Points de vue & Analyse

We asked our investment collective for their views on longer-term inflationary risks. What’s clear is that this environment will most likely suit nimble investors that can make active, high conviction decisions as they navigate the road ahead.

We believe that blended Emerging Market debt strategies offer distinct advantages in finding a balance between opportunity, liquidity and volatility. Furthermore, our approach towards liquidity has given us the flexibility to be highly nimble in positioning the Fund quickly and effectively if market events change.

The Global Climate Bond team use a framework to identify those issuers that have clear goals in reducing their greenhouse gas emissions in line with the targets set out in the Paris Agreement. Our focus is to seek issuers that can make significant reductions to the emissions they produce, which means we invest in some of the higher-emitting sectors. Engagement then becomes key.

Andrew Lake, Head of Fixed Income, focuses on the moves in the US Treasury market

We have reached the halfway point of 2021, and it is a good time to take stock of where we are and where we might be going. As the recently departed Donald Rumsfeld said “there are known unknowns and also unknown unknowns”.

The Mirabaud Convertible Bonds Europe Fund has a fully integrated ESG approach as part of its process. It has recently been awarded the SRI label by the French Ministry of Finance. Despite some recent headwinds, especially in areas like the ‘stay at home’ names, a number of positive factors still remain to make the European Convertibles asset class an opportunity for investors seeking to diversify risk.

Global greenhouse gas emissions continued to grow for the third consecutive year in 2019, reaching a record high of 52.4 GtCO2e[1]

Investors are increasingly looking to support global climate action through their bond allocations, but there are several routes to choose - green bonds, hybrid climate portfolios or pure traditional bond strategies.

“We must now agree on a binding review mechanism under international law, so that this century can credibly be called a century of decarbonisation” – Angela Merkel

The energy transition is the pathway towards transformation from fossil-based to renewable, zero-carbon energy sources in order to meet the 2015 Paris Agreement and Government targets by 2050. At its heart is the need to reduce energy-related CO2 emissions to limit climate change.

Dan Moreno, Head of Emerging Market Debt, provides latest insight into the market environment and positioning of the Mirabaud – Global Emerging Market Bond strategy, which takes a blended approach between hard and local currency bonds.

We believe that Income investors need to focus as much on Dividend Growth as they do on Dividend yields, as the combination of the two determine what total income will be paid out over time. Durability of dividend growth is supported by our multi thematic approach.

Nicolas Cremieux outlines recent positioning activity for the Mirabaud – Sustainable Convertibles Global Fund.

David Kneale looks at the possible impact of inflation on UK PLC. UK consumer price inflation has recently risen to 1.5% from around 0.5%[1].

It has been a while since my last missive. I must admit, I left it for a few weeks, hoping that there would be some eventful news to comment on. The logical move would have been for investors to take profits after a very strong Q1, feeling full of self-congratulation that the market was over-extended, in bubble territory and due a nice pullback.

A l’ère de « l’homo oeconomicus oecologia », croissance économique et protection de l’environnement vont bel et bien constituer les deux faces d’une même pièce. Explication par un point de vue systémique appliqué à la finance durant la pandémie du coronavirus.

Convertible bonds are an asset class in their own right, too often overlooked, which offers performance close to equities over a long term with much lower levels of volatility.

Since the vaccine announcement in November last year, there has been a significant rotation out of growth into value. Despite good earnings momentum in companies across growth sectors, market leadership continues to be dominated by the more ‘hard’ cyclical names.

One year gone in a new UK equity bull market. The recovery in ‘crowd space services’, a successful vaccination programme and significant pent-up consumer demand all coincide with an acceleration of online activity. Jeremy Hewlett outlines why this is highly positive for UK equities.

We asked our investment collective for their views on where the global economy will go next. What’s clear is that this environment will most likely suit investors that can make active, high conviction decisions as they navigate the road ahead. Read more from our investment collective here.