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Our on-the-ground teams of fixed income specialists systematically share investment ideas uncovered across developed and emerging markets
As a global platform, we take great care to ensure alpha sources are uncorrelated to markets and each other. This is why idea generation develops independent of an overarching ‘house view’.
Check the latest First Sentier Investors fund prices and fund performance, keep track of funds performance and trends to help investment selections.
Global credit markets have been challenged in 2018 and spreads have widened. Asian issuers have not been immune from this volatility. Following another default by a Chinese issuer, we take stock of where markets are currently, what opportunities (if any) are present in the region, and outline how...
Persistent trade-related uncertainty and unrest in hong kong clouded the outlook for asian growth in 2019. bond yields were under downward pressure for much of the year and, in turn, fixed income markets in the region performed well.
In july 2017, we published the “investment case for asian fixed income” (click here) where we presented our thoughts on why asia represented an opportunity for fixed income investors. in the paper, we assessed (among other things) the growth outlook for asia relative t...
It was an eventful quarter, though most factors were negative which lead to continuous spread widening for almost the entire period. Some of the notable events which kept the market jittery were, tighter monetary conditions in US and Europe, relentless emerging markets outflows amid the stronger ...
2018 was a challenging year for all emerging markets (em) assets and em hard-currency debt was no exception: losses from higher us treasury yields and higher em risk premia outweighed the running yield and resulted in negative returns for the asset class.
Global GDP growth continues at long term trend levels, mainly driven by developed countries where economic growth remains broad based across the household, private and Government sectors.
The third quarter of the year was a highly eventful one during which the trade war between the us and china took a turn for the worse.
The quarter started with an upbeat tone amid synchronised global growth, however that dissipated very quickly.
We recently travelled to sub-saharan africa to undertake bottom-up research on a number of high yield sovereign credits, namely: kenya, zambia and angola. research trips, such as these, form a vital part of our investment process; particularly for countries where idiosyncrasies are ...
The emerging market (EM) investment grade (IG) corporate bond market (USD) generated a 0.77% loss in the second quarter of 2018 based on the most widely tracked index, the JP Morgan CEMBI Broad Diversified IG index.
Emerging market (EM) debt (JPM EMBI global diversified in US$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for EM countries.
Emerging market (EM) debt (JPM EMBI global diversified in US$) markets experienced a volatile third quarter but delivered a positive return of 2.3% over the period as the EM risk premium (spread) fell from 3.69% to 3.35%.
Emerging market (em) debt returned positively in the third quarter, with em high yield (hy) continuing to outperform em investment grade.
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (EM) debt (JPM EMBI global diversified in US$) lost 1.25% in the quarter as the EM risk premium (spread) rose from 3.35% to 4.15%.
We have recently updated economic climate assumptions for individual countries and, in turn, amended the Neutral Asset Allocation (NAA) for the Diversified Growth Fund. It’s a process that we complete twice a year.
With Initial Public Offerings in India consistently oversubscribed and valuations peaking, the team discuss their five largest holdings and why now is not the time to sell.
Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing...
All of us have been brutally confronted by a new reality in the last few months. It has certainly been crude, with financial markets swinging around on a riptide of greed and fear, as we the participants have vacillated between elation and despair. It is not surprising. Life and the world of mark...
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.