Global Perspectives

  • Actively Managed Equities Funds Proved Resilient to COVID-19 Volatility

    A review of academic research on actively managed funds backs data on active manager outperformance during February’s coronavirus-fueled markets fallout.

  • On Coronavirus and Volatility in Equities and Bond Markets

    COVID-19 and the socio-political responses to it present an opportunity for both market timers, those who try and trade around the shifts in market direction, and long-term investors.

  • Don’t Fight the Fed, as the Fed Fights Coronavirus

    The Fed chopped its key rate after equities and bond markets tanked last week. The move risks fueling already frothy risk asset prices amid weakening global growth due to COVID-19, which has badly disrupted global supply chains and increasingly damped some services industries.

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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