INSIGHTS

Negative Bond Yields

August 20, 2019

The concept of negative interest rates and bond yields was not really part of investors' consciousness until recent years. The recent downgrades to the economic outlook, central bank rate cuts and collapse in longer-term rates has put the issue front and centre for all investors...

Why we like Assa Abloy

February 25, 2019

Swedish-listed Assa Abloy is the global leader in access solutions, generating annual sales of SEK 84bn (£7bn) from a broad range of products including doors, sensors, locks, alarms, fencing, gates, access control systems, identification technology and entrance automation...

Trade, Money and US-Sino Relations

November 28, 2018

Donald Trump has made no secret of his dislike of the c. $400bn trade deficit the US currently runs with China and has announced a series of tariffs on Chinese goods. This has elicited responses from China in an escalating trade war...

Why we like Alphabet

August 28, 2018

Alphabet is the public holding company for Google, one of the world's most widely-used brands. Just consider the following services owned by the company, all of which have over one billion monthly active users...

US deficits - don't matter - until they do

June 25, 2018

To get the economy humming, President Trump has instigated a fiscal stimulus package that is unprecedented outside periods of war or recession, and after an economic expansion that is, by historical standards, already long in the tooth...

Why we like InterContinental Hotels

June 04, 2018

The global travel and tourism industry is an attractive growth market driven by growing disposable income, an ageing population, low-cost air travel and the expansion of the middle class in emerging markets. In the near term, the health of the industry is driven by global economic growth, consumer disposable income and corporate profitability...

Why we like Becton Dickinson

April 15, 2018

Consider the following: 

-           the direct cost of medication errors in the US is $21bn;

-           four out of ten people will be diagnosed with cancer in their lifetime;

-           20% of deaths are from infectious diseases;

-           infection of the blood kills more people than any other medical condition.

 

Becton Dickinson is a US-listed company that provides solutions for these and other healthcare challenges. The group is a leading global medical technology company engaged principally in the supply of small medical devices and instrument systems. 

Passively Active or Actively Passive?

February 23, 2018

Passive investing (or indexing) is nothing new; it’s been around for decades.  The innovation that has taken it mainstream is the ETF, which provide investors who, for whatever reason, just want to be in the market, with a cheap and accessible means to do so.  The growth in ETFs has been astonishing.  Bernstein estimate that 50% of AUM in the US are now passively managed...

Why we like Diageo

February 01, 2018

Walk into any bar or pub, and there’s a good chance you’ll order something produced by Diageo, the global drinks company created by the 1997 merger of Guinness and GrandMet. Today, the company generates annual net sales of $12bn from a unique portfolio of iconic brands including Johnnie Walker, Smirnoff, Captain Morgan, Baileys, Tanqueray and Guinness. The group is an integrated operator, producing and supplying drinks at a variety of price points with strong distribution routes globally...

Central Banks: Buyer turns Seller

January 10, 2018

The current era in financial markets has been defined by the extraordinary actions of global central banks and the unprecedented rate at which they have purchased a range of public securities.  This has been, in the short-term at least, a positive for economies, but even more so asset prices.  Today the global economy is delivering the best and most synchronised growth since the financial crisis. This in turn has led the central banks to reduce, and in some cases, reverse their monetary accommodation and asset purchase programs...

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