15 March 2018
German Equities – Consistent Rewards for Patient Investors
The sudden return of sharp bouts of equity market volatility at the beginning of February 2018 served once more as a reminder to investors that there is never room for complacency in capital markets. The strong returns made in January 2018 evaporated within a short period of time. Oliver Maslowski, fund manager at GAM, on the merits of longer investment horizons, based on the German stock market’s example.
13 March 2018
EM Debt: Beyond Asset Allocation
Investing in emerging market debt should be all about value and selection, rather than trying to forecast the direction of the US dollar or movements in Treasury yields says GAM’s Enzo Puntillo.
23 February 2018
Can Emerging Markets Take Centre Stage?
Emerging markets have weathered many a storm, including significant political turbulence over the last few years. But, following early February’s volatility surge, can they continue to rally? GAM’s Tim Love takes a look.
14 February 2018
Eight Reasons to Be Fearful for the Bond Market
Traditional fixed income markets face a number of challenges over the coming year. Tim Haywood, investment director, highlights eight reasons to be fearful for the bond market and how absolute return strategies can exploit these conditions.
9 February 2018
Time to Get Active: A Cyclical View
GAM’s Matthew Beesley explores the historic dynamic between the outperformance of active versus passive funds and discovers that it demonstrates deeply cyclical tendencies.
7 February 2018
Return to Volatility
GAM’s investment experts react to market moves this week that have marked a return of volatility after an unusual period of calm.
25 January 2018
From a Growth to a Value Bubble?
The ‘value’ investment style endured a miserable year in 2017, but GAM’s Hans Ulrich Jost believes that we are seeing early indications which could herald a return to valuation-based stock picking.
16 January 2018
Are Super-Elevated Profits Serving Investors Well?
US profit margins as a percentage of GDP are close to all-time highs. For many, this is a sign of corporate health further corroborated by the S&P 500’s third quarter profit growth of over 11% on the previous year. Good news it would seem but GAM’s Julian Howard believes the real issue for investors is how long it will last and are sustained high profits even desirable?
9 January 2018
2018 Outlook – Investment Themes to Watch out for this Year
GAM’s investment experts highlight what they believe will be the top investment themes for 2018 in their specialist fields.
2 January 2018
2018 Outlook – Events to Watch out for this Year
GAM’s investment experts highlight what they believe will be the key events to look out for over the course of 2018 in their specialist fields.
21 December 2017
Trouble With The Curve
When what is supposed to be a curve is more akin to a flat line, it can be interpreted as a sign of trouble ahead, as GAM’s Julian Howard explains.
19 December 2017
An Investor’s Holiday Wish List
This time last year, Larry Hatheway's single wish for 2017 was that greater empathy would enter the human consciousness and become manifest in areas such as modernity, immigration and free trade. Read his wish for 2017.
12 December 2017
2018 Outlook – The Merits of Active Management
GAM’s investment experts share insights on how active management adds value in their specialist fields.
28 November 2017
The Balanced Portfolio Has Had Its Time
As originally featured in Bloomberg Prophets, Larry Hatheway believes the days are numbered for the multi-asset trinity of positive correlation, high return and low volatility.
2 November 2017
The Importance Of Dividends
With bond yields continuing to hover around historically low levels, GAM’s Adrian Gosden and Chris Morrison revisit the case for accruing and reinvesting dividend income from a portfolio of equities.
31 October 2017
Can The Emerging Markets Rally Continue?
Michael Biggs, investment manager, emerging markets fixed income at GAM explains why he believes the current emerging markets rally has further to go.
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.
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.
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.
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.
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.
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.
19 July 2017
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.
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.
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.
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.
6 June 2017
UK General Election – What are the Polls Indicating?
Charles Hepworth, Investment Director at GAM, considers what the outcome of the UK General Election could mean for markets.
5 June 2017
From Policy-Guided to Fundamentally-Driven Markets
The Global Financial Crisis (GFC) was seen by some as having the potential to mark the end of capitalism as we know it. Within financial markets there is plenty of evidence to suggest this has indeed been the case.
31 May 2017
Why the End of the Trump Trade is Good for Markets
The so-called Trump trade is in trouble. As featured in Citywire Wealth Manager, Julian Howard, Head of Multi Asset Solutions at GAM, explains why this is good for markets.
2 May 2017
GAM Investment Conference: Investing into the Future
Investors could be forgiven for being distracted by the persistent changes to the geopolitical landscape and for wondering what might happen next to cause further market uncertainty. Paying too much attention to short-term investment trends rather than the importance of longer-term investment planning can prove a costly distraction. The GAM managers give their thoughts on looking long-term for investment success.
21 April 2017
The Remote But Real Risk in European Equity Markets
Political risk is very much back on the agenda and even seemingly remote out comes cannot be discounted. While Gianmarco Mondani, Roberto Cantaluppi and Paolo Longinotti are wary of potential turbulence, they are also optimistic about the return to the market of differentiation at the stock level.
19 April 2017
Cheer or Fear? The European Investment Dilemma
Europe’s election calendar reads like a political minefield, with prospects appearing all the more bleak with the French elections throwing up the possibility of a break-up of the euro zone and the European Union. Julian Howard, head of Multi Asset Solutions, considers the dilemma this presents for investors, particularly in light of an improving economic and earnings picture for both France and Europe.
11 April 2017
A Game You ‘Probably’ Can't Lose
GAM Systematic’s Dr Ewan Kirk and Dr Tom Gillam pay a short visit to a world of odds-based binary bets and apply their findings to a more familiar financial landscape.
6 April 2017
Pair Trades to Pare Risk
In recent years, accessing the cheap beta of equity markets has been one of the best ways to invest. However, with dispersion becoming increasingly evident and potential political storm clouds gathering on the horizon, GAM portfolio managers Andy Kastner and Désirée Mueller ponder whether it might be a good time to reconsider a market neutral approach to investing in European equities.
4 April 2017
Argentina – Expecting Entry Points to Materialise
Argentina’s economic history is complex and unfortunate, characterised by booms and dramatic busts in recent decades. Tim Love, Investment Director for emerging market equities, discusses why Argentinian equities will soon present a buying opportunity.
30 March 2017
Beware a Receding Tide
As featured in Investment Week, Niall Gallagher, Investment Director for European equities at GAM, considers the outlook for European markets.
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.
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.
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.
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.
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.
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.
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.
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.
8 December 2016
Productivity Growth Now?
John Lambert, Investment Director at GAM, blows the productivity mismeasurment myth. The future is more hyperbole than hypergrowth.
9 November 2016
#PresidentTrump - What now for Markets?
GAM investment managers comment on their sectors of expertise following the outcome of the US elections.
16 September 2016
The Fed according to Velazquez
The US economy remains in reasonably good health, while the global economy is still somewhat fragile. This puts the US Federal Reserve firmly into investors’ focus. For Carlo Benetti, Head of Market Research and Business Innovation at GAM, perspective is exactly what counts – changing it can yield surprising insights.
13 September 2016
Death of the 60:40 Portfolio?
The portfolio construction favourite is no longer the safe bet it once was. With limited upside to bond and equity markets, Julian Howard, Investment Director at GAM, looks at alternative allocation approaches.
30 August 2016
Can Negative be Positive?
We live in a period of low growth and low yields. How can investors generate returns in this environment? Gianmarco Mondani, CIO of the non-directional equity team in Lugano, explains what he does to navigate the turbulent waters of the financial markets.
23 August 2016
What Peak Profits Mean for Markets
Corporate profits of listed companies around the world are declining after nearly two decades of growth relative to total output. Julian Howard, Investment Director in GAM’s Multi Asset Class Solutions team, explains the implications.
10 August 2016
Remember the Debt Passive Funds Owe Active Managers
Larry Hatheway, Group Head of Multi Asset Portfolio Solutions and Group Chief Economist, looks at the arguments for active investment.
27 July 2016
What's next for the EU Banking Sector
Comment from Davide Marchesin, fund manager in GAM’s non-directional equity team.
25 July 2016
Attractive European ABS
Laurence Kubli and Matthias Wildhaber, portfolio managers at GAM, comment on the attractiveness of European ABS in a post-Brexit, negative interest rate world.
21 July 2016
5 Years Best in Class
Interview with Anthony Smouha, CEO of Geneva-based Atlanticomnium S.A. and portfolio manager of a range of credit portfolios, Grégoire Mivelaz, co-fund manager, and Jeremy Smouha, CEO of Atlanticomnium UK.
19 July 2016
Continental Europe after Brexit
Niall Gallagher, investment director of European Equities at GAM discusses the impacts of the UK referendum outcome to leave the European Union on continental Europe.
24 June 2016
Charles Hepworth on the UK's decision to leave the EU
Charles Hepworth, Investment Director at GAM, comments on the UK's decision to leave the European Union (EU)
10 June 2016
The Demise of the Zero Yield Bound
Negative bond yields used to be a theoretical concept. However, they are fast becoming a feature of an ever-increasing amount of bonds. Tim Haywood, investment director for absolute-return strategies, explains how his team deals with and profits from this phenomenon.
24 May 2016
Clinton, Trump & the Markets
Comment from Sushil Wadhwani, CTA investment manager for GAM and CEO of Wadhwani Asset Management.
14 April 2016
Three Lessons from the Titanic
The sinking of the Titanic on 14 April 1912 offers an opportunity to reflect on financial markets and the surveillance of the risk tolerance needed.
7 April 2016
The Committed Investor
Andrew Green is longevity personified having been at GAM – where he now runs the Global Diversified and UK Diversified funds – since 1983. He talks about his views, investment style and work with Nils Taube in an interview with Lawrence Gosling taken from the book Intelligent Investors.
31 March 2016
Emerging Market Boost
Emerging markets have rebounded in recent weeks. Enzo Puntillo, investment manager for emerging market debt, explains why the rally could continue and which areas are best-positioned to benefit.
9 March 2016
As Good as Gold – the Case for Gold Miners
John Lambert, Investment Manager, discusses the case for gold miners.
25 February 2016
Outsmarting Market Turmoil
US equity markets started the New Year on a jittery note. Andy Kastner, portfolio manager of a long/short US equity strategy, explains how investors can navigate market turbulence and benefit from rising and falling share prices.
24 February 2016
When Politics and Markets Collide
Julian Howard, Investment Director, looks at the influence of political risks on financial markets and how investors should factor these risks into their investment strategy.
4 February 2016
What Tighter Monetary Policy Might Mean for Investors
Julian Howard, Investment Director at GAM discusses how to invest as a new rates cycle begins.
6 January 2016
Hidden Market Indicators
GAM’s investment professionals reveal some of the hidden indicators they’re watching to be ahead of the curve.
29 December 2015
Anti-Panic Manual – Don’t be the Turkey
More often than not, our fears are unjustified, or not supported by statistics. Riccardo Cervellin, Country Head Italy, and Carlo Benetti, Head of Market Research & Business Innovation Italy, look at how fear can make investors their own worst enemies.
22 December 2015
The Dangerous Allure of Dividends
Dividend-paying stocks are attractive in a world of near-zero interest on bond investments. However, only picking the highest payers is too simple an approach and may risk ending with a dangerously unbalanced portfolio, in our view.
21 December 2015
5 Wishes & a Dollop of Luck
What is on your wish list this holiday season? GAM’s Larry Hatheway, Group Head of Multi-Asset Portfolio Solutions and Group Economist, puts forward a few aspirations for the common good.
16 December 2015
Political Risks in 2016
Geopolitical risks are inherently difficult to predict, but here are some of the key issues GAM investment experts are watching in 2016.
11 December 2015
5 Underdog Stocks to Watch
GAM Outlook for 2016.
8 December 2015
Is the Good Run for Corporate Bonds Over?
Darren Reece, Investment Manager, discusses the outlook for the corporate bond market and potential opportunities in the market.
1 December 2015
Investing For Sideways Markets
Sideways markets need not be boring. Julian Howard, investment director at GAM, explains why this environment actually offers potential for outperformance.
29 October 2015
The Case For Cash
Holding cash when value is hard to find is not lazy.
28 September 2015
Subordinated Debt Should Work Well in a Rising Rates Environment
Interview with Gregoire Mivelaz, fixed income manager at Atlanticomnium S.A. The Geneva-based boutique manages a credit strategy for GAM.
29 July 2015
Comeback of the Machines?
Dr Sushil Wadhwani, founder and CEO of Wadhwani Asset Management and former member of the Bank of England’s Monetary Policy Committee, explains why he expects managed futures strategies to perform well over the coming years.
17 July 2015
Heterogeneity in Emerging Markets Calls for a Selective Approach
Enzo Puntillo, Investment Director for emerging market debt strategies, discusses how emerging economies are heading into different directions and what the implications for his investment strategy are.
3 June 2015
Keeping the Faith with US Equities
Graham Wainer, Group Head of Investments – MACS
2 June 2015
The Majority of Professional Investors Expect Pension Funds to Fall Short of Their Investment Targets Due to Regulatory Restrictions
Results from a GAM Survey
19 May 2015
Cat Bonds and the Bundling Misconception
Dr John Seo, Co-Founder and Managing Principal at Fermat Capital Management, LLC discusses the rise of complex, non-transparent risk bundling within the reinsurance industry and how the cat bond asset class is unaffected by this.
27 April 2015
Don’t Try This at Home: Avoiding the Pitfalls of Local Emerging Market Debt Investing
Caroline Gorman, Investment Manager, responsible for GAM’s emerging market debt strategies throws the spotlight on the potential pitfalls to be found when trading emerging market local debt.
14 April 2015
Cat Bonds – Issuance, Yields and What’s to Come
Following April’s record issuance, Dr John Seo talks on the supply / demand dynamics of the cat bond market and how first-quarter returns aren’t always a guide to full-year potential.
26 February 2015
Hard vs Local Currency EM Bonds – Focus on Credit Risk, Not FX Risk
Comment from Paul McNamara, Investment Director at GAM.
15 December 2014
Reports of their demise are greatly exaggerated.
30 September 2014
Rising risks in the hunt for income.
1 July 2014
The Cat Bond Misconception
Investors on the hunt for yield have turned the limelight on the cat bond market, but this flurry of attention has not been the primary driver for the asset class’s growth.