August 23, 2017
Goshen Benzaquen's picture
Co-author: Paul Borean    

Housing market affordability stretched, downside risks increase 

The wave of unconventional monetary policy accommodation that followed the global financial crisis gave rise to a pronounced easing in financial conditions,...

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July 31, 2017
Eric Bushell's picture

June 19 marked the 10-year anniversary of the start of the financial crisis in the U.S.  One week later on June 27, as Italy finalized the recapitalization of Banca Monte dei Paschi di Siena SpA, global bond yields began to rise in a synchronized fashion by 25–50 basis points (see chart). Despite inflation levels that remained below stated...

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July 24, 2017
Kamyar Hazaveh's picture

A lot has changed since we positioned our various portfolios for the reflation trade back in the summer and fall of 2016. The initial euphoria around the new administration in the US has faded, continental Europe has rejected the populism that rocked the Anglo-Saxon world, and emerging market assets have seen a noticeable recovery.

...

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July 18, 2017
Geofrey Marshall's picture

When we launched the Signature High Income Fund in 1996, the Signature team pounded the table with that simple premise. As interest rates fell starting in the early 1980s, yields in traditional parts of the bond market were, and continue to be, insufficient to generate an acceptable level of income. Nonetheless, government bond yields kept...

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June 27, 2017
Stephane Champagne's picture

Broad implications for retail

According to Euromonitor, the U.S. grocery market is $780 billion in size, with just over $9.8 billion (approximately 1.3%) of those sales placed online. While the overall grocery market is expected to grow at less than 2% annually through 2020, excluding inflation, online grocery is...

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June 21, 2017
Allan Maclean-Howard's picture

Investors continue to be faced with heightened political, geopolitical and macroeconomic uncertainty. Yet one market metric that is frequently used to gauge market volatility, the CBOE Volatility Index (ticker: VIX), seems to be showing this to be the quietest of times. Recently, the VIX closed at 9.77, its lowest level since December 1993, and...

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June 2, 2017
Alexandra Gorewicz's picture

“The truth will set you free, but first it will make you miserable.”

At the end of last year, an investor poll conducted by J.P. Morgan, one of our largest broker-dealers, showed that nearly 50% of those surveyed expected the U.S. 10-year rate to be 2.5% or higher by the end of the second quarter of 2017, while other...

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May 4, 2017
Hoa Hong's picture

Co-author: Carson Tong 

An essential aspect of the Signature Global Asset Management investment model is the continuous collaboration among team members that helps to uncover opportunity and limit risk across multiple sectors and asset classes. An excellent example of this process in action...

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April 26, 2017
Fernanda Fenton's picture

Thirty years of EM debt: The growth of an asset class

Emerging markets (EM) fixed income investing has undergone a tremendous transformation in over three decades of existence. What began as a relatively small interbank market of loans to “less developed countries” has now evolved into an asset class that is here to...

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March 17, 2017
Paul Borean's picture

For all the focus on political wind changes, one constant in the background is that there is limited appetite for additional monetary stimulus across major developed market central banks. Fiscal and monetary policies have linkages, with changes in one having cyclical implications for the other. We briefly examine some highlights from the North...

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