Equities
Key insights Global emerging markets have provided very strong returns for long term investors. However, investors have to be prepared to accept higher volatility over shorter periods of 3 years and less. Significant performance dispersions across regions, countries, sectors and styles factors provide substantial opportunities for active managers. Smart-beta or factor strategies have delivered... Show More
Our conclusion upfront. Simply put, for the patient capital, emerging markets are looking attractive at current levels given the de-rating seen in 2018. High quality companies with growth drivers leveraged to structural changes in EM will withstand the vagaries of the market. Whilst 2019 has started on a more optimistic... Show More
US companies had a strong run in earnings and revenue growth during 2018, with numbers largely surprising on the upside. A run like that looks unlikely in 2019, as the benefits of substantial fiscal stimulus from US tax cuts and greater public spending wane. US companies are already signalling that... Show More
In 2017, emerging markets delivered some of their best returns since 2009. However, a series of headwinds – which include a stronger US dollar, lower liquidity due to rising US rates, China’s attempts at deleveraging, and uncertainty surrounding trade – have now hit. This has meant some of those gains... Show More
Macro
With the two largest economies in the world at loggerheads, many investors and commentators are trying to figure out the end game. Alex Duffy, Portfolio Manager at Fidelity instead suggests focussing on the impacts on individual markets. “Specifically, when I look at China, I’m far less worried about the impact... Show More