Geopolitical Tail Risks
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets?View Full Report | PDF & Print Version Despite our expectation of a continued late cycle rally which will pivot to non-US markets, geopolitical tensions remain a wild card that could abruptly...
Q3 2019 Forecast
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets?View Full Report | PDF & Print Version For Q3 2019, we are moving the dial towards cyclical sectors and markets.US: We maintain our neutral position to U.S. equities.Developed Non-US:We have...The Rest Of The World’s Performance Leadership Hangs On China
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets?View Full Report | PDF & Print Version In my Q3 2019 Market Outlook Report I outlined our belief that China’s growth slide is bottoming and that, at least in the short term, the policy uncertainty...
Stocks Are Better Near Term Forecasters Of A U.S. Recession Than Bonds – But Rising Oil Prices Could Reverse That
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets?View Full Report | PDF & Print Version In my Q3 2019 Market Outlook I examined the contradictory messages sent by the bond vs. stock markets. Whilst the stock market continued to climb a wall of...
Global Equity Performance Leadership Will Be Driven By Non-US Markets
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets? View Full Report | PDF & Print Version The performance of global equites in the first half of the year (+16.23%) is consistent with our commentary in the last two Market Outlook reports, which...
Q3 Market Outlook: A Late 2019 Performance Pivot to Non-US Markets?
Despite a rocky mid-point, precipitated by the infamous “tweet heard around the world” on May 5th, when President Trump once again pivoted to a more bellicose stance in the trade war with China, global equities eked out a solid gain of 3.6% during 02....
SMID-CAP MANAGER OF THE YEAR
SMID-CAP MANAGER OF THE YEAR April 2018 – Emerging Manager Monthly awarded Piedmont Investment Advisors 2018 SMID-Cap Manager of the Year.To be eligible for the 12th Annual Emerging Manager Awards, managers must have submitted year-end 2017 data to PSN Informa by...
MARKET OUTLOOK Q2 2019 – Late Cycle Rally on Borrowed Time
Although global growth declined in Q1, as anticipated in our Q1 2019 Outlook, risk assets continued their December 2018 romp as a result of an apparent de-escalation of U.S.-Sino trade tensions and a decidedly dovish pivot by G10 Central banks (See Table One). Some US...
2019 Outlook for Frontier Markets
Frontier markets slumped in line with other non-dollar denominated markets in 2018; though outside of Argentina, frontier markets as a whole outperformed even the U.S. market. In our annual outlook we first look back to grade our calls from last year (spoiler: very...
Q1 2019 Market Outlook: Après moi, le déluge – A Late Cycle Rally as Part of a Protracted Market Topping Process
Each year we begin our Q1 market outlook by holding ourselves to account for the results of the previous year’s macro strategy calls. We then give a detailed overview of what we see as the chief headwinds…
Q4 Market Outlook: From A Trade War To A Cold War?
Following the imposition of a second round of tariffs on Chinese goods and China’s concomitant imposition of retaliatory tariffs, we are – by nearly any reasonable definition of a trade war – in the heart of one at this time. There is good reason to...
FIS Group Named Top Guns Manager by Informa Investment Solutions for Seventh Straight Quarter
Press Release PHILADELPHIA, PA, August 29, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, today announced that it has been recognized with Top Guns status by Informa Investment...FIS Group Q3 2018 Market Outlook: A Final Melt-Up
Press Release PHILADELPHIA, PA, July 23, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, today issued its latest Q3 2018 Market Outlook, ‘A Final Melt-Up.’ In the context of a strong U.S. dollar, the...
Q3 Market Outlook – A Final Melt-Up
At its half-way mark, 2018 has been a tough year to make money. Investors have lost money on US investment grade bonds, on emerging debt, on US Treasuries, on European bonds, and on pretty much every major global equity market. Towards the end of the second quarter,...FIS Group: ForesIghtS The Hidden Risk in a Portfolio: Crowded Trades
Press Release PHILADELPHIA, PA, July 16, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, today published its latest issue of ForesIghtS, ‘The Hidden Risk in a Portfolio: Crowded Trades.’...The Hidden Risk in a Portfolio: Crowded Trades
FORESIGHT | FIS VIEWS Crowded trade risks, while often unappreciated by investors, can be real and significant. They can be viewed as a byproduct of the immense proliferation of index and index-like products. While these products meet important investor needs, their...FIS Expands Into Direct Management with Piedmont Acquisition
FIS In the News Emerging Manager Monthly’s recent article, FIS Expands Into Direct Management With Piedmont Acquisition – covers the recent acquisition of Piedmont Investment Advisors, LLC, an institutional investment firm. “Emerging...FIS Group Named Top Guns Manager by Informa Investment Solutions for the Sixth Straight Quarter
Press Release PHILADELPHIA, PA, June 6, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, today announced that it has been recognized with Top Guns status by Informa Investment Solutions’ PSN,...FIS Group Acquires Piedmont Investment Advisors
Press Release PHILADELPHIA, PA, May 23, 2018 – FIS Group, which offers global developed, emerging and frontier markets equity portfolio strategies through manager of manager portfolios, announced today that it is acquiring Piedmont Investment Advisors, LLC, an...FIS Group Hires New Sales and Marketing Lead
Press Release PHILADELPHIA, PA, Monday, May 14, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, is pleased to announce that Robert Morier has joined the firm as a senior vice president of sales and...
Whipsaws and Other Tradable Goods – Q2 2018 Market Outlook
So far, three of the four main themes for 2018 that we shared in January’s report – more aggressive Fed rate hikes, mean reversion of low vol, and geopolitical risks from Trump’s foreign and trade policy – appear on track and our Q1 positioning...The Real Target Is “Made in China 2025”; Not the US-China Trade Deficit
FORESIGHT | FIS VIEWS Our latest Foresight’s research paper, explores our assertion that President Trump’s objective is not a full-blown trade war, but an attempt to renegotiate the U.S.’s trade package with China and to stymie China’s goal of...Profiting from MSCI Reclassifications: Oases of Alpha or Mirages in the Desert?
FORESIGHT | FIS VIEWS This month’s Foresights report, ” Profiting from MSCI Reclassifications: Oases of Alpha or Mirages in the Desert?”, is our critique of the CFA’s Institute’s Financial Analyst Journal article, “Investing in the...FIS Group Issues 2018 Frontier Markets Outlook
Press Release PHILADELPHIA, PA, January 30, 2018 – FIS Group, a manager of U.S. and global developed, emerging and frontier markets equity portfolio strategies, today issued its 2018 Frontier Markets Outlook, which provides predictions for frontier markets in the year...