Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Equity Bottom-Up

Invesco DB US Dollar Index Bul / Equity Bottom-Up

<ul><li>Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.</li><li>Today’s strong USD looks, in the end, to be our currency and our problem.</li><li>Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.</li><li>The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.</li></ul>

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.Today’s strong USD looks, in the end, to be our currency and our problem.Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

<p style="text-align: justify;">As we enter the third decade of this millennium, we look back over the last ten years, draw inferences from what transpired, examine where returns were generated and try to position ourselves for the years ahead. In this process we try to address one of the most common questions on equity market valuations - “Are they not too expensive?”&nbsp; The answer to this question will help investors position their portfolios for the years ahead.&nbsp; The last ten years have been quite an extraordinary period for investors as new economic paradigms were floated, implemented and continued to dominate headlines. With the backdrop of Global Financial Conference roiling western economies, it was natural to believe at the beginning of the decade that the best place to make returns in the years ahead would be Asia. The U.S. was the last place on anybody’s mind to put their money to work. But ten years on, as we come to the close of this decade, the results could not have been farther from most prognosticators’ expectations. The best and maybe the only performing equity market over the last decade has been the U.S. stock market. We are now ending the decade with elevated levels of uncertainty - "how should we think about the future" ? In a world of low inflation and low growth, should investors worry about ability of companies to deliver top-line growth and what multiples to pay for growth ? When the next decade comes to a close, the answers will be apparent, but investors need to position for the future now. We touch on some of the issues in this write up.</p>
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As we enter the third decade of this millennium, we look back over the last ten years, draw inferences from what transpired, examine where returns were generated and try to position ourselves for the years ahead. In this process we try to address one of the most common questions on equity market valuations - “Are they not too expensive?”&nbsp; The answer to this question will help investors position their portfolios for the years ahead.&nbsp; The last ten years have been quite an extraordinary period for investors as new economic paradigms were floated, implemented and continued to dominate headlines. With the backdrop of Global Financial Conference roiling western economies, it was natural to believe at the beginning of the decade that the best place to make returns in the years ahead would be Asia. The U.S. was the last place on anybody’s mind to put their money to work. But ten years on, as we come to the close of this decade, the results could not have been farther from most prognosticators’ expectations. The best and maybe the only performing equity market over the last decade has been the U.S. stock market. We are now ending the decade with elevated levels of uncertainty - "how should we think about the future" ? In a world of low inflation and low growth, should investors worry about ability of companies to deliver top-line growth and what multiples to pay for growth ? When the next decade comes to a close, the answers will be apparent, but investors need to position for the future now. We touch on some of the issues in this write up.

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India

iShares MSCI India ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI India Index.

iShares MSCI India ETF (INDA US)

GMO Q2 2022 Quarterly Letter

Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win. Today’s...

Fund Newsletters

Dawn of a New Decade

As we enter the third decade of this millennium, we look back over the last ten years, draw inferences from what transpired, examine where returns...

River Valley Asset Management