Technology

Highlights Portfolio Strategy A battle between tighter monetary conditions and the anticipation of fiscal largesse will be a dominant market theme this year. Our high-conviction equity allocation calls do not require making a major directional global…

Future Development In Emerging Markets And What Sectors To Look Out For1 The global population is peaking. For Emerging Markets this means significant changes in economic development models. Commodity super-cycles are coming to an end and technological…

Recommendation Allocation Quarterly - December 2016…

Feature At no time in recent history have China's foreign reserves been under such tight scrutiny by global investors as they are now. The country's multi-trillion-dollar official reserve assets, long viewed by both Chinese officials and the global…

Communications equipment stocks broke out of a long-term downward sloping trend-line on the back of productivity improvement this summer, powered by a marked productivity improvement. Indeed, our productivity proxy, defined as sales/employment, is growing…

As a long duration sector, technology has struggled since Treasury yields began to surge. This likely marks the onset of a major trend change. Tech pricing power has nosedived and domestic deflationary pressures are likely to intensify as the U.S. dollar…

Highlights Portfolio Strategy If the Fed is about to begin interest rate re-normalization in earnest, then investors should heed the message from historic sector performance during tightening cycles. The tech sector remains vulnerable to tighter…

Highlights We update the long-term structural themes that we expect will be key drivers of financial market performance over the next one to five years, drawing investment conclusions from each. Debt Supercycle. The final stage of a debt supercycle is…

President-elect Trump and the specter of his spendthrift policy proposals have generated significant client interest/inquiries on equities and inflation - not asset prices, but of the more traditional kind: consumer price inflation. Chart 1 shows that a…

After a semiconductor-driven, M&A related relative performance surge, the S&P technology sector has stumbled in recent weeks. The sell-off bears some similarities with the taper-tantrum period in 2013. Then, bond yields soared as the Fed floated…