Income in Dollars, Please

Friday, April 17th, 2020

Time to look at European Energy equities

Generating an adequate income from euro-denominated bonds is next to impossible, so investors should abandon the attempt. They should embrace currency risk – not try to hedge it away. They should enjoy the fact that US dollar yields are structurally higher than those in the Eurozone. This means owning long-dated Treasuries and dollar-denominated EM sovereign bonds. Finally, they should consider the source currency of their equity dividends and take another look at the Energy sector.

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The Forgotten Country

Thursday, December 5th, 2019

Why does nobody like Japan? - continued

Behind the US, Japanese equities have the second-highest, risk-adjusted returns over the last 1, 3, 5 and 10 years. Over the last five years, they have generated the fastest EBIT and dividend growth. They have the lowest pay-out ratio of the major regions (therefore most potential for growth). They have been our preferred equity region since early October and, as of this week, are ranked #1 in our combined asset allocation model.

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