Asset Allocation
Scott Haslem

Investors typically have on hand a long list of concerns arguing against investing in emerging markets. These concerns often centre on the ability to regather capital once invested, the extent of government intervention, the ranking of investors’ interests and rights, issues of corporate governance, as well as the inherent volatility... Show More

Scott Haslem

A masterly retreat can itself be a victory, or so penned American author Norman Peale. And key global central banks have spent the past two months in retreat, signalling pauses or delays to both rate rises and balance sheet unwinds. This has underpinned a strong start to equity markets in... Show More

Macro
Scott Haslem

Peering in the rear-view mirror, 2018 could be characterised by slowing global growth; central bank policy tightening; and escalating geo-political risk. These are not features typical of a strong performance in risk markets. Yet for most of last year, markets climbed this wall of worry. Show More

Scott Haslem

October has proved to be a difficult month for risk assets. Global equities have fallen by over 9% led by the US (-9%) and Europe (-7%), with US technology particularly bearing the brunt of the weakness (-12%). This follows our decision to trim risk last month, cutting our overweight to... Show More

Scott Haslem

The past month has delivered little resolution to the key questions plaguing investors as the cycle matures. Can strong global growth be sustained beyond this year, and inflation and wage pressures stay benign, allowing risk markets to grind ever higher? Alternatively, will tightening jobs markets foster an unexpected lift in... Show More

Scott Haslem

As 26th President of the USA, Teddy Roosevelt said, “In any moment of decision, the best thing you can do is the right thing…the worst thing you can do is nothing.” Last month - where we set course for the rest of 2018 with our strongest views - one of... Show More

Scott Haslem

In our first monthly letter for the year, we highlighted that 2018 was unlikely to be a ‘set and forget’ year for investment strategy. As we approach the second half of 2018, macro uncertainty and cascading geo-political risks continue to impact markets and seem likely to befriend us for the... Show More

Scott Haslem

Recent weeks have seen global growth continue to push ahead in a robust and synchronised fashion. Similarly, and much as hoped, wage and inflation data have stepped back from their early-year acceleration, supporting our call that rising inflation pressures should come through only gradually. But in the words of Lord... Show More

Scott Haslem

Twenty-six years of uninterrupted economic expansion. Australia’s recent performance is now unmatched in history. While a handful of factors have been key to this outcome, without doubt, the floating of the Australian dollar in December 1983 was one of the most critical. According to former Reserve Bank of Australia (RBA)... Show More

Scott Haslem

Although confronted with a maturing growth cycle and the likelihood of more modest returns, the catalysts typically leading to past downturns appear largely absent - such as sharply tighter monetary or fiscal policy and financial crises. Notwithstanding our sense that 2018 is a year to stay positive, we have highlighted... Show More

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