PATH • 06-Jun-2022 | |
Navigating Changing Correlations
Andrew Harmstone, Manfred Hui
Despite a difficult economic climate, we see some opportunities arising, particularly in the fixed income space.
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PATH • 02-May-2022 | |
Finding Bright Spots Amongst Dark Clouds
Andrew Harmstone, Manfred Hui
As monetary policy tightens, we share our thoughts on the investment implications and discuss tactical positioning.
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PATH • 01-Apr-2022 | |
Managing Portfolios in an Inflationary World
Andrew Harmstone, Manfred Hui
While this year’s sell-off appears to be driven by sentiment rather than earnings, both the war in Ukraine and China’s renewed lockdowns put further upside pressure on inflation and downward pressure on growth. The risk is markets take another leg down.
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PATH • 04-Mar-2022 | |
Russia – Ukraine: Risk and Investment Implications
Andrew Harmstone, Manfred Hui
As the situation between Russia and Ukraine rapidly worsened, asset classes that had already sold off fell deeper into correction territory. We look at implications for inflation, monetary policy and positioning.
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PATH • 12-Jan-2022 | |
Three Events and a Rally
Andrew Harmstone, Manfred Hui
As we enter 2022, Omicron continues to spread, amid a hawkish Fed and setbacks to Biden’s Build Back Better bill. That said, we expect equities to continue to outperform fixed income, and provide moderate returns, given the healthy growth outlook.
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PATH • 10-Dec-2021 | |
Fed’s Hawkish Turn: Inflation No Longer “Transitory”
Andrew Harmstone, Manfred Hui
Markets fell sharply in response to Omicron in November, and the rising uncertainty about how much the Fed may taper suggests maintaining a cautious risk exposure. See how we are responding to rates, shipping disruptions, energy prices and more.
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PATH • 10-Nov-2021 | |
Winds are changing?
Andrew Harmstone, Manfred Hui
As markets recovered in October and market volatility fell, we increased equity exposure while keeping an eye on rising energy prices, central bank tapering and China property risks. Read more on why we think market winds may be changing.
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PATH • 08-Oct-2021 | |
Winter is Coming?
Andrew Harmstone, Manfred Hui
Winter is coming and growth is slowing – but still healthy. With equity valuations high, we have reduced risk as we see limited upside and fragile, risk-off sentiment. At the same time, we are seeking opportunities to take advantage of any excessive weakness.
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PATH • 08-Sep-2021 | |
Jackson Hole: Dovish Fed reassures markets
Andrew Harmstone, Manfred Hui
The US Federal Reserve appears to be excessively dovish, in light of a strong and growing economy. See why in our view, high valuations, increasing global regulatory risks and the possibility that the Fed is making a policy mistake, are signalling caution.
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PATH • 05-Aug-2021 | |
Is Low US Government Issuance Depressing US 10-Year Yields?
Andrew Harmstone, Manfred Hui
As the US 10-year Treasury yield continues to move down, to many this appears counter-intuitive. We look at factors, which are likely contributing and what could reverse the direction.
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PATH • 05-Jul-2021 | |
Fed’s hawkish surprise, yet markets unruffled
Andrew Harmstone, Manfred Hui
The Fed's hawkish surprise of two rate hikes projected for 2023 left markets unruffled, with the S&P 500 reaching all-time highs. Given longer-term headwinds, however, fundamentals, valuations and sentiment all point to the potential for higher volatility.
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