Equities

Strategy

Top 7 things to know about equities...

Having worked as an equity strategist for well over a decade, I’ve lost count of the number of times I’ve had the debate on ‘what happens to equities when bond yields go up?’. And for most of that time bond yields were in the ice age and falling! To cut down on some future deja-vu, here's my Top 7 list of things to consider about equities when bond yields go up.

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Portfolio Thinking

How market frictions can live in harmony with persistent factor premia

 As we continue our voyage on the factor premium drivers, our next destination is 'market structure'.

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Portfolio Thinking

Risky or not? The currency hedging debate for equities

Some investors propose hedging all currency exposure while others see no benefit to hedging at all, so is currency exposure a risk?

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Portfolio Thinking

Emerging by name, emerged by nature

Emerging market assets have long been a source of both potential profit and peril for investors. 2017 saw an incredible streak of capital inflows into emerging market equities, bonds and currencies. Whilst returns are still characteristically volatile, this historically maverick asset class has become more mature and resilient than ever before, as was highlighted during February's market sell-off.

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Portfolio Thinking

The linker tail

The UK inflation-linked government bond ('linker') market is dominated by vast UK defined benefit pension schemes. Derisking by schemes tends to increase demand for linkers as equity prices rise, pushing up their prices. For multi-asset investors seeking diversification, that could make them less attractive to buy.

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Portfolio Thinking

Do you have a Scooby Doo about the active / passive debate?

The active versus passive debate consistently generates conflicting advice. The potential for active managers to side-step a falling market is one frequently cited factor. But have regional equity funds actually outperformed their respective indices during market corrections?

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Strategy

And the beat goes on

Market volatility has picked up, but as multi-asset investors we must be careful about derisking too much or too often. Otherwise we risk missing out on upside for our portfolios. Given cyclical inflation pressures and quantitative tightening, the risks are higher in 2018, but as long as we remain confident in the fundamentals we'll remain invested and try to dance to this different tune.

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