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Insights & Thought Leadership

  • Risk Factor: Beyond the Linear Approach

    19 October 2017

    Risk Factor: Beyond the Linear Approach

    For many investors with traditional long-only equity and bond portfolios, the era following the Global Financial Crisis (GFC) has proved a very lucrative one. Risk assets, such as equities and bonds, have been driven relentlessly higher, largely by central bank liquidity. This has been an indiscriminate rally, or 'a rising tide that has lifted all boats'. As a result, equity and bond markets per se look expensive.

  • MBS: Navigating Pre-, Post- and Crises Periods

    18 October 2017

    Thematic MBS: Navigating Pre-, Post- and Crises Periods

    For many people, the Global Financial Crisis (GFC) has yet to ‘celebrate’ its 10th anniversary. Amid all the strenuous denials from economists, central bankers, politicians and finance officials, it can be difficult to objectively pinpoint the one single event that signalled the meltdown and mayhem.

  • Outlook: Hitting the Target

    17 October 2017

    Macroeconomics Outlook: Hitting the Target

    Although not ‘all weather’, the standard asset allocation approach has served investors well. However, it is time for a rethink: the 60-40 model of a balanced portfolio of stocks and bonds no longer looks fit for purpose. GAM’s Head of Investment Solutions and Chief Economist Larry Hatheway explains why.

  • Building on Firm Ground

    12 October 2017

    Thematic Building on Firm Ground

    UK and European economies are on a relatively solid footing, says Jon Rickert, investment director at GAM, and private commercial real estate lending will prosper.

  • Fund Manager Portrait – Tim Haywood

    11 October 2017

    Fund Manager Portrait – Tim Haywood

    Meet Tim Haywood, Investment Director at GAM and business unit head for fixed income, responsible for the absolute return bond family of funds as well as various long only fixed income mandates.

  • Low Index Volatility: Great Active Opportunities?

    5 October 2017

    Investment opinions Low Index Volatility: Great Active Opportunities?

    Kenneth Liew, Portfolio Manager, Multi Asset Portfolio Solutions takes a look at low index volatility, important underlying trends – and the impact on portfolio construction.

  • Is China in a ‘Sweet Spot’?

    4 October 2017

    Thematic Is China in a ‘Sweet Spot’?

    Michael Lai, investment director explains how China is stemming the flood of overseas investment and dealing with debt, to maintain economic growth.

  • Active Management Fights Back!

    2 October 2017

    Investment opinions Active Management Fights Back!

    Over the last few years, competition has increased in the asset management industry, fees have been under pressure and performance among active managers has, in aggregate, been disappointing. It wasn’t always this way. And we think it won’t be this way as we look forward.

  • Sustainable Investing – Time For A Holistic View

    29 September 2017

    Thematic Sustainable Investing – Time For A Holistic View

    Karl Herzog and Thomas Funk from the Swiss equities team explain how they screen companies based on a comprehensive list of sustainability criteria. Their goal is as simple as it is ambitious, aiming to identify the long-term winners in an increasingly complex and competitive environment.

  • Snap Election in Japan: An Investor’s View

    28 September 2017

    Regional Snap Election in Japan: An Investor’s View

    On Monday Prime Minister Shinzo Abe announced his plans to dissolve the lower house of Japan’s parliament on 28 September and to call a snap election in October. What will be the impact for markets against the backdrop of encouraging fundamentals but prevailing tensions with North Korea?


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  • Outlook: Hitting the Target

    17 October 2017

    Outlook: Hitting the Target

    Although not ‘all weather’, the standard asset allocation approach has served investors well. However, it is time for a rethink: the 60-40 model of a balanced portfolio of stocks and bonds no longer looks fit for purpose. GAM’s Head of Investment Solutions and Chief Economist Larry Hatheway explains why.

  • Larry Hatheway on Markets - September 2017

    27 September 2017

    Larry Hatheway on Markets - September 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, his expectations for monetary policy and the biggest risks to investors in the next quarter.

  • Larry Hatheway on Markets - August 2017

    15 August 2017

    Larry Hatheway on Markets - August 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses how global equity and bond markets are performing, the outlook for the dollar and whether economic expansion in emerging markets is sustainable.

  • Larry Hatheway on Markets - July 2017

    27 July 2017

    Larry Hatheway on Markets - July 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, his expectations for the remainder of the second quarter earnings season and monetary policy over the next quarter.

  • Larry Hatheway on Markets - June 2017

    22 June 2017

    Larry Hatheway on Markets - June 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, the impact of stalling or falling inflation and the biggest risks for investors over the next quarter.

  • Larry Hatheway on Markets - May 2017

    25 May 2017

    Larry Hatheway on Markets - May 2017

    Chief economist and Head of GAM Investment Solutions, Larry Hatheway, discusses the outlook for global equity and bond markets, the impact of recent political uncertainty in the US and the significance of the forthcoming UK election and monetary policy decisions for markets.

  • Larry Hatheway on Markets - April 2017

    28 April 2017

    Larry Hatheway on Markets - April 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • Larry Hatheway on Markets - March 2017

    27 March 2017

    Larry Hatheway on Markets - March 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • Larry Hatheway on Markets - February 2017

    23 February 2017

    Larry Hatheway on Markets - February 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.

  • Larry Hatheway on Markets - January 2017

    31 January 2017

    Larry Hatheway on Markets - January 2017

    GAM Chief Economist and Head of Investment Solutions Larry Hatheway comments on the outlook for global fixed income and equity markets.


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  • MBS: Navigating Pre-, Post- and Crises Periods

    18 October 2017

    MBS: Navigating Pre-, Post- and Crises Periods

    For many people, the Global Financial Crisis (GFC) has yet to ‘celebrate’ its 10th anniversary. Amid all the strenuous denials from economists, central bankers, politicians and finance officials, it can be difficult to objectively pinpoint the one single event that signalled the meltdown and mayhem.

  • Building on Firm Ground

    12 October 2017

    Building on Firm Ground

    UK and European economies are on a relatively solid footing, says Jon Rickert, investment director at GAM, and private commercial real estate lending will prosper.

  • Is China in a ‘Sweet Spot’?

    4 October 2017

    Is China in a ‘Sweet Spot’?

    Michael Lai, investment director explains how China is stemming the flood of overseas investment and dealing with debt, to maintain economic growth.

  • Sustainable Investing – Time For A Holistic View

    29 September 2017

    Sustainable Investing – Time For A Holistic View

    Karl Herzog and Thomas Funk from the Swiss equities team explain how they screen companies based on a comprehensive list of sustainability criteria. Their goal is as simple as it is ambitious, aiming to identify the long-term winners in an increasingly complex and competitive environment.

  • Absolute Returns in all Environments

    21 September 2017

    Absolute Returns in all Environments

    Tim Haywood, investment director for absolute return fixed income strategies, shares his views on the current macroeconomic environment and opportunities in the bond markets.

  • A Sustainable Approach to Generating Returns

    19 September 2017

    A Sustainable Approach to Generating Returns

    Gianmarco Mondani, CIO of the non-directional equity team in Lugano, explains the academic background behind his strategy, which employs a fundamental, earnings revision-based approach, incorporating both valuation and momentum metrics, and aims to deliver favourable outcomes in the majority of calendar years.

  • Big Data and Investing

    14 September 2017

    Big Data and Investing

    Investment managers are using big data and artificial intelligence to enhance the diversification and risk/return potential of portfolios.

  • Convertibles: A Compelling Solution

    8 September 2017

    Convertibles: A Compelling Solution

    Convertible bonds’ combination of cheap valuations and equity exposure would provide a very attractive asymmetrical return profile in a rising interest rate environment. Jonathan Stanford, senior fund manager, non-directional equity, explains.

  • Luxury: Q2 Results Confirm Solid Trend

    23 August 2017

    Luxury: Q2 Results Confirm Solid Trend

    GAM’s Scilla Huang Sun reflects on the Q2 reporting season in the luxury segment of the equity market and identifies some interesting themes worth focusing on

  • Harvesting Merger Arbitrage Premiums

    17 August 2017

    Harvesting Merger Arbitrage Premiums

    In the prevailing environment, investors are finding fewer and fewer sources of meaningful yield with low volatility from the fixed income universe. GAM’s Roberto Bottoli describes a potentially unconsidered alternative with a return profile offering a low correlation to traditional investment strategies.


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  • Snap Election in Japan: An Investor’s View

    28 September 2017

    Snap Election in Japan: An Investor’s View

    On Monday Prime Minister Shinzo Abe announced his plans to dissolve the lower house of Japan’s parliament on 28 September and to call a snap election in October. What will be the impact for markets against the backdrop of encouraging fundamentals but prevailing tensions with North Korea?

  • The David and Goliath Aspects of China's A-share Market

    13 July 2017

    The David and Goliath Aspects of China's A-share Market

    Tim Love, investment director for emerging market equities, considers the significance of the inclusion of China A-shares in the MSCI Emerging Markets index.

  • EM – Why Now?

    11 May 2017

    EM – Why Now?

    Tim Love, investment director at GAM, discusses the outlook for emerging market equities in 2017 and analyses where the best opportunities are likely to lie in a turbulent political landscape.

  • Emerging Markets: Another Year, Another Opportunity

    24 January 2017

    Emerging Markets: Another Year, Another Opportunity

    Paul McNamara, investment director responsible for GAM’s emerging market strategies, looks ahead to 2017 and reflects that the likely drivers of EM local currency bond markets are the same ones that led to overall outperformance last year.

  • EU Equities – Selection is Key

    12 January 2017

    EU Equities – Selection is Key

    As featured on Investment Week, Niall Gallagher, Investment Director for European equities at GAM, explains why European companies continue to offer investors interest opportunities for returns in 2017, but warns that careful stock selection will be key.

  • After the BRICs, it’s Time to Focus on the VARPs

    3 January 2017

    After the BRICs, it’s Time to Focus on the VARPs

    Tim Love, Investment Director for emerging market equities at GAM, considers the major growth opportunities offered by Vietnam, Argentina, Romania and Pakistan.

  • 15 Years of the Euro

    29 December 2016

    15 Years of the Euro

    New Year’s Day will mark 15 years since the physical euro currency was implemented. Joachim Corbach, Head of Currencies & Commodities at GAM, considers the politics behind the introduction of the single currency, its future and what this means for investors.

  • Brazil - Room to Rally?

    13 December 2016

    Brazil - Room to Rally?

    Denise Prime, Investment Manager, examines the potential for Brazil to outperform in 2017 and the opportunities for fixed income investors.

  • The Consumer Takes Over

    9 December 2016

    The Consumer Takes Over

    A Q&A with Jian Shi Cortesi, who has been managing a consumer-focused China equity strategy for three years.

  • Contagion? Probably Not

    1 December 2016

    Contagion? Probably Not

    Global equity manager Robert Smithson outlines his views on the potential outcomes and implications of the upcoming elections and referendums across Europe.


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  • Low Index Volatility: Great Active Opportunities?

    5 October 2017

    Low Index Volatility: Great Active Opportunities?

    Kenneth Liew, Portfolio Manager, Multi Asset Portfolio Solutions takes a look at low index volatility, important underlying trends – and the impact on portfolio construction.

  • Active Management Fights Back!

    2 October 2017

    Active Management Fights Back!

    Over the last few years, competition has increased in the asset management industry, fees have been under pressure and performance among active managers has, in aggregate, been disappointing. It wasn’t always this way. And we think it won’t be this way as we look forward.

  • Why Stocks Can Shrug Off Bonds

    29 August 2017

    Why Stocks Can Shrug Off Bonds

    This year, equity markets have broadly advanced, despite significant gyrations in bond yields. To some, that seems odd. How can stocks ignore bond moves, in particular episodes of rising yields? Chief economist Larry Hatheway explains why.

  • Sterling: Pounded Down Far Enough?

    8 August 2017

    Sterling: Pounded Down Far Enough?

    The British pound has been the subject of repeated doom-mongering since the Brexit referendum more than a year ago. Joachim Corbach, GAM’s Head of Currencies and Commodities, questions whether there really is more material downside for sterling from the prevailing depressed levels. This article originally featured in Fund Strategy.

  • Normalisation: A Turning Point?

    4 August 2017

    Normalisation: A Turning Point?

    Tim Haywood, investment director for fixed income, says that with policy normalisation from central bankers in both Europe and North America driving bond yields aggressively upwards, June may be remembered as a turning point for fixed income markets.

  • India: On the Cusp of a Multi-year Bull Market?

    25 July 2017

    India: On the Cusp of a Multi-year Bull Market?

    Madhav Bhatkuly considers recent milestones for the Indian economy, including the implementation of the Goods and Services Tax bill and the rapid transformation of the financial services sector, and explains why Indian equities could be on the cusp of a multi-year bull market.

  • Why Active?

    19 July 2017

    Why Active?

    As featured in Citywire Wealth Manager, Larry Hatheway, chief economist and head of GAM Investment Solutions, explains how active and passive strategies play a part in GAM’s multi-asset portfolios.

  • The Fed May Not Have Investors Backs For Much Longer

    4 July 2017

    The Fed May Not Have Investors Backs For Much Longer

    The US equity market’s implicit guarantee against instability might be coming to an end. Julian Howard, Head of Multi Asset Solutions at GAM considers why now, and how investors can mitigate the risks and reposition for more reliable income.

  • Stocks Aren't as Pricey as This Ratio Suggests

    23 June 2017

    Stocks Aren't as Pricey as This Ratio Suggests

    The Shiller P/E ratio is high, but a valuation-based crash is unlikely so long as global earnings continue to grow. As featured on Bloomberg, chief economist Larry Hatheway explains why.

  • UK General Election Outcome – What Now for markets?

    9 June 2017

    UK General Election Outcome – What Now for markets?

    Charles Hepworth, investment director at GAM, comments on the outcome of the UK General Election.


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  • The Balanced Portfolio Has Had Its Time

    17 October 2017

    The Balanced Portfolio Has Had Its Time

    The days are numbered for the multi-asset trinity of positive correlation, high return and low volatility, says Larry Hatheway, GAM chief economist. (Source: Bloomberg)

  • GAM Preps for a Different Quant Future

    5 October 2017

    GAM Preps for a Different Quant Future

    GAM Systematic is experimenting with artificial intelligence and data science to ensure it is well positioned for the next wave of quantitative investing. (Source: Institutional Investor)

  • GAM Economist Says Draghi Not Finding Audience in Markets

    7 September 2017

    GAM Economist Says Draghi Not Finding Audience in Markets

    Larry Hatheway, GAM chief economist, discusses investor reaction to ECB President Mario Draghi's remarks about the euro with Bloomberg's Scarlet Fu, Joe Weisenthal and Abigail Doolittle on "What'd You Miss?" (Source: Bloomberg)

  • No Appetite For Infrastructure Investment

    5 September 2017

    No Appetite For Infrastructure Investment

    Infrastructure stocks just “don’t look interesting” in either the U.K. or the U.S. at the moment, Julian Howard, head of Multi Asset Solutions at GAM, said. (Source: CBNC)

  • Outlook: Hitting the Target

    4 September 2017

    Outlook: Hitting the Target

    Larry Hatheway, chief economist and head of investment solutions at GAM, discusses why now is the time for a rethink of the standard asset allocation approach. (Source: New Model Adviser)

  • Why 2017 is the Year Active Management Fights Back

    29 August 2017

    Why 2017 is the Year Active Management Fights Back

    Active management is making a comeback as a period of normalisation in global monetary conditions begins, says Matthew Beesley, head of equities. (Source: Money Marketing)

  • UK Unemployment Falls to 4.4%, Wages Top Estimates

    16 August 2017

    UK Unemployment Falls to 4.4%, Wages Top Estimates

    UK unemployment fell to 4.4 percent in the second quarter, the lowest level since 1975. Wage growth topped analysts' estimates at 2.1 percent, but still lagged inflation. Tim Haywood, investment director at GAM Investment, examines the wage data. (Source: Bloomberg)

  • US Economy Just Ok, Not Particularly Brilliant

    15 August 2017

    US Economy Just Ok, Not Particularly Brilliant

    Julian Howard, Head of Multi Asset Solutions at GAM, looks at how sustainable US profits and earnings are based on an "OK" economy. (Source: CNBC)

  • Advertisers Very Unsure About Snap

    11 August 2017

    Advertisers Very Unsure About Snap

    Mark Hawtin, Investment Director, discusses Snap's drop in earnings. (Source: CNBC)

  • Howard: Automakers are Having their ’Tobacco Moment’

    2 August 2017

    Howard: Automakers are Having their ’Tobacco Moment’

    As the move towards electric vehicles gathers pace, German carmakers hoping to prolong the future of diesel technology are engaging in a summit of denial with the German government, says Julian Howard, Head of Multi Asset Solutions at GAM. (Source: Bloomberg)


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  • Fund Manager Portrait – Tim Haywood

    11 October 2017

    Fund Manager Portrait – Tim Haywood

    Meet Tim Haywood, Investment Director at GAM and business unit head for fixed income, responsible for the absolute return bond family of funds as well as various long only fixed income mandates.