Beyond Bulls & Bears

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Equity

Union Budget 2017-18: Key Takeaways

In our view, the 2017-18 Union Budget struck a balance in regard to projected government spending—tackling the deficit, while supporting sector growth through public spending.

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Equity

Australian Equity Outlook: The China Connection

We believe the change of administration in the United States could well presage significant political and economic change. The most obvious risk to Australia is trade protectionism.

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Equity

Could the Rally in Global Equities Keep Rolling?

If a policy-driven boost to growth doesn’t materialize, the markets, which have moved on the possibility of real change, could reverse just as fast.

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The Sectors Most Likely to Cheer US Tax Reform

It’s always tough to gauge the impact of policy shifts in isolation. However, we think broad tax reform combined with other fiscal stimulus measures, such as infrastructure spending and repatriation of foreign profits, can be very effective (at least in the short term) in providing a boost or acceleration in gross domestic product growth over the next several years.

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Europe’s Main Event: Economics vs. Politics

I believe the concerns (US President Donald) Trump has regarding trade with Mexico and China would not apply to Europe. Europe is not a low-cost area, not only where wages are concerned, but also where taxes are concerned.

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Meet the Manager: Serena Perin Vinton

(Jerry Palmieri) made me realize that in this business, experience does matter, and portfolio managers can become more seasoned and better investors over time by learning from that experience.

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Is There Scope For Optimism in Europe in 2017?

We are confident that we could see a decent earnings recovery in sectors whose earnings have been depressed for a couple of years (financials, energy), while cyclical sectors overall should likely benefit from a stronger economy overall.

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Politics, Policy Uncertainties Likely to Sway Markets in 2017

As markets get more clarity on the emerging policy backdrop, we believe companies with strong growth potential that the market has overlooked will likely fare well over the longer term.

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Equity

The Great Sector Rotation, and the Road Ahead for UK Equities

In the closing months of 2016, there were big changes in some of the financial metrics that feed into economic assumptions and indeed equity valuation assumptions, and we think that sets the tone for where we move into 2017.

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2017 US Growth Investing Outlook

Information technology and health care will likely continue to be areas of focus for us in both 2017 and beyond. Innovation and a changing landscape are creating compelling opportunities for investment, in our view. We see technology spending and investment as being much less discretionary than one might think, giving tech a resiliency factor not typically associated with the sector.

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There’s More to India Than Just the Growth Story

The past few decades have brought about a shift in the types of jobs available in India—from low-paying agricultural jobs to higher-paying manufacturing and service jobs. Given the increase in disposable income, we believe consumer demand will drive company earnings growth as well as the Indian economy.

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Counting the US Election Implications on the Global Markets

We don’t anticipate that the new US government will be against free trade; instead, we anticipate an emphasis on ensuring fair trade. The electorate’s rebellion against globalization is not about trade per se, but rather a reflection of the focus on income and job growth.