09/04/2019

Equities have rebounded strongly from 2018’s lows, demonstrating a V-shaped recovery associated with prior corrections. We expect equities to accelerate through the bull market’s final third.

25/01/2019

2018’s market decline was driven more by fear than fundamentals, a classic characteristic of corrections which typically feature strong V-shaped recoveries. We expect the bull market to resume selling pressure from the end of 2018 to ease and corporate and economic fundamentals remain solid.

18/11/2018

We are currently overweight to European Financials in our global portfolios. Despite recent sentiment-driven underperformance, we expect strong performance going forward. Asset quality, real estate prices, loan growth, LEIs, the yield curve and the end of QE support a healthy future. Overblown trade and political fears have weakened sentiment for European Financials, setting the floor for positive surprises.

09/10/2018

The paper was prepared in light of shifts within our Emerging Markets Equity portfolio which increased our overweight to Latin America. Further, the paper discusses the firm’s views to the unfolding political events in Brazil and Mexico at the time of writing.

03/10/2018

With US midterm elections on the horizon, we expect the bull market to continue as investors begin to appreciate underlying fundamentals and fears of a trade war and Eurozone breakup dissipate.

20/08/2018

Turkey’s challenges today are driven by years of economic mismanagement and President Recep Tayyip Erdogan’s actions following his recent consolidation of power.

01/07/2018

Inflation and trade war fears are overblown and we expect the bull market to continue accelerating upward.

26/04/2018

Despite Q1’s pullback, we expect the bull market to continue. The global economy is in full expansion mode while corporate earnings growth remains strong.

25/04/2018

Trade speculation dominated Emerging Markets headlines in March. US President Donald Trump announced plans to levy 25% tariffs on about $50 billion worth of imports from China as well as adopt new restrictions on Chinese investment in the US.

25/04/2018

Political uncertainty continues falling for two of the Eurozone’s biggest economies: Germany and Italy. Germany has a new government, a reboot of the “Grand Coalition” between Angela Merkel’s Christian Democratic Union (CDU) and the center-left Social Democratic Party (SPD).

20/04/2018

Trade war and Tech regulation fears largely replaced inflation worries during the month, conspiring to drive the S&P 500 down 2.5% in March and retest the correction’s low before regaining some ground in the month’s final week.

09/10/2017

Europe is early in its credit cycle with positive momentum in economic drivers and underappreciated balance sheet strength, which should allow most European Banks to accelerate credit growth with improved profitability for at least the next few years.

04/09/2017

As the largest economy in Eastern Europe with a strong economic relationship with developed Europe, Poland offers broad exposure to the European market.

29/06/2016

The British people have officially voted to leave the European Union (EU). While Scotland, Northern Ireland and London supported remaining in the EU, Wales and the remainder of England overwhelmingly voted to leave. At final tally, 52% voted “Leave” versus 48% “Remain”. This piece breaks down the intricacies of the Brexit decision and analyses the variables behind the uncertainty clouding the markets.

26/05/2016

In the Q1 2016 earnings season, some department stores reported weaker-than-expected results with news of declining sales and profits. Media was quick to dramatize the reports with cries of a US “retail recession” and assertions that the consumer is tapped out —all bad signs for US growth looking forward. However, in this piece, we would humbly suggest that is incorrect.

18/02/2016

A summarized analysis that puts EM corporate debt into perspective and reveals the portion denominated in USD.