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Harnessing Change-Monthly Insights: Asian Equity (September 2024) (Englisch)
by — 21 October, 2024
The market expects more rate cuts from the Fed, giving Asian central banks room to lower rates, which is very supportive for domestic growth. Meanwhile, with more China stimulus measures anticipated, we see asset allocation into Chinese equities picking up pace and lift the entire market.
Japan’s long history of undercompensating equity investors, a legacy of deflation, is coming to an end with its risk premium now achieving parity with that of the US. This historic shift is being driven by rising dividend payouts ratios, strong earnings and reasonable valuation of underlying equities.
Home advantage: three reasons why Japan’s resurgence is no flash in the pan (Englisch)
by , — 17 October, 2024
Now that the Bank of Japan has exited its unconventional policy measures, particularly negative interest rates, the key question among global investors, especially those who remember Japan’s years of stop-start recovery attempts, is whether this time is really different.
On the Ground in Asia-Monthly Insights: Asian Fixed Income (September 2024) (Englisch)
by — 17 October, 2024
The start of the Fed’s rate cut cycle has created room for monetary easing across Asia. We expect Asian government bond yields, particularly high yielders like those of India, Indonesia and the Philippines, to trend lower.
Corporate Japan looks healthier now than it has ever been (Englisch)
by , — 09 October, 2024
Japan’s deflationary era was more than a lengthy period of declining prices. It also brought about profound yet rational changes in corporate behaviour. That ingrained desire from companies to hold onto cash and rein in spending may take time to fully dissipate, but there is already a notable shift underway.
Navigating Japan Equities: Monthly Insights From Tokyo (October 2024) (Englisch)
by , — 08 October, 2024
This month we assess views in the market that the BOJ may have taken a dovish turn at its September policy meeting; we also point to further signs of a steady rise in wages and how that paves the way for a recovery in consumption and, ultimately, higher stocks.
New Zealand Equity Monthly (September 2024) (Englisch)
by , — 07 October, 2024
Nikko AM NZ released its first annual “climate statement” under New Zealand’s new climate-related disclosures regime in July. The framework requires approximately 200 organisations, including large publicly listed companies, to release reports on how their activities may impact the climate and the effect of the climate on their businesses.
Are China’s stimulus measures enough? (Englisch)
by — 04 October, 2024
The raft of stimuli recently unveiled in China is the most coordinated policy since the start of the country’s economic downturn. This, along with the start of the Fed’s monetary policy easing, represents key fundamental changes. However, as the old saying goes, the devil is in the details.
Global Investment Committee’s outlook: low risk no longer (Englisch)
by , — 04 October, 2024
We perceive heightened risk to both growth (two-way) and inflation (upside) compared to our previous guidance. Nevertheless, our central near-term scenario remains for slowing but positive growth in the US, alongside slowly moderating prices.
Staying on the road less travelled (Englisch)
by — 01 October, 2024
As global equity investors, we are often asked how we have successfully navigated an evolving market landscape since the strategy’s inception in 2014. The truth can ultimately be attributed to three key factors: humility, collaboration with people who share the same core team values and a robust investment philosophy.
