HSBC Mid-month Equity Investment Strategy. Release Date: 22 July 2011 For distributor / broker use only
|
|
- Brent Ellis
- 7 years ago
- Views:
Transcription
1 HSBC Mid-month Equity Investment Strategy Release Date: 22 July 2011 For distributor / broker use only
2 2 Market Performance After a decent rebound in the second half of June 2011, the equity markets remain muted during the first fortnight of July The larger cap indices (Sensex and Nifty) underperformed the mid and small cap indices. 10.0% 8.0% 8.3% 6.0% 4.0% 3.5% Large caps under-perform 2.0% 0.0% 2.2% 1.9% 0.2% -0.2% -0.9% -1.2% -3.0% -3.3% BSE CONS. DUR. BSE HEALTHCARE BSE CAP GOODS BSE AUTO BSE FMCG BSE TECK BSE REALTY BSE BANKEX BSE METAL BSE OIL & GAS -2.0% -4.0% Sectoral Performance Sectorally, BSE Realty and BSE Consumer Durables were the best performing sectoral indices, while BSE Metals and BSE Teck were the worst performing ones. 10.0% 8.0% 8.3% 6.0% 4.0% 3.5% Realty a surprise performer 2.0% 0.0% 2.2% 1.9% 0.2% -0.2% -0.9% -1.2% -3.0% -3.3% BSE REALTY BSE CONS. DUR. BSE HEALTHCARE BSE CAP GOODS BSE AUTO BSE FMCG BSE TECK BSE BANKEX BSE METAL BSE OIL & GAS -2.0% -4.0% Portfolio Strategy Performance of key indices Consumer discretionary: Neutral. Domestic Passenger Vehicles were up 4.2% YoY in the month of June 2011 while 2-wheelers growth continued to be robust at 14.6% YoY. In the Commercial Vehicles segment, growth was better than expected at 17.8% YoY. The overall growth in FY12 is likely to remain lower than FY11 due to higher interest rates and high base effect. Consumer staples: Neutral. We have trimmed exposure to the sector on account of high valuations. Energy: Overweight. Rising crude has led to cutback in exposure on Oil Marketing Companies as worries of higher subsidy will de-rate the sector. However, we prefer to take exposure to the sector through upstream/e&p and refining companies. Healthcare: Underweight. We maintained our exposure due to rising valuations.
3 Financials: Underweight. We have maintained our underweight position expecting margin pressure in the future, given the sharp increase in deposit rates across the system. Also, rising interest rates would slow credit growth. Industrials: Neutral. We have reduced our exposure to the sector given the slowdown in Index of Industrial Production (IIP) and the consequent delay in execution. Information Technology: Overweight. We maintain our overweight stance but would keep a watch on any further deterioration in the global outlook which could impact IT spend. Materials: Underweight. We maintain underweight on the sector on account of the moderating economic growth in China, post the recent tightening measures. We prefer to play the sector through companies having exposure to base/non-ferrous and precious metals. Telecommunication: Overweight. We maintain our exposure to the sector on account of its defensive nature. Utilities: Underweight. We maintain an underweight but have added gas utilities on account of steady earnings profile and reasonable valuations. 3 Market Outlook 1QFY12 earnings and global outlook to drive markets in the near term The market movement in the near term would be governed by key events on the domestic and global fronts. Domestically, the performance of corporate India in a tough environment (high interest rates and raw material prices) would be visible with the 1QFY12 earnings season kicking off. The start has been a tad disappointing with muted numbers and guidance from IT major, Infosys. On the global front, the outlook remains uncertain with the EU sovereign crisis coming to the fore once again and concerns regarding US debt levels starting to emerge. We remain positive on the India growth story from a long term perspective with strong intrinsic fundamental drivers favorable demographics, strong consumption growth, massive infrastructure spending requirement and a sound central banking system. We would thus advise investors to take advantage of short term volatility in the markets and increase exposure in periods of sharp correction. Market data sources: Reuters, Bloomberg, and Telerate
4 HSBC Mid-month Fixed Income Investment Strategy Release Date: 22 July 2011 For distributor / broker use only
5 Market Assessment Sentiments remained positive through the first fortnight of July 2011 on the back of turmoil in the Euro region and lower than expected domestic data. Index of Industrial Production (IIP) and inflation data values remained lower than expected, leading to expectations of a sooner than expected end to the rate hike cycle in India. Economic Data Wholesale Price Index (WPI) for the month of June 2011 rose by 9.44% as against the market expectation of 9.60%. The worrisome trend of revisions continued with April 2011 inflation data being revised upwards from 8.66% to 9.74%, increasing the risk that the June 2011 value could also be an underestimation. 5 Lower than expected inflation, IIP Market Activity G-Sec yields remain resilient Corporate bonds witness renewed demand Money market rates have eased Global Economic Scenario Global event lead to further uncertainty Only one of the four weeks accounted for the higher fuel prices. The full impact of the higher fuel prices would be reflected in the inflation numbers in the coming months. The persisting large revisions in inflation numbers could remain a strong additional source of uncertainty in framing future policy outcomes. IIP for the month of May 2011 stood at 5.6% much below the market expectation of 8.5%. A slower than expected rise in Capital Goods production and weak Intermediate Goods production led to the downside surprise. Bond prices continued to be supported by the developments in the Euro region and softening US treasuries. Lower than expected domestic macro data values ensued further rally at the longer end of the curve despite of persistent sovereign supply. The benchmark 10 G-Sec traded as low as 8.25% after ending the last month at 8.35% levels. Corporate bond yields too remained resilient across the curve. End investor demand by insurance and pension funds ensured long end yields remained well bid. Money market rates eased further with 1 year CD rates easing to 9.40 levels from 9.80 at the beginning of the month. The unwinding of rate hike expectations and easy liquidity contributed to the easing. Concerns over the Euro zone debt, combined with worries over the fiscal position of the US hogged the limelight during the first fortnight of July Uncertainty spread across the global markets as rating agencies warned of the possible consequences of US failing to raise the federal debt ceiling with both Moody s and Standard & Poor s stating that they could lower US s rating. US bond yields lowered below 3% levels on the back of safe haven buying and hope of some positive resolve on raising debt ceiling before August 2, 2011 deadline. The Euro region also witnessed similar pressures as after the recent downgrade of Portugal, Italian and Spanish bond markets witnessed heightened turbulence on the back of high maturities due in the near term. These could escalate tensions as the spill over effects could have a larger impact on bigger economies within the Euro region. The Asian economies on the other hand seem to be on a different trajectory as central banks continued to fight inflation amidst slowdown concerns. China has raised interest rates for the fifth time in eight months, indicating that the country s leaders are still focused on taming the politically sensitive inflation, despite evidence that the world s second-biggest economy is
6 witnessing a slowdown. Bank of Korea which recently put on pause its rate hike cycle, raised its inflation projection to 4% while scaling down the growth forecast to 4.3% from 4.5%. Going Forward Going ahead, we expect the markets to remain range bound ahead of the mid quarter policy review, scheduled for July 26, Although a 25bps hike in rates is widely expected, the tone of policy will pave the way for further movements in yields. While we expect growth concerns to temper the extent of the hawkishness induced by high inflation, however, we don t expect a lowering of guard on the high interest rate regime. Global developments would be keenly watched out for. On the domestic front rains haven t been encouraging enough yet. The rainfall deficit in July 2011 could lead to higher agricultural inflation, thus postponing the respite in inflationary pressures expected in second half of this fiscal year. Moreover, a combination of high interest rates, global shock and bad monsoon could prove detrimental for growth. With the possibility of all three factors culminating, we could be nearing the end of rate hike cycle by RBI, post this policy meeting. 6 Market data sources: Reuters, Bloomberg, and Telerate
7 Disclaimer 7 This document has been prepared by HSBC Asset Management (India) Private Limited (HSBC) for information purposes only and should not be construed as an offer or solicitation of an offer for purchase of any of the funds of HSBC Mutual Fund. All information contained in this document (including that sourced from third parties), is obtained from sources HSBC, the third party believes to be reliable but which it has not independently verified and HSBC, the third party makes no guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy or completeness of such information. The information and opinions contained within the document are based upon publicly available information and rates of taxation applicable at the time of publication, which are subject to change from time to time. Expressions of opinion are those of HSBC only and are subject to change without notice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies that may have been discussed or recommended in this report and should understand that the views regarding future prospects may or may not be realized. Neither this document nor the units of HSBC Mutual Fund have been registered in any jurisdiction. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions. Mutual fund investments are subject to market risks. Please read the Scheme Information Document and Statement of Additional Information carefully before investing. Copyright HSBC Asset Management (India) Private Limited ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Asset Management (India) Private Limited. HSBC Asset Management (India) Private Limited; 314, D. N. Road, Fort, Mumbai Tel: hsbcmf@hsbc.co.in. Investors may obtain Scheme Information Document, Statement of Additional Information and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 314 D. N. Road, Fort, Mumbai Tel: Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpus of Rs 1 lakh). The Sponsor/associates of the Sponsor/Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of the Scheme(s) of the Mutual Fund. The names of the Schemes do not in any manner indicate the quality of the Schemes or their future prospects or returns. Read the Scheme Information Document and Statement of Additional Information carefully before investing.
HSBC Mid-month Equity Investment Strategy. Release Date: 23 March 2012 For distributor / broker use only
HSBC Mid-month Equity Investment Strategy Release Date: 23 March 2012 For distributor / broker use only 2 Market Performance Market remained broadly flat awaiting cues from the monetary policy and the
More informationINVESTMENT OBJECTIVES AND VISION
Monthly Investment Update: Volume 6, Issue 4 July, 2013 UNIT LINKED PRODUCTS FROM SBI LIFE INSURANCE CO. LTD. 2008 INVESTMENT OBJECTIVES AND VISION (A) Investment Objectives: The investment objectives
More informationSystematic Investment Plan
Systematic Investment Plan a simple way to invest in equity and create wealth For Private & Internal Circulation Only 1 1 Disclosure Mutual Fund Investments are subject to market risks. Read all scheme
More informationBrutal February hurts commodities.
Brutal February hurts commodities. After a solid January, most of the major commodities went into reverse during February, triggered by individual events within the different sectors but also some general
More informationGlobal Markets Update Signature Global Advisors
SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views
More informationEquity Sell-off Continues, Bonds Affected
Equity Sell-off Continues, Bonds Affected Executive Summary Portfolio Performance So Far The 1-month performance of all model portfolios have been affected by the recent sell-off in equities, with returns
More information2012 First Quarter Equity Market Review
Investment Insights 2012 First Quarter Equity Market Review By William Riegel, Head of Equity Investments After a volatile year in 2011, equity markets grew more confident in the first quarter of 2012.
More informationMonetary policy assessment of 13 September 2007 SNB aiming to calm the money market
Communications P.O. Box, CH-8022 Zurich Telephone +41 44 631 31 11 Fax +41 44 631 39 10 Zurich, 13 September 2007 Monetary policy assessment of 13 September 2007 SNB aiming to calm the money market The
More informationOctober 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy October 2015 Market Volatility likely to Remain Elevated on China Growth Concerns & Fed Rate Uncertainty. Stocks
More informationDebt Market Outlook - 2015
Debt Market Outlook - 2015 DEBT MARKET PERFORMANCE IN 2014 The Indian bond market saw a sharp rally in H2 of CY 14, inspite of absence of rate cuts. The bond market rallied due to the following factors.
More informationA Checklist for a Bond Market Sell-off
A Checklist for a Bond Market Sell-off New Zealand Fixed Income Monthly Commentary February 2013 Christian@harbourasset.co.nz +64 4 460 8309 Just like 2011 and 2012, the start of a new year has again prompted
More informationMutual Fund Category Analysis Banking Sector Funds
November 18, 2014 Mutual Fund Category Analysis Banking Sector Funds Key Facts: What are they? Banking Sector funds are equity oriented schemes investing predominantly in the banking stocks. Banking Category:
More informationReliance Dual Advantage Fixed Tenure Fund I Plan K (A Close Ended Income Scheme) NFO Opens: 10 th May, 2011 NFO Closes: 24 th May, 2011
Reliance Dual Advantage Fixed Tenure Fund I Plan K (A Close Ended Income Scheme) NFO Opens: 10 th May, 2011 NFO Closes: 24 th May, 2011 MARKETS & ECONOMY Highlights of the RBI s Monetary Policy Statement
More informationEconomic & Market Outlook
Monthly Portfolio Commentary December 31, 2015 Economic & Market Outlook Stocks rebounded in 2015 s fourth quarter, but provided little reward for the year as a whole. The S&P 500 Index recovered from
More information2015 Mid-Year Market Review
2015 Mid-Year Market Review Cedar Hill Associates, LLC www.cedhill.com 6111 North River Road, Suite 1100, Rosemont, Illinois 60018 Phone: 312/445-2900 An Affiliate of MB Financial Bank 2015 Major Investment
More informationFinance Ministers Speech NDTV Profit Business Leadership awards 2011
Finance Ministers Speech NDTV Profit Business Leadership awards 2011 Ladies and Gentlemen, I am very happy to be here today among this distinguished gathering of industrialists and business persons on
More informationBenchmark 10Y Government Bond Yield @ 9% - Favourable Risk - Reward for Investors
Benchmark 10Y Government Bond Yield @ 9% - Favourable Risk - Reward for Investors November 26, 2013 1. 10Y Government Bond Yield has been trending higher after the Credit Policy on October 29, 2013 Movement
More informationpercentage points to the overall CPI outcome. Goods price inflation increased to 4,6
South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
More informationMARKET & FUNDS INSIGHT AS AT 19 January 2015 UNLESS OTHERWISE STATED
MARKET & FUNDS INSIGHT AS AT 19 January 2015 UNLESS OTHERWISE STATED With 2014 a disappointing year for Malaysia, where are the investment opportunities for 2015? 2014 Equity Market Performance 35.00%
More informationValue Fund - Series 2
GOOD COMPANIES at DISCOUNTED PRICES OUR VALUE INVESTMENT PHILOSOPHY Value Fund - Series 2 A Close-Ended Equity Scheme NFO Period: November 18, 2013 to November 29, 2013 Contents 1 Why Equities Now? 2 Value
More informationMutual Funds in Pakistan
Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited Definition of Mutual Fund A mutual fund is a collective
More informationPioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.
Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class
More informationMawer Canadian Bond Fund. Interim Management Report of Fund Performance
Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or
More informationTaxable Fixed Income Outlook: Waiting for Those Rising Rates
Taxable Fixed Income Outlook: Waiting for Those Rising Rates Market Commentary Fourth quarter 2014 MOST INVESTORS UNDERSTAND THAT INTEREST RATES ARE UNPREDICTABLE. But we suspect few believed rates could
More informationGlobal Investment Outlook
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook May 2014 Stocks to Rebound with Q2 GDP & Earnings Recovery, Fresh ECB (& BoJ) Stimulus, Fed keeping U.S. Rates Low & Easing
More informationMACROECONOMIC OVERVIEW
MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial
More informationChallenging Conventional Wisdom
with Rick Golod GLOBAL INVESTMENT INSIGHT August 7, 2015 Challenging Conventional Wisdom Rick Golod Chief Global Strategist It wasn t just a difficult month for investors; it s been a difficult year. Perhaps
More informationGauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation
August 2014 Gauging Current Conditions: The Economic Outlook and Its Impact on Workers Compensation The exhibits below are updated to reflect the current economic outlook for factors that typically impact
More informationMERCER PORTFOLIO SERVICE MONTHLY REPORT
MERCER PORTFOLIO SERVICE MONTHLY REPORT MAY 206 Mercer Superannuation (Australia) Limited ABN 79 004 77 533 Australian Financial Services Licence # 235906 is the trustee of the Mercer Portfolio Service
More informationAnnual Management Report of Fund Performance. Management Discussion of Fund Performance. Mawer Canadian Bond Fund. Results of Operations
Annual Management Report of Fund Performance For the Year Ended December 31, 2014 This annual management report of fund performance contains financial highlights but does not contain the complete annual
More informationSTEWARD FUNDS MANAGING WEALTH, PROTECTING VALUES SOCIALLY RESPONSIBLE SCREENED FUNDS. PROSPECTUS August 28, 2015
STEWARD FUNDS MANAGING WEALTH, PROTECTING VALUES SOCIALLY RESPONSIBLE SCREENED FUNDS Steward Large Cap Enhanced Index Fund Individual Class SEEKX Institutional Class SEECX Steward Small-Mid Cap Enhanced
More informationNew SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely
October 2012 ICRA RATING FEATURE OCT 2012 New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely ICRA Rating Feature Contacts Karthik Srinivasan
More informationMonthly Strategy. August 13, 2012 July 8, 2015. 13 August 2012
Monthly Strategy Monthly Monthly Strategy Strategy August 13, 212 July 8, 215 13 August 212 Monthly Strategy Monthly Monthly Strategy Strategy Table of Content July 8, 215 House View... 2 Global economy
More informationBond Market Momentum, Valuation and Risks
Bond Market Momentum, Valuation and Risks New Zealand Fixed Income Monthly Commentary August 1 christian@harbourasset.co.nz + 89 Global bond yields stabilised in July, as markets weighed up two opposing
More informationIndia's Booming Stock Market and Its Outlook Ahead
VOL1. NO. February 2006 India's Booming Stock Market and Its Outlook Ahead India's stock market in 200 was driven by expanding inflows of foreign capital into the country on the back of expectations for
More informationEquity & Debt Strategy
Equity & Debt Strategy Mid June - July 2016 Equity Market Update & Equity MF Strategy Summary: Global indices earnings growth & valuations Source: Bloomberg, Current Index is as on 10 th Jun 16 Confidential
More informationKDP ASSET MANAGEMENT, INC.
ASSET MANAGEMENT, INC. High Yield Bond and Senior Secured Bank Loan Outlook March 2016 Asset Management, Inc. 24 Elm Street Montpelier, Vermont 802.223.0440 HighYield@kdpam.com The Case for High Yield
More informationINSIGHTS OPPORTUNITIES IN THE ASIAN HIGH YIELD SPACE. August 2013
INSIGHTS August 2013 OPPORTUNITIES IN THE ASIAN HIGH YIELD SPACE Leong Wai Mei is part of the Asian Fixed Income team and the fund manager for the Eastspring Investments - Asian High Yield Bond Investors
More informationCommodities not finding much traction despite USD weakness
Commodities not finding much traction despite USD weakness Commodities continued to show weakness into the second week of 2013 despite rising stock markets and a falling US dollar. Investors are generally
More informationGlovista Global Emerging Market Perspectives
Issue 28 April/12 Monthly Newsletter for Emerging Market Investors Glovista Global Emerging Market Perspectives This issue : Emg Mkt. Sector Performance P.2 S&P 500 Sector Performance P.5 Ccv and Cmdty
More informationCapital Expenditure of Corporates: FY09-FY14
September 24, 2014 Economics RBI recently releaseda study on corporate investments which provides a picture on the envisaged capital expenditure (investment in fixed assets) of companies from the private
More informationABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong
Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit
More informationHeritage With Profits Fund Investment Report: UK Pension Business
Heritage With Profits Fund Investment Report: UK Pension Business Q1 2016 This leaflet gives information on the following factors that affect with profits plan values types of assets how these affect investment
More informationOil prices tumble as speculative bubble burst
Oil prices tumble as speculative bubble burst The financial and sovereign debt crisis continues to set the agenda for almost every investment decision being taken at the moment. During May the crisis in
More informationFixed Income Asset Allocation
Fixed Income Asset Allocation j a n n e y fixed income strat e g y Our three-pronged approach to 2015 portfolio construction has run its course, with value today found in securitized products and preferreds.
More informationThe UK Retail Bond Market H1 2011 Performance Update
1. Introduction The UK Retail Bond Market H1 2011 Performance Update Over the last 6 months, 7 transactions have been launched in the retail bond market in the UK, raising 540 million - with a further
More informationFund Fact Sheet. Performance Chart. 1.00 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14
PRUlink bond fund (All data as at 31 unless otherwise stated) The fund seeks to achieve an optimal level of income in the medium term together with long-term capital growth through investments in fixed
More informationM&G Corporate Bond Fund
Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving
More informationSouth African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to
More informationBALANCED fund. Fourth Quarter Results FOCUSED INVESTING FOR THE LONG-TERM. December 31, 2015
BALANCED fund Fourth Quarter Results December 31, 2015 FOCUSED INVESTING FOR THE LONG-TERM BALANCED fund (MAPOX) Fourth Quarter Market Overview - December 31, 2015 Investors facing growing uncertainty
More informationAxis Bank. Strong core performance. Source: Company Data; PL Research
Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied
More informationBANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the
BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September
More informationFixed Income Asset Allocation
Fixed Income Asset Allocation j a n n e y fixed income strat e g y While 2015 finished off with big spread widening in high yield, strong performance of our favorite sector, munis, overwhelmed losses in
More informationGlobal high yield: We believe it s still offering value December 2013
Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed
More informationJanuary 2015 business.westernunion.com.au
Western Union Business Solutions Currency Outlook January 2015 business.westernunion.com.au What s coming up Steven Dooley Currency Strategist APAC 2 History in the making! These are historic times US
More informationBond Market Insights October 10, 2014
Bond Market Insights October 10, 2014 by John Simms, CFA and Jerry Wiesner, CFA General Bond Market Treasury yields rose in September as prices fell. Yields in the belly of the curve (5- to 7-year maturities)
More informationASEAN Weekly Wrap. Indonesia fiscal deficit revised higher to 2.35% of GDP. Economic Update
Indonesia fiscal deficit revised higher to 2.35% of GDP Thailand s imports unexpectedly rise, but exports declined Indonesia s revised budget has been approved by the Parliament, where the country s GDP
More informationBond Outlook. Third Quarter 2014. Waiting on the Fed. 10-Year Treasury Yields. Treasury Bonds. Break-even Inflation Rate
Third Quarter 21 Waiting on the Fed Despite a strong rebound in domestic economic activity with gross domestic production accelerating toward %, persistent low inflationary pressures and dramatically lower
More informationShriram Transport Finance Subsidiaries witness sharp increase in NPA
Shriram Transport Finance Subsidiaries witness sharp increase in NPA Shriram Transport Finance s (STFC) standalone performance was broadly in-line with our expectation but grossly disappointed on asset
More informationFrequently Asked Questions
Frequently Asked Questions 1. What is tax planning? Tax planning is an essential part of financial planning. Tax planning is use to reduce tax liability by optimally using the provisions of tax exemptions
More informationFOMC review Less confident Fed likely to stay on hold in March as well
Investment Research General Market Conditions 27 January 2016 FOMC review Less confident Fed likely to stay on hold in March as well As expected, the Fed funds target rate was unchanged at 0.25%-0.50%.
More informationFinancing government s borrowing requirement
7 Financing government s borrowing requirement In brief Government s net borrowing requirement is expected to be R173.1 billion in 2015/16, decreasing to R155.5 billion in 2017/18. South Africa s deep
More informationSUNDARAM ASSET MANAGEMENT
SUNDARAM ASSET MANAGEMENT 1 Quick background Headquartered in Chennai (India) with offices in Singapore and Dubai Wholly owned by the prestigious Sundaram Finance Limited Has 17 years of experience in
More informationMonetary Policy Matters
Monetary Policy Matters February 26, 2015 by Mark Mobius of Franklin Templeton Investments This year we expect the divergence in monetary policy among the world s central banks to be a key theme and a
More informationNPH Fixed Income Research Update. Bob Downing, CFA. NPH Senior Investment & Due Diligence Analyst
White Paper: NPH Fixed Income Research Update Authored By: Bob Downing, CFA NPH Senior Investment & Due Diligence Analyst National Planning Holdings, Inc. Due Diligence Department National Planning Holdings,
More informationSan Diego City Employees Retirement System
San Diego City Employees Retirement System Asset Allocation Review July 9, 2015 Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. 1 (This page
More informationHow Smaller Stocks May Offer Larger Returns
Strategic Advisory Solutions April 2015 How Smaller Stocks May Offer Larger Returns In an environment where the US continues to be the growth engine of the developed world, investors may find opportunity
More informationGlobal Investments Limited. FY2014 Financial Results
Global Investments Limited FY2014 Financial Results DISCLAIMER Information contained in this presentation is intended solely for your personal reference and is strictly confidential. Such information is
More informationMOSt Market Outlook 1st, July 2016
Nifty Chart Nifty Outlook Nifty Fut. R1 R2 S1 S2 8326 8345 8380 8300 8160 'Nifty saw a strong recovery from the low of the weekly Spinning Top formation. For the ongoing momentum to sustain, follow up
More informationNivesh Daily Currency
Nivesh Daily Currency February 3, 2016 Currency Pivot Levels Currency % OI % Prev OI Close Pair Change Change %Change R * Pivot S* USDINR 68.27 0.20 6.75-3.2 68.3550 68.2025 68.1175 EURINR 74.50 0.67 20.16-10.6
More informationINFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor
INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate
More informationReal estate: The impact of rising interest rates
Fall 015 TIAA-CREF Asset Management Real estate: The impact of rising interest rates Overview TIAA-CREF Global Real Estate Strategy & Research Martha Peyton, Ph.D. Managing Director Edward F. Pierzak,
More information2015Q1 INVESTMENT OUTLOOK
TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for
More informationINVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets
INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions
More informationCIO Flash Revisions to our 2016 global outlook Jan 25, 2016
CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:
More informationZIMELE PERSONAL PENSION PLAN
ZIMELE PERSONAL PENSION PLAN ABRIDGED REPORT TO THE SCHEME MEMBERS FOR THE YEAR ENDED 31 ST DECEMBER 2015 TABLE OF CONTENTS Advisors To The Fund... 3 Trustee s Report... 4 Statement Of Trustee s Responsibilities...
More informationAre we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014
Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationFixed Income Focus: Ireland & Portugal
In the past decade we have seen droves of investors driven to global fixed income markets in search of higher yields. While the global pool of fixed income securities more than doubled, we saw asset bubbles
More informationApril 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy April 2015 Stocks to Stabilize & Post Gains with Further Rate Cuts & Easing Measures, ECB s QE, Gradual, Modest
More informationThe European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference
Economic Outlook Spain June 9 2016 The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference The global economic scenario has improved
More informationMLC Investment Management. Constructing Fixed Income Portfolios in a Low Interest Rate Environment. August 2010
Constructing Fixed Income Portfolios in a Low Interest Rate Environment August 2010 Stuart Piper Portfolio Manager MLC Investment Management For Adviser Use Only 1 Important Information: This Information
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More information2015 2 nd Quarter Market Commentary
2015 2 nd Quarter Market Commentary 1 Second Quarter Summary The U.S. Federal Reserve communicated that recent economic growth means the era of easy money may soon come to a close, causing bond yields
More informationA strong year for retail bonds
A strong year for retail bonds The Orderbook for Retail Bonds (ORB) opened 1 February 2010, with the aim of promoting both a transparent secondary market in bonds for retail investors as well as developing
More informationThe Credit Crisis: A Monetary Explanation
M O R G A N S T A N L E Y R E S E A R C H Global Economics The Credit Crisis: A Monetary Explanation Joachim Fels Chief Global Fixed Income Economist & Co-Head of Global Economics 33 rd Annual IOSCO Conference
More informationFigure C Supervisory risk assessment for insurance and pension funds expected future development
5. Risk assessment This chapter aims to asses those risks which were identified in the first chapter and further elaborated in the next parts on insurance, reinsurance and occupational pensions. 5.1. Qualitative
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationU.S. Fixed Income: Potential Interest Rate Shock Scenario
U.S. Fixed Income: Potential Interest Rate Shock Scenario Executive Summary Income-oriented investors have become accustomed to an environment of consistently low interest rates. Yields on the benchmark
More informationEuro periphery: our favorite for now
OUTLOOK Second quarter 2014 For professional investors Euro periphery: our favorite for now Fixed Income Allocation Outlook Q2 2014 Italian Prime Minister Matteo Renzi Kommer van Trigt, Head Fixed Income
More informationIntroductory remarks by Jean-Pierre Danthine
abcdefg News conference Berne, 15 December 2011 Introductory remarks by Jean-Pierre Danthine I would like to address three main issues today. These are the acute market volatility experienced this summer,
More informationQuarterly Report. For the Quarter ended December 2014
Quarterly Report For the Quarter ended December 2014 As on 31 December, 2014 Section I Economic & Real Estate Current Status A key development during the last few months has been the ~55% decline in international
More informationTATA PORTFOLIO MANAGEMENT SERVICES
TATA PORTFOLIO MANAGEMENT SERVICES For Private Circulation TATA ASSET MANAGEMENT LTD. THE TATA GROUP One of India s largest business Group Diverse businesses in 7 sectors Operations in over 80 countries
More informationTo receive this report via e-mail, please go to: www.factset.com/data/news_research/researchdesk
EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 September 2, 2016 Key Metrics Earnings Scorecard: With 498 of the
More informationPortfolio Series Portfolio Review Second Quarter 2010
Portfolio Series Portfolio Review Second Quarter 2010 We are pleased to introduce Portfolio Review, a new quarterly report on Portfolio Series. 3 Portfolio Series Income Fund 7 Portfolio Series Conservative
More informationCapital preservation strategy update
Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4
More informationWhy Consider Bank Loan Investing?
Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative
More informationMirae Asset - flash. Short Circuit. A-share market slump: short-circuited by the new circuit breaker
Mirae Asset - flash Investment Team; Mirae Asset Global Investments (HK) Limited Chinese financial markets started the New Year with a loud thump, unnerving investors globally. The sharp fall in the China
More informationPRUDENT RISK MANAGEMENT IN TIMES OF UNCERTAINTY. Torsten Jeworrek
PRUDENT RISK MANAGEMENT IN TIMES OF UNCERTAINTY Torsten Jeworrek Monte Carlo, 9 September 2012 Macroeconomic Outlook Global economy slowing down, outlook sees only modest improvements highly uncertain
More informationH1 2014 IFRS Results. August 2014
H 4 IFRS Results August 4 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent
More information