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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March 10, 2017
Jean-Philippe Bry's picture

The market is fretting over a possible Le Pen victory in France’s presidential elections scheduled in April and May 2017.  Markets are nervous and sovereign spreads on French government bonds recently reached a 4-year high (see graph below). So what are the risks?  Should investors be looking at this as an opportunity or an existential risk to...

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February 21, 2017
Kamyar Hazaveh's picture

Highlights from the Global Fixed Income Webcast

On February 16, 2017, we hosted a webcast on the fixed income outlook, positioning and performance.

Here are the highlights:

Looking at the global markets from a cyclical lens

The consensus is focused on fiscal policy and the new U.S... read more
February 9, 2017
Jean-Philippe Bry's picture

Global markets continue to grind higher thanks to an improving global economy and easy financial conditions. Many believe that the Trump election is the underlying reasons for the new highs in U.S. stock markets, and certainly the proposed fiscal policies and deregulation designed to stimulate the economy are creating...

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January 30, 2017
Kamyar Hazaveh's picture

A look back on 2016

Last year was a volatile environment for both safe haven and risk assets. Deflation and risk-off dominated the first half damaging credit markets that led to new lower lows in global sovereign bond yields. Since mid-summer, indicators of U.S. and global growth and inflation have been in an uptrend...

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January 16, 2017
Eric Bushell's picture

In the summer of 2016, Signature argued that markets were approaching a regime change.  A multi-year deflationary impulse was fading and a reflationary turn was at hand. Commodity prices had stabilized and growth dynamics were improving along with financial conditions in the banking sector and credit markets. Populist political risks,...

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December 8, 2016
Kamyar Hazaveh's picture

Background

Global industrial production has been in a cyclical rebound since the summer after more than a year of severe (but non-recessionary) slowdown which took the U.S. and global growth to multi-year lows. Inflation has also been in a cyclical upswing, especially in the United States...

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November 25, 2016
Eric Bushell's picture

In August, Signature postulated that markets were at a moment of regime change from deflation to reflation. In fact we had discussed, over the preceding nine months, the need for asset allocators to prepare to tack away from the consensus deflationary scenario. The changing policy mix held the key to timing. If fiscal policy replaced bond...

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