ESG Materiality, Q4 2022
Key voting season trends in emerging markets
Emerging market debt: Darkest before dawn
Within the fixed income spectrum, EMD offers particularly compelling value on account of already having priced in much of the risk that other asset classes must negotiate in the year to come. Following the bruising sell-off in the first six months of the year, 20% of the EMD universe trades at over 1000bps in spread […]
Will Brazil’s outperformance continue under Lula?
Brazil is at the end of its monetary tightening cycle; inflation is slowing down, and the country is richly endowed in energy and commodities. Since the start of the war in Ukraine, Brazil has seen inflows worth about US$9bn into local equities. For bond markets, Lula’s victory in the presidential election could mean a shift […]
China stocks rally on property support and Biden-Xi meeting
market snapshot
Credit markets? They’re too cheap to ignore
Fast reading: Yields and prices are at levels we have not seen for more than a decade, indicating that a moderate recession and even some systemic stress are already in today’s prices. Investors in the investment grade market today are receiving a yield similar to one year ago from a CCC-rated index. How does credit […]
The art of going against the grain
Asia ex-Japan’s ten-year anniversary
Ahead of the Curve, Q4 2022
Fast reading: Macro outlook: The European energy crisis, mounting inflation (implying tighter monetary policies), and a poorly performing Chinese economy are all battling for the spotlight on the stage of economic uncertainty. The geopolitics of high inflation: While policy decisions are often the results of short-term pressures, recent geopolitical developments can provide some guidance with […]
Central banks ramp up rates in shadow of recession
market snapshot
Standing out in Asian equities – Fund in 5
Presenting Federated Hermes Asia ex-Japan Equity Fund
Spectrum Q3 2022
Have alternatives gone mainstream?
