Highlights Q2/2019 Performance Breakdown: Our recommended model bond portfolio underperformed the custom benchmark index by -19bps in the second quarter of the year. Winners & Losers: Our below-benchmark overall duration stance…

GAA DM Equity Country Allocation Model Update The GAA DM Equity Country Allocation model is updated as of June 28, 2019.  The quant model has upgraded Sweden to the second largest overweight (from a slight underweight) mainly…

Highlights So What? Economic stimulus will encourage key nations to pursue their self-interest – keeping geopolitical risk high. Why? The U.S. is still experiencing extraordinary strategic tensions with China and Iran…

Analysis on Thailand is available below. Feature Last week we were on the road meeting with some of our U.S. clients. This week’s report presents some of the key topics of our discussions in a Q&A format. Question: You have…

Highlights Fed: Depressed U.S. Treasury yields now discount more rate cuts than the FOMC is likely to deliver, even for “insurance” purposes to offset the negative growth impacts from trade policy uncertainty. Maintain a…

Highlights The European barometer that best gauges global growth is euro area growth excluding inventory adjustments. Euro area growth excluding inventory adjustments is now running at a blistering 4.2 percent nominal pace –…

  We are compelled to put the S&P tech sector on our downgrade watch list as President Trump’s hawkish trade talk and actions since May 5 warn that tech revenues (60% export exposure) and profits will likely remain…

Highlights Portfolio Strategy The risk/reward tradeoff remains squarely to the downside and we are turning cyclically (3-12 month horizon) cautious on the prospects of the broad equity market. The Presidential cycle, UBER’s IPO…

Feature The GAA DM Equity Country Allocation model is updated as of May 31, 2019.  The quant model has not made significant changes in the major country allocations, but has further increased Australia’s overweight after the…