Global small caps – An underappreciated and underutilised alpha sleeve

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Many investors and advisers recognise that a diversified portfolio should include an allocation to equities across the market capitalisation spectrum. This allows investors to capture the “small-cap premium” which has

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20 Jul 2020

RBA continues to eschew a negative rates policy

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While acknowledging the severe damage to the economy from the COVID-19 crisis and the now elevated potential risks of ‘second wave’ COVID-19 infections, the Governor and RBA Board continue to

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09 Jul 2020

Volatility stirs as fears grow over a ‘second wave’ and IMF downgrades global growth outlook

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Key points: Market sentiment has turned negative on concern that the spreading coronavirus could force policy makers to slow the pace, or reverse, business re-openings. The International Monetary Fund downgraded

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26 Jun 2020

GSFM’s Stephen Miller comments on the Federal Reserve June statement

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Fed forecasts no increase in rates until at least the end of 2022 The Federal Reserve projected interest rates will remain near zero through 2022 with the Fed’s ‘dot plot’ revealing a

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12 Jun 2020

The outlook for dividends in a world of yield starvation

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There remains much uncertainty regarding the depth, breadth and length of the COVID-19 recession. For example, the Global Economic Policy Uncertainty Index (compiled by academics from Stanford, Chicago, and Northwestern)

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21 May 2020

Is negative interest rate policy a ‘cure’ worse than the disease?

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Interest rates, as the Boss would say, are goin’ down, down, down, down. However, are the potential outcomes of negative interest rate policy (NIRP) worthwhile? The Economics Team at GSFM’s

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29 Apr 2020

Is ESG just warming up?

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Whether ESG factors are truly ‘alpha’ factors equivalent to their Value, Momentum, Quality and Low Volatility counterparts remains a contentious issue within the investment community. In this article from GSFM’s

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09 Apr 2020

Whatever it takes

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This is a ‘whatever it takes’ moment for Australia and, indeed, the rest of the world. Former RBA Governor Glenn Stevens’ had a dictum: “first do no wrong”. In the

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23 Mar 2020

Picking winners

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During a recent national roadshow, Nick Griffin, CIO of Munro Partners, explained that when it comes to investing, there are always lots of losers and just a few winners. This

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18 Mar 2020

The hunt for yield can lead to risky territories

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With interest rates hovering around historical lows globally, investor appetite for alternative income sources has markedly increased. In the current environment uncertainty is writ large; challenges come at investors from

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24 Feb 2020