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Insights

With decades of experience investing in global equity markets, our portfolio managers develop quarterly Market Outlook and Investment Insights features to provide insight into our thoughts and views and to help our clients navigate the global equity markets. Read our Insights below, or subscribe to have new Insights delivered to your email.

Insights

Market Outlook

Volatility Rears its Head... Again!

Market Outlook: 1Q 2023

In order to try and make any sense of what is going on in the world's financial markets it is essential to have a sense of history, both long-term and recent. Investors have had a particularly difficult time lately trying to figure out which way to go. The global economy is complicated and difficult to decipher...

And the Winner is...

Market Outlook: 4Q 2022

That phrase will be spoken many times at the Academy Awards to be held in March as the coveted trophies are presented. By then, we may also know whether market investors or the world’s central bankers have prevailed in their battle currently taking place in global equity markets...

Picking Fights with the Fed

Market Outlook: 3Q 2022

The famous phrase "Don't fight the Fed" was first coined in the 1970's. Essentially, it was meant to warn investors to keep their portfolios on the good side of the US central bank. Well, market participants seem more willing today than they have been in recent memory to test the mettle of the Fed...

Tug of War

Market Outlook: 2Q 2022

The reason for the dramatic correction in global stock markets has not been because analysts have lowered their earnings expectations for companies, as one would expect. Rather it has been a markdown in multiples which has caused this correction. Top-down strategists are calling for a significant decline in earnings, but bottom-up analysts are not yet seeing that as they focus on company fundamentals. So, who is right?...

Children Playing Tug of War

Stock Picking is Back!

Market Outlook: 1Q 2022

The Return of Volatility

Market Outlook: 4Q 2021

A Stock Picker's Market

Market Outlook: 3Q 2021

As Good as It Can Get?

Market Outlook: 2Q 2021

Investment Insights

Is Active Investing Making a Comeback?

Investment Insights:

April 2023

The debate on passive versus active management has been ongoing for multiple decades since the first index investment trust was introduced in the 1970s. While passive investing is here to stay, we believe that the pendulum has swung too far in favor of passive and we see active management regaining some lost ground, especially in the current environment of higher interest rates, higher inflation and macro uncertainty...

Why Intl Equities Could Outperform

Investment Insights: January 2023

Intl Markets_edited.jpg

The past decade was marked by the dominance of US mega cap stocks with the S&P500 rising more than 360% by the end of 2021. However, going into 2023, we have seen a reversal, with the MSCI World ex US index performing better. Could this outperformance hold up in 2023 and could international Developed Market equities close some of the long-term performance gap...

Changing Dynamics in Emerging Mkts

Investment Insights: October 2022

International Flags

In the past, rising US interest rates and a stronger US dollar would have meant trouble for Emerging Markets. As tighter financial conditions lead to a broad global slowdown, countries that have borrowed in US dollars would face heavy debt burdens, and a fall in risk appetite would cause investors to flee Emerging Markets...

Have Buybacks Peaked?

Investment Insights: April 2022

Share buybacks were virtually non-existent in the US equity markets prior to 1982, when there were regulations aimed at limiting the potential for share price manipulation. In 1982, the US Securities and Exchange Commission adopted Rule 10b-18, which established a safe harbor for companies wishing to distribute cash to investors via share buybacks. Consequently, share buybacks became popular and since 1997, the amount of share buybacks has surpassed dividends as the primary means of cash repayment to shareholders. Will that continue, or have buybacks peaked...

Can Emerging Mkts Make a Comeback?

Investment Insights: January 2022

Taking Pulse of the Buffett Indicator

Investment Insights: October 2021

Is Inflation Transitory?

Investment Insights: July 2021

A Year of Two Halves

Investment Insights: April 2021

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