Managers’ View – Septiembre 2019

14 Oct 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 September 23rd

On September 18, 2019, the Fed voted to cut rates by 25 bps, the second such move in 2019. In his speech that followed a 2-day meeting of the Board of Governors, Fed Chairman Jerome Powell was sanguine about the US economy, but noted that a rate cut was warranted to “provide insurance against ongoing risks.”1 While the cut was widely anticipated, Powell once again declined to commit to the more extensive and sustained path to lowering interest rates that the Trump Administration has long coveted…


Weekly Briefing September 30th

Investor confidence in the US high yield market has persisted, with spreads tightening ~ 30 bps over the last month. While this has been a familiar trend thus far in 2019, the gap between perceived “winners” and “losers” among corporate issuers has continued to expand. In this Weekly Briefing, we examine the growing level of dispersion in the US high yield market, and explore potential ramifications ranging from future default rates to active manager alpha generation…


Fixed Income Macro Update Oct 2019

Are today’s political institutions fit for purpose? Such has been the level of recent upheaval this might not be as churlish a question as it seems. In order to address it, we must look at the root causes of the current political maelstrom. The scale of the economic crisis in 2008 in many ways made inevitable the level of strain that the world’s liberal democracies are currently enduring. We have written in the past about how debt and economic crises ultimately morph into social and political ones. Today we find ourselves at the end of this causal chain. How we got here is in no small part due to policymaking. Specifically the failure to recognise that decisions based on theories and mathematics have real world consequences – negative ones at that. The simple fact is we cannot separate politics and economics…


Roadshow in Spain (5 Nov Barcelona & 6-7 Nov Madrid)

Los próximos días 5 de noviembre (Barcelona), y 6-7 de noviembre (Madrid) contaremos con la visita de Stewart AM. Te rogamos nos hagas saber si tienes interés en tener un encuentro one-on-one con ellos, o bien participar en el encuentro-desayuno de grupo que llevaremos a cabo el jueves 7 de noviembre (por determinar). Para más información, puedes visitar la sección de Stewart Asset Management




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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