L’investissement responsable est devenu incontournable

QUAERO Capital - Word from the CEO
Photo: DR

L’intégration de critères ESG dans la gestion d’actifs n’a rien de nouveau, puisque les fonds « verts » ont vu le jour dans les années 80 déjà. Cependant, sous la pression conjuguée des investisseurs, des consommateurs et des législateurs, la gestion durable est aujourd’hui passée du statut d’attribut sympathique mais complètement optionnel à celui d’impératif incontournable.

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Asia’s income attraction

Yield
Photo: Nick Youngson CC BY-SA 3.0 Alpha Stock Images

If Trump is thinking of running on the same slogan as two years ago, he will need to add something – “Make America Great Again – it should be easier from a lower base…” While it would be unfair to blame the President for the entirety of the ‘Trump dump’, the sniping at the Fed, the incompetence of the foreign policy (what policy?) and the totally unnecessary trade wars are material factors. Yet the main drivers of the recent turbulence in markets have been in place since last year.

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Infrastructure demonstrates its defensive ability

Copyright: Austrini. CC BY 2.0

Performance

The strategy has now been running for 77 months.  November provided some breathing space to markets after a very challenging October. The strategy rebounded, up 1.7% for the month, in-line with US stocks, but well ahead of the Eurostoxx 50 which was down 0.8% for the month. The S&P Global Infrastructure Index, the Infrastructure ETF’s and the major competitors all performed similarly to the strategy, gaining around 1.5%. Investment grade bonds were up 0.5%, and interest rate sensitive stocks gained, with the iShares International REIT ETF up 3.2% and the Dow Jones Total Market Utilities Index up 3.3%.  Year to date, the strategy is down -2.6%, whilst the average of the 7 largest competitors is -6.7%, the S&P Infrastructure index is -10%, the Stoxx50 is -9.4%, the S&P 500 is up 2.7% and the MSCI World LC is -2.3%.

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The case for Japanese equities

Photo: Komatsu

Following the sharp setback in global equity markets it is important to reassess the case for Japanese equities within developed markets. Simply put, corporate margins continue to be improved through ongoing restructuring, cash flow generation is strong, balance sheets are liquid and in many cases debt-free and valuations are very low. The shareholder will progressively continue to get a better return going forward. The following example, courtesy of John Seagrim at CLSA succinctly makes the case.

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Swiss smaller companies: Several unfairly neglected gems

Source photo: GS Swiss PCB

September saw large cap stocks regaining some ground as the bluechip SMI index advanced 1.4% during the month, outperforming the SPI Extra Index, which fell 2.4%.

The current market environment continues to be characterised by an outperforming pharmaceutical sector and the market’s negative sentiment towards industrial stocks has persisted, though September saw a slight recovery in European “value” investment indices that was largely driven by a rising oil price and a consequent recovery in the energy sector.

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