Our Views

Overnight Market Brief – 27 March 2023

Powell and Yellen made conflicting comments on Wednesday as the former tried to reassure markets on the health of the banking sector, while Yellen denied plans for a blanket deposit insurance click here to download the PDF file  ...

Overnight Market Brief – 20 March 2023

Credit Suisse will be taken over by UBS for CHF 3bn in an all-share deal with extensive provisions by the Swiss National Bank and government to ensure UBS is insulated from potential losses from Credit Suisse assets click here to download the PDF ...

Overnight Market Brief – 13 March 2023

US banks Silicon Valley Bank and Signature Bank were placed into receivership by the FDIC The Treasury have announced that all deposits will be guaranteed, while the Fed has created a new credit facility to improve liquidity conditions click here ...

Overnight Market Brief – 6 March 2023

Every asset class fell as the market reversed from January’s rally In the past four decades, only September 2022 has seen the best return among asset classes come in worse than this month click here to download the PDF file  ...

Overnight Market Brief – 27 February 2023

Recent Fed minutes showed most Fed officials supporting slowing rate hikes, with only a few who preferred 50bps hikes However, all agreed that inflation was still far higher than the target 2% click here to download the PDF file  ...

Overnight Market Brief – 20 February 2023

The US CPI rose at a 64% rate in January, a smaller decline than the expected 62%, while core CPI hit 56% Although expressing different views on terminal rates, Fed officials reiterated the need for further rate increases following the release of inf...

Quarterly Investment Outlook – Q4 2022

2022 was a historic year, where numerous stocks once held to be darlings fell over 75% Worse, assets which were once thought to be safe also faced historic drawdowns as fixed income had its worst year in well over multiple decades As we go into 2023,...

Quarterly Investment Outlook – Q3 2022

The Fed Chair’s acknowledgement that economic pain may be required to bring down inflation stands in marked contrast to prior rosy projections of a soft landing While inflation may have indeed peaked, we remind investors that peak inflation is not ...

Quarterly Investment Outlook – Q2 2022

2022 has had an eventful start to the year, to say the least Market volatility has been elevated, with the Federal Reserve and European Central Bank pivoting to hawkish rhetoric amidst soaring inflation Markets were roiled as investors repriced inter...

Quarterly Investment Outlook – Q1 2022

During the past quarter we increased our equity overweight and further reduced fixed income As the market digests concerns over the Omicron variant, we remain confident in the efficacy of vaccines We note that vaccine makers have expected new variant...

Quarterly Investment Outlook – Q4 2021

During the past quarter we reduced our allocations in cash and fixed income to take advantage of the pull back in equities that had occurred in September and early October Within fixed income, we have continued to minimize duration and maintained our...

Quarterly Investment Outlook – Q3 2021

During the past quarter we reduced our cash allocation further to take advantage of the pull back that had occurred in June and July to grow our equity positioning but maintained a low duration and credit risk focus in our income portfolios We also i...