Renta variable de desarrollados del Pacífico y bienes raíces de EE UU son categorías líderes
Genevieve Signoret
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 desarrollados del Pacífico (4.3%), los bienes raíces de EE UU (4.3%) y la renta variable de capitalización mediana de EE UU (3.7%). Las de peor desempeño (en […]
Pacific developed market equity and U.S. real estate lead the pack
Genevieve Signoret
Our Performance 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 (4.3%), U.S. real estate (4.3%), and U.S. mid cap equity (3.7%). Producing the lowest returns (in dollar terms) were Mexico equity (–9.0%), emergent market equity (–2.3%), and U.S. mortgages […]
Investors are paying for the privilege of lending money to European sovereigns
Genevieve Signoret
Fixed Income Short-term yields are negative not only for Germany (depicted below) but also for a slew of other European sovereigns. Bond guru Mohammed El-Erian explains what this means here. Falling yields mean high valuations in local currency terms. The problem, however, for investors who measure their wealth in U.S. dollars and do not hedge […]
March 18 could trigger transitory stock sell-off
Genevieve Signoret
Equity We’re bullish on equity for 2015 and 2016 as a whole but expect valuations to undergo a transitory stock market sell-off once markets become convinced that the FOMC is bound to hike rates for the first time soon. This could come as soon as the Janet Yellen press conference following the March 17–18 meeting. […]
China joins currency war, we revise down peso and euro
Genevieve Signoret
Currencies China joins currency war Last Friday, the People’s Bank of China (PBOC) lowered the daily fixing rate for the USD/CNY 6.1475 from its prior 6.1376. The PBOC allows the yuan to trade 2% above or below this daily reference rate. Later that day, China’s yuan fell 6.2722 to the dollar, its weakest level since […]
La minuta del FOMC confirma mi perspectiva
Genevieve Signoret
Carta de la Presidente En la minuta de la reunión del FOMC realizada el 27 y 28 de enero, vemos evidencia de que las discusiones del Comité van en la dirección de posponer el inicio de la normalización de las tasas de interés para después de junio de 2015. En minutas anteriores, los miembros parecían […]
FOMC minutes confirm my view
Genevieve Signoret
Letter from the President In the minutes for the FOMC meeting of January 27-28, we read evidence that FOMC discussions are moving in the direction of postponing the start of interest rates normalization to beyond June 2015. In previous minutes, members had seemed to discount the importance of the recent sharp drop in inflation compensation […]
Will Yellen testimony Tuesday 24 confirm our reading of the minutes?
Genevieve Signoret
Macro Views Next week in brief Janet Yellen’s starts her testimony before Congress on Tuesday 24 and finishes Wednesday 25. Her words have huge potential to move markets. Our reading of minutes of the January 27–28 FOMC meeting released last week is that the FOMC’s faith in its own previous forecast that it will hike […]
¿Cómo nos va en comparación con nuestros índices de referencia?
Genevieve Signoret
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 los bienes raíces (7.9%), la renta variable alemana (5.9%) y la de capitalización mediana de EE UU (4.7%). Las de peor desempeño (en dólares) fueron la renta variable de México (-10.6%), […]
How are we doing against our benchmarks?
Genevieve Signoret
Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were U.S. real estate (7.9%), Germany equity (5.9%), and U.S. mid cap equity (4.7%). Producing the lowest returns (in dollar terms) were Mexico equity (–10.6%), U.S. mortgages (–1.3%), and emerging market sovereign USD bonds […]