Energy and metals helped drive 3Q performance of our hard assets strategy. Demand for natural resources is resilient despite concerns about the U.S. election and moderating global GDP growth.
In 3Q, emerging
markets equities continued to gather momentum and flows following the June Brexit
vote and outperformed most global indices. Large-caps outpaced small-caps, and
growth stocks staged a modest comeback.
Coking coal prices have climbed more than 100% since the
beginning of the year through September 30. The overwhelming price drivers have
been low supply and low inventories, for both seaborne and domestic coking
Despite headwinds in September, U.S. moats continued to
impress through the first three quarters of the year. Internationally, moats posted
a strong month relative to the broad market and made up ground year-to-date.
Much looms over the horizon: the U.S. presidential election; a
possible move by the Federal Reserve, economic impacts from the BREXIT, and a significant
increase of new municipal issuance is likely. All these factors have caused
yields to rise and certain valuations to change.
Although gold recently fell below $1,300 per ounce and broke the longer
term trend line that had been established this year, we believe that this is
just a pause in the current gold bull market.
Real effective exchange rates (REER) may be a better
measure of underlying value than a currency’s nominal exchange rate. A simple REER
analysis suggests that emerging markets local currencies may have further room
Opportunities in Colombia’s Solid Banking Sector
Macro and Fundamental Factors Continue to Drive Gold
Spin-Off in the Spotlight: Lumentum Holdings Inc. (LITE)
No Fed Rate Change: Doves Hold Hawks at Bay
China: A $12 Trillion Economy Not to be Ignored
Politics Aside, Generics are Key to Drug Price Debate
Get Even More Tactical with Our Newest Muni ETFs
Fallen Angels’ Index Rule Change Should Enhance Liquidity
Hard Currency Emerging Markets Bonds Shine in August
Zinc’s Year to Remember: A Supply-Side Story
Gold Consolidates Amid Late Summer Doldrums
Turkey’s Auto Industry Revs Up
Taking Physical Delivery of Gold Assets
No Dog Days for Moat Investors
What’s Behind the Huge Inflows Into Emerging Markets Debt?
Shenzhen-Hong Kong Stock Connect May Boost China’s “New Economy”
Brexit Intensifies the Search for Yield within Emerging Markets
Hone In On Income Not Financials
Quality Can Be Rewarding in Emerging Markets Bonds
Performance Drivers Come in all Shapes and Sizes
A Unique Way to Access Physical Gold as Rally Strengthens
Investment Demand Sustaining Gold's Run
Munis: Market Views for the Second Half
Investment Outlook: Commodities and Emerging Markets Bonds Shine
Fallen Angels Continue to Outpace the Pack
Russian Resilience: An Economy Driven by Pragmatism and Consistency
Energy Resilient, Gold Shines in 2Q
Emerging Markets End Quarter on High Note
Rate Expectations Drive Emerging Markets Debt Rally
Munis: High Drama on the High Wire
Investment Grade Emerging Markets Bonds: Higher Yield, Balanced Risk
Gold Bull Market Gains Momentum
Brexit Creates Mid-Summer Opportunities
Fallen Angels Boosted by Bond Buyback Premiums
Spin-Off in the Spotlight: Associated Capital Group (NYSE: AC)
China A-Shares Denied MSCI Green Light
Munis: Expect More from Your Munis
Attractive Yields and Value in High Yield Emerging Markets Bonds
Vietnam: An Important Asia-Pacific Player
May Acquisitions Help U.S. Moats
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