Investment Strategy

Mar 9, 2023

2:12 pm

• Global markets reassessed the Fed’s policy path and corrected last month. • Fed may keep rates higher for longer, which could impact US growth later this year. • US bond yields are attractive, but volatility could continue. • US equity valuations are still not cheap, leaving room for further downside. • Indian equity valuations…

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Central Bankers’ Job is Far from Done

Mar 8, 2023

9:20 am

• US wage growth surprises to the upside, and growth data better than expected. • European inflation forecasts on the rise • US 10-year bond yield consolidates at around 4%, but investor complacency still evident • China’s economic growth forecasts disappoint; we remain constructive on the equity market • ADNOC shatters records with $124bn subscribed…

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Inflation and More Inflation

Feb 28, 2023

7:21 am

• Further evidence of a resurgence in US inflation • Fed has a headache – we expect them to raise rates by 75bps over the next two meetings • US 10-year bond yield likely to push through 4% but still not a ‘real’ yield • Equities still have downside risk particularly in the US •…

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Portfolio Commentary

Feb 23, 2023

5:52 am

Pockets of optimism January proved challenging for the markets, which declined 2-3% across the board. However, the fall in mid and small caps was consistent with the fall in headline indices, which is a refreshing change given their high beta nature. The earnings season, which began this month, thus far has been in line with…

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