Chart of the Week

All Duration is Not Created Equal

November 21, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

All Duration is Not Created Equal
After close to four decades of declining interest rates and central bank policy rates hitting zero, the combination of quantitative easing policies, low inflation and tepid growth had driven sovereign bond rates to historic lows. Facing a New Rate Regime, today investors are concerned that duration (i.e., interest rate sensitivity) which has been a source of return may no longer be so, and could potentially be a source of risk should interest rates rise. Those investors are now looking to lower their duration....
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Will ANTS Spoil the Picnic?

November 13, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Will ANTS Spoil the Picnic?
Like the U.S. market where the so-called FANG stocks (Facebook. Amazon, Netflix and Google) have gotten a lot of attention, emerging market's 'ANTS' (Alibaba, Naspers, Tencent and Samsung) have contributed 43% of the MSCI EM Index YTD gain (as of 11/1/2017). The surge in price of the ANTS stocks has been supported by strong earnings gains; up 77% in 2016 (versus 17% for the EM Index). But that growth differential has been narrowing....
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Beyond the Bond Benchmark: More Strategic Approach To Bond Market Beta

November 06, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Fixed Income

Beyond the Bond Benchmark: More Strategic Approach To Bond Market Beta
Bond market investors who use the Bloomberg Barclays U.S. Aggregate Bond Index may be surprised to know that total U.S. government exposure is over 70%. By moving out along that risk-reward spectrum, investors can find opportunities that historically are both less correlated and have offered relatively higher returns....
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India calling...

October 30, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

India calling...
India and China are the only two countries in the world with over a billion people using mobile phones. Mobile phone penetration has been supporting consumption growth as M-commerce and M-banking leapfrog the brick and mortar era. This adoption has been driven in part by government reform, specifically by the Aadhaar Act that was enacted by Prime Minister Narendra Modi's government....
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Beyond the Bond Benchmark: Looking Under The Hood

October 25, 2017 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Fixed Income

Beyond the Bond Benchmark: Looking Under The Hood
In 2007, the Bloomberg Barclays U.S. Aggregate Bond Index had 22% U.S. Treasuries, but that has increased to 37% in 2017. Factoring in debt issued by government agencies and mortgage-backed securities, the total government exposure is now over 70%....
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