Blogs Archive | Pendal Group
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News

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Pressure mounts on EM bond proxies

Our process remains assertively top-down, but stock selection also remains a key part of the process, as can be seen in the recent performance of bond-proxies.array(4) { [0]=> string(8) "Advisers" [1]=> string(11) "Individuals" [2]=> string(13) "Institutional" [3]=> string(12) "Shareholders" }

Our process remains assertively top-down, but stock selection also remains a key part of the process, as can be seen in the recent performance of bond-proxies.

A touch of the Lemony Snicket’s*

It has been a challenging period, as evidenced by the performance of the Fund. Last year’s underperformance was more ‘explainable’ – the big cyclical rally combined with a couple of stocks that did not work for me on a relative basis. Yet I felt the outcome last year was in the range of expectations. This year to date has been just plain frustrating.array(4) { [0]=> string(8) "Advisers" [1]=> string(11) "Individuals" [2]=> string(13) "Institutional" [3]=> string(12) "Shareholders" }

It has been a challenging period, as evidenced by the performance of the Fund. Last year’s underperformance was more ‘explainable’ – the big cyclical rally combined with a couple of stocks that did not work for me on a relative basis. Yet I felt the outcome last year was in the range of expectations. This year to date has been just plain frustrating.

Oil, USD drives fresh EM divergence

EM currencies have generally been weak against the US dollar so far this year, but analysis of EM current accounts and reliance on imported oil shows some distinct patterns. array(4) { [0]=> string(8) "Advisers" [1]=> string(11) "Individuals" [2]=> string(13) "Institutional" [3]=> string(12) "Shareholders" }

EM currencies have generally been weak against the US dollar so far this year, but analysis of EM current accounts and reliance on imported oil shows some distinct patterns.

Valuation dispersion in emerging markets exudes opportunities

James Syme provides an in-depth review of valuation anomalies across emerging markets, highlighting why company analysis in isolation can miss opportunities.array(4) { [0]=> string(8) "Advisers" [1]=> string(11) "Individuals" [2]=> string(13) "Institutional" [3]=> string(12) "Shareholders" }

James Syme provides an in-depth review of valuation anomalies across emerging markets, highlighting why company analysis in isolation can miss opportunities.