Managers’ View – Julio 2019

19 Ago 2019

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.

Weekly Briefing July 1st

In a May Weekly Briefing, we compared performance of the largest US high yield ETFs (HYG and JNK) to the ICE BofAML US High Yield Index (ticker H0A0, our proxy for US HY risk) and to a dataset of active high yield managers, all in an effort to gauge relative performance between active and passive strategies within our market niche. This analysis found that HYG and JNK were unfavorable proxies for broad US high yield market risk, as demonstrated by the capture of ~ 80% of H0A0 returns and ~ 115% of H0A0 volatility on an annualized basis going back to 2008. In this Weekly Briefing, we expand upon this analysis with a focus on short duration high yield strategies…


Quarterly Commentary Q2 2019 

During the quarter risk assets were heavily influenced by geopolitical events and despite a selloff in May, Q2 produced another strong quarterly return. The period was dominated by the breakdown in US‐China trade negotiations and escalating actions. Economic data continued to deteriorate throughout the quarter and the market seemed to be pricing in a higher probability of near‐term recession. However, global central banks acknowledged weaker fundamentals and indicated more accommodation could be necessary sooner rather than later…


Where have the economic unicorns gone?

After a tumultuous Q4 ‘18, 2019 began with great optimism at the prospect of yet another central bank reflation. Indeed the market grew palpably giddy when January’s aggregate social financing numbers were released in China. If this was a sign of things to come then the global economy was back in business. Such optimism, we felt (and in fact wrote at the time – Global Reflation Fades, March 2019) was misplaced…





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.

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