Spotlight on US SMID cap stocks
With approximately 2,500 companies to choose from, this asset class offers diverse, high-quality options that are currently trading at a discount compared to large-cap stocks. Additionally, structural tailwinds like onshoring and population growth are expected to fuel future growth, positioning US SMID as a resilient choice. The video also highlights the advantages for stock pickers […]
All change at the top? A 2025 outlook for US SMID
In this latest edition of our virtual portfolio briefings, Steven Chiavarone, Head of our Multi-Asset Group, delves into macroeconomic trends shaping the US market. The discussion continues with the US SMID investment team (Mark Sherlock, Lead Portfolio Manager; Henry Biddle, Co-Portfolio Manager and Charlotte Daughtrey, Equity Investment Specialist) who assess the impact of the election […]
Is high yield ‘priced to perfection?’
Economy With solid progress on inflation, the Federal Reserve (Fed) began an easing cycle in 2024. However, January will usher in a new administration and policies contemplated under Trump 2.0 may not be bondholder friendly. While the market has mostly shrugged off concerns to date, President-elect Trump’s policies may lead to greater deficit spending and […]
Investors gauge fallout from crises in Paris and Seoul
Fast reading President Yoon Suk Yeol’s surprise declaration of martial law in South Korea led to clashes outside the National Assembly. After lawmakers blocked the move, Yoon reversed the declaration. Opposition parties have submitted a motion to impeach him. France has been plunged into political crisis after a no-confidence vote brought down the country’s minority […]
What does Trump 2.0 mean for emerging markets?
Fast reading Trump’s proposed tax policies look favourable for the US tech sector as a lower tax burden should free up resources at many industries to spend on technology. Rising tech spend is likely to benefit Taiwan and South Korea as both economies are integral to global tech supply chains as well as the Indian […]
Will the equities rally continue in 2025?
2025 Outlook
Global reverberations of the US election
Two weeks out, the storm that was the US election has given way to clearer skies—and more clarity on how the Trump administration might turn campaign promises into policy. Our CIO for Global Equities Stephen Auth recently outlined how the issues of tax cuts, higher tariffs, reduced regulations, smaller government, immigration reform and resolution of […]
The trouble with tariffs
The US election is over, and investors are beginning to assess who will be the winners and losers during Trump’s second term in office. Will President-elect Trump do all that he said he would do? Or was a lot of what he proposed just campaign rhetoric? We can be fairly certain that tariffs are going […]
An agile approach to credit – amid volatility and uncertainty
Unconstrained Credit
Beyond paper gains: the rising prominence of DPI and its focus on real returns
Fast reading In an era of higher interest rates, it has become increasingly difficult for general partners (GPs) to exit companies they bought during the bull market. Return estimates for PE portfolios have traditionally included the value of investments in companies that haven’t yet been sold or exited. These are typically evaluated using metrics such […]
