This site uses cookies

To give you the best possible experience, the GAM website uses cookies. You can read full information of our cookie use here.


OK

Investment Opinions Library

  • 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.

  • UK General Election – What are the Polls Indicating?

    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.

  • From Policy-Guided to Fundamentally-Driven 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.

  • Why the End of the Trump Trade is Good for Markets

    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.

  • GAM Investment Conference: Investing into the Future

    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.

  • The Remote But Real Risk in European Equity Markets

    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.

  • Cheer or Fear? The European Investment Dilemma

    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.

  • A Game You ‘Probably’ Can't Lose

    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.

  • Pair Trades to Pare Risk

    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.

  • Argentina – Expecting Entry Points to Materialise

    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.

  • Beware a Receding Tide

    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.

  • 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.

  • The Fed according to Velazquez

    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.

  • Death of the 60:40 Portfolio?

    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.

  • Can Negative be Positive?

    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.

  • What Peak Profits Mean for 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.

  • Remember the Debt Passive Funds Owe Active Managers

    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.

  • What's next for the EU Banking Sector

    27 July 2016

    What's next for the EU Banking Sector

    Comment from Davide Marchesin, fund manager in GAM’s non-directional equity team.

  • Attractive European ABS

    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.

  • 5 Years Best in Class

    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.

  • Continental Europe after Brexit

    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.

  • Charles Hepworth on the UK's decision to leave the EU

    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)

  • The Demise of the Zero Yield Bound

    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.

  • Clinton, Trump & the Markets

    24 May 2016

    Clinton, Trump & the Markets

    Comment from Sushil Wadhwani, CTA investment manager for GAM and CEO of Wadhwani Asset Management.

  • Three Lessons from the Titanic

    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.

  • The Committed Investor

    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.

  • Emerging Market Boost

    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.

  • As Good as Gold – the Case for Gold Miners

    9 March 2016

    As Good as Gold – the Case for Gold Miners

    John Lambert, Investment Manager, discusses the case for gold miners.

  • Understanding Intrinsic Value

    8 March 2016

    Understanding Intrinsic Value

    How do you know if shares in a company are cheap and worth buying? Chris Morrison, Investment Analyst, explores the virtues of value investing.

  • Outsmarting Market Turmoil

    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.

  • When Politics and Markets Collide

    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.

  • What Tighter Monetary Policy Might Mean for Investors

    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.

  • Hidden Market Indicators

    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.

  • Anti-Panic Manual – Don’t be the Turkey

    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.

  • The Dangerous Allure of Dividends

    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.

  • 5 Wishes & a Dollop of Luck

    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.

  • Political Risks in 2016

    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.

  • 5 Underdog Stocks to Watch

    11 December 2015

    5 Underdog Stocks to Watch

    GAM Outlook for 2016.

  • Is the Good Run for Corporate Bonds Over?

    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.

  • Investing For Sideways Markets

    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.

  • The Case For Cash

    29 October 2015

    The Case For Cash

    Holding cash when value is hard to find is not lazy.

  • Subordinated Debt Should Work Well in a Rising Rates Environment

    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.

  • Comeback of the Machines?

    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.

  • Heterogeneity in Emerging Markets Calls for a Selective Approach

    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.

  • Keeping the Faith with US Equities

    3 June 2015

    Keeping the Faith with US Equities

    Graham Wainer, Group Head of Investments – MACS

  • The Majority of Professional Investors Expect Pension Funds to Fall Short of Their Investment Targets Due to Regulatory Restrictions

    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

  • Cat Bonds and the Bundling Misconception

    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.

  • Don’t Try This at Home: Avoiding the Pitfalls of Local Emerging Market Debt Investing

    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.

  • Cat Bonds – Issuance, Yields and What’s to Come

    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.

  • Hard vs Local Currency EM Bonds – Focus on Credit Risk, Not FX Risk

    26 February 2015

    Hard vs Local Currency EM Bonds – Focus on Credit Risk, Not FX Risk

    Comment from Paul McNamara, Investment Director at GAM.

  • Active Managers

    15 December 2014

    Active Managers

    Reports of their demise are greatly exaggerated.

  • Charities Management

    30 September 2014

    Charities Management

    Rising risks in the hunt for income.

  • The Cat Bond Misconception

    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.