Carta de la Presidente Hemos actualizado nuestra Perspectiva Trimestral para la economía global y las clases de activos, la cual ahora alcanza hasta el segundo trimestre de 2016. Puede consultar nuestras tablas de pronósticos completas aquí y las suposiciones de nuestro escenario central acá. En los próximos días publicaremos el reporte completo. Mientras tanto, le […]

Letter from the President We’ve updated our Quarterly Outlook for the global economy and asset markets, which now goes through the second quarter of 2016. You can consult full forecast tables here and scenario assumptions here. In coming days we’ll publish the full report. Meanwhile, we leave you with this summary. We’ve dubbed our central […]

Macro Views Events in red are those most likely to shake markets. Monday 1 September Global: Manufacturing PMIs (Aug). Japan: Inflation expectations implicit in bond yields (Jul). Korea: Foreign trade (Aug). Brazil: Foreign trade (Aug). Mexico: Ordinary legislative session begins, family remittances (Jul), IMEF manufacturing and nonmanufacturing PMI (Aug). Tuesday 2 Korea: Consumer prices (Aug). […]

Nuestro Desempeño En los últimos tres meses, las clases de activos en nuestros portafolios modelo[1] de mayor rentabilidad en términos del dólar estadounidense fueron la renta variable de energéticos (+7.4%), la de México (+7.3%) y la de mercados emergentes (+7.1%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-7.8%), una amplia gama […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were US energy equity (+7.4%), emerging market equity (+7.3%), and Mexico equity (+7.1%). Producing the lowest returns (in dollar terms) were Germany equity (–7.8%), broad commodities (–4.8%), and European developed market equity (–3.7%). Over […]

Macro Views Next week, watch especially for the U.S. personal income and consumption, and savings report, Chancellor Angela Merkel’s visit to Kiev, and Putin–Poroshenko talks in Minsk. Scroll down for a complete calendar of events apt to move markets next week. We summarize our reaction to Janet Yellen’s speech delivered today at Jackson Hole in […]

Nuestro Desempeño En los últimos tres meses, las clases de activos en nuestros portafolios modelo[1] de mayor rentabilidad en términos del dólar estadounidense fueron la renta variable mexicana (+7.3%), la de mercados emergentes (+6.4%) y bienes raíces estadounidenses (+6.3%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-6.1%), una amplia gama de […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Mexico equity (+7.3%), emerging market equity (+6.4%), and US real estate (+6.3%). Producing the lowest returns (in dollar terms) were Germany equity (–6.1%), broad commodities (–5.5%), and European developed market equity (–3.2%). Over […]

Fixed Income We thought that the U.S. Treasury yield curve would steepen this year. It has done so on the short end but on the long end it has flattened. So the positions we took for clients in 7-10 Treasuries, designed to be a hedge to moderate portfolio losses during risk-off moments, has instead been […]

Equity Most European stock markets are down in euro and, especially, dollar terms from three months ago. Because we hold to our positive view on European equity, we see this dip as a buying opportunity. China’s and Brazil’s stock markets have attractive valuations and upward momentum both. Our clients with long-term investment horizons have exposure […]