Global Perspectives

  • Keeping Portfolio Balance in Election-Driven Market Volatility

    Electoral surprises spur stock and bond market turbulence, but sensibly diversified and balanced portfolios don’t depend on political outcome.

  • Are Emerging Market Equity Strategies a Bet on China?

    China and Chinese tech companies are a significant part of the emerging market equities index, and for good reason. But disciplined portfolio diversification and balance can effectively manage risk exposures.

  • Accounting’s Mistreatment of Intangible Assets Distorts Equity Market Valuations

    Intangible assets comprise some four-fifths of S&P 500 companies’ total value, but they don’t show up in balance sheet and valuation analysis unadjusted. About that growth-to-value market rotation…

Market Selloff Goes Viral, Injecting More Value into Prices

Coronavirus-induced market volatility is another in a long string of blows to the global economic recovery. But investors should look through the disruptions for free-cash-flow companies with healthy balance sheets and resilient, if not robust earnings.

Parsing Long/Short Equity Liquid Alts Performance, Fees and Net Exposures

Investors interested in long/short equity mutual funds would be well advised to consider more than their much-more competitive fees vs. private hedge fund peers. To genuinely hedge the long components of a portfolio, look for lower net long exposures in a long/short equity allocation, and added value on the short side even in rising equity markets.

Guess What Delivered in Spades in Thornburg’s Internal 2017 Global 3 Stock/Security Competition?

At the beginning of every year, a number of investment professionals at Thornburg voluntarily place their informal, internal-only bets on which three securities—from stocks to currencies or other financial assets—might together produce the best beta-adjusted returns in the year ahead. In 2017, the winner was Sean Sun, whose three picks included bitcoin. The cryptocurrency skyrocketed last year, of course, helping Sean win the prizeless competition by a wide margin.

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