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Results 51–100
of 118 found.
Implications of European Central Bank actions
Phil Apel, Head of Fixed Income and James McAlevey, Head of Interest Rates examine the implications of the recent European Central Bank (ECB) monetary stimulus measures where policy rates were cut by 10bp while a program of asset-backed securities and covered bond purchases was announced. With the ECB taking up the QE baton, Europe is clearly decoupling from the US, intensifying the contrasting fortunes of the two markets. Phil and James share their views and explain how their portfolios are positioned in light of the recent market trends.
International Opportunities - a look at the bigger picture
Stephen Peak takes a look at the bigger picture and provides commentary on the world as we see it. He discusses expectations of rising interest rates and notes that geopolitical tensions in Europe and the Middle East are causing uncertainty and hesitation among investors. Stephen believes we are in a process of change and that clients should consider their international allocations, and at the margin, increase them subject to the needs of individual clients.
Macro backdrop in Europe
Stephen Peak discusses the macro backdrop in Europe noting that while we've seen some signs of recovery coming through, we're now in one of those more difficult transition phases. We've seen positive progress in the UK with expectations on GDP upwards of 3% from some commentators and unemployment in Spain is below 25% for the first time in years. Additionally, Stephen touches on currencies, geopolitical tensions and where he sees opportunity in the region. Stephen believes there is still money to be made between now and the end of the year.
Global Macro Update and Outlook
Bill McQuaker, Co-Head of Multi-Asset reviews how Fed tapering was a significant change of direction for US monetary policy away from open end support to financial markets. The big picture story really was the end of a liquidity driven market and the beginnings of a phase where markets were more dependent on growth to drive performance. Bill notes that markets didn't behave as though liquidity was coming to an end during the first half of 2014 and returns in asset markets around the world have been very encouraging, and asks "Where do we go from here?"
Recovery in the Eurozone
Stephen Peak provides an update on the European economy and the Henderson European Focus Fund. He notes the EU is about to appoint a new president and it will be interesting to see if there are any changes with accountability. Stephen comments that more recently we've seen the ECB propose new measures to help promote and stimulate growth across the Eurozone. The issues remain in the south where we're seeing an 'anemic' recovery. Overall, his view is still constructive and sees opportunity within individual equities.
Recent Events Affecting Global Fixed Income Markets
Phil Apel, Head of Fixed Income and James McAlevey, Head of Interest Rates review the three most significant developments in financial markets over the last month: the 50bp (0.50%) cut by the Bank of Mexico, the improvement of US economic data, particularly employment reports and finally, most importantly, the policy response form the European Central Bank (ECB) to take interest rates negative and raise liquidity in the Eurozone. These have all been very positive for fixed income assets in the short term.
Latin American Update
Nick Cowley, Investment Manager Global Emerging Markets Equities, recaps the rollercoaster ride that Latin American equities have been on year to date led by currency volatility and rotations in sentiment in Brazil and Mexico. Nick discusses the clear turn of sentiment that occurred in March when Brazilian shares rallied sharply driven by the "hope" that current leadership will change in Brazil during the October elections to a more pro-business friendly candidate similar to the changes made in India.
A taste of what's going on in Japan
Vincent Musumeci, Portfolio Manager of Japanese Equities, provides a taste of what's going on in Japan and comments that it is a very exciting environment. Vincent notes he remains unwaveringly bullish on Japan while companies are delivering very strong earnings - and he sees a notable pickup in buybacks and dividend payouts as companies become more aware of their cost of capital.
Henderson High Yield Opportunities Fund Update
Kevin Loome, CFA, Head of US Credit reviews the High Yield Opportunities Fund's (HYOAX) first year of performance noting the success of both asset allocation and credit selection. Mr Loome notes that a focus on credit makes the Fund a unique mandate. In markets, many of the companies we have been following have shown an improvement in health as many have had easier access to the refinancing markets and refinanced at a better rate and shortened maturities which improves their liquidity.
Managing the 'new world' of global markets
Paul O'Connor and Bill McQuaker, Co-Heads of Multi-Asset at Henderson, discuss the upcoming shift in market characteristics and note that with that change comes risks and opportunities. From an all-asset perspective, they believe this is a world in which they can still make good returns for clients and one where they expect asset performance and geographic performance to become widely dispersed.
First Quarter Review: Choppy Global Markets
Paul O'Connor, Co-Head of Multi-Asset, comments on the recent global market behavior and notes that so far it has been quite choppy. Paul and his team believe the rest of the year and most notably Q2 will behave similarly with fairly modest returns and higher volatility than in the past few years. However, Paul notes that from a multi-asset perspective, this type of environment also presents opportunities.
Global Fixed Income Update
Phil Apel and James McAlevey discuss slower year-to-date economic data, strong credit market performance, volatility in Emerging Markets debt and a general outlook in currency. James McAlevey believes that data from the US has broadly been affected by unusually poor weather across the US and treasury yields have been weak as investors reset their expectations for either Fed easing or QE withdrawal over the course of the year. In general they remain very lightly weighted to US treasuries and interest rate movement sensitive bonds, positive on credit.
Henderson launches ?Henderson Global Dividend Index?
Alex Crooke, Head of Global Equity Income, discusses the launch of the Henderson Global Dividend Index ? a quarterly report analyzing dividend trends from around the world. Alex notes how the first edition shows how corporates have come back to health since the recession and highlights the benefits of global investing and stock selection.
Global Equity Income Update
Job Curtis discusses recent market turbulence, the positioning of the Global Equity Income Fund and the outlook for dividends. Three main reasons for market turbulence include US tapering, capital outflows from emerging markets and fears of deflation in Europe. That said, European companies and many European economies remain strong. We see value outside the US from a dividend yield perspective so the Global Equity Income Fund is more oriented towards overseas markets, including Europe, Asia Pacific and the UK.
Exciting times in Japanese equity market
Vincent Musumeci explains that for Japan and the Japanese equity market, 2013 can be characterized as a year of excitement driven by profound changes in macro policy. As we head into 2014 and beyond we are now seeing the market environment, for the first time in a long time, developing a more robust and sustainable healthy domestic growth. In summary, Vincent notes the encouraging backdrop and the exciting policy changes that took place are essentially starting to deliver results.
Global fixed income outlook for 2014
Phil Apel, Head of Fixed Income, gives a brief review of the key themes that influenced bond markets in 2013 and an outlook for the environment in 2014. He notes that corporate credit is behaving responsibly to refinance and get into a good position financially. In contrast government bonds have suffered as the economy has recovered the market has begun to price in the fact we may see a normalization in the foreseeable period and have seen forward interest rates move up to the lower level of normal band.
European Markets Positioning
Tim Stevenson, Director of Pan European Equities, reviews recent European market activity and notes positive economic news including a more settled German economy and the expectation of more sanguine political ?noise? heading into 2014. He believes now is a good time to start rebuilding European weightings and is optimistic about the outlook for 2014.
Identifying Opportunities in 2014
Bill McQuaker, Head of Multi-Asset, provides a brief overview of 2013 market behavior and notes his expectations for global markets in 2014. He identifies Japan as an exciting opportunity and believes there may be a buying opportunity in Emerging Markets at some point within the year. Bill also touches on activity in the UK, US and bond markets.
Discovering Dividend Yield
Job Curtis, Director of Global Equity Income, reviews recent interesting economic developments including interest rate cuts in Europe and positive employment data and talk of tapering in the US. From an income perspective, Job and team feel that equities outside the US are more attractive than those in the US. Job also points out sectors where they currently see opportunity such as telecoms and utilities.
Seeking Dividend Growth
Alex Crooke, co-manager of the Global Equity Income Fund, provides a 3rd quarter update on the Fund and its sector and geographic allocations. Overall, Alex still sees potential for operational leverage in a number of companies where topline growth can start picking up if economic growth improves. He feels they can still find attractive stocks with decent dividends and a potential for dividend growth.
European markets and political news
Tim Stevenson, Director of Pan European Equities, provides an update on European markets and the optimistic tone of conversations with European companies in recent weeks. He notes, ?In many respects, it looks like the economic perspectives from Europe have stopped getting worse and indeed have started getting better ? and that?s obviously a trend that we all hope will continue and won?t be upset by this sort of short-term political uncertainties.?
A better looking European picture
Tim Stevenson, Director of Pan European Equities, provides a quick update on European markets and economies and notes why he is encouraged by the outlook for the second half of 2013. He believes the economic news will gradually impress and that Europe is through the worst of the austerity crisis and pressures that the economies have been under over the past five years.
Signs of an improving European outlook
Job Curtis provides his views on the improving economic background and describes the Fund's positioning both geographically and by sector. He notes there are genuine signs of an improvement in the economic outlook including a drop in Spanish unemployment and Purchasing Managers' survey results across the Eurozone are looking more positive. In the UK there is firm evidence of an improvement of the economy with the second quarter GDP figure up .6 percent. Overall, the Fund?s portfolio is finding more opportunities in quality companies with strong balance sheets and dividend increases.
Latin American Travel Notes
Panama, Peru and Columbia have been among the strongest performers in the emerging markets space over the last few years and the future continues to look bright. Nick Cowley points out a few investment ideas that he believes offer an interesting opportunity that investors tend to miss while focusing on Brazil.
Asian Markets Review and Outlook
Asian markets have struggled this year, certainly relative to other more developed markets of the world. That relative weakness has become more absolute weakness in recent weeks ? primarily as a result of Ben Bernanke's statements on the outlook for quantitative easing in the US. Overall, we're not overly worried about this change in the environment; we think it will be a little bit volatile in the short term but in the medium term it will present opportunities to buy quality stocks at reasonable prices.
Dividend paying equities: Why now?
Alex Crooke and Job Curtis reveal why they believe now is the time to invest in dividend paying equities ? and what we can expect in the years ahead. They provide insight on where they see opportunities and the difference between those in the US and internationally.
Asia ex-Japan: Outlook and recent trends
Andrew Mattock, Fund Manager, Pan Asian Equities, reviews Asia ex-Japan markets year to date and touches on some recent trends in the region. He notes Southeast Asia markets have had a strong start to the year while in contrast, north Asia markets have been flat or down year to date. Andrew explains that the rationale for investors going into Southeast Asia more aggressively, relative to North Asia, is the exposure of North Asian companies and economies to both the industrial production cycle in China and also weak export growth coming out of the global economy.
A Market of Dichotomies
John Pattullo, Head of Retail Fixed Income, discusses a classic dichotomy in the market currently - the relatively high levels of equity markets with close to record lows in the bond yields. He touches on bond markets, talk of the ?great rotation? out of bonds into equities ? which is still yet to be seen, and signs of a deflationary period based on recent economic data.
Clarity on Cyprus
Tim Stevenson draws some sense out of the situation in Cyprus and notes that while it does increase uncertainty in European markets in the short term, he does not believe there is risk of contagion. He also notes that this is another step in the right direction to clean up the banking industry and getting the European economies to run in a more logical manner.
Bond markets: skepticism, short squeeze and selectivity
John Pattullo explains why he is skeptical of a "great rotation" given the weak economic background. He explains why a respectful attitude towards the gilt market has helped the funds he co-manages avoid being caught in a short squeeze and draws parallels with Japan where bond yields are still falling in spite of a reflationist prime minister. He also discusses where value does and does not reside within the fixed income market, reminding investors that some recent developments have echoes of 2007, making stock selection all the more important.
Improved sentiment in Europe
Tim Stevenson, Director of Pan European Equities at Henderson, provides an update on the recent market behavior in Europe including the shift to a more positive sentiment. Although it may be slightly premature, Tim explains that the ?line has been drawn in the sand? and any future iterations of the euro crisis would not significantly deteriorate the situation in Europe. He also notes an anticipated flow from fixed interest and bonds into European equities. While the transition will be gradual, he believes we should see this shift in the first half of 2013 and over the next few years.
Bottom-up thoughts in LatAm
Nick Cowley, Fund Manager of the Latin American sleeve of the Henderson Emerging Markets Opportunities Fund, reviews the bottom-up opportunities he sees in Latin America in respect to both sectors and specific stocks. For example, across region the team favors the industrials and consumer sectors. He notes the Brazilian government is keen to improve the competitiveness of Brazilian industry and in Mexico, the industrial sector is seeing a wave of new investment.
Peak?s peek at the ?crystal ball? ? 2013 Market Outlook
Stephen Peak provides an in depth outlook on anticipated market behavior in 2013 including a detailed focus on international equities. From global GDP growth expectations and details on Emerging Markets and specific stocks, Stephen identifies where he sees potential over the coming year and how he plans to tie those findings back to the International Opportunities Fund portfolio.
2013 Global Outlook
Bill McQuaker, Head of Multi-Asset, provides an outlook on global markets for 2013. He looks at both positive drivers and potential pitfalls but suggests 2013 could provide more convincing evidence that the economy is emerging from the financial crisis and entering a different phase.
A compelling case for European companies
Tim Stevenson provides insight into current economic happenings in Europe and the US while highlighting opportunities and the compelling case for the quality and position of European companies. While noting his dissatisfaction with the overall economic situation, he notes his confidence remains in companies.
Growth opportunities in LatAm: Beyond Brazil
Nick Cowley provides insight on the growth opportunities he currently sees in Latin America beyond those typically found in Brazil and Mexico. He comments on real GDP of Peru and Panama and the potential continued growth in those countries. He notes it can be more challenging to seek out exposure in these areas but that he is continuing to look at ways to tap into these exciting growth opportunities.
Global growth: markets? ?wait and see? mode
Bill McQuaker comments on the frenetic activity seen over the summer and notes markets? current ?wait and see? mode. Mr. McQuaker discusses the anticipation of political developments in Spain to culminate an application for aid that could likely be bundled with other developments, possibly Greece. He believes there is a decent chance we?ll see some reacceleration in growth as we head into the final quarter of 2012, and on balance, outcomes will be positive for equities and risk assets.
Central bank involvement spurs risk appetite
David Jacob provides an update on third quarter market conditions including the significant shift in sentiment due to central bank involvement. Most notably, the European Central Bank?s commitment to the protection of the euro and the Federal Reserve?s announcement of an unlimited QE3. Mr. Jacob explains how this involvement has underpinned today?s risk appetite in the market. He believes markets will continue to trade with a positive tone, but that he anticipates continued volatility out of Europe as they wrestle with funding problems from some of the peripheral states.
Results 51–100
of 118 found.
