Adjuntamos algunos informes de análisis y opiniones de nuestros gestores que consideramos de gran interés.

Please find below interesting market views from our Managers. We hope you find them interesting.

Stewart AM: Lanzamiento ‘US Concentrated Equity Growth, UCITS’

Estamos próximos al lanzamiento del fondo ‘US Concentrated Equity Growth, UCITS’. La estrategia, desarrollada por Bill Stewart hace cerca de 40 años, ha otorgado un 16% de rentabilidad neta anualizada a lo largo de toda su historia (~450bps al año, en media, por encima del índice S&P). El fondo UCITS ofrece Founder Shares con pricing muy competitivo (TER de 80bps), que animamos a considerar …

White Oak India: Market Update

All valuations globally are benchmarked against the long term US bond yields. In mid 90s, the long term US bond yield was around 6 to 7%. If you were to inverse the bond yields, the multiple for US bonds was 14 to 17 times then. At that time S & P 500 was also trading at a multiple of 15 times, just in line with bond yield multiple. And, all the other markets were trading at some premium or discount depending upon the growth expectations of each economy … 

Turning the Corner on Recovery Rates

On a trailing twelve months basis through May 31, 2020, the BofA US High Yield par-weighted default rate hit 6.3%, up from 3.5% at the end of 2019, and closing in on the 9% – 10% default rate range we project for FY20. At the same time, recovery rates for defaulted issues have declined to ~ 30% of par, down approximately 1,000 bps from FY19 levels …

Is the Worst Now Behind Us?

US high yield market activity in May was remarkable in many ways, with trading levels, total returns, new issuance, and default volumes
registering well above historical norms. Economic data, while in many ways unprecedentedly weak on lockdown headwinds, has more often than not come in less awful than feared, further supporting a “risk-on” market sentiment …

Market Update

Adjuntamos una reciente actualización de mercados de Rubrics.

Carta Interim a Co-Inversores

Es raro escribir la primera carta a nuestros inversores en medio de acontecimientos totalmente inéditos en los mercados financieros. Las pandemias han sido antiguas compañeras de viaje del género humano desde al menos el bajo Imperio Romano, aunque su papel determinante en muchos de los mayores eventos históricos solo ha sido empezado a ser apreciado recientemente …

Aviso Legal: Los comentarios recogidos en el presente documento no representan asesoramiento financiero alguno y su uso es meramente informativo. Es posible que los comentarios aquí expresados no sean aplicables a su perfil de inversión o a su situación patrimonial personal. En caso de duda, le recomendamos contactar con un profesional financiero.