EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

In my last piece I discussed why I thought an actual Brexit was unlikely despite the result of the referendum last week. This piece answers some questions on some of the detail of the likely path ahead and some of the interesting elements around this.

In my last piece I discussed why I thought an actual Brexit was unlikely despite the result of the referendum last week. This piece answers some questions on some of the detail of the likely path ahead and some of the interesting elements around this.

The last few days have seen a maelstrom of opinions and recrimination after the shock referendum decision to leave the EU.The lack of a concrete plan of action for an exit has shocked markets, leaving even those who avoid politics worried about the future.However, looking at the structure of western democracy a departure from the EU is very unlikely.

The last few days have seen a maelstrom of opinions and recrimination after the shock referendum decision to leave the EU.The lack of a concrete plan of action for an exit has shocked markets, leaving even those who avoid politics worried about the future.However, looking at the structure of western democracy a departure from the EU is very unlikely.

Transport Sector, China and Asia-focused Research

Charles De Trenck

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside whether Banks, UK Banks or even UBS have gotten oversold and are trading buys post Brexit Vote. For my end, I am not going to trade more than 1-2% of holdings in banks. Just enough to get a feel. Not enough to do any damage. There may be some opportunities. There may be opportunities as well in names competing with WMT and in Telecoms…UK tracking device:…

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside whether Banks, UK Banks or even UBS have gotten oversold and are trading buys post Brexit Vote. For my end, I am not going to trade more than 1-2% of holdings in banks. Just enough to get a feel. Not enough to do any damage. There may be some opportunities. There may be opportunities as well in names competing with WMT and in Telecoms…UK tracking device:…

The Dark Side of Glocalization (Even if Investment Opportunities)

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

United Kingdom

GlaxoSmithKline PLC operates as a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer.

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GlaxoSmithKline PLC (GSK LN)

The Path to No Brexit

In my last piece I discussed why I thought an actual Brexit was unlikely despite the result of the referendum last week. This piece answers some...

Emad Mostaque

Why Brexit (Probably) Won't Happen

The last few days have seen a maelstrom of opinions and recrimination after the shock referendum decision to leave the EU.The lack of a concrete...

Emad Mostaque

The Dark Side of Glocalization (Even if Investment Opportunities)

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside...

Charles De Trenck

Will Brexit Break EM's Back?

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is...

Emad Mostaque

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

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