Download PDF: We remain positive on some EM local currency bonds, favoring countries with higher yields and cheaper currencies, stronger external profile, and lower interest burden. Investors should overweigh local currency bonds in Indonesia, China, Colombia and Russia, and under weigh those in India, Philippines, Malaysia, Taiwan and Chile. Valuation is cheap for both BrazilianContinue reading “EM Bonds Revisited”
Tag Archives: allocation
Yields Meltdown, Excess Savings and EM Policy Rate
Download PDF: Global stocks continue to experience a dichotomy in recent months amid unequal economic recovery in the developed and emerging world. With vaccination rate crossing above 50% of total population and covid-19 number goes into the rear-view mirror in the rich world, both manufacturing and service sector has rebounded strongly amid last year’s pent-upContinue reading “Yields Meltdown, Excess Savings and EM Policy Rate”
January 2021: Silver and Equity Strategy Review
Download PDF: Part I: Silver Last week seen silver prices dropped remarkably amid rising long-term bond yield and receding dollar weakness. We have been constructive on the precious metal and commodity complex for a while now and remain to be so in the reflationary environment. There are reasons to believe that the commodity bull marketContinue reading “January 2021: Silver and Equity Strategy Review”
Monthly March 2020: COVID-19 and The Bait and Switch in Global Equity
Downlaod PDF: Monthly_202003 Blame it on the COVID-19 Global bond investors have largely benefitted from the COVID-19 scare this year amid plunging global yields led by the U.S. Treasury. The budding signs of reflation beginning late last year have largely dissipated and investors have been running to safe haven assets, with gold price increasing almostContinue reading “Monthly March 2020: COVID-19 and The Bait and Switch in Global Equity”
October 2019: 1st Anniversary of Putamen Capital
Download PDF: Monthly_201910 Risk and Return This month marks the 1st anniversary of Putamen Capital, with Putamen Growth Fund (PGF), our sole and flagship fund, recorded 34.15% return between October 24th, 2018 and September 30th, 2019. Since the inception, we have been exploring various type of equity, option and volatility strategy across developed and emergingContinue reading “October 2019: 1st Anniversary of Putamen Capital”
June 2019: Searching For The Tipping Point
Download PDF: Monthly_201906 Theme 1: Long Selected Undervalued Countries and Short U.S. Equities. This week U.S. PMI data shows a significant slowdown in the expansion of U.S. economy (manufacturing PMI 50.6 in May 2019 from 56 in the beginning of the year), raising the odds of undershoot of earnings forecast of U.S equities and theContinue reading “June 2019: Searching For The Tipping Point”
Putamen Capital: February 2019 Update
Our decision last month to portfolio equity allocation proved to be a correct one, despite our model suggesting a very defensive position. Emerging Markets and U.S. equity rallied on the backdrop of Fed dovishness and signs of reflation coming from China, the largest importer for many EM countries. We still believe that the growth slowdownContinue reading “Putamen Capital: February 2019 Update”
World Equity Valuation, Profitability, and Solvency Ranking
This year proved to be a volatile one, starting with the volatility jump in February, which led to emerging markets turmoil. Argentina and Turkey have suffered from increasing inflationary pressure that was exacerbated by the plunging currency, and other emerging market countries have suffered too, albeit at a lower intensity. Chinese A-share has been beatenContinue reading “World Equity Valuation, Profitability, and Solvency Ranking”
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