April 2017
Strategy CPR Invest - Global disruptive opportunities, disruptive forces at work for healthcare
Interaction between conventional medical research and the high tech industry has led to considerable progress in healthcare in recent years. faster and more effective treatments are in this way able to reduce costs.
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April 2017
Strategy Quality, the positive factor
Quality is positive: it is about good companies that are efficient at managing their businesses profitably, creating shareholder value and being rewarded with above average returns. Yet, quality is not always easy to recognise or measure. Here are a few pointers for avoiding (...)
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April 2017
Strategy Trade war risk fades, for now
We see a reduced near-term risk of trade wars, as President Donald Trump’s White House appears to have softened its stance toward both the North American Free Trade Agreement (NAFTA) and China. This could benefit emerging markets (...)
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April 2017
Strategy Policy uncertainty vs economic certainty
Policy uncertainty was recently been at the highest levels we have ever seen. However spreads have remained relatively tight and volatility was close to record low levels. The cash bond market is still trading in a tight range in the past couple of months and implied vols (...)
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April 2017
Strategy How Do Hedge Funds Position Ahead of the Atypical French Elections?
Hedge funds generated alpha last week. Global Macro funds outperformed thanks to higher dollar and oil prices. Amid slightly negative global equities, L/S Equity funds succeeded in extracting excess returns, especially in Europe through relative (...)
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March 2017
Strategy Value, the obvious factor
All famous investors from Benjamin Graham to Warren Buffet have, first and foremost, been fervent advocates of value investing. Value can be assessed in very diverse ways and value investing can also suffer from some drawbacks. Here are a few pointers for understanding value (...)
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March 2017
Strategy Buying the oil dip
A recent drop in energy-related assets looks to be overdone. We believe this creates opportunities in selected energy equities and credit — even as we see oil prices trading mostly sideways in the near term.
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March 2017
Strategy What are the appropriate investment strategies in today’s volatile market?
Macro-economic figures are currently strong almost everywhere in the World. The ISM index is back to its local high in the US, PMI indices are also well oriented in Europe, China has stopped being a concern and even Japan’s growth seems to be coming back, albeit (...)
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March 2017
Strategy Four picks for investors following last week
Equities and bonds strengthened worldwide, but the dollar weakened because of the Fed’s more dovish tone on future rate rises. Whilst now at 1%, there is the suggestion another two rate rises will happen in 2017, this is still below some of the market’s more fearful (...)
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March 2017
Strategy How can investors navigate European politics and US monetary policy?
Strong US economic data and a more hawkish Fed saw the US Treasury index yield climb 20 bps, pushing performance down last week and putting pressure on fixed income exposures. Corporate bonds performed better — as expected — but the best position was in high yield with a short (...)
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February 2017
Strategy Emerging Markets: Another Year, Another Opportunity
Paul McNamara, investment director responsible for GAM’s emerging market strategies, looks ahead to 2017 and reflects that the likely drivers of EM local currency bond markets are the same ones that led to overall outperformance last (...)
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January 2017
Strategy Getting ready for reflation
We believe now is a good time to ready bond portfolios for reflation: improving growth, wage gains and higher inflation. We see global reflation running further in 2017 and spurring a modest rise in global bond (...)
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January 2017
Strategy TNote-Bund correlation: new regime
2016 marked a watershed for the sovereign bond market. European bonds underwent a sharp selloff in Q4 2016, this when the year had kicked off on a bullish note that lasted right through to September. The political events in 2016, the outlook for growth and for inflation and (...)
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January 2017
Strategy Equities continued to make new highs but many risks are emerging on the horizon
Equities continued to make new highs as we moved into 2017, but we are mindful that the outlook is littered with macro-economic and political risks – not least the forthcoming elections in France, Holland and Germany, Article 50, and President Donald (...)
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January 2017
Strategy Short covering in US Treasuries
T-note yields have had a somewhat volatile week. The yield on 10y notes traded as low as 2.30% before closing last week at 2.40%. Short positioning in US bonds has normalized thanks in part to successful auctions.
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