We view 2019 as a year of validation for our strategy. Focus shifted multiple times in 2018, from investors chasing growth with technology stocks to becoming more risk-averse in the fourth quarter on concerns the U.S. Federal Reserve (the Fed) would be too aggressive hiking interest rates in 2019. Technology is part...read more
Over the past quarter, macroeconomic strategists here at Signature Global Asset Management (“Signature”) have become increasingly vocal with their concerns about the economic effects of geopolitical risks and deglobalization. The past few weeks have been rife with signals of a deteriorating...read more
I expect to see a significant global economic slowdown in the next 12 months, with a high chance of a recession around this time next year. I’m not concerned whether we see back-to-back negative quarters; a recession is defined as a significant slowdown in aggregate demand, which is highly likely in...read more
We recently attended the Gartner Security & Risk Management Summit held just outside Washington, D.C. The Washington, D.C. area was an appropriate host for the conference given all of the internet security concerns raised by the current U.S. administration, including the...read more
With everything going on in macro land and energy land, I wanted to give you a quick update on what we’re seeing on the fixed-income/bonds aspect of some of the energy companies we own. Our high conviction across our positions stems from our strong understanding of the assets...read more
Accident or not
Whether by design or accident, the trade negotiations between the U.S. and China took a turn for the worse a few weeks ago. Were it not for the subsequent tweets, comments and actions by both countries, one could have dismissed the early-May breakdown in talks as a hiccup or simply negotiation...
Following one of the worst year-end routs for risk assets in a long while in the fourth quarter of 2018, markets rebounded tremendously to start 2019, returning most equity markets to levels roughly in line with where they were last September. As of early April 2019, both the S&P 500 Index and the S...read more
Signature’s global depth and breadth provides us with access to unique investment opportunities. We recently participated as an anchor investor in Embassy Office Parks REIT, the first-ever Indian REIT IPO and the largest REIT in Asia by square footage. This IPO marks a significant milestone for the Indian commercial...read more
“Brexit means Brexit.” – British Prime Minister Theresa May, July 11, 2016 (and repeated numerous times since).
It sounded so simple, but to any observer it was anything but. So here we are in the late stages of this tortuous saga when anything...read more
With all that is going on in global markets, we want to thank our clients for their continued partnership and wish everyone a Happy Chinese New Year. Speaking in Mandarin, I've recorded a video message outlining the Signature investment philosophy, which is designed to deliver the best possible risk-adjusted returns in today’s complex...read more