Artikel

US money / credit trends improving

von Simon Ward

vor 3 Tagen

​A recent post argued that changes to US money market fund regulations in 2016 had a stifling impact on money and credit growth. The post suggested that this effect was starting to reverse, implying improving economic prospects for late 2017. Incoming evidence supports this hypothesis. The Fed may have to step up policy tightening to offset commercial bank-led monetary loosening.

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Quick view: uncertainty from Brazil indicative of a wider sentiment shift

von Steve Drew

vor 4 Tagen

​On Thursday 18 May, reports emerged that Brazil’s President, Michel Temer, had been caught on tape admitting to taking illicit payments and discussing how to obstruct an anti-corruption drive. Steve Drew, Head of Emerging Market Credit, shares his views on the possible impacts of the events.

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Global slowdown under way, latest money data slightly better

von Simon Ward

vor 1 woche

​The view here since late 2016 has been that global economic momentum would slow from a peak in spring 2017. The latest monetary information suggests a renewed acceleration from late 2017, although this requires additional data confirmation. The near-term slowdown is not expected to feed through to materially weaker labour markets nor to deflect the Fed and other central banks from continuing to rein back stimulus. This suggests a difficult backdrop for markets.

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UK inflation: strong core pick-up, food next?

von Simon Ward

vor 1 woche

UK annual consumer price inflation rose from 2.3% in March to 2.7% in April and remains on course to move above 3% later in 2017, exceeding the MPC’s upwardly-revised central forecast (showing inflation peaking at 2.8% in the fourth quarter).

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Chinese money growth slowing but still respectable

von Simon Ward

vor 2 wochen

​Chinese nominal and real economic growth may be starting to moderate, consistent with a slowdown in monetary expansion since the second half of 2016. Money trends, however, remain respectable by historical standards, suggesting that economic weakness will be contained.

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10 reasons for active management in fixed income

von 

vor 2 wochen

We believe that active management has an important role to play in investment portfolios. Here, we highlight 10 reasons, each supported by a chart, to demonstrate why active management can be valuable when investing in fixed income.

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Latin America: Opportunities in Chile and Brazil

von Nicholas Cowley

vor 2 wochen
In this video update, Nicholas Cowley, Investment Manager on the Emerging Market Equities team, discusses his team’s risk-aware approach to investing in Latin American markets, with a focus on Chile and Brazil.
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Der Blick hinter die Kennzahlen: Welche aktiven Anlagetechniken schaffen Mehrwert?

Anleger stehen nicht nur vor der schwierigen Frage, ob sie über aktive oder passive Strategien in eine bestimmte Anlageklasse anlegen sollen. Viele fragen sich zudem, wann man ein aktives Fondsmanagement vorziehen sollte. Wie in unserem vorherigen Artikel erläutert, haben unerer Meinung nach beide Anlageansätze ihre Daseinsberechtigung. Aber letztlich ist auch hier die richtige Auswahl entscheidend. In diesem Beitrag beleuchten wir die von einigen unserer Fondsmanager bei ihren Anlagen berücksichtigten ESG-Kriterien (Umwelt-, Sozial- und Governance-Faktoren), die bei passiven Anlagetechniken außen vor bleiben.

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​Property may be out of fashion, but not out of return potential

von Guy Barnard

vor 2 wochen

Guy Barnard, Co-Head of Global Property Equities and Pan European property equities manager, provides an update on the European property market, his current views and where he believes the best value opportunities exist.


 
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Henderson Global Care Growth Strategy: Positive impact stocks

Hamish Chamberlayne and Nick Anderson, managers of Henderson's sustainable investment strategy, explain their approach to stock selection. This document introduces stocks favoured within the Global Care Growth Strategy, grouped by theme, together with an explanation of the positive environmental and/or social impact that the managers have identified for each company.

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EM Credit: strong inflows and a positive outlook

von Steve Drew

vor 2 wochen
Steve Drew, Head of Emerging Market Credit, explains the continued compelling investment case for emerging market corporate bonds and where he sees the best investment opportunities going forward.
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Video: Why go global for equities?

von Ian Warmerdam

vor 2 wochen
In this video update, Ian Warmerdam, Director of Global Growth Equities, discusses the benefits of allocating to a global strategy, the positioning of the portfolio that his team manages, and his outlook for the asset class.
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Will bank credit easing force faster Fed tightening?

von Simon Ward

vor 2 wochen

Slow US economic growth over the winter reflected a weakening of money and credit trends from summer 2016. This weakening was probably related to money market fund reforms, which raised banks’ funding costs and tightened the supply of credit. The negative impact of these reforms may be starting to fade, with money trends and credit conditions showing signs of improvement. This could herald economic reacceleration later in 2017.

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On target: Abenomics boosts Japanese stocks

von Yunyoung Lee

vor 2 wochen

Yunyoung Lee, Japanese equities manager, discusses the positive impact of Abenomics on Japan’s economy and stock market− a key reason why he is bullish on Japanese smaller companies.

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Macron’s victory relieves markets, but obstacles remain

von James Ross

vor 3 wochen

​European equities manager James Ross, who co-manages the Henderson Horizon Pan European Equity Fund with Tim Stevenson, gives his thoughts on the outcome of the French election, which saw political newcomer Emmanuel Macron win a decisive victory over far-right rival Marine Le Pen.

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Andrew Mulliner on CNBC: what next after Macron's victory?

von Andrew Mulliner

vor 3 wochen

In an interview with CNBC, Andrew Mulliner, member of the Henderson Fixed Income Investment Strategy Group, shares his views on the French presidential election result and the next big risks to bond markets.

 
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Is US money growth reviving?

von Simon Ward

vor 3 wochen

US GDP growth undershot consensus expectations in the fourth quarter of 2016 and first quarter of 2017, as had been signalled by real narrow money trends last summer. Real money growth may be starting to recover but recent weakness suggests that a significant rebound in economic momentum will be delayed until late 2017.

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John Bennett: is the tide turning for Europe?

von John Bennett

vor 3 wochen

​​John Bennett, Head of European Equities, gives his thoughts on what he sees as very strong prospects for European equities for the remainder of 2017. He explains why he believes many asset allocators are behind the curve and face missing the boat on Europe, and why investors should ignore the political noise when looking at equities in the region.

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The signal and the noise

von Paul O'Connor

vor 3 wochen

​Paul O’Connor, Head of Multi-Asset, discusses why investors have retreated from reflation trades since the start of 2017. He explains that, beneath the noise of policy and political news flow, the global economic recovery remains fairly resilient.

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Glen Finegan: how we approach emerging markets

von Glen Finegan

vor 3 wochen
In this video update, Glen Finegan, Head of Emerging Market Equities, discusses his team’s disciplined, risk-aware approach that focuses on downside protection, while seeking exposure to the long-term demographic opportunities in certain emerging markets.
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