L. Bryan Carter and JC Sambor, Head and Deputy Head of EM debt
EM local currency bonds have performed strongly throughout 2017 into the start of 2018, and we remain positive for the rest of the year, as we are convinced there are some interesting EM FX alpha opportunities in these markets. Bryan Carter and JC Sambor, our head and deputy head of EM fixed income, will investigate current themes in emerging markets, discuss the different drivers and risk factors and arrive at an investment view regarding current market attractiveness.
Join us for this live webcast where our speakers will cover:
•Recent volatility in global markets
•EM growth forecasts
•Inflows into the EMs
•Higher commodity prices
•How undervalued EM FX are starting to strengthen against the US dollar
We are pleased to invite you to our first webcast of 2018 on the outlook for the US Equity Market against the backdrop of an expected pickup in growth. Our US economist, Steve Friedman, will lead off the webcast with his outlook for the year ahead, including the impact of fiscal policy on growth, as well as monetary policy in the context of a significant leadership transition on the FOMC.
Pam Woo, Head of US & Global Sector Equity, will then provide an analysis of the US Equity Market, including:
•Our expectations and outlook for the coming year
•US Tax Reform: winners & losers and what’s priced in
•Key sector themes & risks
Even after a good run of performance in the current market cycle, we continue to see opportunities to capture returns from emerging market equities.
Please join us for this 30-minute webcast, where Rina Jha, CFA, Senior Analyst for the Global Emerging Markets Equities team, will discuss the current GEM bull market and explain our thoughts on why we believe there’s still room to run.
Our conversation will cover:
• Fundamental catalysts that should help the EM bull market continue;
• What potential pitfalls we see that could slow the market, including a hawkish Fed, a major “risk off” event or a slowdown in China; and
• The balance of opportunities and risks that favor the continued growth of emerging market equities.
During this 30-minute webcast, Steve Friedman will discuss the implications for monetary policy of the selection of Jerome Powell as new Chairman of the Board of Governors of the Federal Reserve System and, by extension, the Federal Open Market Committee. Steve will also touch on one of the more immediate challenges for a Powell-led Federal Reserve, namely, how the central bank should respond to fiscal policy, which looks set to turn more stimulative next year.
Currencies represent a significant source of risk for institutional investors. And as these investors are evaluating the choices to address foreign currency exposure, they struggle with the questions of if and how currency managers can add value.
Please join us for this 30-minute Currency webcast, where our Deputy Head of Currencies - Momtchil Pojarliev, PhD, CFA - will present evidence that currency investing may be a consistent source of return that is measurable using various performance metrics similar to those in the traditional asset classes.
Momtchil will also discuss why active currency management is expected to add value.
As innovation continues to alter society, investors should be looking to identify companies with new business models that will drive change. Whether the company is delivering a new product or service, or enhancing an existing one, the investment opportunity can be very real. We believe the best way to unlock this potential is to focus on disruptive innovators. Companies that enable or adopt innovative technologies and business models will produce superior long term growth and returns on invested capital. Investing in these stocks should benefit our clients over a long investment horizon.
In our conversation with Portfolio Manager Pamela Hegarty, CFA, we will focus this theme within the U.S. Small Cap strategy as we look to capture long-term trends by investing in companies on the fore-front of tomorrow’s economy.
China is expected to announce a new Standing Committee of the Politburo, or the core leadership of the government, at the upcoming 19th National Congress of the Communist Party to be held between 18 and 24 October. How will this significant political event impact the economic and investment outlook in China? How is China’s economic recovery today different from past cycles?
In this 30-minute webcast with Chi Lo (our Senior Economist on China), and Caroline Yu Maurer (our Head of Greater China Equities), we will discuss China’s outlook, including:
1.Will reform and deleveraging policies continue after China’s leadership reshuffle;
2.Why can’t Beijing move faster to cut the country’s debt?
3.How are China’s efforts to cut excess capacity progressing?
4.Where are we in terms of China’s property downturn?
5.Is China’s banking sector heading in the wrong direction?
6.Chinese A-shares in the MSCI: What’s the big deal?
7.What could be the domestic and external risks?
The amount of China’s debt, which is predominately bank loans, is not as
excessive as the news headlines have painted. In this 30-minute webcast with Chi Lo, our Senior Economist on China,
we will discuss China’s debt reduction, including:
- How China has started tackling its debt problem through practical
- Would a policy to swiftly cut China’s debt-to GDP ratio be implausible;
- Has deleveraging moved up China’s policy priority list;
- What could help solve China’s problem of capital misallocation; and
- Is China’s excess capacity making its debt risk worse?
The green bonds market has exploded in recent years from USD 20 billion in 2013 to more than 200 billion at the end of February this year - that’s 10 times growth in four years.*
Green Bonds are bonds used to fund projects which benefit the environment or climate such as clean energy projects or developing brownfield sites.
During this webcast our senior ESG analyst Felipe Gordillo will share his views on:
• How the massive growth, improved liquidity and transparency in the green bonds market is making it easier for large investors to participate.
• Why it’s still important to choose the correct issuers in this generally high quality market (around 80% are investment grade).
• How Green bonds have shown reliably good performance for investors.
• Our experience with investors in France (who have invested heavily in Green Bonds) and worldwide.
• And finally how ‘emerging’ green bonds could boost future returns.