U.S. Equities: Remain Positive, but Expect Greater Volatility

Andrew Acheson

Portfolio Manager, Leader of the U.S. Growth Team

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European Equities: Room to Deliver

Quarterly Outlook 2016

Diego Franzin

Head Of Equity – Europe

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FOMC Statement: A More Positive Tone

Federal Reserve BuildingAs expected, and in keeping with the minutes from its March meeting, the Federal Open Market Committee (FOMC) decided to keep rates on hold. Importantly, the Federal Reserve Board cited several aspects of the US economy and global conditions that leaves the door ajar for another June or July rate hike.

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3 Things The European Investment-Grade Fixed Income Team Talked About Last Week

Stationary Viewer1. ECB’s Corporate Bond Buying Programme

At its regular meeting last week, the Governing Council of the ECB released the technical parameters of the Corporate Sector Purchase Programme (“CSPP”), which was initially announced during the 10 March 2016 meeting. In short, the programme will:

  • Involve bonds issued in Euro by Eurozone or non-Eurozone (but where the issuing entity is incorporated in the Euro-area) domiciled non-banking issuers,
  • Target maturities from 6 months up to 30 years,
  • Involve Securities a minimum rating of BBB- (using the best-of-rating methodology in case of split ratings),
  • Start towards the end of Q2 2016, contributing to the monthly Euro 80bn Quantitative Easing programme already in place,
  • Be made on both the primary and secondary markets, and
  • Be made according to the sector and countries weightings of a market-cap based benchmark to be identified by the ECB.

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The Potential of Liquid Alternative Strategies

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“Liquid alternatives” is a term increasingly used in the financial field. Hugh Prendergast, Head of Strategic Product and Marketing at Pioneer Investments, explains how liquid alternatives can offer enhanced diversification, reduce directionality and increase the potential for truly uncorrelated alpha[1]


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