Managers’ View – Mayo 2019

13 Jun 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 May 6th

Last week, we provided our thoughts on the trade-off between US high yield bonds and US leveraged loans, with an emphasis on identifying
the better positioned asset class through our F.A.S.T. (fundamentals, asset valuations, sentiment, and technicals) construct. Ultimately, the comparison left us biased toward bonds given both a fundamental and technical advantage in the current market environment, partially offset by more attractive asset valuations within the loan index. Our dilemma, therefore, is whether or not loan valuations are now sufficiently attractive to make up for elevated cycle leverage, weaker recovery rates, negatively skewed index constituencies, and technical headwinds thus far in 2019…


Weekly Briefing May 20th 

Markets have been volatile over the last couple of weeks, largely a function of an ever-evolving outlook on US-China trade relations. In this
Weekly Briefing, we seek to frame the impact varying degrees of trade tension might have on US high yield spreads. Additionally, we examine month-todate index performance in an effort to identify mispriced sector and industry risk based on historical correlations to manufacturing and production (particularly companies with outsized exposure to non-domestic end markets)…


Weekly Briefing May 27th 

US high yield ETFs have experienced both strong performance and fund inflows on a year-to-date basis, prompting us to re-visit our active vs. passive management analysis originally conducted in 2017. In this Weekly Briefing, we seek to compare high yield ETF performance to the ICE BofAML US High Yield Index (H0A0), as well as a dataset of actively managed high yield funds…


Liquid Alpha from Japanese Equities

Japan has the world’s third largest economy, third largest stock-market, and over 3,700 listed companies, with trading volumes of USD 4 trillion per year. The liquidity of the stock-market, relative ease of short selling versus some other Asian markets, and dearth of sell side research coverage should make it attractive for hedge fund managers…


Ivanhoe Mines: Buying the Best Copper Mine of the Next 100 Years at a Substantial Discount

Ivanhoe Mines (OTCQX:IVPAF:US, IVN:CN) is a Canadian mining company led by the famous geologist and entrepreneur Robert Friedland. Ivanhoe owns stakes in three mining projects, all of them possessing outstanding geological characteristics and being…





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