The US High Quality (USHQ) portfolio has performed mostly on par versus its SPY benchmark YTD. However, USHQ still exhibits lower drawdown and volatility versus the SPY. Heading into year end, we are confident that USHQ's performance will remain intact, with out-performance on a risk adjusted basis ...
I have been generally sceptical of the reflationary aspects of the so-called Trump trade. If Trump's first term is any guide, lower tax rates will have little impact on business spending while higher tariffs are unlikely to trigger much reshoring of manufacturing activity. Meanwhile, rising debt-ser...
This week, we send you a Style Chart Pack without a front section. We are currently working on the 2025 outlook, which will be released on December 9....
A change in government is the likeliest outcome of the next election, but the pre-election period will be stretched to ensure that the recently announced stimulus trickles down to voters. The next Prime Minister must face President Trump on top of dealing with domestic housing challenges. Go long Ca...
The Federal Reserve’s Beige Book shows a modestly growing economy imbued with post-election optimism, while highlighting some caution about employment. The latest Beige Book is in line with other sentiment indicators showing modest growth but increased post-election expectations. The picture remains...
Japan is the main driver of global liquidity, so a big risk in 2025 is a rising Japanese real yield; Trump’s US economy will be supply-constrained, keeping US unemployment contained and US inflation stubborn; China’s fiscal stimulus has lost its mojo, so Chinese bond yields must fall further; Market...
