GSFM appoints key account manager

From

GSFM has appointed Joshua Nissenbaum to the position of key account manager. Mr Nissenbaum will be based in Sydney and report to Stephen Fletcher, GSFM’s head of retail distribution. He joins GSFM from Vanguard where he was a senior business development manager. Prior to this, he was a business development manager at Challenger Limited. Prior

continue reading

Positive surprise for June quarter GDP; however, no bearing on Tuesday’s RBA Meeting

From

Yesterday’s GDP numbers for the June quarter confounded the expectations of economists in registering a reasonably healthy 0.7% increase for the quarter, largely on the back of strength in both private and public final demand. As pleasing as those numbers might have been, they are in the realm of historical curio and will have little bearing

continue reading

Powell signals Fed to begin tapering this year; some commentators question Powell’s sanguine inflation view

From

Powell signals Fed to begin tapering this year… In a much anticipated speech on Friday, Fed Chair Powell gave his strongest signal yet that the Fed will begin to taper its bond purchases this year, declaring that the U.S. economy has met the central bank’s test of “substantial further progress” toward its inflation goal and

continue reading

Australian wage growth remains subdued underscoring importance of RBA “flexibility”

From

The June wage price index fell slightly short of market expectations coming in at annual increase of 1.7% compared with a market consensus forecast of 1.9%. Having said that, the annual rate of growth was close to the RBA projection outlined in its recent Statement on Monetary Policy (SoMP). Private sector wage growth grew at

continue reading

CPD: From junky to juicy – The case for high-yield bonds

From

This article by the economics team at fixed income specialists Payden & Rygel – one of GSFM’s investment partners – takes a deep dive into high yield bonds and examines the investment case for investing in this asset class. Are bonds dead? With US Treasury yields hovering near generational lows and some developed sovereign bond

continue reading

RBA August Board Meeting: Caged doves?

From

In somewhat of a surprise decision, the RBA Board today persisted with the July meeting decision to taper bond purchases from September. The Board seemed to place a lot of faith in the ability of the economy to bounce back quickly once the virus outbreaks are contained. Certainly that has been the experience to date.

continue reading

Pockets of opportunity provide good prospects for global bonds and equities

From

The COVID-19 pandemic recovery remains non-linear across developed and emerging economies leading to a patchy outlook for bond and equity markets, but pockets of opportunity remain, according to GSFM and its fund manager partners Payden & Rygel, Munro Investment Partners and Redpoint Investment Management. Payden & Rygel director, Eric Souders, says the next phase in

continue reading

Lowe speech to Economic Society today following Tuesday RBA Board meeting. Pushing back against market pricing?   

From

RBA Governor Lowe spoke yesterday to the Australian Economic Society yesterday on The Labour Market and Monetary Policy. Following in the wake of Tuesday’s RBA decision I expect the Governor to push back, albeit in a subtle manner, against market pricing of an increase in cash rate in 2022. Markets have priced a roughly 25bp

continue reading

CPD: The S-Curve and the emerging consumer

From

Disruption and disintermediation are increasingly common themes across the global corporate landscape. This article from GSFM draws on thematics from its global growth investment partner, Munro Partners. Investors need access to global growth investments. New companies are disrupting or disintermediating established businesses in a range of sectors across the globe. Whether this disruption occurs in

continue reading

Markets dismiss regulation risks

From

The US Federal Court decision to dismiss an anti-trust complaint against Facebook this week saw that company catapulted into the $1trillion market cap club (along with Apple, Amazon, Microsoft and Alphabet). That represents a dismissal of sorts by the market of regulation risk motivated by anti-trust measures designed to attack the perceived ‘oligopolistic privilege’ enjoyed

continue reading