Navigation Search
Close

Select your location and role to view strategy and fund content

International
  • Global homepage
  • Australia
  • Botswana
  • Denmark
  • Deutschland
  • España
  • Finland (Suomi)
  • France
  • Hong Kong (香港)
  • Ireland
  • Italia
  • Luxembourg
  • Namibia
  • Nederland
  • Norway
  • Österreich
  • Singapore
  • South Africa
  • Sweden (Sverige)
  • Switzerland
  • Taiwan (台灣)
  • United Kingdom
  • United States
  • International
Professional Investor
  • Professional Investor

Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future.

By entering you agree to our Terms & Conditions

Login to My Investec

Welcome to our Institutional Update

Tobie van Heerden, Head of South East Asia and Middle East Institutional
In Q1, many of the asset classes directly affected by the election of President Trump recovered

In the first quarter of 2017, many of the asset classes directly affected by the election of President Trump recovered. Emerging market assets rebounded, government bond yields stopped their upward trend and the US dollar depreciated against most currencies. Overall, it was another strong quarter for growth assets.

In this edition, our strategist Michael Power asks whether Western-style democracy is too expensive a luxury for capitalism and Portfolio Manager Greg Kuhnert outlines why now is the time for an all-China approach to investing in Chinese equities.

Constructive yet cautious

We retain a constructive outlook for Growth assets as economic data continues to exceed expectations. Euro-zone and emerging market growth are improving and converging with the US. We continue to monitor a series of risks, concentrated in the political arenas of Europe, the US and China.

Emerging market debt

We have been seeing renewed interest in the emerging market debt asset class since the beginning of 2017. Our Strategy Focus this issue discusses the attractive characteristics of our Emerging Markets Blended Debt Strategy. The broad, blended universe offers opportunity for both return enhancement and risk reduction within this improving and growing area of the market.

Rise of populism and its impact on investors

Our strategist Michael Power paid a visit to South East Asia in April and met with investors to share his latest presentation. In Singapore, Michael gave a presentation on the rise of populism. Michael believes that the unexpected result of the Brexit Referendum – the majority of British voters elected to say “Stop the world, we want to get off” even though the British political elite across the left-to-right spectrum urged them to stay aboard the European Union – has crystallised a series of underlying social and political trends in the West which have been coalescing for a number of years. As a consequence, investors can no longer ignore the fact that globalisation is creating profound – and negative – pressures in the Western World. These pressures were echoed in the biggest political event of the year; the 2016 the US Presidential Election on November 8th.

I hope you find this issue both interesting and useful and please do not hesitate to contact us if you would like more information.

 

Best regards,

Important Information
The information may discuss general market activity or industry trends and is not intended to be relied upon as a forecast, research or investment advice. The economic and market views presented herein reflect Investec Asset Management’s (‘Investec’) judgment as at the date shown and are subject to change without notice. The value of investments, and any income generated from them, can go down as well as up and will be affected by changes in interest rates, exchange rates, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets invested in.

There is no guarantee that views and opinions expressed will be correct, and Investec’s intentions to buy or sell particular securities in the future may change. The investment views, analysis and market opinions expressed may not reflect those of Investec as a whole, and different views may be expressed based on different investment objectives. Investec has prepared this communication based on internally developed data, public and third party sources. Although we believe the information obtained from public and third party sources to be reliable, we have not independently verified it, and we cannot guarantee its accuracy or completeness. Investec’s internal data may not be audited. Any decision to invest in securities or strategies described herein should be made after reviewing the prospectus and conducting such investigation as an investor deems necessary and consulting its own legal, accounting and tax advisors in order to make an independent determination of suitability and consequences of such an investment. This material does not purport to be a complete summary of all the risks associated with this Strategy. A description of risks associated with this Strategy can be found in the Prospectus or other disclosure document for the fund or Strategy. Copies of such documents are available free of charge upon request. Investec does not provide legal or tax advice. Prospective investors should consult their tax advisors before making tax-related investment decisions.

Investment Team
There is no assurance that the persons referenced herein will continue to be involved with investing for this Strategy or Fund, or that other persons not identified herein will become involved with investing assets for the Manager or assets of the Strategy or the Fund at any time without notice.

Investment Process
Any description or information regarding investment process or strategies is provided for illustrative purposes only, may not be fully indicative of any present or future investments and may be changed at the discretion of the manager without notice. References to specific investments, strategies or investment vehicles are for illustrative purposes only and should not be relied upon as a recommendation to purchase or sell such investments or to engage in any particular Strategy. Portfolio data is expected to change and there is no assurance that the actual portfolio will remain as described herein. There is no assurance that the investments presented will be available in the future at the levels presented, with the same characteristics or be available at all. Past performance is no guarantee of future results and has no bearing upon the ability of Manager to construct the illustrative portfolio and implement its investment strategy or investment objective.

Performance Target
The target is based on Manager’s good faith estimate of the likelihood of the performance of the asset class under current market conditions. There can be no assurances that any Strategy or Fund will generate such returns, that any client or investor will achieve comparable results or that the manager will be able to implement its investment strategy. Actual performance of investments and the Fund or Strategy overall may be adversely affected by a variety of factors, beyond the manager’s control, such as, political and socio-economic events, adverse changes in the interest rate environment, changes to investment expenses, and a lack of suitable investment opportunities. Accordingly, Performance Targets may be expected to change over time and may differ from previous reports.

Specific Portfolio Names
References to particular investment or strategies are for illustrative purposes only. Unless stated otherwise, the specific companies listed or discussed are included as representative of the Strategy or Strategies. Such references are not a complete list and other positions, strategies, or vehicles may experience results which differ, perhaps materially, from those presented herein due to different investment objectives, guidelines or market conditions. The securities or investment products mentioned in this document may not have been registered in any jurisdiction. More information is available upon request.

Indices
Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.

Some of the funds displayed on this page may not be registered in your region and will therefore not be available for sale . Please visit www.investecassetmanagement.com/registrations to check registration by country.