by Tina Byles Williams | Jul 1, 2015 | Market Insights Alerts
For 19 years FIS Group has successfully invested with entrepreneurial managers in global equities markets based on the considerable body of research suggesting that talented, high-active share, entrepreneurial managers are best positioned to outperform market benchmarks, net of fees. We believe that there are generally two reasons, both timeless and universal, why this inefficiency will continue. First, entrepreneurs with “skin in the game” are motivated to work harder, as entrepreneurs generally are in every other business across the time and space of human history. Second, in the modern markets of listed equities, size and scale are the enemies of alpha. While we have long known both of these simple (but nonetheless surprisingly ignored) truths to be self-evident in asset management, the significant opportunity of investing with entrepreneurial managers continues unabated. However in our firm’s 19 years of investing and decades more of experience of our principals, we have rarely (if ever) seen so clear a demonstration of both of these sources of alpha in one simple chart.
by Tina Byles Williams | Jun 1, 2015 | Market Insights Alerts
As Greece’s negotiations with its creditors devolved over the weekend fostering a global rout in risk assets on Monday, through my attendance at a global investor forum in Europe, I solicited the thoughts of institutional investors that live and work closer to the epicenter of the crisis. Not surprisingly, I found a wide divergence of risk appetites and aversion. However, my overwhelming impression is that, while many recognize a high risk of short term volatility, investors here are quite sanguine about the medium and long-term risks of a Greek default or even a so called “Grexit”. This document reflects my observations from the various presentations and conversations over the last few days. This commentary borrows heavily in particular from a presentation and paper by Marko Papic, from BCA Research.
by Tina Byles Williams | Apr 27, 2015 | Webinars
Panelist Information: N/A
Duration: 38 minutes
Description: N/A
by Tina Byles Williams | Feb 1, 2015 | Market Insights Alerts
Since late 2012, coinciding with the election of reformist Prime Minister Shinzo Abe, Japanese equity markets have surged nearly 70% (in local currency) in the past two years. Yet ‘Abenomics’, as the set of ambitious and bold fiscal and monetary policies pursued by the Abe Administration have been dubbed, have thus far failed to move the appetites of Japanese household savings. But there is reason to believe that Japan is on the precipice of reordering its domestic savings structure as soon as this year, with potentially significant implications for its equity markets.
by Tina Byles Williams | Jan 15, 2015 | Webinars
Panelist Information: N/A
Duration: 42 minutes
Description: N/A
by Tina Byles Williams | Oct 1, 2014 | Market Insights Alerts
There is no shortage of prognostication on which assets/ strategies will be most/least impacted as the Fed and the BOE become less accommodative, and how they will be affected. How we answer both questions will be critical to performance over the next year or so. This paper evaluates the likely path and impact of Fed tightening with specific focus on the counterbalancing effects of asynchronous monetary policies globally and the likely impact of Fed tightening on EM risk assets.
