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Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. No. But, the game has changed and to be successful, investors should adopt a new commitment strategy. While the industry faces secular challenges, managers can innovate to exploit disruption and generate attractive absolute returns. Private equity…
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No, sterling-based investors should not change their currency hedge ratios or their allocations to sterling-denominated assets based on potential Brexit outcomes.
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Yes, maintaining a well-hedged pension plan is prudent risk management.
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No, we do not think Federal Reserve rate cuts signal a major downturn in the US dollar.
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No. While US companies have some defensible profitability advantages, today’s elevated margin levels may be poised for a reversal of fortune.
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Yes. While equity and bond markets don’t often rise in tandem like they have lately, history suggests that both recent moves could be warranted if central bank stimulus successfully extends the cycle. But that is a big “if”; several moving parts cloud the macro outlook, and markets are assuming that central banks can reverse the recent economic slowdown.
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No. While we do not expect the trade war to end after President Trump and President Xi meet this week at the G20 in Japan, we have not changed our view that investors should consider dedicated allocations to China broadly and A-shares in particular.
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The seemingly ever-expanding US-China trade war has undercut economic activity in the euro area, challenging earnings expectations and the bloc’s currency.
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Mega funds are indeed in a category by themselves, namely that of a new public markets proxy.
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No, we believe investors should maintain a modest tilt away from US equities and toward global ex US stocks.
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