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Multi-Asset Strategy

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Multi-Asset Strategy Team

Chris Turner
Head of Multi-Asset Strategy
Stefano Di Domizio
Head of Fixed Income Strategy
David McBain
Head of Technical Strategy
Zahra Ward-Murphy
Strategist

Multi-Asset Strategy Research

Multi-Asset Strategy Products: Multi-Asset Strategy Monthly, Multi-Asset Strategy Weekly, Absolute Essentials, Trade Alerts.

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Sentiment, Positioning and Risk Essentials: Markets face key tests on several fronts
23 Sep 2019
: David McBain

EQUITIES: EuroSTOXX and CAC 40 nearing extended SBI levels (P1/7)

REGIONS: Key test for contrarian rally in EMU versus AC Asia ex-Japan (P2)

FX: USD/BRL overbought as key resistance hit (P3)

Multi-Asset Strategy Weekly : Inflation dislocation
18 Sep 2019
: Chris Turner, Stefano Di Domizio, David McBain, Zahra Ward-Murphy

We argue the past twelve months’ cheapening in EUR break-evens must be blamed on market directionality, not fundamentals. We look at inflation break-evens’ investing implications.

Sentiment, Positioning and Risk Essentials: Six key charts in multi-asset
16 Sep 2019
: David McBain, Chris Turner, Stefano Di Domizio, Zahra Ward-Murphy

Sentiment, Positioning and Risk Essentials: Six key charts in multi-asset

Absolute Essentials is taking a brief break from full service this week.

This snapshot provides key current market sentiment and positioning highlights across markets: with MSCI ACWI, CAC 40, the euro, Copper and UST 10Y in the spotlight.

Multi-Asset Strategy Weekly: Beyond the hype - private equity
11 Sep 2019
: Chris Turner, Stefano Di Domizio, David McBain, Zahra Ward-Murphy

At almost $0.5tn, gross inflows to private equity have broadly equalled gross inflows to public equity over the past year, but AUM in private equity is still only about 6% of public equity market capitalisation

For most of this decade, apart from 2018, public equity returns have been broadly comparable to private equity returns; moreover, the IRR metric used in private equity likely flatters total returns on committed capital

Listed small cap returns have almost returned as much as private equity over time – although a wide dispersion of returns in private equity suggests the top performing funds can offer significant yield enhancement

At $1.5tn, ‘dry powder’ is almost 10% of the size of the US Treasury market, but at c.35% of AUM, we believe the main risk it poses is to return generation

The use of leverage suggests private equity may not be entirely immune to a downturn, and loan quality is a potential source of market instability

 

Sentiment, Positioning and Risk Essentials: Europe in focus ahead of big ECB meeting
9 Sep 2019
: David McBain, Chris Turner, Stefano Di Domizio, Zahra Ward-Murphy

REGIONS: Further upside potential for MSCI EMU versus EM Equities (P2)

MARKETS: Italy optimism stretched versus Spain – risk of reversal (P1)

METALS: Silver faces resistance vs. Gold; Gold vol likely to rise vs. Silver (P3)

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