Over the last ten years, intense rivalry has resurfaced in the tech sector. The tech war is not a recent phenomenon. The US and the former USSR were already fierce rivals during the Cold War and there were tensions in the 1980s when Japan began to flex its muscles.
Romain Bordenave and Jean-Jacques Durand, both Emerging Debt and Currencies Managers at Edmond de Rothschild Asset Management, provide us their view of emerging market debt and the approach they favour to take positions in it.
Since 30 June 2018, the FTSE Gold Mines index of gold companies has lost close to 15% in EUR (17% in USD), while at the same time the price of gold has fallen by 3% in EUR, and by 5% in USD (figures at 20 August)1.
Premium products have strong international brand image and are designed for high net worth individuals. Ever-increasing global wealth is pivotal to their development and offers long term upside. Premiumisation also meets the aspirations of the new middle class in emerging countries.
Healthcare was a key issue during the U.S. presidential election campaign. Concerns that drug prices may become strictly regulated began with Hillary Clinton’s first “tweet” in the summer of 2015 and the scandal that surrounded Valeant. Worries over this resolve to control drug prices in the U.S. triggered a...
In an environment still influenced by low interest rates, political
uncertainty and lack of predictability for risky asset classes, investors are wondering how to manage their bond assets.
Emerging debt seems to be recovering in 2016, with the asset
class standing out particularly relative to other bond market
Millesima 2021 is a fixed maturity fund. Over the recommended
investment period (January 25 2016 to December 31 2021) it seeks
annualised returns, net of investment fees, of more than 3.8% for
the C share1 (i.e. gross returns of more than 5%).
Today’s low interest rate environment has had a significant impact on bond market allocation choices. In the hunt for yield, investors are turning to new segments and changing their portfolio’s risk profile. The bond universe’s diversity means there are still a variety of opportunities but volatility has soared in the...
As hybrid instruments positioned half-way between bonds and equities, convertible bonds are known for offering “the best of both worlds”.
In the current environment of volatile equity markets and low interest rates, they exhibit particularly interesting characteristics.