Points de vue & Analyse
Points de vue & Analyse
A HURRICANE OR A STORM IN A TEACUP? VIEW FROM THE FIXED INCOME DESK.
Friday’s Consumer Price Index (CPI) number was unexpectedly strong and caused markets to fall dramatically as inflation (and stagflation) fears moved once again to the front of investors’ minds. In addition, the European Central Bank (ECB) has finally joined the hawkish club, which re-priced European bonds dramatically this week. Subsequent pronouncements of a 25bps hike in July seem to put the ECB behind the curve and Bunds have sold off in response.
Points de vue & Analyse
Mirabaud Equity Theme - PLATFORM COMPANIES
As more digital services are developed and offered, and as the platform’s users become more tied in, this creates a virtuous circle, creating significant opportunities for platform companies to grow. They can transform entire industries and scale vertically and horizontally by improving existing services or entering new service areas. More crucially, in the last couple of years, platform companies have helped reshape the global economy and changed how we collectively work and live.
Points de vue & Analyse
IN A RANGE, WHICH WAY DO WE GO?
Time for my latest missive, and yes you guessed it, more debate around inflation, interest rates and recession. Treasuries have rallied, with risk selling off over the last week or so, but at least for Fixed Income, we seem to be stuck in a bit of a range as we wait for more data on growth and inflation. It looks like the ECB is now going to raise rates, and we are still expecting 2x50bps from the Federal Reserve over the next 2 meetings.
Points de vue & Analyse
Why European small and-mid cap matters
Traditionally, when there is a focus on increasing inflation and rising rates, these developments are often followed by more robust nominal economic growth. This has generally been supportive for small-cap companies. However, there are more fundamental reasons that make small and-mid cap equities an attractive asset class for investors seeking to maximise their risk and return profile from their European equity allocations.
Points de vue & Analyse
Global Emerging Markets Themes
The central concept of transformation in Global Emerging Markets is providing positive tailwinds for companies in a range of sectors. Our Global Emerging Markets Equities explores some of these transformational themes in more detail.
Points de vue & Analyse
Mirabaud Equity Theme - MILLENNIAL CONSUMERS
In the US, the number of people aged 26-41 has exceeded 72 million, surpassing ‘baby boomers’ as the largest cohort of the population. Millennials will account for 75% of the global workforce by 2025 and their combined income will hit $8.3 trillion by 2025
Points de vue & Analyse
All eyes on recession risks
On a recent trip into London, shops continue to be busy and a visit to the Nike store on Oxford Street was a nightmare, given it was so full the staff couldn’t cope. This seems to fly in the face of the dire warnings of a consumer having to decide between food and heat.
Points de vue & Analyse
Our Equities Theme - Decarbonisation
We have reclassified our “Renewables” theme to “Decarbonisation”. Renewables are a key piece of the puzzle in the transition to carbon neutrality, but alongside this there are other key areas of the transition, which will represent a significant tailwind for those companies exposed to them.
Points de vue & Analyse
Coordinated demand destruction
Today, we’ll be focused predominantly on inflation and the central banks’ reaction function. First, let’s not forget that the COVID response resulted in huge debt burdens for most countries. This will be an important part of the discussion by central banks given the consequences for balance sheet financing of a too aggressive approach to fighting inflation.
Points de vue & Analyse
How engagement is the way toward successful climate investing
With new waves of regulation coming through and stakeholder pressure building around climate change, temperature alignment and long-term business strategies to address these issues remain leading priorities for investors. The COP26 summit reaffirmed how much reducing greenhouse gas emissions is pivotal to keep temperature increases below 2°C.
Points de vue & Analyse
What’s up with inflation and are we entering a new fixed income mini cycle
We entered 2022 expecting some headwinds around inflation, a few interest rate rises in the US, and slowly easing supply chain blockages. And COVID would be a distant memory….or at least endemic. I often sit here as an apologist for Fixed Income (it is my job after all!) given the low and/or negative yields on offer, but despite the headwinds of inflation and slowing economic activity, I believe we are beginning to see the resurgence of the next Fixed Income mini cycle. Whether it is duration or credit is too early to tell at this point.
Points de vue & Analyse
Mirabaud Asset Management is proud to join the Net Zero Asset Managers Initiative
Mirabaud Asset Management is proud to join the Net Zero Asset Managers Initiative, committing to support the goal of net zero greenhouse gas emissions by 2050 or sooner. As signatories to the initiative, we also commit to set interim targets consistent with a fair share of the 50% global reduction in greenhouse gas emissions by 2030.
Points de vue & Analyse
2021 in charts
Mirabaud Asset Management’s Valentin Bissat selects the charts that tell the story of a dramatic year on the markets
Points de vue & Analyse
Luxe post-covid : coup d’accélérateur vers la durabilité
Long ZHOU analyse les nouvelles tendances du secteur après la pandémie. L’épidémie de Covid 19 a été l’un des plus puissants perturbateurs de la vie mondiale, tant par sa rapidité que par son étendue. La catastrophe sanitaire et humaine, les mesures de confinement d’urgence imposées dans le monde entier ont entraîné du jour au lendemain un changement radical des habitudes de consommation et une accélération inattendue des tendances sous-jacentes.
Points de vue & Analyse
Engaging with the ESG opportunity: physical climate risk
Last week the UN Climate Change Conference (COP26) came to its climax. To mark the event, Sustainable Global Equities Research Analyst John Kisenyi has put together a four-part series of articles where he considers where the conference’s agenda intersects with ESG investing, and explores the risks and opportunities investors face as they engage with stakeholders on the journey to a more sustainable posture.
Points de vue & Analyse
Engaging with the ESG opportunity: Palm Oil
Last week the UN Climate Change Conference (COP26) came to its climax. To mark the event, Sustainable Global Equities Research Analyst John Kisenyi has put together a series of four articles where he considers where the conference’s agenda intersects with ESG investing, and explores the risks and opportunities investors face as they engage with stakeholders on the journey to a more sustainable posture.
Points de vue & Analyse
Engaging with the ESG opportunity: water stress
The world’s attention remains on Glasgow for the ongoing UN Climate Change Conference (COP26). To mark the event, Sustainable Global Equities Research Analyst John Kisenyi has put together a four-part series of articles where he considers key parts of the conference’s agenda, and explores the risks and opportunities investors face in meeting the climate challenge. In this article, he assesses where the risks and opportunities lie around the most fundamental material of all: water.
Points de vue & Analyse
Engaging with the ESG opportunity: Renewable Energy
This week, the world’s attention falls on Glasgow for the UN Climate Change Conference (COP26). To mark the event, Sustainable Global Equities Analyst John Kisenyi has put together a four-part series of articles that consider key parts of the conference’s agenda, and explore the risks and opportunities investors face in meeting the climate challenge. Here he offers his analysis of where renewable energy fits into the picture, as well as case studies and examples of successful engagement processes.
Points de vue & Analyse
Beyond net zero: meeting the challenge of COP 26 by understanding adaptation, attribution and science
As the UK prepares to host the COP 26 UN conference on climate change, Mirabaud Asset Management’s Head of UK Equities David Kneale reviews the additional measures investors must take to integrate the challenges of climate change.
Points de vue & Analyse
Do markets face an autumn surprise?
Mirabaud Asset Management’s Head of Fixed Income Andrew Lake gives his review of the situation as we head into the fourth quarter
Newsletter mensuelle
Delighted to share that Intrepid has been acquired by Ascential, a global leader in information, data and e-commerc… https://t.co/QrUrwFhtUm
Platform companies have become crucial in reshaping the global economy and changed how we collectively work and liv… https://t.co/xBUs9ETxwb
We’re pleased to announce that through our Mirabaud Patrimoine Vivant and Mirabaud Lifestyle, Impact and Innovation… https://t.co/Cg973NuOxd
Liisa Juntunen, who has joined us at Mirabaud Asset Management as Head of Distribution. Liisa is based in London, a… https://t.co/JqYgNvgXJN
Andrew Lake, Head of Fixed Income at Mirabaud Asset Management gives more insight around inflation and interest rat… https://t.co/qeAiL1TVuw
Hywel Franklin, Head of European Equities, provides his perspective on the small and mid-cap opportunity and how Eu… https://t.co/YhdkMNXdmJ
The central concept of transformation in Global Emerging Markets is providing positive tailwinds for companies. Our… https://t.co/cOTAobkmEA
John Kisenyi, talks about the investment opportunities of solution providers with leading technologies within the D… https://t.co/e5UhIqNEwb
From @Citywire Fix the Future series, read some of David Kneale and Jeremy Hewlett’s views on UK stock RELX… https://t.co/lIficwzJjR
Through our Mirabaud Patrimoine Vivant private equity strategy, we have invested in Monyco SA, a Swiss company that… https://t.co/0lQaRVA7Fx