We are upgrading Europe Private Equity, predominantly driven by Buyouts, from underweight to neutral. Our outlook towards Global Buyouts is improving, with Europe benefiting from enhanced credit availability and an earlier recession. Non-domestic investors may also be advantaged by an appreciation i...
Supply and demand shocks in markets critical to the renewable-energy and defense industries will continue to play havoc with prices, which will negatively impact capex. In the short run, this benefits China given its already-dominant position in these markets. Longer term, investors already are prov...
The disinflation to date has been benign because it has come almost entirely from improving supply. But the supply-side tailwind has exhausted, so the last mile of the journey to 2 percent inflation will be the hardest, especially in the US and the UK. We discuss the investment implications. Plus, w...
The stars have aligned for a major outperformance of Chilean stocks versus the EM equity benchmark. Plummeting inflation in Chile will push monetary authorities to continue their aggressive rate cuts, engineering a quick economic recovery this year. We maintain our overweight stance on Chilean stock...
Indonesia will not revert to dictatorship. Yet the guardrails against authoritarianism are also constraining the actions of the next government in tackling near term domestic and regional challenges. For long-term positioning, use potential selloff from a “dictatorship scare” to build position as st...
The USHQ Large Cap portfolio outperformed its benchmark by 2.5% and the USHQ SMID 2.4%. The BCA Score L/S started the year off strong with positive contributions from Safety, Technicals, and Quality for January....
We do not believe that NYCB is a canary in the coal mine for a new round of bank distress. The MidCap 400 Regional Bank Index’s subsequent 10% decline looks to us like a juicy opportunity for stockpickers who can separate the wheat from the chaff. Our Special Report is meant to assist them with thei...
The soft landing and rate cuts narrative is being priced out, and the S&P 500 is overvalued and getting overbought. The Magnificent Seven are about to get a new moniker on the back of performance dispersion. However, without the cohort, S&P 500 earnings would have been even deeper in the red....
The Global Equity Score turned bearish this month, resulting in an increased exposure to the Consumer Staples and Health Care. The Style Score continues to favor Large-Cap Value over Small-Cap Growth....
