Archive | June, 2015

Stock Picks in the European Technology Sector

SV 6.10.15

For the last five years the European technology sector has been locked in a trading range relative to the MSCI All Country World Index (USD). Recently, however, European technology stocks have been performing quite well.  On an equal weighted basis, they have been the second best performing group in Europe year-to-date. While there are only 17 […]

June is Out… But 2015 Lift-off Still On

SV 6.8.15

Looking at Fed Funds futures contracts, it would appear that the fixed income market has ruled out a June rate hike but is coming back to the idea of a 2015 lift-off.  Currently June fed funds future are spot on the current effective fed funds rate of 13bps.  In the chart below, we plot the […]

WHITE PAPER – The Gavekal Knowledge Leaders Indexes: Capturing the Excess Returns of Highly Innovative Companies

A rich academic history suggests equity returns can be explained by risk exposures, or factors. In our first white paper, we identified the Knowledge Effect, the tendency of highly innovative companies to experience excess returns. In this second report, we detail how we create the Gavekal Knowledge Leaders Indexes to capture the Knowledge Factor. Download […]

It’s Japan, not Europe, that Continues to Lead in 2015

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Despite the popular news media focusing all their attention on European reflation, Draghi’s QE, Grexit or no Grexit, etc, the real story for investors remains in the seemingly forgotten Japan. Indeed, year to date Japan has outperformed Europe by more than 7% in USD terms and Portugal and Italy are the only two developed market […]