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Fears that a default by China Evergrande Group could trigger a financial crisis has led to some weakness in global equities in recent days, with the MSCI All Country World Index falling 3.5% from its peak. While Evergrande is likely to default and require a major restructuring, we view fears of a broader financial crisis as overblown.
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Yes. Secondaries, the “yang” to the “yin” of primaries and an investment strategy nearly as old, are growing, particularly GP-led secondaries.
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Yes, we believe value stocks can resume their leadership relative to the broad market over the next six to 12 months, provided we are correct in our assessment that the economic impact of COVID-19 Delta variant will be limited in major developed markets and China.
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The results of the strategy review were more about clarifying and making explicit how European Central Bank (ECB) policy is currently run, rather than signalling a radical departure for monetary policy in the single currency bloc.
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No. While the ongoing regulatory crackdown on technology companies in China is unsettling markets, it is not specifically targeting foreign investors.
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No, not yet, as just over 10% of last year’s performance was realized.
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No. While the Federal Reserve’s discussion of tapering asset purchases signals a shift toward tighter monetary policy, both the Fed and markets learned valuable lessons from the 2013 Taper Tantrum; the impact on bond yields should be limited.
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Yes. We believe the underperformance of Japanese small-cap stocks in recent years will reverse, boosted by attractive relative valuations, stronger balance sheets, and growing pressure from shareholders and regulators.
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Diversity is not just about gender or ethnicity—it is about having different perspectives, different points of reference, and different experiences. Homogeneous investment teams are more susceptible to groupthink, missing out on unknown opportunities, and being blind to some risks. Investors should consider diversity in the investment decision-making process, as we expect a diversity of thought and talent will lead to better investment outcomes than a process that ignores this important issue.
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Today, the US Bureau of Labor Statistics released its monthly inflation report for April, which highlighted that prices paid by urban consumers for a basket of goods and services increased by 4.2% relative to the same month last year.
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