Co-CIO & Portfolio Manager The information contained herein reflects, as of the date hereof, the views of Epoch Investment Partners, Inc. and sources believed by Epoch Investment Partners, Inc. to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection forecast or opinion in these materials will be realized. The views expressed herein may change at any time subsequent to the date of issue hereof. These materials are provided for informational purposes only.
2 Policy response to the GFC ended the liquidity crisis 4.00 Z-Score U.S. BFCI Euro Zone Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Source: Bloomberg. September 18, 2013 The Bloomberg U.S. Financial Conditions Index combines yield spreads and indices from U.S. money markets, equity markets, and bond markets into a normalized index. The Bloomberg Euro-area Financial Conditions Index combines yield spreads and indices from euro-area money markets, equity markets, and bond markets into a normalized index. 1
3 The Global Financial Crisis the key role of financial sector leverage U.S. Financial Sector Debt as Percent of GDP 120% 100% 80% 60% 40% 20% 0% Source: Federal Reserve, Epoch Investment Partners, Inc
4 Too much debt remains a global problem policy choices Advanced Economies Gross General Government Debt to GDP Debt to GDP (%) e 2013 Potential Solutions to the Overriding Debt Problem 1. Growth 4. Financial Repression (QE) 2. Austerity 5. Devaluation 3. Default 6. Hyperinflation Source: International Monetary Fund, World Economic Outlook Database, Epoch Investment Partners
5 Quantitative easing became a global phenomenon Central Bank Balance Sheet Expansion Index Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Fed BoE ECB BoJ Source: Pavilion Global Markets;
6 Sea Change June 19, 2013
7 June 19, 2013 September 19, 2013 The end of easy money but very S L O W L Y We also see inflation moving back toward our 2 percent objective over time. If the incoming data are broadly consistent with this forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. Chairman Bernanke s Press Conference June 19, 2013 the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. FOMC Meeting Minutes September 18,
8 Bernanke s tapering comments drive yields higher U.S. Treasury Yield Curve: May 1, 2013 vs. September 18, (%) September 18, bps May 1, mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 10-Year Treasury Yield 30-Year Treasury Yield June 18, September 18, Source: US Department of the Treasury, Epoch Investment Partners; September 18,
9 Apple bond offering On April 30, 2013, Apple issued a total of US$17.05 billion worth of bonds in six tranches with a weighted coupon of approximately 1.8% and a weighted duration of approximately 10 years Issue Coupon Current Price 1 10 Year 2.40% Year 3.85% As of September 19,
10 The movie run backwards 10-Year Treasury Constant Maturity Rate (%) June 19, September 18, Jan-08 Jun-09 Nov-10 Apr-12 Sep Future Source: Federal Reserve, Epoch Investment Partners; September 6,
11 Recent global returns driven by multiple expansion Breakdown of MSCI World Performance Annualized Total Return: 19% 21% Annualized Total Return: 33% 14% 4% 75% 92% Mar May 2012 Jun May % Expected Earning Growth Fwd P/E Expansion Dividend (Inc. Reinvestment) Source: Bloomberg, MSCI, Bernstein Analysis; May
12 Looking beyond QE in the U.S. Stocks are attractive in the long term, especially relative to bonds, providing the world grows Extreme valuation disparities present an investment opportunity As interest rates rise and other macro factors wane, equity returns will be more dependent on company fundamentals Companies with growing free cash flow and effective capital allocation policies should outperform 11
13 Summary A sea change underway the end of ZIRP in the U.S. but very S L O W L Y June 19, 2013 September 19, 2013 Discount rate for financial assets will rise Bonds most adversely affected Equities to experience P/E headwinds Global Themes Best positioned geography: U.S. Wait and see: Japan Valuations becoming attractive in Europe As macro factors wane, equity returns will be more dependent on company fundamentals Slow economic growth will limit revenue and earnings growth Shareholder yield will continue to play a dominant role in total return strategies Companies with growing free cash flow and effective capital allocation policies should outperform P/E expansion limited 12
Three-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationU.S. INTEREST RATES CHARTBOOK MARCH U.S. Interest Rates. Chartbook. March 2017
U.S. Interest Rates Chartbook March 2017 Takeaways The FOMC has raised the Fed funds rate for the third time since the start of the policy rate normalization cycle in 2015. The Committee has also reinforced
More informationSea Change The End of ZIRP and the Beginning of The Movie Run Backwards
MainStay Investments is pleased to provide the following investment insights from Epoch Investment Partners, Inc., a premier institutional manager and subadvisor to a number of MainStay Investments products.
More informationReal Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff
Real Returns for Fixed Income Investors Investment Update Waiting for Fed Liftoff CAJPA Fall Conference September 17, 2015 Martin Cassell, CFA CEO, Chief Investment Officer 6225 Lusk Boulevard San Diego,
More informationFixed Income Update: June 2017
Fixed Income Update: June 2017 James Kochan Chief Fixed-Income Strategist Overview Political turmoil may obscure but does not usually overwhelm the economic fundamentals that drive the bond markets.. Those
More informationDecember. US Interest Rates. Chartbook
December 2016 US Interest Rates Chartbook Takeaways The FOMC December statement has revealed a unanimous vote for a 2nd Fed funds rate increase, while economic projections reinforced the Fed s stance to
More informationFixed Income Solutions
Fixed Income Solutions Negative Interest Rates: Are they Coming to Canada? June 11, 2017 Harold Scheer CENTRAL BANKS HAVE INFLATED THEIR BALANCE SHEET AT RAPID PACE IN RECENT YEARS First round of QE significantly
More informationGlobal Economic and Market Outlook for Gavyn Davies, Chairman, Fulcrum Asset Management
Global Economic and Market Outlook for 2018 Gavyn Davies, Chairman, Fulcrum Asset Management After many years of persistent downgrades to consensus GDP forecasts, 2017 has seen the first upgrades since
More informationU.S. Interest Rates Chartbook September 2017
U.S. Interest Rates Chartbook September 2017 Takeaways The FOMC announced the start of the balance sheet normalization process to begin in October while maintained the Fed funds rate target range at 1%-1.25%
More informationInvestment Fundamentals Forum 21 January 2013
Investment Fundamentals Forum 21 January 2013 Economic Variables Still Matter to Markets? Suan Teck Kin, CFA 21 Jan 2013 Investment Fundamentals Forum Copyright CFA Singapore and SGX. All rights reserved.
More informationRESPONSES TO SURVEY OF
RESPONSES TO SURVEY OF MARKET PARTICIPANTS Markets Group, Federal Reserve Bank of New York RESPONSES TO SURVEY OF a v November 2016 JANUARY Distributed: 1/17/ Received by: 1/22/ The Survey of Market Participants
More informationTrends & Long-Term Outlook for Fixed and Stable Value Funds
Trends & Long-Term Outlook for Fixed and Stable Value Funds CPPC Conference August 2013 Cathe Tocher CFA, Senior Vice President AGENDA Introduction: Short-term noise pay attention Preparing for the future:
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationFor personal use only
AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:
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 informationGlobal Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation
Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationQ Economic Outlook
Q1 Economic Outlook Presented by: Craig Dismuke Chief Economic Strategist cdismuke@viningsparks.com 1/24/ Page 1 Q1 ECONOMIC OUTLOOK A. European Drama, Weak U.S. Growth, and Central Bank Intervention B.
More informationU.S. Interest Rates Chartbook January 2018
U.S. Interest Rates Chartbook January 2018 Takeaways In line with expectations, the FOMC left Fed funds rate unchanged. The changes to the January statement highlighted stronger growth and confidence that
More informationOctober 16, Managing Your Investments in a Rising Rate Environment. Danny Nelson Sr. Managing Consultant. Kathleen Edwards Senior Analyst
October 16, 2013 Danny Nelson Sr. Managing Consultant Kathleen Edwards Senior Analyst Managing Your Investments in a Rising Rate Environment 222 North LaSalle Suite 910 Chicago, IL 60601 www.pfm.com Running
More informationCAD OUTLOOK A BALANCED PERSPECTIVE CAMILLA SUTTON l CHIEF FX STRATEGIST l l
CONFERENCE CALL Dial in: 905 694 9451 (local to Toronto) Passcode: 549 537 728# CONFERENCE CALL COMMANDS Press 1 to skip backwards 5 seconds; press 3 skip forward 5 seconds Press 4 to skip backwards 5
More informationInvestment Grade Fixed Income Review
Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%
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 informationMonthly Market Update August 2016
Monthly Market Update August 2016 Steven Alexander, CTP, CGFO, CPPT, Managing Director D. Scott Stitcher, CFA, Director Richard Pengelly, CFA, CTP, Director Khalid Yasin, CHP, Senior Managing Consultant
More informationU.S. Interest Rates Chartbook March 2018
U.S. Interest Rates Chartbook March 2018 Takeaways At the March meeting, the FOMC voted unanimously to raise the Fed funds rate to 1.5%-1.75%. The newly appointed Chairman is committed to maintaining continuity
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 Fixed Income Market Update FIXED INCOME MARKET QUARTERLY OVERVIEW The fourth quarter witnessed
More informationRESPONSES TO SURVEY OF
RESPONSES TO SURVEY OF PRIMARY DEALERS Markets Group, Federal Reserve Bank of New York RESPONSES TO SURVEY OF a v November 2016 JANUARY Distributed: 1/17/ Received by: 1/22/ The Survey of Primary Dealers
More informationof RBC Dominion Securities Your Money, Well Managed October, 2013 Professional Wealth Management Since 1901
of RBC Dominion Securities Your Money, Well Managed October, 2013 Global Economic Overview....Steady as we go. European Comeback US Federal Reserve Tapering Talk US Government Shutdown Market Recap..........The
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 information1 UK outlook: Equities remain vulnerable to ongoing political uncertainty. 2 Fixed income: The bond markets are waiting for interest rates to rise
UK outlook: Equities remain vulnerable to ongoing political uncertainty Fixed income: The bond markets are waiting for interest rates to rise 3 When bad news is good news: The eurozone has received its
More informationPerspectives JAN Market Preview: Non-U.S. Equities
Perspectives JAN 2018 2018 Market Preview: Non-U.S. Equities SUSTAINED STRENGTH OR ONE HIT WONDER? Non-U.S. equity investors patience was finally rewarded with a banner year in 2017, as both strong economic
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationQuarterly Investment Briefing February 5, 2014
Quarterly Investment Briefing February 5, 2014 Clayton T. Bill, CFA Stephen J. Nilles, CFP Agenda Topic Page 2013 Review 3 Corporate Earnings and Profit Margins 5 Equity Market Valuations 7 Bonds and Expected
More information2017 Annual Conference. Thursday, 8 June 2017
217 Annual Conference Thursday, 8 June 217 The global markets impact on Australia Thursday, 8 June 217 QIC SLIDES FOR FRONTIER Katrina King 8 th June, 217 GLOBAL INTERACTIONS ARE IMPORTANT The pace of
More informationAsian Insights What to watch closely in Asia in 2016
Asian Insights What to watch closely in Asia in 2016 Q1 2016 The past year turned out to be a year where one of the oldest investment adages came true: Sell in May and go away, don t come back until St.
More informationWhat Determines the Level of Interest Rates
Wisconsin School of Business January 4, 2015 Basic Components of the Term Structure By term structure we mean coupon, zero coupon, or forward rate curve. Traditional theory of the term structure: Level
More informationHow do we define cash on the sidelines? Global M2 minus M1 Money Supply ($ Millions) US Money Supply European Money Supply Chinese Money Supply
How do we define cash on the sidelines? Global M2 minus M1 Money Supply ($ Millions) 30000 25000 20000 15000 US Money Supply European Money Supply Chinese Money Supply 10000 5000 0 Source: Bloomberg, Credit
More informationAging Bull. Market Overview 3Q Catholic Responsible Investing
Catholic Responsible Investing Market Overview 3Q 2017 Aging Bull GLOBAL ECONOMIC REVIEW Global economic sentiment notably improved in Q3. In the U.S., real GDP growth for Q2 was revised upward to 3.1%
More informationEquity Market Outlook. May, 2016
Equity Market Outlook May, 2016 Global Economy Update Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Global Central Bank Monetary Policies
More informationIn and Out Of Asia: The Affects of QE
In and Out Of Asia: The Affects of QE Brian Fabbri Visiting Research Fellow, CAMRI NUS Business School The St. Regis, Beijing October 14, 213 Issues to be Discussed 1. Why QE?: The zero interest rate boundary
More informationNavigating 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 informationConvertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.
Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection
More informationCity of San Juan Capistrano
City of San Juan Capistrano Fourth Quarter 2013 Portfolio and Market Review Sarah Meacham, Director PFM Asset Management LLC Federal Reserve Taper Talk Drives Interest Rates The Federal Open Market Committee
More informationOutlook for 2014 Title 1. David Greene, Pioneer Investments
Outlook for 2014 Title 1 David Greene, Pioneer Investments 2014 A year of Transition Transitioning from fiscal tightening to less austerity. Transitioning from Euro-area recession to growth. Transitioning
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 informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PCSF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the greater
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 informationThe World Economic & Financial System: Risks & Prospects
The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We
More informationItaly s Eurozone Trap
Italy s Eurozone Trap Ashoka Mody Based on EuroTragedy: A Drama in Nine Acts, New York: Oxford University Press, June 2018. Italy needed and needs the crutch of a depreciating currency to offset its abysmal
More informationNET ISSUANCE EXPECTED TO INCREASE
NET ISSUANCE EXPECTED TO INCREASE 900 800 700 600 500 400 300 200 100 0 Summary of Bill, Coupon, and TIPS Issuance by Treasury 2008:Q1 2014:Q1E $ Billions CMBs 13 week Bills 52 week Bills 3 year Notes
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PeFAF) Fund Category Mixed Asset Fund Investment Objective To achieve capital growth over the medium to long-term period through a portfolio allocation across equities and fixed
More informationAshdon Investment Management Q ECONOMIC COMMENTARY
Ashdon Investment Management Q3 2015 ECONOMIC COMMENTARY October 2015 In the preparation of this presentation, Ashdon relied on data taken from sources it believes are creditable. As such, Ashdon believes
More informationConvención de Finanzas y Mercado de Capitales 2013
Citi Equity Capital Markets October 29, 2013 Convención de Finanzas y Mercado de Capitales 2013 1 1. Global Markets 2 Price Performance (%) GDP Growth (%) Global Environment at Inflection Point Developed
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationMarket Commentary August 6, 2013
Market Commentary August 6, 2013 Over the last few months, we have been witnesses to and participants in an extremely volatile mortgage market. While much of this volatility has been driven by the eral
More informationInvestment Barometer November 2012 VTB Capital Investment Management Research Department
www.vtbcapital-im.com Investment Barometer November 212 VTB Capital Investment Management Research Department Contents Investment Outlook Market at a glance Methodology Contacts 2 Investment Outlook In
More informationSecond Annual Investment Symposium
Second Annual Investment Symposium Presenting our outlook for the economy and markets. The Chattanoogan Hotel Tuesday, February 8, 2011 All market data provided by Bloomberg unless otherwise indicated.
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
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 informationSeptember 20, 2006 Authorized for Public Release 119 of 132. Appendix 1: Materials used by Mr. Kos
September 2, 26 Authorized for Public Release 119 of 132 Appendix 1: Materials used by Mr. Kos September 2, 26 Authorized for Public Release 12 of 132 Class II Restricted FR 6. 5.75 5.5 5.25 5..75.5.25
More informationFIXED INCOME STRATEGIES FOR LATE 2017 NAVIGATING UNCHARTERED TERRITORY, RISING RATES, AND YOUR FIXED INCOME PORTFOLIO
FIXED INCOME STRATEGIES FOR LATE 2017 NAVIGATING UNCHARTERED TERRITORY, RISING RATES, AND YOUR FIXED INCOME PORTFOLIO 1 The information contained herein reflects the views of Galliard Capital Management,
More informationMoving On Up Today s Economic Environment
Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationGlobal Economic Prospects: Update Global Recovery in Transition
Global Economic Prospects: Update Global Recovery in Transition April 2015 M. Ayhan Kose 1 Global Prospects: Three Questions 1. How have global economic conditions changed since December? Broadly as expected;
More information1.1. Low yield environment
1. Key developments Overall, the macroeconomic outlook has deteriorated since June 215. Although many European countries continue to recover, economic growth still remains fragile reflecting high public
More informationFIXED INCOME. Redefining Risk in US Treasuries. June ManulifeAM.com
FIXED INCOME Redefining Risk in US Treasuries June 213 ManulifeAM.com Redefining Risk in US Treasuries Despite a modest back-up in recent months, yields on US Treasury bonds are still trading at extraordinarily
More informationBlackRock Enhanced Australian Bond Fund
2017 FUND UPDATE BlackRock Enhanced Australian Bond Fund Investment Performance (%) Fund Inception 1 M th 3 M ths CYTD 1 Yr 3 Yrs 5 Yrs Inc BlackRock Enhanced Australian Bond Fund (Gross of Fees) 26-Mar-02
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 informationUS FOMC Tampering the speed of FFR hike
Dr. Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my US FOMC Tampering the speed of FFR hike Facts The US Federal Open Market Committee (FOMC) meeting last night decided
More informationSEB House View 07 March 2018
SEB House View 7 March 8 Summary Decision variables Macro and Markets Market Indicators Asset Class and Sector Views Risk Environment Summary - We maintain risk utilization at 75% despite the prevailing
More information2018 MACRO OVERVIEW. More of the Same, Yet Less of the Same. March 9, 2018
2018 MACRO OVERVIEW More of the Same, Yet Less of the Same March 9, 2018 RICHARD FARR MERION CAPITAL GROUP 484-436-4764 rfarr@merioncapitalgroup.com Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Oct-07 Jul-08 Apr-09
More informationAsset Allocation in times of change Investment Summit Brussels
Asset Management Version Belgium For Professional Investors only Asset Allocation in times of change Investment Summit Brussels Dr. Daniel Rudis, CAIA Strategist, Global Investment Solutions 26 February
More informationHistorical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
More informationINVESTMENT OUTLOOK. August 2017
INVESTMENT OUTLOOK August 2017 INVESTMENT OUTLOOK AUGUST 2017 MACRO-ECONOMICS AND CURRENCIES Developed and Emerging Markets A series of comments from major central banks during the month, reminded investors
More informationLiquidity Management: Beyond Quantitative Easing
Liquidity Management: Beyond Quantitative Easing June 2014 Agenda 1. Assessing Risk: Current Market Conditions a. Global Macroeconomics b. Monetary Policy c. Quantitative Easing (QE) d. Asset Bubbles e.
More informationThe US Economic Outlook (with a Fed twist)
The US Economic Outlook (with a Fed twist) Presentation prepared for the Economic Outlook Conference 2011 January 13, 2011 Chapter 1: Why the FOMC went with QE2, an interpretive dance by David Altig, who
More informationLearning objectives. Investors should leave the presentation with an ability to discuss
Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018
More informationAfter the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
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 informationAsset Allocation in a distorted environment
Asset Allocation in a distorted environment ANDREA DELITALA MARIA LUISA MAGLI November 2016 Università Commerciale L.Bocconi - Milan CONTENTS 1 Optimal Investment Theory slide 3 2 Exceptional circumstances
More information2018 Convertible Outlook
SSI Investment Management January 2018 2018 Convertible Outlook By: Ravi Malik, CFA, Portfolio Manager 2017 was a strong year for risk assets including convertibles, driven by synchronized global expansion,
More informationPresented by. 1 For Financial Professional Use Only
Presented by 1 1 Subadviser to the ASTON/TCH Fixed Income Fund CHTBX CTBIX March 17, 2016 The Outlook For Actively Managed Fixed Income In An Era Of Rising Rates Presented by: Scott M. Kimball, CFA Senior
More informationASEAN FOCUS. US Fed Balance Sheet Normalization & Impact On ASEAN FX
US Fed Balance Sheet Normalization & Impact On ASEAN FX The FOMC released more details on its planned balance sheet reduction (BSR), still expecting to implement in a gradual manner this year but again
More informationSustainability in a Fat Tailed Long Duration World
Sustainability in a Fat Tailed Long Duration World November 2013 2013 Neuberger Berman LLC. All rights reserved. Member FINRA/SIPC. The Post Crisis Backdrop Uncertainty Promoting Heightened Volatility
More informationDeutsche Asset & Wealth Management. Americas Edition June CIO View. Macro outlook. Flood of money continues
Deutsche Asset & Wealth Management Americas Edition June 214 CIO View Macro outlook Flood of money continues Growing divergence The United States is leading the economic way, followed by Japan and then
More informationTwin Problems: Employment and Consumer Spending
Twin Problems: Employment and Consumer Spending September 1, 11 Asha G. Bangalore agb3@ntrs.com The elevated unemployment rate remains at the top of the Fed s worry list. Nearly as important is the recent
More informationAugust 8, 2006 Authorized for Public Release 148 of 158. Appendix 1: Materials used by Mr. Kos
August 8, 6 Authorized for Public Release 148 of 158 Appendix 1: Materials used by Mr. Kos Class II -- Restricted FR Page 1 of 4 Realized Volatility of MSCI Equity Indices 35 25 15 5 22 August 8, 6 Authorized
More informationnovember 12, 2012 epoch perspectives locks, stocks and barrels of money Epoch Investment Partners, Inc. Z-Score 2.00 BFCI-U.S
Epoch Investment Partners, Inc. november 12, 2012 Locks, Stocks and Barrels of Money By William W. Priest, CEO, Co-CIO and Portfolio Manager Kenneth N. Hightower, Director, Quantitative Research & Risk
More informationTHE EURO, BIS SURVEY & GOLD CAMILLA SUTTON l CHIEF FX STRATEGIST l l October 2013
THE EURO, BIS SURVEY & GOLD CAMILLA SUTTON l CHIEF FX STRATEGIST l416 866 5470 l CAMILLA.SUTTON@SCOTIABANK.COM October 2013 AGENDA THREE TOPICS 1. Result of the latest BIS triennial central bank survey
More informationSpanish public debt. Spanish Public Debt Fixed Income. We expect the long end of the curve to flatten further. Investment case. analisis.lacaixa.
Spanish Public Debt Fixed Income Spanish public debt We expect the long end of the curve to flatten further analisis.lacaixa.es Investment case Yields are down and curves are flattening Since the ECB announced
More informationGlobal Real Estate Capital Markets
Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment
More informationMeasuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets
Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets Eric T. Swanson University of California, Irvine NBER Summer Institute, ME Meeting Cambridge, MA July
More information2012 Review and Outlook: Plus ça change... BY JASON M. THOMAS
Economic Outlook 2012 Review and Outlook: Plus ça change... September 10, 2012 BY JASON M. THOMAS Over the past several years, central banks have taken unprecedented actions to suppress both short-andlong-term
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationEuropean Bond Spreads, Yield Curves And Volatility
European Bond Spreads, Yield Curves And Volatility A client posed the question a few years ago during one of the many rolling sovereign credit crises then roiling the Eurozone as to when the whole thing
More informationCurrent State of the Leveraged Loan Market
Current State of the Leveraged Loan Market Ted Basta, LSTA William Lemberg, Alcentra Michael Schechter, CITI Gil Tollinchi, Crescent Capital Brian Yorke, Halcyon May 3, 2016 Presentation Overview 1. Macro
More informationHistorical Pricing PJM PSEG, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$70 Historical Pricing PJM PSEG, Around the Clock $65 $60 $55 $50 $45 $40 $35 $30 $25 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered and compiled
More informationFEBRUARY 2018 OUTLOOK
FEBRUARY 2018 OUTLOOK Ladenburg Thalmann FEBRUARY 2018 This presentation has been prepared exclusively for use with Ladenburg Thalmann analysts. It is not intended for, and should not be used with, any
More information