Asia ex-Japan Equity: Letter to Investors
Capital Constrained
Outlook brightens for emerging market debt
market snapshot
What’s behind the boom in direct lending?
An allocation to direct lending, focused on the right strategy, can provide an investor with low volatility, limited correlation to other asset classes, diversification to underlying industries, quarterly cash income and an element of inflation protection. The sharp rise in interest rates over the last two years has resulted in higher yields at a time […]
The squeeze is on
Fast reading Corporates face the double whammy of a lacklustre economy and muted earnings. With yields likely to stay relatively high through 2024, corporates looking to refinance can also expect a higher cost of capital. This presents a challenging scenario, particularly for highly levered corporates which typically make up the CCC part of the market. […]
Markets soar on rate cut hopes
market snapshot
Are EM growth stocks set to rebound?
Fast reading Emerging market (EM) growth stocks have underperformed EM value by 23.8% from end-2020 to October 2023. EM value’s outperformance comes despite the fact that it carries almost twice the amount of leverage compared to EM growth1. In the face of rising costs of capital, there is a reduction in operating profits available for […]
Sustaining the momentum
market snapshot
A just transition
2024 Outlook
Higher for longer
2024 Outlook
China: the growth question
2024 Outlook
