June 2016
Strategy Allocation June 2016: put up the umbrella?
Much water has flowed under the bridge since the highly challenging start to the year for the markets. The performance returned risky assets on the European stock markets have rallied 15% from their February lows. Although year-to-date returns are now practically flat, the (...)
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June 2016
Strategy How helicopter money works
Monetary financing isn’t a wacky new policy and is easy to understand once you look at ‘money’ the right way. We should treat government debt and taxation as two forms of monetary sterilisation rather than financing (...)
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June 2016
Strategy Subordinated debt – worth a look for yield-starved investors
Bonds yield little, while equities are not particularly cheap. Against that unappealing backdrop, looking beyond the beaten track for alternatives may prove rewarding. Anthony Smouha, CEO of Geneva-based Atlanticomnium, explains why he believes that junior debt could be an (...)
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May 2016
Strategy Financial markets in 2016: From the « 3D » to the « 3R », a shift in market paradigm – is it going to last?
Three forces collided at the turn of 2015-2016 to make markets extremely anxious. First, the Fed stuck to its promise to start a tightening cycle in 2015, with an in extremis hike in December 2015. The accompanying “dot plot” priced in four more hikes for (...)
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May 2016
Strategy Invest with “style” and outperform
Investment « styles » aim to capture risk premia and/or market anomalies that can be seen structurally over long periods. While no formal classification exists, a distinction is traditionally made between four major style families, not only applicable to equities but also to (...)
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May 2016
Strategy Liquidity across markets and macro environment
Market liquidity plays a crucial role in the stability of financial system and central banks across the world pay a close attention to the development of liquidity in all asset classes. In this report, we discuss what do currents liquidity conditions imply for the market (...)
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April 2016
Strategy Which assets will be on a roll until May?
Our recommendations proceed from three factors, which are that macroeconomic risks (US cycle, Chinese cycle, upturn in crude prices to around USD 40/bbl) will subside in the short term, that QE will be ramped up by the ECB (from EUR 60bn to EUR 80bn) and, finally, the risk (...)
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April 2016
Strategy JPY at risk of reversal: who wins? who loses?
JPY and Japanese equities were the outcast of the rally, in diffidence of Abenomics’ and BoJ’s chances of success. They bear a risk of a reversal ahead of the coming BoJ meetings (April 28 & June 16) and the July Upper House (...)
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April 2016
Strategy In a volatile central bank driven environment, dividends are the more stable factor to offer guidance
According to Patrick Moonen, Principal Strategist Multi Asset at NN IP, there looks to be a trade-off between the yield and the safety of it. For example, the global energy sector has a trailing dividend yield above 4% but the safety of this dividend is (...)
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April 2016
Strategy Five reasons why value will be back with a vengence
Mark Donovan, David PyleValue investors have had a rough ride over the past 18 months, but the tide may now be turning due to five major catalysts, says US fund manager Mark Donovan.
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March 2016
Strategy European equities: volatility equals value opportunities
Nick Sheridan, manager of the Henderson Horizon Euroland Fund and Henderson Horizon Pan European Dividend Income Fund, explains why recent market volatility and uncertainty is to be welcomed for the long-term opportunities it (...)
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February 2016
Strategy Bond Markets: a macro-economic cocktail that calls for a selective approach
Investors should adapt to this new reality, just as they are being buffeted by a number of economic crosswinds: a strengthening US dollar with its disruptive impact on emerging economies, the knock-on effect on developed nations, deteriorating US fundamentals sparked by a (...)
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February 2016
Strategy Joining the dots between climate change and strategic risks
The World Economic Forum’s (WEF) 11th annual Global Risk Report named “failure of climate-change mitigation and adaptation” as the top global risk for 2016 and beyond, making a case for linking this to other high-ranking risks such as “large-scale involuntary migration” and (...)
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February 2016
Strategy Fed, Oil, yuan: towards a triple capitulation?
The first few days of the year were particularly challenging for capital markets. Further incertitude regarding the strength of the US cycle and the possibility that the Chinese economy is weathering a heavy depression drove risky assets lower, bucking the traditional (...)
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February 2016
Strategy Commodities at peak bearishness, presenting major opportunity
ETF Securities, one of the world’s leading, independent providers of Exchange Traded Products (ETPs), believes commodity markets may be close to their most attractive ever after continued levels of bearishness.
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