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  • Article / 10 August 2015 at 12:00 GMT

    Calculating the case of commodities in asset allocation

    Head of Equity Strategy / Saxo Bank
    Denmark
    Calculating the case of commodities in asset allocation
    Commodities are on everybody's lips as the past year's plunge has caused wreckage to many portfolio managers. Recently, discussions have surfaced about whether they should be part of asset allocation portfolios. Many arguments have been founded on logical deductions and philosophies about commodities and their role in the world. Here we present a more mathematical view on commodities and their impact on asset allocation through Monte Carlo simulations.
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  • Squawk / 16 April 2015 at 17:18 GMT
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    Portugal
    EM ASSET ALLOCATION - "Currencies: How Much More Adjustment? - We expect more currency weakness in EM versus the USD, but a better performance against the EUR. Rebalancing is progressing in EM, but slowly and C/A forecasts suggest many of the deficit economies will still be vulnerable to external shocks.
    Total returns will be negative across all the regions versus
    USD, but on a REER basis our forecasts suggest Latam is
    in for the biggest adjustment. We see some regional rebalancing within Asia, with JPY recovering some ground." [MATRIX] MS
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  • Squawk / 15 April 2015 at 9:57 GMT
    Capital Markets / Banco Carregosa SA - GoBulling.com
    Portugal
    Conclusions from and for an Asset Allocator - "Central banks’ actions are dominating markets lately with liquidity and a scenario of low interest rates in the medium term the main drivers supporting a positive performance by all asset classes. This positive performance is driving valuations to levels that might not be sustainable in the long run. Valuation as an investment factor drives returns only in the long run while in the short term other factors tend to dominate. However, investor perception of a potential change in the risk characteristics of an asset class might bring valuation back into the limelight."
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  • Squawk / 15 April 2015 at 9:49 GMT
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    Portugal
    CURRENT ASSET ALLOCATION PORTFOLIO - "Our preferred asset class as macroeconomic performance supports growth and microeconomic fundamentals are sound. Valuation in line with l/t average. - USD Dollar preference but wary on positioning; GBP UK economy more advanced in the cycle; JPY Significant weakness and undervaluation makes us neutral; EM BlockTactical opportunities from oil price fall; EURThe new funding currency for carry trades" (Santander)
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  • Squawk / 15 April 2015 at 9:46 GMT
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    Portugal
    TRADING RECOMMENDATIONS REVIEW - "Since our last update (with prices as of 3/23/2015), our ‘Trading Recommendations’ have worked reasonably well. Drivers of this positive performance have been: 1. Improvement in spreads among fixed income categories benefitting our strategies. 2. Equities’ positive performance with the good relative performance of our long Euro zone relative positioning and our Bovespa naked long. 3. General positive performance of EM assets (with the exception of the MXN) benefitting our longs in the EM space. 4. Oil price recovery and M&A activity within the sector positively impacting our recommendation in the sector" Santander
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    15 April
    fxtime fxtime
    I am curious......Usually you copy/paste Morgan Stanley recommendations so is this from Morgan Stanley also? Secondly; Are you also double listed as DaCosta ?
    15 April
    fxtime fxtime
    Ignore the question above as just re-read your posts and both are Santander reviews.
  • Squawk / 13 March 2015 at 19:01 GMT
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    Portugal
    Secular Tailwinds from Rising Allocations to Alternatives - "Other Potential Long-Term Drivers and Catalysts - Increased banking sector regulation globally and European bank de-leveraging could increase the universe of attractive investment opportunities as banks pull-back from certain parts of their business. Potentially the longest harvesting cycle ever if the macro environment remains supportive for investment exits and enables more recent funds to mature faster and reach performance targets soon. Public float to increase over time. Potential inclusion of the stocks in a benchmark index; currently none of the six firms are
    included. Increased public acceptance of alternative asset managers as an attractive business model to own.
    Carried interest taxation debate resolved with action by Congress." in US Asset Managers | March 12, 2015 MORGAN STANLEY RESEARCH
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  • Squawk / 13 March 2015 at 18:57 GMT
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    Portugal
    Room to Run... Why We're Bullish on Alts - "Our coverage group is up 7% since mid-December, but we see another 17% upside, on avg., to our PTs, supported by cyclical & secular tailwinds. In this note, we explore key themes from our initiation report that anchor our positive view. We see an est ~$1.8 trillion of capital in the
    ground from 2009 and earlier vintages that could be harvested over the next few years and 10% CAGR in alt AUM over the next 5 years, well above our 5.7% estimate for overall industry AUM." in US Asset Managers by MORGAN STANLEY RESEARCH [MATRIX]
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