Through the lens

  • Trump and European Banks

    15 March 2017

    Few expected Donald Trump to win the US presidential election. Even fewer predicted the aftermath, a strong rally in global stock markets. When the unexpected happened, the extent to which investors were wrong‐footed could be observed in the sharp rotation between sectors, away from defensive stocks and into cyclicals. 

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  • Election Insight - Netherlands

    13 March 2017

    The Netherlands is holding parliamentary elections to its House of Representatives on 15 March 2017. The vote is seen as a key test of popular sentiment towards the EU in what is a busy year of elections for Europe; France and Germany are also due to go to the polls.

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  • Credit - stick to the fundamentals

    01 December 2016

    In a world in which some 50% of investment grade-rated bonds are trading with a yield of less than 1%, generating a compelling return from credit is a challenge. Even with the recent increase that has followed the US presidential election, yields and credit market returns remain low, posing challenges for client-specific outcomes around growth and income.

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  • European Retail – the age of digital disruption

    23 November 2016

    In a world of increasing digital disruption, we are seeing many companies adopt new technology and techniques to run their business and meet evolving customer demands. Companies will have to adapt to survive but this remains part of the life blood of a growing dynamic economy and presents multiple opportunities for bottom-up investors.

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  • Emerging Market Local Currency Debt - putting country first

    28 September 2016

    Emerging market (EM) countries tend to display greater economic and political diversity than their more homogenous developed market counterparts.

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  • The rise or demise of the machines?

    18 August 2016

    Given concerns over growth, the European equity market looks fairly fully valued compared to longterm historical levels and we have seen de-ratings at both a market and company level. This has not been helped by challenging market liquidity levels.

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  • Wall Street versus Main Street

    13 June 2016

    With mixed data signals coming out of the US and investors concerned by recent volatility, it becomes increasingly important to look beyond macroeconomic headlines and find grass roots opportunities. One question we have been asking is could 2016 be the year of the reverse wealth effect for US consumers?

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  • Ringing in the changes

    18 April 2016

    European equity markets had a turbulent first quarter, falling 8%*. Additionally, volatility and uncertainty have increased, with risk re-priced as a result of growth rates being brought into question.

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  • Planning ahead

    23 March 2016

    One of the challenges of pursuing absolute returns is constructing portfolios that work in multiple scenarios and insulate investors against extreme market downturns.

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  • Going local down in Acapulco

    16 September 2015

    Few global asset classes have experienced the same level of risk re-pricing as emerging market (EM) local currency bonds over the last three years.

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