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Turkey’s election: a case for cautious optimism? Turkish parliamentary and presidential elections will take place this Sunday amid a febrile political and economic climate. In recent months, the country has been grappling with double-digit inflation, a pressured lira and fears over the independence of its central bank. As voters prepare to go to the polls, we assess the investment landscape in Turkey. Turkey is no stranger to political instability. On Sunday, Turks will go to the polls for the sixth time in four years, and for the second time under emergency law after President Recep Tayyip Erdogan brought forward the election by 18 months. The move, Erdogan said, reflects the country’s need to “overcome uncertainty”, but critics argue he wants to push through the vote before the country’s economic woes get materially worse. In Turkey, polls are quite unreliable, but for now it looks like Erdogan will win the presidential race. However, it is likely that his victory will only be sealed in the second round run-off, which will take place on 8 July, should no candidate receive an outright majority this weekend. The parliamentary election, however, looks too close to call. There is a risk that Erdogan’s ruling AK Party and the nationalist MHP party will not retain a parliamentary majority after Sunday’s vote. But success for the opposition will probably make it more difficult to pass much-needed fiscal and structural reforms. Such an outcome would cause more uncertainty for the country and investors, and increase the likelihood of further elections. 21/06/2018
Hermes adds to fixed income offering with launch of Unconstrained Credit Fund Hermes Investment Management, the £33.6 billion manager, has today added to its global fixed income product offering with the launch of the Hermes Unconstrained Credit Fund. The UCITS Fund, seeded by cornerstone investors including Quilter Multi-Asset, has investor commitments of £185m and aims to offer a high-conviction, multi-sector credit solution that is structured to perform throughout market cycles. The investment process combines top-down allocation across the global liquid-credit spectrum with bottom-up, high-conviction security selection. This is complemented by an options overlay to manage risks within the prevailing market environment. Andrew Jackson, Head of Fixed Income, and Fraser Lundie, Co-Head of Credit and Lead Credit Portfolio Manager, will manage the Fund and look to exploit opportunities throughout the global liquid credit spectrum in investment-grade and high-yield bonds, loans, credit-default swaps, asset-backed securities and other credit derivatives. Through assessing credit risk appetite across liquid-credit markets, the Multi-Asset Credit Investment Committee will provide allocation guidance, with bottom-up credit selection, implemented following intensive fundamental credit analysis that includes pricing in ESG risks. The options overlay will hedge high-conviction positions by mitigating the impact of any broad-based material deterioration in credit markets. 30/05/2018 - Andrew Jackson
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