Multi-Asset

 
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July 2017

Balancing Act - Multi-Asset research views

Could this be taper tantrum 2.0? Markets are well-conditioned to buy risk on the back of generally dovish encouragement by central bankers, but what are we to make of this new seemingly coordinated hawkish tone across the developed world?


May 2017

Balancing Act - Multi-Asset research views

What does it mean to be a value investor? This question is all the more relevant today. The S&P 500, NASDAQ and Dow have all hit record highs as of the time of writing. US equities ranked as one of the most expensive equity markets on our valuation models at the end of last year. Yet they have risen a further 10% since.


April 2017

Balancing Act - Multi-Asset research views

Macron is the next President of France – finally, a win for the establishment. Macron took 66% of the votes over Le Pen’s 33%, but is this a mandate against populism? We do not think so, as the disenfranchised class is already formidable and will only continue to grow until there is, in fact, change or the establishment is fully toppled.


March 2017

Balancing Act - Multi-Asset research views

With Donald Trump’s victory in the US presidential elections inNovember 2016, the Republican Party succeeded in consolidating control over the White House, the Senate and the House of Representatives. This stoked expectations that meaningful legislation and reform would soon follow, in contrast to the troubled partisan years of the Obama administration when neither party was in control of all three arms of the government. However these expectations have rapidly faded over the last few weeks.

Emerging Markets Quarterly - Recovery broadens but with policy risk still on the horizon

The Trump reflation trade may have lost some of its shine during the quarter, but any disappointment was more than overshadowed by strong global data as exports and production continued to gather pace. In fact, fading enthusiasm for Trump’s ability to execute has arguably served as a tailwind for Emerging Market (EM) assets in the form of a weaker dollar and moderating long term rates.


December 2016

Global Multi-Asset Market Outlook 2017

2016 may best be remembered as the year in which Trump won and the world changed. The question becomes which reforms will take centre stage.


November 2016

Balancing Act - Multi-Asset research views

Donald Trump has won and the world has changed. A real estate developer cum reality TV star will soon be the leader of the free world.


October 2016

Emerging Markets Quarterly - Better Fundamentals but still Risks in DM Policy

Emerging markets (EM) have endured strong adjustments in commodities and currencies that coupled with reforms makes a good case for better growth ahead. Still, it will take time for EM to navigate to more stable sources of growth, requiring relative stability through the delicate transition.

Balancing Act - Multi-Asset research views

As we enter the final quarter of 2016, concerns around political risk are at an uncomfortable level. October saw further volatility in the UK Pound, as negotiations around Brexit drove the currency to its lowest level in over 30 years.


September 2016

Balancing Act - Multi-Asset research views

Since the 2008 financial crisis, markets have become accustomed to central banks calling the shots. Investors eagerly await each central bank meeting in the hope some new form of monetary policy chicanery can help propel markets higher.

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