Équipe de
direction

We share why emerging markets are some of the world’s primary drivers of economic growth and wealth building based on their populations.

Current monetary stagnation implies that policy-makers’ worries about a sustained inflation overshoot are as misplaced as their deflation panic in 2020 when money growth was surging.

Lending by the Fed to depository institutions jumped from $15 billion to $318 billion between 8 and 15 March – see chart 1 (red line). The emergency loans – mostly via the discount window and via the FDIC rather than under the new Bank Term Funding Program – were the main driver of a $441 billion surge in banks’ reserves at the Fed.

After attending conferences in Japan, we examine the state of the Japanese economy after recent policy decisions.

Le plus récent cycle économique se distingue par ses nombreux aspects inhabituels, dont plusieurs sont attribuables à l’inflation élevée, une situation qui ne s’était pas vue depuis plus de 40 ans et qui est donc inconnue de la majorité des participants aux marchés. Dans le présent numéro de Perspectives, nous présentons certains effets positifs de l’inflation qui envoient des signaux mitigés aux investisseurs qui tentent de composer avec l’inflation.

Our February commentary looks at EM performance with a specific focus on China, as well as India’s ongoing challenge with the Adani Group fraud allegations.

Markets are moving towards the view that the Fed will be forced to suspend or reverse interest rate hikes in response to the SVB crisis but a cessation of QT is a more important requirement for restoring banking system stability.

We take a deeper look at the economic environment in 2023 and how we are positioned to combat inflation.

In our 4th quarter investor letter we discuss our views on the MENA equity markets and the main return drivers for the strategy during the quarter.

As this quarter marks the final letter for the year 2022, we thought it will be helpful to reflect on the key events that shaped the performance of the strategy in the year.

We discuss our observations following the strong improvements to Europe’s economic outlook.

À l’échelle mondiale, les investisseurs ont adopté les actions mondiales à petite capitalisation comme source de diversification boursière.

A Eurozone recession can now be ruled out, according to the ECB and a PMI-hugging consensus. Someone forgot to tell the monetary data.

We discuss the meme stock frenzy and growth opportunities for investors.