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Insights & Thought Leadership

  • Preparing for Normalisation

    21 March 2017

    Investment opinions Preparing for Normalisation

    US stock indices are trading at, or near record highs, US household wealth is booming and US inflation is edging ever closer to the Federal Reserve’s (Fed) 2% target. Anthony Smouha and Gregoire Mivelaz, who co-manage a number of GAM’s credit strategies, ponder the implications of a potential ‘normalisation’ of monetary policy for fixed-income investors.

  • Oil Supply Falling Behind Demand

    16 March 2017

    Thematic Oil Supply Falling Behind Demand

    The International Energy Agency last week highlighted growing risks to the oil supply as a result of underinvestment. Robert Cominotto, investment director for energy equities at GAM, considers the possible implications for the global oil market.

  • Hedge Fund Performance Update - February 2017

    10 March 2017

    Hedge Fund Performance Update - February 2017

    Convertible Arbitrage – Back from the Dead?

  • Should Investors Switch into Cyclical Stocks?

    9 March 2017

    Investment opinions Should Investors Switch into Cyclical Stocks?

    Since July 2016, we witnessed a massive rotation from the defensive segments of the equity market into cyclical stocks. Carlo Capaul, GAM’s Head of Global Equities in Zurich, believes that investors need to weigh up the risks carefully before jumping on a moving train.

  • LSE Alternative Investments Conference - Algorithm Aversion

    28 February 2017

    Thematic LSE Alternative Investments Conference - Algorithm Aversion

    Dr Ewan Kirk, Chief Investment Officer of GAM Systematic’s Cantab team, spoke at the LSE Alternative Investments Conference in London in January 2017. He questioned why investors in general are sceptical of systematic trading while long term performance seems to indicate that the performance of models is at least as good as that of humans. So why the scepticism?

  • Larry Hatheway on Markets - February 2017

    23 February 2017

    Macroeconomics 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.

  • Tech Themes For 2017

    14 February 2017

    Thematic Tech Themes For 2017

    As technology evolves, new themes and opportunities open up for investors. As featured in Citywire, Mark Hawtin, GAM Investment Director, puts forward his thematic predictions for 2017, and explains why the future is not in handsets...

  • Will Politics Trump Economics?

    13 February 2017

    Investment opinions Will Politics Trump Economics?

    President Donald Trump has inherited an economy that is in much better shape than his predecessor did eight years ago. Nonetheless the new president has ambitious plans for his first 100 days in office. As featured on CNBC, Larry Hatheway, Chief Economist and Head of GAM Investment Solutions, considers just how much President Trump can achieve and what the likely impact on capital markets will be.

  • Themes and Trends for Luxury in 2017

    9 February 2017

    Thematic Themes and Trends for Luxury in 2017

    After three painful years, the luxury sector is turning a corner. This shift is bringing new investment opportunities, but GAM investment director Scilla Huang Sun believes that the recovery will not be uniform across the sector, meaning careful stock selection is key. She presents the trends and themes to watch this year.

  • Change is in the Air

    7 February 2017

    Thematic Change is in the Air

    Tim Haywood, investment director for absolute return strategies looks ahead to 2017 where, after a year of shock results and unexpected outcomes, two signs of change have materialised on the fixed income horizon.


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  • 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.

  • Larry Hatheway on Markets - December 2016

    14 December 2016

    Larry Hatheway on Markets - December 2016

    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 - November 2016

    17 November 2016

    Larry Hatheway on Markets - November 2016

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

  • Macro and asset allocation after trump

    9 November 2016

    Macro and asset allocation after trump

    A first reaction from Larry Hatheway, Chief Economist and Head of Multi Asset Portfolio Solutions, on the implication of the US election result for investors.

  • Larry Hatheway on Markets - October 2016

    21 October 2016

    Larry Hatheway on Markets - October 2016

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

  • All Hail King Carry

    18 October 2016

    All Hail King Carry

    Following the death of the 60:40 portfolio, carry is creeping in as a fresh return-generation focus. Julian Howard, Investment Director, examines harnessing carry without relying on traditional fixed income securities.

  • Negative Yielding Corporate Bonds: Irrational?

    29 September 2016

    Negative Yielding Corporate Bonds: Irrational?

    The world of negative interest rates reached new levels earlier this month when the first negative yielding euro corporate bonds were sold. Enzo Puntillo, head of fixed income at GAM, considers the significance of this for investors.

  • Mirror, Mirror on the Wall...

    27 September 2016

    Mirror, Mirror on the Wall...

    Commodity markets are one of the best mirrors to capture economic and monetary reality. Christian Gerlach, portfolio manager of a commodity fund at GAM, explains their importance.

  • Larry Hatheway on Markets - September 2016

    20 September 2016

    Larry Hatheway on Markets - September 2016

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


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  • Oil Supply Falling Behind Demand

    16 March 2017

    Oil Supply Falling Behind Demand

    The International Energy Agency last week highlighted growing risks to the oil supply as a result of underinvestment. Robert Cominotto, investment director for energy equities at GAM, considers the possible implications for the global oil market.

  • LSE Alternative Investments Conference - Algorithm Aversion

    28 February 2017

    LSE Alternative Investments Conference - Algorithm Aversion

    Dr Ewan Kirk, Chief Investment Officer of GAM Systematic’s Cantab team, spoke at the LSE Alternative Investments Conference in London in January 2017. He questioned why investors in general are sceptical of systematic trading while long term performance seems to indicate that the performance of models is at least as good as that of humans. So why the scepticism?

  • Tech Themes For 2017

    14 February 2017

    Tech Themes For 2017

    As technology evolves, new themes and opportunities open up for investors. As featured in Citywire, Mark Hawtin, GAM Investment Director, puts forward his thematic predictions for 2017, and explains why the future is not in handsets...

  • Themes and Trends for Luxury in 2017

    9 February 2017

    Themes and Trends for Luxury in 2017

    After three painful years, the luxury sector is turning a corner. This shift is bringing new investment opportunities, but GAM investment director Scilla Huang Sun believes that the recovery will not be uniform across the sector, meaning careful stock selection is key. She presents the trends and themes to watch this year.

  • Change is in the Air

    7 February 2017

    Change is in the Air

    Tim Haywood, investment director for absolute return strategies looks ahead to 2017 where, after a year of shock results and unexpected outcomes, two signs of change have materialised on the fixed income horizon.

  • Has China put the Brake on M&A?

    17 January 2017

    Has China put the Brake on M&A?

    Roberto Bottoli, manager of GAM’s merger arbitrage strategy, discusses the significance of new capital controls measures imposed by China, namely restrictions on outbound mergers and acquisitions, and whether the political standoff between China and other countries on cross-border M&A is likely to be resolved.

  • From Cyborg to Cyber Monday

    28 December 2016

    From Cyborg to Cyber Monday

    The 1980s AI brought fears of a Terminator-style cyborg uprising, where humans became enslaved by their robotic overlords. This time round the big developments are focused around specific goals with more subtle impacts, namely in the areas of online shopping and digital butlers. Mark Hawtin and Chris Woodcock discuss the investment potential.

  • Healthcare 2017: The Postelection Comeback

    15 December 2016

    Healthcare 2017: The Postelection Comeback

    Given an environment conducive to merger and acquisition (M&A) activity, Christophe Eggman, investment director for healthcare equities, looks ahead to 2017 and beyond with a sense of optimism.

  • Inflation is Returning

    6 December 2016

    Inflation is Returning

    Bond markets are selling off and investors’ year-to-date gains are melting. Higher inflation expectations have lately re-appeared on the list of market concerns. Bernhard Urech, a fixed income manager at GAM, points towards inflation-linked bonds as an effective way to hedge against this worry. But before rushing into the asset class, there are a few things to consider.

  • Rocky Mountain High

    3 November 2016

    Rocky Mountain High

    John Lambert, investment director, digs deeper into the gold price and what investors can learn from its recent moves.


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  • 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.

  • Chinese Equity Rally Imminent?

    29 November 2016

    Chinese Equity Rally Imminent?

    Chinese shares rallied following the Trump election outcome and in contrast to most other emerging markets. GAM’s Asia-Pacific equity manager Michael Lai, who also runs a dedicated China portfolio, explains why he sees Chinese stocks well positioned for further upside.

  • Connecting China’s Exchanges

    22 November 2016

    Connecting China’s Exchanges

    Jian Shi Cortesi, investment manager for Chinese equities at GAM, discusses the development of the Shanghai-Hong Kong Stock Connect Programme as it celebrates its second year anniversary.

  • Saudi Arabia Delights Investors

    15 November 2016

    Saudi Arabia Delights Investors

    Saudi Arabia’s first-ever US dollar government bond issuance - the largest emerging market sale in history – has caused a stir in financial markets. Amy Kam, a GAM fixed income portfolio manager, explains the wider significance for Saudi Arabia and investors.


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  • Preparing for Normalisation

    21 March 2017

    Preparing for Normalisation

    US stock indices are trading at, or near record highs, US household wealth is booming and US inflation is edging ever closer to the Federal Reserve’s (Fed) 2% target. Anthony Smouha and Gregoire Mivelaz, who co-manage a number of GAM’s credit strategies, ponder the implications of a potential ‘normalisation’ of monetary policy for fixed-income investors.

  • Should Investors Switch into Cyclical Stocks?

    9 March 2017

    Should Investors Switch into Cyclical Stocks?

    Since July 2016, we witnessed a massive rotation from the defensive segments of the equity market into cyclical stocks. Carlo Capaul, GAM’s Head of Global Equities in Zurich, believes that investors need to weigh up the risks carefully before jumping on a moving train.

  • Will Politics Trump Economics?

    13 February 2017

    Will Politics Trump Economics?

    President Donald Trump has inherited an economy that is in much better shape than his predecessor did eight years ago. Nonetheless the new president has ambitious plans for his first 100 days in office. As featured on CNBC, Larry Hatheway, Chief Economist and Head of GAM Investment Solutions, considers just how much President Trump can achieve and what the likely impact on capital markets will be.

  • Trump: Can He?

    19 January 2017

    Trump: Can He?

    The inauguration of Donald Trump as the 45th President of the United States will be held tomorrow in Washington, D.C, marking the commencement of his four-year term in office. As featured on Citywire Wealth Manager, Julian Howard, Head of Multi Asset Solutions at GAM, considers what would constitute truly successful US economic policy and whether President-elect Trump can deliver it.

  • 2017 Outlook – Contrarian Trades

    10 January 2017

    2017 Outlook – Contrarian Trades

    A number of major political and economic events shaped financial markets in 2016, forcing investors to navigate a landscape of heightened volatility. But with uncertainty likely to continue through 2017, GAM’s investment managers have identified some unique investment opportunities that go against the grain.

  • 2017 Outlook - Key Events

    5 January 2017

    2017 Outlook - Key Events

    With so much happening in parallel across political, economic and financial landscapes, it seems daunting to try to identify the one event that shaped 2016. In the following short statements, our investment experts share their predictions on which events will prove pivotal in 2017.

  • A Single Wish for 2017

    21 December 2016

    A Single Wish for 2017

    Twelve months ago Larry Hatheway published a holiday wish list of five things he hoped would prevail in 2016. Sadly, few of those wishes came true this year - so this year the list is pared to one.

  • 2017 Outlook – The Investment Themes to Watch

    19 December 2016

    2017 Outlook – The Investment Themes to Watch

    2016 was a year of erratic markets and geopolitical shocks that sent fundamentals into the shadows. Bourses moved on speculation and surprise, challenging market participants. GAM’s investment experts put forward their key themes for the year ahead.

  • Productivity Growth Now?

    8 December 2016

    Productivity Growth Now?

    John Lambert, Investment Director at GAM, blows the productivity mismeasurment myth. The future is more hyperbole than hypergrowth.

  • #PresidentTrump - What now for Markets?

    9 November 2016

    #PresidentTrump - What now for Markets?

    GAM investment managers comment on their sectors of expertise following the outcome of the US elections.


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  • M&A Talk Is ‘healthy sign in the market’

    13 March 2017

    M&A Talk Is ‘healthy sign in the market’

    Julian Howard, head of Multi Asset Solutions, discusses recent M&A talk in the market and what this means for making money out of deals. (Source: CNBC)

  • Cheer or Fear? The European Investment Dilemma

    13 March 2017

    Cheer or Fear? The European Investment Dilemma

    Europe's prospects appear bleak with the French elections throwing up the possibility of a break-up of the euro zone and the European Union. For investors however, this presents a dilemma, with an improving economic and earnings picture for both France and Europe. An article from Julian Howard, head of Multi Asset Solutions. (Source CNBC)

  • New Poll Shows Macron Overtakes Le Pen in French Election

    9 March 2017

    New Poll Shows Macron Overtakes Le Pen in French Election

    Larry Hatheway, chief economist, discusses what the polls are saying about the French election and the scenarios that may impose a break up the European Union. (Source: Bloomberg)

  • GAM's Hatheway Sees ECB on Hold Till Mid-Year

    9 March 2017

    GAM's Hatheway Sees ECB on Hold Till Mid-Year

    Larry Hatheway, chief economist, discusses the impact of uncertain geopolitics on the markets and ECB policy. (Source: Bloomberg)

  • GAM’s Howard Says European Equities Are a Logical Choice

    6 March 2017

    GAM’s Howard Says European Equities Are a Logical Choice

    Julian Howard, head of Multi Asset Solutions, discusses the rally in equities among political uncertainty. (Source: Bloomberg)

  • GAM’s Howard Says Environment for Banking Will Improve

    6 March 2017

    GAM’s Howard Says Environment for Banking Will Improve

    Julian Howard, head of Multi Asset Solutions, discusses the capital raising plans for European banks, the joining of Deutsche Bank's investment banking and trading units and his outlook for the industry. (Source: Bloomberg)

  • Can a Rising Tide Lift all European stocks?

    1 March 2017

    Can a Rising Tide Lift all European stocks?

    Optimism on the corporate earnings outlook in Europe for 2017 has become more consensual than contrarian recently, and with good justification. Niall Gallagher, investment director, talks in Investment Week.

  • GAM's Haywood Sees QE's End Driving Bond Prices

    17 February 2017

    GAM's Haywood Sees QE's End Driving Bond Prices

    Tim Haywood, investment director, discusses how the beginning of the European Central Bank's tapering process will affect bond prices. (Source: Bloomberg)

  • Very Difficult Time for Global Investors Generally

    9 February 2017

    Very Difficult Time for Global Investors Generally

    Investment director for global equities, Robert Smithson, takes a look at the world’s current political environment and how its influencing markets and investor sentiment. (Source: CNBC)

  • The New Indifference

    9 February 2017

    The New Indifference

    Julian Howard, head of Multi Asset Solutions, considers the relationship between markets and political events. (Source: CityAM)


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