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The latest from HGi

Shifting fortunes on the road back to normality

1 Day ago
Bank of EnglandClick for moreClick to follow:Bank of England 
InflationClick for moreClick to follow:Inflation 
Interest ratesClick for moreClick to follow:Interest rates

The peak of the liquidity-driven market and the rebalancing of global growth will have different effects across developed and emerging markets, says Paul O’Connor

European companies are benefiting as skies clear over the Eurozone

1 Day ago
CommoditiesClick for moreClick to follow:Commodities 
EuropeClick for moreClick to follow:Europe 
Interest ratesClick for moreClick to follow:Interest rates

European companies are benefiting as skies clear over the eurozone and global growth broadens

Walking the narrow path between equities and bonds

Chris BurvillClick for moreClick to follow:Chris Burvill
142 Following
1 Day ago
Bank of EnglandClick for moreClick to follow:Bank of England 
BondsClick for moreClick to follow:Bonds 
Interest ratesClick for moreClick to follow:Interest rates

Chris Burvill on walking the narrow path between equities and bonds

A balanced approach to equity income investing

Ben LofthouseClick for moreClick to follow:Ben Lofthouse
174 Following
1 Day ago
Dividend yieldsClick for moreClick to follow:Dividend yields 
IncomeClick for moreClick to follow:Income 
GlobalClick for moreClick to follow:Global
324 Following

A balanced approach to equity income requires more than just a focus on headline yields

The appeal of absolute return funds

1 Day ago
Government bond yieldsClick for moreClick to follow:Government bond yields 
IMAClick for moreClick to follow:IMA 
Quantitative easingClick for moreClick to follow:Quantitative easing

Absolute return funds aim to deliver a positive return through all market cycles – but that is often where their similarities end

The April 2014 issue of Global Snapshot

1 week ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
Global snapshotClick for moreClick to follow:Global snapshot

The latest issue of the Global Snapshot provides a round-up of the main developments in economics, bonds, currencies and equity markets in March 2014. Plus Simon Ward, Henderson’s Chief Economist, shares his latest economic views.

The case for real estate remains strong

Guy BarnardClick for moreClick to follow:Guy Barnard
54 Following
1 week ago
VideoClick for moreClick to follow:Video
30 Following
 
GlobalClick for moreClick to follow:Global
324 Following
 
EquitiesClick for moreClick to follow:Equities
305 Following
Guy Barnard explains that capital continues to seek out income-producing assets and real estate is a key beneficiary of this environment. He points to encouraging signs of rental growth, helped by a lack of new supply in most markets.

ECB: outside chance of action

2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
Bond BriefClick for moreClick to follow:Bond Brief 
EconomicsClick for moreClick to follow:Economics

The ECB left rates unchanged at the record low of 0.25% at its 3 April meeting while officials seemed to signal that European quantitative easing (QE) is not off the table. James McAlevey, Head of Interest Rates, gives a brief view of the latest ECB meeting.

 

Fixed income perspectives: implications of a hawkish Fed

Phil ApelClick for moreClick to follow:Phil Apel
138 Following
2 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
Bond BriefClick for moreClick to follow:Bond Brief 
EconomicsClick for moreClick to follow:Economics

Analysing the key messages from the latest FOMC meeting, the first with Chair Yellen at the helm; plus reasons why credit is likely to outperform government securities in 2014 despite political and economic uncertainty.

Japan — hubble, bubble, toil and trouble

Michael Wood-MartinClick for moreClick to follow:Michael Wood-Martin
194 Following
3 weeks ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
JapanClick for moreClick to follow:Japan

As has been the case in the past, Japan is misbehaving once again. Equities have slipped since the beginning of the year and foreign investors have turned sellers of Japanese equities having been large buyers of ‘Abenomics’ last year. But is such action justified?

Global demand for property– but Northern European companies remain best placed

1 month ago
PropertyClick for moreClick to follow:Property 
GlobalClick for moreClick to follow:Global
324 Following
 
PropertyClick for moreClick to follow:Property
206 Following

As investors rotate from bonds into other yielding assets, property equities are benefiting – but a successful stock picking approach will be increasingly important going forward.

Reflections on the March Fed meeting

1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
Central banksClick for moreClick to follow:Central banks

Last week saw the first press conference from the new Chair of the US Federal Open Market Committee (FOMC), Janet Yellen. The market was left surprised by the seemingly hawkish tone of the comments, which repriced expectations over the likely path of short-term interest rates upwards.

Thoughts on Russia and the Ukraine

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
1 month ago
EconomyClick for moreClick to follow:Economy

Is this a genuine investment opportunity in Russia? Are stocks cheap? Or would you not touch it with a barge pole? Perhaps there are other, unseen consequences of any escalating situation there.

Positive outlook for Europe, but what are the risks?

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics

Following a recent trip to meet with Germany companies, Matthew Beesley, Head of Global Equities, says management are positive about European economic recovery. But he also identifies two risks that could temper bullishness.

Macroeconomic update

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
GlobalClick for moreClick to follow:Global
324 Following

In this manager update Matthew Beesley, Head of Global Equities, answers a series of questions about his latest macroeconomic views and regional exposures.

Questions include:

• How have the recent tensions between Russia and Ukraine shaped your view of global equity markets?
• How do you think the US Federal Reserve's tapering programme will impact global markets over the coming year?
• What do you think is the biggest risk to global markets over the coming year?
• Why should investors consider investing more in global equities at the moment?

What now for emerging markets?

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
1 month ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
Emerging MarketsClick for moreClick to follow:Emerging Markets 
Emerging MarketsClick for moreClick to follow:Emerging Markets
209 Following

The somewhat skittish nature of the markets in the first days of February is symptomatic of just how extended the recent run in global equities has been. While we are a team of bottom-up global generalist investors, the technical analysis that we observe has been almost unanimous in pointing to the likelihood of a market correction.

Global economy slowing on schedule but H2 prospects brightening

Simon WardClick for moreClick to follow:Simon Ward
260 Following
2 months ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
Money Moves MarketsClick for moreClick to follow:Money Moves Markets

OECD leading indicators released next week should confirm that global economic growth is moderating, in line with the forecast here. Monetary trends, however, suggest that the slowdown will be modest and temporary, with growth lifting again from the summer.

Ukraine: manager views

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
2 months ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
Emerging MarketsClick for moreClick to follow:Emerging Markets

The situation in the Ukraine has the potential to impact global markets. Matthew Beesley, Head of Global Equities, provides a short update and appears on CNBC discussing the issue. The Henderson Global Emerging Markets team also provides a summary. Both comments come with the caveat that the situation is of course evolving, and the comments were correct at 5 March 2014.

US thaw positive for Japan, Europe

Bill McQuakerClick for moreClick to follow:Bill McQuaker
340 Following
2 months ago
EconomicsClick for moreClick to follow:Economics

Bill McQuaker, Co-Head of Multi-Asset, explains why he believes that softer economic data coming out of the US will likely prove temporary, and why the US ‘thaw’ is potentially best played through exposure to Japan and Europe.

He also clarifies his continued preference for exposure to developed markets over emerging ones and why the Multi-Asset team’s fixed income exposure remains relatively limited. He argues that high yield is the safest place to be in the bond markets, but does not necessarily offer great value. The team’s portfolios are using property as a proxy for bond exposure as they believe it offers better value, yield, and should benefit from the improving UK economy.

If you see Sid…

Matthew BeesleyClick for moreClick to follow:Matthew Beesley
46 Following
2 months ago
Economics & marketsClick for moreClick to follow:Economics & markets
502 Following
 
EconomicsClick for moreClick to follow:Economics 
DividendsClick for moreClick to follow:Dividends

With the latest announcement that profits at Lloyds Banking Group (Lloyds) were slightly ahead of expectations, but that the bank was not going to be able to pay a dividend until 2015, all the news that most institutional investors cared about was in the public domain. However, the biggest question for market commentators and the general public remains ‘when will the government sell its c.£20bn stake in the company?’.



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