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Podcast: Coronavirus - Asian markets corrections and resilience
This timeline highlights some of the market events during the last few weeks and how our experienced team has navigated the market volatility. We also highlight what to look out for in the weeks ahead and highlight some positives amongst all the negative news.
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly t...
In January, our Asia Fixed Income team provided an outlook for the asset class in 2020. Since then, developments associated with coronavirus have dominated attention and affected sentiment towards financial markets worldwide. In this update, Jamie Grant, Head of Emerging Market and Asia Fixed In...
We recently travelled to Sub-Saharan Africa to undertake bottom-up research on a number of high yield sovereign credits, namely: Kenya, Zambia and Angola. Research trips, such as these, form a vital part of our investment process; particularly for countries where idiosyncrasies are the dominant d...
Persistent trade-related uncertainty and unrest in Hong Kong clouded the outlook for Asian growth in 2019. Bond yields were under downward pressure for much of the year and, in turn, fixed income markets in the region performed well.
Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing...
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.
Our high yield team focuses on the diligent implementation of our disciplined investment process.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
In general, global corporate bonds posted positive total returns during the third quarter of 2018.
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income...
The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.
We believe individuals and teams are best placed to meet their potential by working collaboratively, particularly in today’s interlinked and fast-paced global financial markets.
Emerging market (EM) debt (JPM EMBI global diversified in US$) markets experienced a volatile third quarter but delivered a positive return of 2.3% over the period as the EM risk premium (spread) fell from 3.69% to 3.35%.
As the Italian coalition government submit their 2019 Draft Budgetary Plan to the EU Commission, we explore what the new measures mean for the country's credit ratings and the outlook for Italian Bonds.
Global GDP growth continues at long term trend levels, mainly driven by developed countries where economic growth remains broad based across the household, private and Government sectors.
It was an eventful quarter, though most factors were negative which lead to continuous spread widening for almost the entire period. Some of the notable events which kept the market jittery were, tighter monetary conditions in US and Europe, relentless emerging markets outflows amid the stronger ...
Emerging market (EM) debt (JPM EMBI global diversified in US$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for EM countries.
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
The latest quarterly update for the First State Investments Diversified Growth Fund.
The quarter started with an upbeat tone amid synchronised global growth, however that dissipated very quickly.
Global credit markets have been challenged in 2018 and spreads have widened. Asian issuers have not been immune from this volatility. Following another default by a Chinese issuer, we take stock of where markets are currently, what opportunities (if any) are present in the region, and outline how...
The latest instalment of our Travel Diary series comes from Andrew Greenup, who recently spent time in Brazil visiting infrastructure companies, assets, regulators and government bodies.
With Initial Public Offerings in India consistently oversubscribed and valuations peaking, the team discuss their five largest holdings and why now is not the time to sell.
Emerging market (EM) debt returned positively in the third quarter, with EM high yield (HY) continuing to outperform EM investment grade.
In 2017, Emerging Markets (EM) hard currency debt (JPMorgan EMBI Global Diversified) delivered a 10.3% return.
Mitsubishi UFJ Trust and Banking Corporation (MUTB), eine hundertprozentige Tochtergesellschaft der Mitsubishi UFJ Financial Group, Inc. (MUFG), schließt die Übernahme von First State Investments von der Commonwealth Bank of Australia für 2,7 Milliarden US-Dollar erfolgreich ab. First State Inves...
2018 was a challenging year for Japanese equities. While we usually prefer to talk about the companies we own rather than comment on the market or the economy, it was interesting to note that 85% of trades last year was on auto-pilot, controlled by machines, CTAs and quant funds.
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (EM) debt (JPM EMBI global diversified in US$) lost 1.25% in the quarter as the EM risk premium (spread) rose from 3.35% to 4.15%.
Asia is projected to become the oldest region in the world – by the 2030s, it will be home to around 60% of the world’s elderly. Jamie Grant, Head of Emerging Markets Debt and Asian Fixed Income at First State Investments, explains why these demographic shifts are expected to have a significant i...
2018 was a challenging year for all Emerging Markets (EM) assets and EM hard-currency debt was no exception: losses from higher US Treasury yields and higher EM risk premia outweighed the running yield and resulted in negative returns for the asset class.
The third quarter of the year was a highly eventful one during which the trade war between the US and China took a turn for the worse.
The emerging market (EM) investment grade (IG) corporate bond market (USD) generated a 0.77% loss in the second quarter of 2018 based on the most widely tracked index, the JP Morgan CEMBI Broad Diversified IG index.
A collection of key economic and political figures that we believe help to frame how we got to where we are today.
In the first half of 2018, so far, we have seen volatility return to markets, a breach of the much anticipated 3% handle for 10 year US Treasuries, and an agreed summit between North and South Korea. As we continue to tread later into this cycle, investors seeking a consistent long-term real retu...