Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! Fonds-Anbieter-GAM: Devisenreserven und Wirtschaftswachstum nehmen weiter zu. Bewertungen von Schwellenländeranleihen bleiben attraktiv. Größtes Risiko liegt in Wachstumsverlangsamung Chinas.

Zwei Jahre in Folge konnten Emerging-Markets-Anleihen (EM-Debt) auf Lokalwährungen zweistellige Renditen erwirtschaften: 2016 fast 10 Prozent und 2017 sogar 15,2 Prozent. Angesichts dieser eindrucksvollen Zuwächse stellt sich die Frage, wie lange die EM-Debt-Rally noch anhalten kann. Michael Biggs, Investment Manager bei GAM, ist davon überzeugt, dass die Wachstumsaussichten für Schwellenländeranleihen auf Lokalwährungen auch für das Jahr 2018 positiv sind: „Zunehmende Devisenreserven und ein stärkeres Wirtschaftswachstum kamen Schwellenländerwährungen in den vergangenen zwei Jahren zugute. Wir gehen davon aus, dass sich diese beiden Trends 2018 fortsetzen werden.“

SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: Since around mid-February, we have seen some pronounced movements in the US yield curve, with the short end increasing in yield, while the yield on the long end at 30-years has declined. We have seen similar moves in Germany and in the UK, but much less marked. Meanwhile, the opposite is the case in Japan, which is what the authorities had intended.SJB FondsSkyline OHG 1989. PortfolioManagement. Antizyklisch.

In emerging markets, the yield curves of Mexico and Brazil as well as the South African rand have all rallied somewhat, while high yield bond spreads have contracted. Investment grade spreads were broadly unchanged, while global equities have seen mixed fortunes since mid-February. Overall, the environment has been challenging. In particular, the fast-moving Crimean crisis has sparked risk aversion and volatility. We currently have no net exposure to Russia, although it is interesting to note that the rouble is recovering, while bonds have stopped falling. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: We expect the US Treasury yield curve to remain steep. Spot yields – like the current 5-year yield – tend to be more volatile than forward-starting ones, like 5-year rates in 5 years’ time. Currently the gap between the spot and the forward rate is very wide, and our strategy is to take advantage of that.

Over the past three to four years, the US 5-year forward rate has not changed overall, despite some volatility in the interim. Meanwhile, the spot market has trended upwards. This is because the yield curve was already quite steep. The picture is completely different in emerging markets. For example, in South Africa spot bond yields had trended down until last summer. Since then, the yield curve has steepened as the bullish price action has somewhat reversed. Meanwhile, 10-year forward rates have continued to go up dramatically and are now as high as they have ever been. They are really quite attractive at around 11% for 2018/19.

SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: A notable feature that has shaped our global interest rates and currency strategies has been the low levels of risk we have been running over the past few weeks. The VaR on GAM Star Global Rates is currently around 230 bps – when typically it would be between 400–600 bps, and in periods of high volatility (such as now) it can go as high as 800 bps. In the current environment this positioning has proved helpful. For May, both GAM Star Global Rates and GAM Star Discretionary FX closed flat (in US dollar terms). SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: The main topic in our asset class over the past several weeks has been the currency weakness pretty much across the board in emerging markets. Not only have commodity-exposed countries, such as South Africa, suffered, but also India, for example, which is an importer of commodities. The most obvious victim, as well as the worst performer, has been the South African rand, which is down more than 8% versus the US dollar so far in May. The rand’s movements attract a lot of attention as many investors, especially if they are not dedicated emerging markets specialists, use the currency as a proxy for emerging market risk. The rand is very liquid and traded heavily, tending to overshoot on the downside during times of heightened volatility. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter- Charlemagne Capital: Emerging markets ended January broadly unchanged as initial strong gains failed to stick though investors remained generally upbeat, with the New Year getting off to a confident start. Individual markets were mixed with strength in Russia and MexicoFortlaufende Nachrichten zur Schulden und Staatskrise. countered by more marked weakness inSouth Africa andKorea.

The portfolio again returned a strong performance, with company-specific developments largely to thank. In Thailand, state-controlled lender Krung Thai Bank put on 15% following strong results, with net interest income up 16% over the calendar year supported by strong loan growth and lower SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! FondsAnbieter- Charlemagne Capital: Latin America underperformed other emerging market regions in November, dragged lower by another poor performance from Brazil as GDP growth disappointed, frustrating government efforts to stimulate the economy, with growth expectations for 2013 also now moving down in the market.

SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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