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 […]

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 […]

Macro Views Next week: the highlights Wednesday 20. USA: Monetary policy meeting minutes (Jul 29-30). On the Fed’s to-do list for the next 12 months are the following tasks: decide how exit from extraordinary stimulus, in what sequence to do it, how to signal to and teach markets about its exit strategy, and precisely what […]

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 mercados emergentes (+6.1%), la mexicana (+5.8%) y la de mercados desarrollados del Pacifico (+5.2%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-7.8%), la de mercados […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were emerging market equity (+6.1%), Mexico equity (+5.9%), and Pacific developed market equity (+5.2%). Producing the lowest returns (in dollar terms) were Germany equity (–7.8%), European developed market equity (–5.0%), and broad commodities (–4.8%). […]

Currencies The recent volatility event may or may not be over. Should it continue and worsen, the peso could fall to $1.00=MXN 13.30. The euro is trending down against the dollar probably because of outlooks for monetary policy in both regions. Additionally, the recent risk off event may be weakening the euro further. These forex […]

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 mercados emergentes (+5.7%), la de mercados desarrollados del Pacifico (+5.2%) y la mexicana (+4.5%). Las de peor desempeño (en dólares) fueron la renta variable alemana (-9.1%), la […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were emerging market equity (+5.7%), Pacific developed market equity (+5.2%), and Mexico equity (+4.5%). Producing the lowest returns (in dollar terms) were Germany equity (–9.1%), European developed market equity (–6.3%), and broad commodities (–3.2%). […]

Currencies The ongoing bout of risk aversion had driven down the peso to $1.00=MXN13.20 by the close of Monday 4 August (13.24 by Wednesday 7). We expect the peso to recover to $1.00=MXN13.00 by the end of 2014. Today’s EUR/USD weakness fulfills our long-held outlook. We see €1.00=$1.34 for December 2014 and $1.29 for December […]