04 May 2017
Perspectives May Publication

Perspectives explore investment opportunities within international and MENA markets and across asset classes.

Volatility made a (timid) comeback in April and bond yields continued to surprise on the low side. Nevertheless, it was another solid month for international equity markets as the technology-heavy Nasdaq index crossed the 6,000 mark for the first time ever. Meanwhile, global investors’ focus is progressively shifting towards non-US international markets as Europe and selected Emerging Markets have been collecting impressive amounts of foreign flows recently. In the Middle East, markets have been range-bound but the major news was definitely the decree by King Salman of Saudi Arabia to rescind salary cuts and reinstate bonus payments to thousands of civil servants.

Read more
05 Apr 2017
Cross-assets Quarterly Outlook

Equity risk premium for the markets is still higher than long term average showing absence of bubble in the markets

Forward free cash flow yields on major markets are higher than long term average signaling strong cash generating strength of corporates

Emerging Markets are now trading at a wide discount to US equities

Read more
02 Apr 2017
MENA Q2 Outlook 2017

Perspectives explore investment opportunities within international and MENA markets and across asset classes.

The “Trump” rally which began on November 8th continued in February. After a brief pause at the start of the month, the vast majority of risk assets has resumed their uptrend. Unsurprisingly, most investors, including our clients and ourselves, are wondering if markets are now “priced for perfection”. This is the first topic of this second edition of Perspectives. While a pause might be due, we continue to believe that this bull market has further to go and that any pullback should be seen as a buying opportunity. Most favored assets remain those which should benefit from rising inflation (see the “Investment theme” section).
 

Read more
01 Apr 2017
Perspectives Monthly Publication - April Issue

Perspectives explore investment opportunities within international and MENA markets and across asset classes.
 
In this edition, we share our view that investors might have to look at opportunities outside US equities in the months to come. This is precisely the focus of our monthly investment strategy (“Looking beyond US equities”) and the “Macro round-up” (“Brexit is official!). The “Hot topic” of the month is about the ETF bubble, which creates both risks & opportunities for fund managers. We then make the case for investing into Floating Rate Loans, an attractive asset class in a rising rate environment.

Read more
01 Mar 2017
Perspectives Monthly Publication - March Issue

Perspectives explore investment opportunities within international and MENA markets and across asset classes.

The “Trump” rally which began on November 8th continued in February. After a brief pause at the start of the month, the vast majority of risk assets has resumed their uptrend. Unsurprisingly, most investors, including our clients and ourselves, are wondering if markets are now “priced for perfection”. This is the first topic of this second edition of Perspectives. While a pause might be due, we continue to believe that this bull market has further to go and that any pullback should be seen as a buying opportunity. Most favored assets remain those which should benefit from rising inflation (see the “Investment theme” section).
 

Read more
01 Feb 2017
Perspectives Monthly Publication - February Issue

Perspectives explore investment opportunities within international and MENA markets and across asset classes.

In this first edition, we attempt to answer the question if it is the time to call for a top in the U.S equity market. We also share our view on the rising rates story in Global Fixed Income and highlight which sectors are the most likely to benefit from this new paradigm. 

Read more