Portfolio




Bond markets, time to get out of the more vulnerable euro aggregate market

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The economic scenario has rarely been so favourable to the credit market: the global economy is in a cyclical upturn, recessionary risks are more remote, and inflation remains contained, although still rising. That said, rate risk management remains a significant issue for fixed-income investors. An active investment strategy – so-called… Read More »


Divergences in public debt incur a risk for the eurozone in the medium term

Candriam -

Over the past 10 years, since the onset of the Great Recession, the state of public finances … … among eurozone members has deteriorated considerably (charts 1 & 2). The difficult bailout of Greece, and particularly the ECB intervention in summer 2012, prevented the breakup of the eurozone and restored… Read More »


Why Things Aren’t What They Used to Be in Emerging Markets

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When we look at the emerging-market companies in which we invest today, they are worlds away from the companies we were analysing a decade or two ago. The landscape of emerging-market corporations in general has undergone a significant transformation from the often plain-vanilla business models of the past that tended… Read More »


Energy equities starting to look interesting

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Energy sector valuations have already priced in a more bearish outlook for oil despite some supports in the nearterm Energy equities have lagged the recovery in oil pricesWhile oil prices corrected 13% in March and have since risen 8% to nearly their pre-correction levels, the interesting thing is that oil-related… Read More »


Short European equities ahead of French elections

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Investors are positioning ahead of the European elections, reducing exposure to the European equities Gold ETPs recorded inflows for the second consecutive week as prices head closer to US$1,300/oz. Following the launch of 59 tomahawks on Syria, markets have been holding their breath, watching officials’ reactions in the US and… Read More »


Small is Beautiful

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U.S. smaller companies have endured seven lean years, but are they poised for a comeback? The influential German economist E.F. Schumacher coined the phrase “small is beautiful” back in 1973 in his best-selling book about the relation between mankind and technology. A protégé of John Maynard Keynes, Schumacher explored the… Read More »


Snapchat, don’t follow the trend but look at dividends

Viktor Nossek -

The IT sector is interesting because technology continues to go beyond expectations. The tech sector have been doing phenomenally well, markedly outperforming the broad equity market. Technology, when it reaches its maturity, becomes a great sector to own in any dividend strategy. Technology is also operating in a very regulated… Read More »