Nuestro desempeño (Datos corregidos 21 mayo 2015) En los últimos tres meses, las clases de activos en nuestros portafolios modelo[1] de mayor rentabilidad en términos del dólar estadounidense renta variable mercados desarrollados del Pacífico (8.5%), renta variable mercados emergentes (7.2%) y  renta variable de telecomunicaciones de EE UU (6.3%). Las de peor desempeño (en dólares) […]

Our Performance (Data corrected 21 May 2015) In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Pacific developed market equity (8.5%), emerging market equity (7.2%) and US telecommunication services equity (6.3%). Producing the lowest returns (in dollar terms) were US real estate (‒9.6%), US […]

Nuestro desempeño (Datos corregidos 21 mayo 2015) 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 desarrollados del Pacífico (12.0%), la renta variable de desarrollados de Europa (7.0%) y  la renta variable de Alemania (6.6%). Las de peor […]

Our Performance (Data corrected 21 May 2015) In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Pacific developed market equity (12.0%), European developed market equity (7.0%) and Germany equity (14.5%). Producing the lowest returns (in dollar terms) were US real estate ‒ (5.9%), US […]

Macro Views Events in red are those most likely to shake markets. During the week Russia: Markit manufacturing and service PMIs (Apr). Russia’s in a recession. So far this year no PMI has crossed into expansion territory (exceeded 50). Monday 20 Japan: Reuters Tankan survey (Apr). Compared with the 3-16 March survey period, the headline […]

Nuestro desempeño (Datos corregidos 21 mayo 2015) 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 desarrollados del Pacífico (12.8%), la renta variable de acciones emergentes (11.3%) y la renta variable de Alemania (11.0%). Las de peor desempeño […]

Our Performance (Data corrected 21 May 2015) In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were Pacific developed market equity (12.8%), Emerging market equity (11.3%) and Germany equity (11.0%), Producing the lowest returns (in dollar terms) were US real estate (–4.5%), 7-10y USTs (–0.5%) […]

Carta de la Presidente La semana pasada, aquí anuncié un cambio de estrategia: reemplazaremos las acciones de capitalización pequeña por otras de capitalización grande en nuestro portafolio modelo de corto plazo. Hoy anuncio dos cambios de estrategia adicionales: Para los clientes que invierten en pesos, estamos centrando las cubetas transitorias en renta variable de Suiza […]

Letter from the President Last week I announced here a strategy change: we’re replacing small for large cap stocks in our short-term model portfolio. Today I announce two additional strategy changes: For clients investing in pesos, we’re focusing transitory buckets on Swiss and Asia ex-Japan equity, ridding them of Mexico and UK stocks. We’re buying small cap […]

Macro Views A slew of March China numbers will be the data highlight for markets this week. Politics Greece managed to make a €450 million payment to the IMF last week. But it’s almost out of money and has obligations to meet in coming seeks. The Eurogroup, which is composed of the finance ministers in […]