March’s publication summarizes three articles discussing the implications of the UK’s June 23 referendum vote on EU membership. The first argues that the UK economy stands to lose from an exit vote even under optimistic assumptions, the second highlights how the uncertainty connected to the vote is already taking a toll on the UK economy, and the third suggests investors should trim exposure to peripheral EU countries.
Yes, but the amount of outperformance could be limited, and growing macro-driven volatility will likely cap the absolute level of returns.
February’s publication summarizes two articles discussing the economy and its impact on markets. The first argues that while recessions are likely to occur more frequently in the future, the probability of a near-term recession in developed markets is low, and the second suggests valuations, not economic growth rates, drive equity market returns.
The US dollar may remain under pressure in the near term, but we doubt the strong-dollar cycle is over.
Risks to the global economy are rising, but the New Zealand economy is relatively well placed compared to others, with many of the risks external in nature.
In this edition of CA Answers, two members of our research team debate whether markets have entered a new bear phase.
Investors should be prepared for 2016 to look similar to 2015, with high volatility and poor returns for risk assets.
Begin to rebalance into undervalued assets provided you have adequate liquidity to take advantage of additional opportunities that may develop.
January’s publication summarizes three articles on value, growth, and momentum. The first separates fact from fiction in value investing, the second discusses how the growth premium can be helpful to the value investor, and the third highlights how momentum in combination with value and growth can lead to a less-risky portfolio.
In this edition of VantagePoint, we briefly discuss economic growth prospects, reaffirming the need to be cautious about cyclically oriented assets in an environment of low growth and severe weakness in some corners that could potentially spread. In other words, we remain patient in evaluating opportunities and set high standards for taking cyclical risk. We review our outlook for cheap assets that keep getting cheaper (commodity-related assets and emerging markets equities), evaluate the case for high-yield bonds as yields and spreads have widened, and revisit our global developed markets equity recommendations.