AGENDA
26.04.2021
Monthly Agenda April 2021 - We need to talk about China
The investment case for China has become more challenging over the past few months. We can point to three reasons for this. First, having led the …
Read More
AGENDA
26.04.2021
Monthly Agenda April 2021 - Australian Equities
The return on the ASX 200 so far in 2021 has been driven by the key cyclical stocks and sectors of the market, particularly financials and resources. …
Read More
AGENDA
26.04.2021
Monthly Agenda April 2021 - International Equities
The benchmark China index (CSI 300) is down some 16% from February’s record. Over the past five weeks or so, the market has been in a ~5% range.…
Read More
AGENDA
26.04.2021
Monthly Agenda April 2021 - Fixed Income
Financial conditions remain ultra-accommodative with Goldman Sachs’s gauge touching fresh lows. The U.S. economy is gaining momentum, with a …
Read More
AGENDA
26.04.2021
Monthly Agenda April 2021 - Alternatives
First quarter private equity exit activity continued the robust trend set in the final quarter of 2020 as the value of exit deal flow totalled $124bn,…
Read More
AGENDA
29.03.2021
Monthly Agenda March 2021 - Life in the post-pan world
Navigating the past twelve months in financial markets has required a deft hand and a clear and organised mind. The speed of travel has been …
Read More
AGENDA
29.03.2021
Monthly Agenda March 2021 - Australian Equities
February's half year reporting season was the strongest in several years, as illustrated by the high level of earnings upgrades to consensus …
Read More
AGENDA
29.03.2021
Monthly Agenda March 2021 - International Equities
Chinese stocks are trailing U.S. peers this year. Economic data out of China have been underwhelming relative to the U.S. The outlook for the U.S. …
Read More
AGENDA
29.03.2021
Monthly Agenda March 2021 - Fixed Income
Bond traders are anticipating a steep return to rate hikes in coming years in defiance of what the Fed keeps saying it will do. The market has a long …
Read More
AGENDA
29.03.2021
Monthly Agenda March 2021 - Alternatives
Private market investors continued the trend of allocating greater amounts of capital to top tier experienced fund managers in 2020. The proportion …
Read More
AGENDA
22.02.2021
Monthly Agenda February 2021 - Reopening, rotation, reflation
Over the course of the last twelve months, the world has progressed through three broad phases of the recovery. The first, occurring in Q2 and Q3 of …
Read More
AGENDA
22.02.2021
Monthly Agenda February 2021 - Australian Equities
Through the COVID crisis, dividends from Australian listed companies were cut by a greater degree than the decline in earnings. This was attributed …
Read More
AGENDA
22.02.2021
Monthly Agenda February 2021 - International Equities
Utilities are a classic bond proxy while banks traditionally get a boost from rising yields and a steepening yield curve. The ratio between banks and …
Read More
AGENDA
22.02.2021
Monthly Agenda February 2021 - Fixed Income
The fixed income story for February was the rise in bond yields. Nominal bond yields are made up of two broad components – real yields and …
Read More
AGENDA
22.02.2021
Monthly Agenda February 2021 - Alternatives
Private Equity (PE) deal flow rebounded strongly in Q4 2020 following a sharp decline in activity around the middle of the year. Fourth quarter …
Read More
AGENDA
20.01.2021
Agenda 2021 – Our Views in Brief
The world will go from synchronised crisis in 2020 to synchronised recovery in 2021. Sizeable fiscal and monetary stimulus globally will feed into …
Read More
AGENDA
20.01.2021
Agenda 2021 – Extremis
2020 was a year of extremes. The COVID-19 crisis took the world’s economic, financial and social infrastructure to the limit. Economies fell …
Read More
AGENDA
20.01.2021
Agenda 2021 – Theme 2: COVID-Driven Structural Trends
The spread of COVID-19 across the world through this year had a dramatic impact on everyday life for many people as governments imposed …
Read More
AGENDA
20.01.2021
Agenda 2021 – Theme 3: Toward Net Zero
In December 2015, 55 countries accounting for 55% of the total global greenhouse gas emissions formally agreed to limit global warming to 1.5 degrees …
Read More
AGENDA
20.01.2021
Agenda 2021 – Global Economy Breakdown
The business cycle troughed in the US in April when 95% of Americans were ordered to stay-at-home. The subsequent economic re-opening coupled with …
Read More
AGENDA
20.01.2021
Agenda 2021 – Theme 1: The Income Challenge
Income investors have never had it so tough. Not only are the yields on everything from term deposits to bank stocks plumbing new lows, but …
Read More
AGENDA
20.01.2021
Agenda 2021 – Fixed Income
Fixed income assets had a reasonable year in 2020. Bond yields tumbled and credit spreads tightened in response to the unprecedented monetary …
Read More
AGENDA
20.01.2021
Agenda 2021 – Australian Equities
After an eventful and challenging year for the domestic equity market, we have a constructive view for 2021. Underpinning our confidence is the …
Read More
AGENDA
20.01.2021
Agenda 2021 – International Equities
Our base case scenario remains very favourable toward global equities in 2021, particularly the cyclical sectors, small cap companies and emerging …
Read More
AGENDA
20.01.2021
Agenda 2021 – Alternatives
With central bankers increasingly crowding investors out of public markets, private markets will increasingly become an attractive option. Such an …
Read More
AGENDA
20.01.2021
Agenda 2021 – Asset Class Quilt of Market Returns
2020 will be a year many would prefer to forget but few will. Equity markets swung wildly plunging in March during the early stages of the pandemic, …
Read More
AGENDA
24.11.2020
Monthly Agenda November 2020 - Fixed Income
While Covid-19 continues to spread across the US, neither the stock market nor the yield curve are signalling a material slowdown. Cyclical stocks …
Read More
AGENDA
24.11.2020
Monthly Agenda November 2020 - Alternatives
Alternatives total asset under management are forecast to grow by 60%, or 9.8% annualised equivalent rate, taking total assets to US$17.16tn by 2025. …
Read More
AGENDA
24.11.2020
Monthly Agenda November 2020 - International Equities
Small cap companies managed to extend their rally this month, hitting all-time highs. That bodes well for emerging market assets, given the small-cap …
Read More
AGENDA
24.11.2020
Monthly Agenda November 2020 - Australian Equities
The ASX 200 Accumulation Index has gained more than 10% in the first three weeks of November, turning around the poor performance of the second half …
Read More
AGENDA
29.10.2020
Monthly Agenda October 2020 - Alternatives
With bond yields sitting close to historic lows investors searching for yield are forced to look further out the risk spectrum to achieve the same …
Read More
AGENDA
24.11.2020
Monthly Agenda November 2020 - The Emerging Recovery Gets a Tick
The uncertainty of the US election has now faded; the narrative around an effective vaccine has turned more positive allowing thoughts to turn to re-…
Read More
AGENDA
29.10.2020
Monthly Agenda October 2020 - Time for Small to Shine?
One of the interesting features of the equity market in October is the relative outperformance of small companies over their larger counterparts.
If …
Read More
AGENDA
29.10.2020
Monthly Agenda October 2020 - Fixed Income
The dynamic between U.S. stocks and Treasury yields is once again in focus. Both are rising due to a belief in stimulus-driven reflation. Steeper …
Read More
AGENDA
29.10.2020
Monthly Agenda October 2020 - Australian Equities
There has been an increasingly optimistic outlook for the Australian equity market over the last two months on the back of an expansionary Federal …
Read More
AGENDA
29.10.2020
Monthly Agenda October 2020 - International Equities
The MSCI Emerging Markets Index of stocks has shown a burst over the last month and stands at the cusp of hitting a two-year high. China’s role …
Read More
AGENDA
28.09.2020
Monthly Agenda September 2020 - The Age of Administered Markets
The COVID-19 crisis has accelerated many structural trends that were evident previously – e-commerce, the cashless society, remote working - …
Read More
AGENDA
28.09.2020
Monthly Agenda September 2020 - Australian Equities
A potential second wave of capital raisings by Australian companies did not eventuate through August's reporting season. With most large capital …
Read More
AGENDA
28.09.2020
Monthly Agenda September 2020 - International Equities
The message from a sliding AUD/USD is not a happy one for Asian stocks. The Aussie is viewed as a risk barometer, so its rapid slide this week will …
Read More
AGENDA
28.09.2020
Monthly Agenda September 2020 - Fixed Income
Equities have bounced around quite a bit over the past few months. Bond investors have been significantly calmer. Perhaps it’s because most of …
Read More
AGENDA
28.09.2020
Monthly Agenda September 2020 - Alternatives
Sales of new homes rose to their highest levels since September 2006 in the US reaching an annualised figure of just over 1 million ahead of …
Read More
AGENDA
31.08.2020
Monthly Agenda August 2020 – A World of Possibilities
Today’s investment environment is one where there is a world of possibilities but few certainties. Part of the issue, in our view, is that this …
Read More
AGENDA
31.08.2020
Monthly Agenda August 2020 – Alternatives
The integration of ESG into the investment process is becoming a standard part of General Partners (GP) mandates within private markets. The …
Read More
AGENDA
31.08.2020
Monthly Agenda August 2020 – Fixed Income
The Fed is taking an ever-greater role in the U.S. economy and that’s raising concerns it is skewing the playing field to the benefit of larger …
Read More
AGENDA
31.08.2020
Monthly Agenda August 2020 – International Equities
The S&P 500 finished August in the black for a fifth straight month on optimism a vaccine for the virus may be around the corner. If markets are …
Read More
AGENDA
31.08.2020
Monthly Agenda August 2020 – Australian Equities
Forward EPS revisions have varied across the sectors of the Australian market this month, with estimates revised following companies reporting annual …
Read More
AGENDA
03.08.2020
Monthly Agenda July 2020 – 100 Days
This month we focus our attention on the upcoming US presidential election. This is timely for two reasons. First, we are now three months out from …
Read More
AGENDA
03.08.2020
Monthly Agenda July 2020 – Fixed Income
Holders of highly rated bonds have never been paid so little. Yields on U.S. investment-grade corporate debt are a basis point or so wider in the …
Read More
AGENDA
03.08.2020
Monthly Agenda July 2020 – International Equities
Record drop, record recovery, and unprecedented policy action. This year’s extraordinary market environment is tearing apart long-standing …
Read More
AGENDA
03.08.2020
Monthly Agenda July 2020 – Australian Equities
FY20 earnings announcements will be a key focus of the market through August, with companies detailing the impact to earnings related to COVID19, …
Read More
AGENDA
03.08.2020
Monthly Agenda July 2020 – Alternatives
The WilderHill New Energy Global Innovation Index tracks the performance of companies active in the renewable and low-carbon energy product …
Read More
AGENDA
29.06.2020
Monthly Agenda June 2020 – The Walking Fed
Twenty years ago, “The Simpsons” famously aired an episode of Donald Trump as President of the United States. Ten years ago, the …
Read More
AGENDA
29.06.2020
Monthly Agenda June 2020 – Alternatives
Private markets have grown more than ten-fold since the turn of the century, whilst dry powder currently stands at record levels. Back in 2000 …
Read More
AGENDA
29.06.2020
Monthly Agenda June 2020 – Australian Equities
Forward earnings revisions for the ASX 200 have stabilised since early May, as analysts look towards the prospect of a recovery as the economy …
Read More
AGENDA
29.06.2020
Monthly Agenda June 2020 – Fixed Income
Austria’s mandate to issue another century bond is bound to be lapped up after the runaway success of the 2017 issue. Investors who bought and …
Read More
AGENDA
29.06.2020
Monthly Agenda June 2020 – International Equities
Governments around the world have approved almost $11 trillion to fight the pandemic, and an extra $5 trillion is still in the pipeline, according to …
Read More
AGENDA
25.05.2020
Monthly Agenda May 2020 – Alternatives
Iron ore prices have rallied strongly over the last month, up over 15% in May as stronger than expected demand from China coupled with disruptions to …
Read More
AGENDA
25.05.2020
Monthly Agenda May 2020 – Australian Equities
The recovery in global equity markets began in late March as a multitude of fiscal and monetary stimulus measures were announced around the world to …
Read More
AGENDA
25.05.2020
Monthly Agenda May 2020 – International Equities
The correlation between US equities and the US dollar is once again negative, as it was during the last time the US Federal Reserve undertook …
Read More
AGENDA
25.05.2020
Monthly Agenda May 2020 – Disconnected
The outbreak of the corona crisis has left many of us feeling disconnected from friends, families, and work colleagues. Changes in the way we shop, …
Read More
AGENDA
Monthly Agenda May 2020 – Fixed Income
One of the ironies of the current market is that investors appear to be rewarding the most indebted companies. In a classic ‘credit crisis,&…
Read More
AGENDA
27.04.2020
Monthly Agenda April 2020 - What does it mean when government goes big?
The policy response to COVID-19 has been unprecedented but so has the impact on economic activity. Whilst we are conscious not to extrapolate near …
Read More
AGENDA
10.03.2020
Monthly Agenda March 2020 – Long Live Schumpeter
There is a lot of negative news, views and opinions in financial markets right now. This negativity is rightly occurring on a number of fronts –…
Read More
AGENDA
10.03.2020
Monthly Agenda March 2020 – Australian Equities
The Australian equity market’s performance in February was driven by two primary factors, being half year reporting season and escalating fears …
Read More
AGENDA
10.03.2020
Monthly Agenda March 2020 – Global Equities
Complacency around the coronavirus marked the first half of the month for global equities with most markets up by around 5% in the first two weeks. …
Read More
AGENDA
10.03.2020
Monthly Agenda March 2020 – Currencies and Commodities
Oil prices fell by over 13% in a very volatile month for the commodity as the impact of prolonged business shutdowns and restriction on travel in …
Read More
AGENDA
10.03.2020
Monthly Agenda March 2020 – Fixed Income
Over the month of February bond yields fell across most markets. In Australia, 10-year yields finished down 13 basis points to a record low of just …
Read More
AGENDA
13.02.2020
Agenda 2020 – Our Views in Brief
Global Growth – We expect global growth to rise in 2020 as an easing of trade tensions puts a floor under global manufacturing activity. This …
Read More
AGENDA
13.02.2020
Agenda 2020 – The Dickensian Economy
It has been the best of times and the worst of times for the US economy. While this expansion has been the longest on record at over 126 months, it …
Read More
AGENDA
13.02.2020
Agenda 2020 – Theme 2: ESG Investing Comes of Age
It began as a niche desire. Originally, socially responsible investing (SRI) was confined to a subset of investors who wanted their investments to …
Read More
AGENDA
13.02.2020
Agenda 2020 – Theme 3: Let the Fiscal Phoenix Rise
Inequality of wealth within countries has grown in recent decades, particularly in advanced economies. The post-crisis policy response of injecting …
Read More
AGENDA
13.02.2020
Agenda 2020 – Global Economy Breakdown
United States – Low inflation should keep the US Federal Reserve on hold during 2020. The November presidential election is likely to be a …
Read More
AGENDA
13.02.2020
Agenda 2020 – Theme 1: A Technology Tipping Point
Since Apple released the first iPhone in 2007, few industries have been left unscathed. This transformational device was a tipping point in turning …
Read More
AGENDA
13.02.2020
Agenda 2020 – Fixed Income
Fixed income assets had a strong year in 2019. Bond yields tumbled and credit spreads tightened in response to the dovish pivot by the US Federal …
Read More
AGENDA
13.02.2020
Agenda 2020 – Australian Equities
After a strong year for domestic equity returns, the outlook is for a more benign outcome in 2020. Underpinning this view is the starting point for …
Read More
AGENDA
13.02.2020
Agenda 2020 – International Equities
Our base case scenario remains favourable toward global equities in 2020. Within the US, the Federal Reserve still has room to ease policy should it …
Read More
AGENDA
13.02.2020
Agenda 2020 – Alternatives
We define alternatives to be any asset that is defined by ASIC as a hedge fund or has an illiquidity premium embedded. This makes for a very …
Read More
AGENDA
13.02.2020
Agenda 2020 – Asset Class Quilt of Market Returns
After a dismal 2018, global equity markets roared back to life in 2019 adding some $17 trillion in value over the 12 months. US equities were a …
Read More
Login
Connect with us
 |
 |
 |