Discretionary

Covid-19 is likely to winnow out the weak from the strong in emerging markets. Those countries with lower external debt burdens and floating FX regimes may be better prepared to weather the coming storm.

Why are Chinese equities – which offer investors significant breadth and diversification – still such a minor element of most portfolios?

We try to answer five questions to bring order to the chaos, including: what have markets priced in?; is the policy response adequate?; and will it get worse before it gets better?

Spreads in M&A situations have blown out to historical wides during the recent volatility. What is the future for M&A and how can merger-arb funds take advantage of the dislocation?

We use the composite market timing indicator to illustrate that the basic conditions for buying equities look favourable, in our view.

The entry point offered by current spread levels and valuations offers attractive long-term potential for high yield, in our view.