Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Credit

Back in February 2016, trading margins of ASX-listed hybrid securities widened significantly. As a result, there were a number of attractive investment opportunities and following a relatively stable reporting season and shift in sentiment, margins began to retrace. While on the surface it appears margins are still tracking well relative to February, a more suitable performance measure would be to calculate the cumulative change to see if investors have recovered the losses endured at start of…

Back in February 2016, trading margins of ASX-listed hybrid securities widened significantly. As a result, there were a number of attractive investment opportunities and following a relatively stable reporting season and shift in sentiment, margins began to retrace. While on the surface it appears margins are still tracking well relative to February, a more suitable performance measure would be to calculate the cumulative change to see if investors have recovered the losses endured at start of…

Hybrids: Have We Recovered Since February?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

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§  The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…
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§  The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses in the Consumer Discretionary Sector tend to be more impacted by these cycles.
 
§  Globally, the MSCI World Consumer Staples Index has generated a 2.7% dividend inclusive YTD return while regionally, the MSCI AC Asia Pacific Consumer Staples Index generated a 5.7% dividend inclusive YTD return. This compared to a 1.3% decline and 0.8% gain for the…




Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

The BondAdviser Corporate Hybrid Handbook 2017 is designed to be a useful reference for ASX-listed corporate hybrid securities and the credit profiles of their underlying issuers. We believe there are a number of attractive investment opportunities across different corporate industries.Corporate hybrids are overshadowed in a market dominated by banks and other financial institutions. As a result, many investors fail to reap the diversification benefits that non-financial issuers offer in a balanced portfolio. While bank and other financial hybrids are often driven by macro-economic, regulatory and/or political themes and trends, corporate hybrids warrant a more case-by-case approach which promotes diversification. For this reason, corporate hybrids should not be overlooked.Given the ‘lower-for-longer’ interest rate environment, the search for yield is becoming an increasingly difficult task. While hybrids continue to be an attractive option to boost income, they are not without inherent risks.

 The BondAdviser Corporate Hybrid Handbook 2017 is designed to be a useful reference for ASX-listed corporate hybrid securities and the credit profiles of their underlying issuers. We believe there are a number of attractive investment opportunities across different corporate industries.Corporate hybrids are overshadowed in a market dominated by banks and other financial institutions. As a result, many investors fail to reap the diversification benefits that non-financial issuers offer in a balanced portfolio. While bank and other financial hybrids are often driven by macro-economic, regulatory and/or political themes and trends, corporate hybrids warrant a more case-by-case approach which promotes diversification. For this reason, corporate hybrids should not be overlooked.Given the ‘lower-for-longer’ interest rate environment, the search for yield is becoming an increasingly difficult task. While hybrids continue to be an attractive option to boost income, they are not without inherent risks. 

Edgware Insights Pty Ltd

Wayne Murray

Equity Bottom-Up

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the industry with JB Hi-Fi assuming the #1 position. We pictured a crouching tiger bristling in anticipation of the kill.  We had feared that the animal JB Hi-Fi CEO Richard Murray might conjure could be a less predatory but very adorable fluffy bunny. If the Australian Financial Review Street Talk article on Tuesday, 6 September is accurate, the tiger is on…

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the industry with JB Hi-Fi assuming the #1 position. We pictured a crouching tiger bristling in anticipation of the kill.  We had feared that the animal JB Hi-Fi CEO Richard Murray might conjure could be a less predatory but very adorable fluffy bunny. If the Australian Financial Review Street Talk article on Tuesday, 6 September is accurate, the tiger is on…

JBH & The Good Guys: Animal Spirits - More Crouching Tiger, Less Fluffy Bunny

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>Following a strong start in its first live month, Evidente's model portfolio under-performed in the month of August, falling by -3.0%, well below the ASX200 return of -1.6%.  Since inception on 1 July, the portfolio has generated an accumulated return of +4.2%, lower than the ASX200 return of +4.6%.</li><li>RIO and WES are on close watch due to growing risks of a pull-back in China's residential property markets, while significant restructuring costs and asset impairments at WES reflect poor earnings quality and poor capital allocation decisions by senior management.</li><li>Retail discretionary remains the portfolio's key cyclical overweight bet based on the prospect that there remains plenty of scope for discretionary spending to catch up to food retailing, while household sector balance sheets remain in good shape.  The model portfolio retains a strong  defensive tilt, with overweight bets in telcos, utilities and listed infrastructure stocks being funded by under-weights in financials and materials.</li></ul>

Following a strong start in its first live month, Evidente's model portfolio under-performed in the month of August, falling by -3.0%, well below the ASX200 return of -1.6%.  Since inception on 1 July, the portfolio has generated an accumulated return of +4.2%, lower than the ASX200 return of +4.6%.RIO and WES are on close watch due to growing risks of a pull-back in China's residential property markets, while significant restructuring costs and asset impairments at WES reflect poor earnings quality and poor capital allocation decisions by senior management.Retail discretionary remains the portfolio's key cyclical overweight bet based on the prospect that there remains plenty of scope for discretionary spending to catch up to food retailing, while household sector balance sheets remain in good shape.  The model portfolio retains a strong  defensive tilt, with overweight bets in telcos, utilities and listed infrastructure stocks being funded by under-weights in financials and materials.

Model Portfolio Monthly Update - Retain Strong Defensive Bias

Australia

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

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Woolworths Ltd (WOW AU)

Hybrids: Have We Recovered Since February?

Back in February 2016, trading margins of ASX-listed hybrid securities widened significantly. As a result, there were a number of attractive...

BondAdviser

Consumer Staples Offered Investor Returns Amid Lower Growth Outlooks

§ The Consumer Staples Sector is made up of businesses less sensitive to economic cycles. In comparison, the performance of businesses...

Singapore Exchange Ltd (SGX)

Corporate Hybrids Handbook 2017

The BondAdviser Corporate Hybrid Handbook 2017 is designed to be a useful reference for ASX-listed corporate hybrid securities and the credit...

BondAdviser

JBH & The Good Guys: Animal Spirits - More Crouching Tiger, Less Fluffy Bunny

Edgware called for some animal spirits from JB Hi-Fi in its pursuit of The Good Guys. It is a once in a generation opportunity to reshape the...

Wayne Murray

Model Portfolio Monthly Update - Retain Strong Defensive Bias

Following a strong start in its first live month, Evidente's model portfolio under-performed in the month of August, falling by -3.0%, well below...

Sam Ferraro

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