精选观点
The US Federal Reserve pumps out an endless stream of zero interest rate money to finance the Government’s deficit spending. The handouts make most American workers better off financially during the pandemic than before. Meanwhile, the stock market soars. Not bad for the worst pandemic in 100 years. What can possibly go wrong?
Jan 20, 2021
我们观察到资产配置模式在转变：在传统的地域或因子主导的基础模式上需要注入更多对新旧产业区分及大趋势发展的考量，从而在经济结构性改变中捕捉到长期超额收益。
Jan 15, 2021
The red-hot performers of the past 12 months have been the broad market indices from North Asia – Kospi (44%), CSI 300 (34%), TWSE (30%)
Jan 12, 2021
Outperformer from first news of successful vaccines. Emerging ASEAN has been one of the best performers among major global equity indices since the start of November. And that was likely due to the region’s high economic leverage to normalisation after the distribution of COVID-19 vaccines and its high trend GDP growth rates relative to other Emerging Market economies.
Dec 24, 2020
Global equities look likely to push higher in 2021, despite the pandemic’s economic and human toll.
Dec 23, 2020
To summarize the year of 2020, the opening lines from Charles Dicken’s A Tale of twin cities sounds like an accurate description. It was certainly the best of times and the worst of times. Global equities have been doing reasonably well with developed market up by 12.0% and emerging market up by 11.7%. Fixed income managed to gain by 7.4% whilst gold price was up by 19.1%. On the other hand, real economy has been suffering from the pandemic with almost all major economies getting into recession. International Monetary Fund sees the world would contract by 4.4% in total output, the worst crisis since the 1930s Great Depression with -5.8% among advanced economies and -3.3% on developing countries.
Dec 2, 2020
资讯主题
Premia 图说
赖子健 , CFA合伙人兼联合首席投资官
Asian equities performed exceptionally well in the past few months. The rising retail participation is one of the drivers behind the outstanding movement. Taking Korean market as an example, retail inflows reached a record high of USD 54 billion in 2020, accounting for ~78% of the purchase turnover by value, the highest share since the early 2000s and a substantial year-on-year increase of 61%. Similar trends were shown across ASEAN with institutional and foreign investors cashing out during the pandemic while retail investors stepped in and supported prices. Retail investors in Thailand accounted for about 43% of total trading volumes in Thailand and 34% Malaysia in 2020, up from ~33% and 21% respectively in 2019. In Indonesia, domestic retail investors bought in USD 2.9 billion worth stocks last year, contributed to 46% of trading volume, the highest in history.
Jan 15, 2021