Is the European Investor About to Become More Omnivorous?


With yields in Europe well below 2% for the better part of the last five years, foreign bonds–especially US Treasuries, trading at an increasingly higher spread to German counterparts–offered an appealing alternative. Appetite for USTs is one that remained strong for 50 straight months as yields in Germany fell nearly continuously. In November, however, European […]

Quarterly Update: Knowledge Leaders Strategy

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In our new quarterly update report, Portfolio Manager Steven Vannelli, CFA, discusses the investment team’s recent analysis on two topics, including: 1. New portfolio opportunities. Huge innovation in the energy sector – and the US Shale Revolution specifically — has manifested into new portfolio opportunities. The US cost of production of oil has fallen by 50% over […]

Lower Quality Stocks Have Led the Market Over the Past 3 Months

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‘Quality’ is one of the those terms in finance that if you ask three different investors to define you get four different answers. Generally, however, companies with higher profitability, lower debt, and higher sales growth are considered to be higher quality companies. Lower quality companies tend to have the opposite characteristics. Over the past three […]

DM Estimates Revisions Breadth Has Hit an All-Time Low


More than three out of four developed market stocks have seen a negative revision to their FY1 sales estimate over the last six months. Earnings estimates have fared slightly better, with about one-third of the developed world experiencing positive revisions. The energy sector stands out, having the greatest percentage of issues with positive revisions to estimates, […]

DM EMEA Equities: Leadership Wanted


Preliminary data from Markit’s Purchasing Managers’ Index (PMI) survey, released today, convey an overall positive picture for the Eurozone as a whole. The composite index rose (unexpectedly) to 54.1 from 53.3 in October. Eurozone PMI Manufacturing also rose unexpectedly (to 53.7 from 53.5, avoiding the anticipated decline to 53.3), in spite of small declines in […]