Highlights One of Europe's major success stories is the structural and broad-based increase in female labour participation rates. The trend is set to continue for the next decade. Stay overweight the Personal Products sector as a…
Highlights The global trade slowdown will intensify, even if U.S. domestic demand remains robust. The large emerging Asian bourses will recouple to the downside with their EM peers. Market-neutral EM equity portfolios should consider…
The S&P packaged foods index has enjoyed a solid Q1 earnings season; results have bested forecasts, leading to some of the highest positive earnings revisions of the past decade (top panel). Robust demand growth, both domestic and…
Overweight S&P consumer staples overall, and the S&P household products sub index in particular, have underperformed the market for much of the past year as their defensive nature has been left behind by their more cyclical…
Overweight Shares of the S&P drug retail index shot higher this week after reports surfaced that Amazon had shelved plans for a long-considered entry into the prescription drug business. Such a move seemed logical following the…
Feature Japan's economic experience in the post bubble era is often described as a fate to avoid at all costs. We would like to turn this common notion on its head. Rather than something to avoid, Japan's post bubble…
Highlights Key Portfolio Highlights Our portfolio positioning remains firmly behind cyclicals over defensives, driven principally by our key 2018 investment themes: synchronized global capex growth (Chart 1A) and higher interest…
Underweight Stocks in the S&P soft drinks index have been reeling in the last few trading sessions as fears the Trump administration’s proposed aluminum tariff will raise costs in an already-beleaguered industry. Despite…