Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

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.

Cross Asset Strategy

This report examines the underlying governance factors that have driven EM underperformance over the last five years.Brazil, Russia, Malaysia and Turkey appear to have entered a vicious circle whereby lower growth leads to currency devaluation leading to policies, which are negative for both equity investors and economies and so the whole process starts up again (we still believe that of the four Turkey has the best prospects of escaping from this vortex).Most disturbingly, we believe that China as well as Indonesia may be on the verge of joining this not very select group.While sentiment towards EM has the hallmark of a short term bottom with plenty of space for bear market rallies and short squeezes, there is little sign of the positive inflection in policies, which might mark a secular turning point in individual markets or in the broader asset class.

This report examines the underlying governance factors that have driven EM underperformance over the last five years.Brazil, Russia, Malaysia and Turkey appear to have entered a vicious circle whereby lower growth leads to currency devaluation leading to policies, which are negative for both equity investors and economies and so the whole process starts up again (we still believe that of the four Turkey has the best prospects of escaping from this vortex).Most disturbingly, we believe that China as well as Indonesia may be on the verge of joining this not very select group.While sentiment towards EM has the hallmark of a short term bottom with plenty of space for bear market rallies and short squeezes, there is little sign of the positive inflection in policies, which might mark a secular turning point in individual markets or in the broader asset class.

Many (un)happy returns in EM; governance and the vicious circle

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Thematic (Sector/Industry)

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to secure their dream home? We investigate:<ul><li>Prices and volumes for landed property have come down since the implementation of the cooling measures, and are likely to remain stagnant unless affordability increases</li><li>Freehold landed property weathers the market downturn a little better than leasehold landed property, but this does not mean leasehold landed property has become more affordable</li><li>Landed enclaves along the upcoming Thomson-East Coast MRT line are seeing increased popularity on PropertyGuru, and should enjoy higher prices and a higher volume of transactions in the medium term</li></ul>

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to secure their dream home? We investigate:Prices and volumes for landed property have come down since the implementation of the cooling measures, and are likely to remain stagnant unless affordability increasesFreehold landed property weathers the market downturn a little better than leasehold landed property, but this does not mean leasehold landed property has become more affordableLanded enclaves along the upcoming Thomson-East Coast MRT line are seeing increased popularity on PropertyGuru, and should enjoy higher prices and a higher volume of transactions in the medium term

Landed property ownership looking more like a reality

Trading Matters, ITG

Ellie Fung

Trading Matters

Global financial technology company

<ul><li>Proposals to unbundle payments for investment research from trading commissions are a key part of the European Union&rsquo;s updated Markets in Financial Instruments Directive (MiFID II).</li><li>By forcing brokers to price and charge for services separately, the aim is to enhance transparency and accountability, and achieve both best execution and best research.</li><li>European investment managers will be required to implement the changes on a global basis when they take effect in January 2017.</li><li>In this report we answer key questions about the implementation of MiFID II recommendations, and what this could mean not only for UK and European domiciled asset managers and brokers, but also those in Asia and the USA</li></ul>Author: Jack Pollina -&nbsp;Head of Global Commission Management and Hedge Fund Business DevelopmentFull report below the fold...

Proposals to unbundle payments for investment research from trading commissions are a key part of the European Union&rsquo;s updated Markets in Financial Instruments Directive (MiFID II).By forcing brokers to price and charge for services separately, the aim is to enhance transparency and accountability, and achieve both best execution and best research.European investment managers will be required to implement the changes on a global basis when they take effect in January 2017.In this report we answer key questions about the implementation of MiFID II recommendations, and what this could mean not only for UK and European domiciled asset managers and brokers, but also those in Asia and the USAAuthor: Jack Pollina -&nbsp;Head of Global Commission Management and Hedge Fund Business DevelopmentFull report below the fold...

MiFID II, Research Unbundling, and What it Means for You

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a high-quality revision as the contribution from inventory expansion was now just 0.2% instead of 0.4%, meaning fewer goods were piling up on shelves.More than offsetting the downward inventory calculation was a large revision to consumer spending, primarily the services-related category.Consumer spending grew at a 3.6% rate in the second quarter, one of the best performances of this recovery and constituting almost two thirds of total GDP growth.Most of the construction-related categories were also revised higher.Analysts: Robert Johnson CFA &amp; Roland CzerniawskiFull report below the fold...&nbsp;

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a high-quality revision as the contribution from inventory expansion was now just 0.2% instead of 0.4%, meaning fewer goods were piling up on shelves.More than offsetting the downward inventory calculation was a large revision to consumer spending, primarily the services-related category.Consumer spending grew at a 3.6% rate in the second quarter, one of the best performances of this recovery and constituting almost two thirds of total GDP growth.Most of the construction-related categories were also revised higher.Analysts: Robert Johnson CFA &amp; Roland CzerniawskiFull report below the fold...&nbsp;

U.S. Economy Picks up the Pace: We're bumping up our 2015 GDP forecast

Freelance Research Analyst

Tay Hock Meng

The ruling Peoples&rsquo; Action Party (PAP) has gotten an overwhelming voters&rsquo; endorsement following the conclusion of the jubilee year GE on September 11. One of the questions investors and homeowners might be asking, will the government be lifting any property measures, and if so, which are the measures that could be lifted?

The ruling Peoples&rsquo; Action Party (PAP) has gotten an overwhelming voters&rsquo; endorsement following the conclusion of the jubilee year GE on September 11. One of the questions investors and homeowners might be asking, will the government be lifting any property measures, and if so, which are the measures that could be lifted?

Post Singapore General Election (GE), what's next for residential property market?

Singapore

Smartkarma unites the fragmented investment research industry, connecting institutional investors, independent research providers, and corporates under a single network.

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Smartkarma (SK SP)

Many (un)happy returns in EM; governance and the vicious circle

This report examines the underlying governance factors that have driven EM underperformance over the last five years.Brazil, Russia, Malaysia and...

John-Paul Smith

Landed property ownership looking more like a reality

With prices of landed homes falling faster than their non-landed counterparts, should prospective buyers take advantage of the slow market to...

PropertyGuru

MiFID II, Research Unbundling, and What it Means for You

Proposals to unbundle payments for investment research from trading commissions are a key part of the European Union’s updated Markets in...

ITG

U.S. Economy Picks up the Pace: We're bumping up our 2015 GDP forecast

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a...

Morningstar, Inc.

Post Singapore General Election (GE), what's next for residential property market?

The ruling Peoples’ Action Party (PAP) has gotten an overwhelming voters’ endorsement following the conclusion of the jubilee year GE on September...

Tay Hock Meng

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