ZIRPs and NIRPs and Unintended Consequences

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By Brooks Ritchey, Senior Managing Director, K2 Advisors, Franklin Templeton Solutions     Monetary policy around the world has taken an unprecedented turn—with negative interest rates now the norm in several parts of the world. Brooks Ritchey, Senior Managing Director of K2 Advisors, sees scant evidence to prove this policy approach is working to stimulate […] Read more »

Global business cycles: converging at last?

By Paul Diggle, Economist at Aberdeen Asset Management   The business cycles of the major economies are out of sync. While the US and the UK are several years into a sustained expansion, the Eurozone economy has only recently begun to show signs of repair, and the emerging markets are tipping into downturns of varying […] Read more »

Fed Rate Rise To Be Catalyst For Last Phase of EM Underperformance

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By Jawad Mian, Managing Editor Stray Reflections   The inefficiencies that are at the heart of macro investing are permanent, as they relate to the inherent uncertainty of the future. The vast majority of the data required is publicly available. The differentiating factor is the ability to analyze and thematically organize the information into coherent […] Read more »

Recent Setback In High Yield Was Technically Driven

By Dan Doyle, Portfolio Manager of Non-Investment Grade Credit at Neuberger Berman   The U.S. high yield market’s decline in July was its first setback in nearly a year. Could this be a sign of continued weakness or merely a correction? We believe continued strong fundamentals could point to a short-term sell-off and a fairly […] Read more »

SVM Positioned For US Recovery To Beat Expectations

By Colin McLean, managing director, SVM Asset Management SVM portfolios are currently fully invested, recognising attractive valuations in the UK and Europe and a more encouraging outlook for global growth.  In the US, news in construction, housing and retail suggests that the worst is past. US construction and housing sectors, representing in total one-sixth of […] Read more »