Recent Articles

Treasury Yields and Fed Funds Rates

July 09, 2018 | Author: Edward Kerschner, CFA, and Gene Tannuzzo, CFA | Categories: Chart of the Week, Fixed Income

Treasury Yields and Fed Funds Rates
While interest rate risk may well have moderated, duration driven strategies may still not be optimal in a static or modestly rising interest rate environment. Investors should consider a multi-sector bond strategy that addresses the investment universe through yield, quality and liquidity screens....
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Bigger, Growing Faster and more EM than projected

July 02, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Bigger, Growing Faster and more EM than projected
In 2010 seminal work was published by the OECD with a set of projections suggesting that the emerging middle class in developing countries was about to surge. New research now suggests that there were about 3.2 billion people in the middle class at the end of 2016, 500 million more than previously estimated....
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Beware of Junk Bonds Today

June 13, 2018 | Author: Edward Kerschner, CFA and Gene Tannuzzo, CFA | Categories: Chart of the Week, Fixed Income

Beware of Junk Bonds Today
Junk bonds typically suffer the biggest losses in an economic downturn. The best case would be that the gains are behind us and spreads remain at this level without any further relative out-performance. However, that seems unlikely considering the market hasn't been able to sustain these tight levels for long historically....
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Higher Profitability, Higher Valuations

May 29, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Fixed Income

Higher Profitability, Higher Valuations
EM valuations, as measured by the price-to-book value ratio (PB) track profitability, as measured by return-on-equity (ROE). ROE had declined steadily to a low of 9.0% in 2015, well below its 2006-14 average of 13.9%. As ROE improves valuations should rise....
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Earnings for Emerging Market Consumers Expected to Outpace EM

May 14, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Bloomberg consensus estimates are that the DJECON Index will see earnings growth of 40% and 21% in 2018 and 2019, respectively. This compares to the earnings growth of the 22% and 11% in 2018 and 2019, respectively, for the MSCI EM Index....
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