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

Multiple Countries / Cross Asset Strategy

<p>Of the three, Indonesia is by far the most impacted by the rising dollar and renewed concern about the Chinese economy and financial markets. The reaction earlier in the year from the Indonesian government to JP Morgan’s downgrade of the equity market betrays an underlying nervousness about the sustainability of foreign funding, despite the improvement in the fiscal and current account deficits, since the days of the ‘fragile five’ in 2013, mainly due to subsidy reform and the lower oil price…</p>

Of the three, Indonesia is by far the most impacted by the rising dollar and renewed concern about the Chinese economy and financial markets. The reaction earlier in the year from the Indonesian government to JP Morgan’s downgrade of the equity market betrays an underlying nervousness about the sustainability of foreign funding, despite the improvement in the fiscal and current account deficits, since the days of the ‘fragile five’ in 2013, mainly due to subsidy reform and the lower oil price…

North Bangkok Power Plant Block 1 Infrastructure Fund (EGATIF TB)

North Bangkok Power Plant Block 1 Infrastructure Fund

Thailand, Philippines and Indonesia: Not Compelling but Relatively Low Beta in 2017 (Part 7 of 7)