Investment Topic: Equities

Research Report November 2019
Outlook 2020: Ten Investing Themes for the Coming Year

This year’s returns have been driven more by what has not gone wrong than what has gone right. Slowing economic growth and lackluster earnings have not shifted investors’ focus from dovish central banks and a slight easing of geopolitical risks. It is an open question whether investors will remain so sanguine in 2020. Our Outlook 2020 highlights ten themes for the coming year, with a focus on key macro questions, emerging opportunities, and risks.
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Research Report September 2019
Market History

Equity market downturns are chaotic environments that are rarely short-lived—the best advice is to be prepared.
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CA Answers July 2019
Could the Equity and Bond Markets Both be Right About the Macro Outlook?

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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CA Answers March 2019
Should Investors Chase the Rally in China A-Shares?

Yes, but only if you can tolerate the volatility. Chinese A-shares have surged in 2019, rising nearly 23% as of March 8. In 2018, A-shares’ -29% return was one of the worst among major markets, but renewed optimism this year over US-China trade negotiations sparked the sharp rebound.
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Research Note March 2019
Brexit’s Crescendo and UK Investors: Tuning Out the Noise

Though developments and headlines associated with the UK’s Article 50 negotiations with the EU to exit the trading bloc have been fitful, their impact thus far on the underlying fundamentals of the UK economy and sterling-denominated assets, particularly UK equities, has been moderate. Because Brexit is a political process with two-way tail risks, it warrants close monitoring but is not a good foundation for a tactical investment position By the same token, UK investors should avoid factoring in expectations of specific potential Brexit outcomes into strategic decisions regarding currency exposures.
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