Managers’ View – Octubre 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.
Are High Yield Issuers in Better Shape Now than in 2007?
A spate of disappointing economic releases – most notably a 47.8 US ISM Manufacturing Index reading, the lowest since June 2009 – has once again brought recessionary concerns to the fore. While we remain unconvinced of an imminent end to the expansionary cycle, we find comfort in the current level of corporate conservatism and strength of the US consumer should a downturn be closer than our outlook envisions. In this Weekly Briefing, we compare the current corporate and economic environment to the late-cycle period immediately preceding the “Great Recession” (December ’07 through June ’09)…
Gauging Sector Risk Factors
Before Q3’19 earnings season begins in earnest, we thought it useful to re-visit recent sector fundamental trends. In addition to measuring credit improvement over the last twelve months, we also look at key risk factors on the horizon, and which sectors may be most exposed to such headwinds over the intermediate term. In this Weekly Briefing, we take a fresh look at sector positioning, attempting to identify an optimal mix of fundamental momentum and risk factor resiliency as we update our allocation preferences…
November Blues
The upcoming Fed meeting, Brexit developments, continued uncertainty surrounding US/China trade relations—there is no shortage of factors on the horizon likely to influence the pricing of risk. Absent these issues, we would be remiss not to mention that the month of November has historically been weak for the US high yield bond market. In this Weekly Briefing, we put aside near-term event risk and examine technical trends that have likely contributed to lackluster November returns in years past…
Desayuno con FORT Investment Management – 21 Noviembre
Te escribimos para recordarte que los días 21 y 22 de noviembre tendremos por Madrid a Yves Balcer, co-fundador de FORT Invesment Management, nuestra gestora especialista en modelos sistemáticos y cuantitativos.
Durante el encuentro, Yves discutirá la mecánica de funcionamiento de sus estrategias y los aspectos diferenciadores del que es, en nuestra opinión, el mejor CTA/systematic mánager del mercado. También se presentará la nueva estrategia Equity Market Neutral, lanzada en formato UCITS en julio de este año.
Si tuvieras interés en participar, te rogamos nos digas lo antes posible, pues el aforo es limitado.
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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