We have a long combined history of investing across some of the world’s leading institutional funds management businesses, domestic pension funds and directly as advisors for high net worth clients.
Most investment portfolios today are structured around long-term average returns and a set and forget strategy. Investment markets have and will always be complex and dynamic. Markets do not adhere to a calendar, and nor do we.
We are committed to exceeding our clients’ expectations, continually seeking to innovate and evolve our service. We take the business of protecting and growing our clients’ wealth as serious as our own, investing our own money alongside them.
In this note, we dive into the real estate and infrastructure (RE&I) asset classes as both were beat up in the Covid drawdown and remain underwater. Does their poor performance reflect structural impairment in a post Covid world or a decent buying opportunity relative to other listed equity markets? To make this determination, we assess the fundamental drivers of the longer term returns of RE&I and think about whether some of the underlying companies are holding assets which have been stranded by either the acceleration of long term thematics or due to climate change policy.
In this note, we dive into the real estate and infrastructure (RE&I) asset classes as both were beat up in the Covid drawdown and remain underwater. Does their poor performance reflect structural impairment in a post Covid world or a decent buying opportunity relative to other listed equity markets? To make this determination, we assess the fundamental drivers of the longer term returns of RE&I and think about whether some of the underlying companies are holding assets which have been stranded by either the acceleration of long term thematics or due to climate change policy.
In this note, we dive into the real estate and infrastructure (RE&I) asset classes as both were beat up in the Covid drawdown and remain underwater. Does their poor performance reflect structural impairment in a post Covid world or a decent buying opportunity relative to other listed equity markets? To make this determination, we assess the fundamental drivers of the longer term returns of RE&I and think about whether some of the underlying companies are holding assets which have been stranded by either the acceleration of long term thematics or due to climate change policy.
Since the middle of last year, global bond yields have risen in response to stronger growth prospects. Recently, equity markets have come under pressure as the increases in bond yields have escalated, with the S&P500 falling around 6%. With yields pushing higher on re-opening economies and massive fiscal stimulus, a key question is will rising yields lead to another substantial equity market correction.
Since the middle of last year, global bond yields have risen in response to stronger growth prospects. Recently, equity markets have come under pressure as the increases in bond yields have escalated, with the S&P500 falling around 6%. With yields pushing higher on re-opening economies and massive fiscal stimulus, a key question is will rising yields lead to another substantial equity market correction.
The backbone of modern portfolio construction, a 70/30 growth portfolio, made up of 70% equities and 30% bonds, has served investment managers well for decades. Particularly since the mid-1980s, these portfolios have benefited from declining inflation, which has driven down bond yields, increasing the price of bonds (and other asset classes as well, including equities). This note introduces the question of whether markets are about to reverse this multi decade trend. We think this will be a key issue for markets in the years ahead.
The backbone of modern portfolio construction, a 70/30 growth portfolio, made up of 70% equities and 30% bonds, has served investment managers well for decades. Particularly since the mid-1980s, these portfolios have benefited from declining inflation, which has driven down bond yields, increasing the price of bonds (and other asset classes as well, including equities). This note introduces the question of whether markets are about to reverse this multi decade trend. We think this will be a key issue for markets in the years ahead.
Emerging market (EM) equities have been the best performing growth asset class in the past six months, beating the developed market (DM) index by around 10%. Is this the beginning of a reversal of EM fortunes after a decade of disappointment? In this note, we investigate the reason for the recent outperformance and outline why we think a meaningful exposure to EM over the long term makes sense for portfolios.
Emerging market (EM) equities have been the best performing growth asset class in the past six months, beating the developed market (DM) index by around 10%. Is this the beginning of a reversal of EM fortunes after a decade of disappointment? In this note, we investigate the reason for the recent outperformance and outline why we think a meaningful exposure to EM over the long term makes sense for portfolios.
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