Perspectives Blog

European equities – Should investors care about periphery vs. core anymore?

Dan Ison, Portfolio Manager | January 13, 2014

…mers while France, UK and Italy were the worst. Four years since the start of the Euro Crisis (Greece late 2009), can we finally stop worrying about the periphery versus the core?  Year-to-date performance (in euros) Source: Threadneedle International Limited*, December 2013. Past performance does not gurantee future results. What can we glean from last year’s equity market performance? On the face of it, not too much. What is certainly true is…

Special report – Commodity markets outlook

Columbia Management, Investment Team | July 21, 2014

In the following Q&A, David Donora, Head of Commodities for Threadneedle Investments, addresses some of the key concerns currently facing investors in commodity markets, and explains his view of the outlook for the market. What is your outlook for commodities for the remainder of 2014? We are bullish on the macro outlook for the rest of 2014. The OECD countries and in particular North America, the region where economic growth is currently th…

Global market mid-year outlook

Mark Burgess, Chief Investment Officer, Threadneedle Investments | June 16, 2014

…he United States. The Dow Jones-UBS Commodity Index DJ-UBSCI is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. It is not possible to invest directly in an index. Threadneedle International Limited is an FCA- and a U.S. Securities and Exchange Commission registered investment adviser based in the UK and an affiliate of Columbia Management Investment Advisers, LLC….

Is Europe heading for Japanese-style deflation?

Martin Harvey, Fund Manager, Threadneedle International Ltd | August 4, 2014

…e guaranteed by Columbia Management. The information is not intended to be used as the sole basis for investment decisions, nor should it be construed as advice designed to meet the particular needs of an individual investor. Threadneedle International Limited is an FCA- and a U.S. Securities and Exchange Commission registered investment adviser based in the U.K. and an affiliate of Columbia Management Investment Advisers, LLC. International inve…

Quality milestone in the European recovery story

March 17, 2014

Business, economic and political news all point to a strengthening recovery in Europe. We foresee a period of low inflation and low interest rates in Europe. We favor domestic European plays over internationally-exposed stocks, with an overweight stance in banking and telecoms. By Paul Doyle, Head of Europe ex. UK equities and Frederic Jeanmaire, Fund Manager, Threadneedle Investments After 18 consecutive negative months, the flow of eurozone…

Income inequality, disinflation and profit growth – the role of globalization

March 10, 2014

…firms outside the United States (shown in Exhibit 2) has risen from less than 1% of GDP to around 2.5% of GDP. Exhibit 2: Profits generated outside the U.S. by U.S. firms as % of U.S. GDP Source: Bureau of Economic Analysis, Threadneedle, September 2013 The economic, policy and investment implications are profound but also familiar. With citizens of EM a good deal poorer than their developed market neighbors, and with a slow convergence in polit…

Inflation consternation

Martin Harvey, Fund Manager, Threadneedle International Ltd | November 5, 2013

An inflation slowdown in the Eurozone has prompted calls for central bank action, as reduced liquidity coupled with euro strength threatens the recovery. The expectation of imminent easing by the ECB should assert downside pressure on yields, and lead Bunds to outperform other markets. It is uncertain whether the ECB will act this week; we think any intervention is likely to be verbal, at least at first. October inflation in the eurozone slowe…