Download PDF: Monthly_202004 With the COVID-19 already spreading globally for over two months now and stock market seems to have bottomed, investors are right to ask whether we are at the peak of COVID-19 infection rate. In this article, we discuss where we are in the COVID-19 crisis cycle, the implication on countries’ banking systemContinueContinue reading “Monthly April 2020: Peak COVID-19, Counting the Cost of the Lockdown, and Equity Screaming Buy!”
Tag Archives: investment
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 almostContinueContinue reading “Monthly March 2020: COVID-19 and The Bait and Switch in Global Equity”
Emerging Markets in The Next Decade
Download PDF: Monthly_202001 In this first publication for 2020, we are outlining our bullish view on selected EM countries which will likely benefit as investors diversify from U.S. equities. It has been pretty much a consensus by now that risk assets will likely to do well this year, with some strategists betting on the value/growthContinueContinue reading “Emerging Markets in The Next Decade”
Tactical Trade: Short U.S. 10-year Treasury Notes
After a massively successful copper trade (up 7.17% since Dec 2nd monthly piece and closed today for profit taking) based on the thesis I wrote on this and last month’s monthly piece, I thought it would be great to supplement Putamen Growth Fund performance by also adding tactical trades based on current macro conditions. Derivatives,ContinueContinue reading “Tactical Trade: Short U.S. 10-year Treasury Notes”
South Africa: Country Overview
Download PDF: South Africa Research South Africa could easily pass as a country that combine various Emerging Markets sins: rampant corruption, mismanagement of government assets and low productivity. Unless a clear economic and political reform is done, it is likely that the country will slowly drift deeper into the abyss. From a political point ofContinueContinue reading “South Africa: Country Overview”
Musings on Commodity Prices, Inflation Turnaround and Cycle Turning Point
Download PDF: Monthly_201911 The structural backdrop of excess global savings, lackluster global consumption and investment demand and deleveraging cycle have all push bond yields lower. Meanwhile, the slack in manufacturing activity since 2014, magnified by the trade war, has push commodity prices in real terms to a level equal to those in 2001. Subjectively, itContinueContinue reading “Musings on Commodity Prices, Inflation Turnaround and Cycle Turning Point”
Indonesia: Country Overview
Download PDF: Indonesia Research Two decades after the Asian Financial Crisis that created a havoc in Indonesian economy and politics, Indonesian role in global trade has been stagnating… … and is still very much influenced by the fluctuation in commodity prices, although at a lesser extent. Relative to other Emerging Market countries, Indonesia’s integration toContinueContinue reading “Indonesia: Country Overview”
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 emergingContinueContinue reading “October 2019: 1st Anniversary of Putamen Capital”
Mexico: Reaching Cyclical Bottom
Download PDF: Mexico_Reaching_Cyclical_Bottom It is likely that Mexican economic condition will improve going forward. Various indicators are at level comparable to those in 2013 and 2016 downturn and monetary stimulus is currently on progress. The easing stance of global monetary policy and reflationary effort in China are further likely to ease domestic condition and benefitContinueContinue reading “Mexico: Reaching Cyclical Bottom”
The Sweet Spot for Emerging Market Bonds
Downlaod PDF: Emerging Market Bonds High-yielding EM government and corporate bonds are likely to perform well in negative yields environment as investors search for yield. Although debt level has been rising, interest cost has been declining. Profit growth has also been outpacing the increase in interest cost, which does not translate the increase in debtContinueContinue reading “The Sweet Spot for Emerging Market Bonds”
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