White Papers

False Fears and Opportunities in Emerging Markets

Topic: Emerging Markets, 11/13/2015

Emerging Markets (EM) have experienced a prolonged downturn since the latter half of 2014. The financial media has exacerbated the situation by painting a dreary portrait of EM and propagating false fears. However, EM still provide an array of investing opportunities which can provide alpha and diversification to a global portoflio. Due to EM's recent underperformance, now may be an attractive time to invest in EM--albeit on a selective basis. To capitalize on the current investment opportunities, a top-down investment process is integral.

US Rate Hike Impact on Emerging Markets

Topic: Emerging Markets, 8/6/2015

A US Federal Reserve fed-funds rate hike does not inevitably spell trouble for Emerging Markets (EM) equities. Performance after US rate hikes is mixed, implying no established relationship. Today, EM countries are in a financially stronger position than they were throughout the 1990s and early 2000s. Fewer currency pegs and greater foreign exchange (forex) reserves allow for flexibility to deal with internal and external market-related problems. Because equity markets are efficient discounters of all widely known information, much-discussed fed-funds rate hikes lack the surprise power to derail EM equities.

ESG Trends

Topic: US, 12/31/2016

Highlights macro trends and the popularity of various ESG investing approach

Underappreciated Benefits of Active Management

Topic: US, 12/31/2016

Active management remains the best option for generating superior growth and long term outperformance.

China's Long March Toward Freer Markets

Topic: Emerging Markets, 12/31/2016

China’s economic miracle—its 30-plus year path of rapid advance and development to become the world’s second-largest economy—is often seen as uniquely Chinese, an isolated case of policymakers luckily pulling all the right levers to conjure growth. To us, though, a longer perspective shows China’s miracle bears broad similarities to Taiwan’s, Korea’s and Japan’s (with some admittedly Chinese characteristics). We believe a look at how China’s “miracle” resembles those before it—and at some key differences—can add valuable perspective on its present situation and the likely path forward.

Diversifying in Emerging Markets

Topic: Emerging Markets, 5/29/2015

As opposed to the 1990s and early 2000s, Emerging Markets (EM) can no longer be seen as a bloc. Individual countries must be evaluated based on their unique political and economic situations. A properly managed EM strategy requires attention to macro factors such as changes in monetary policy, elections and currency fluctuations.