Global Clients, Global Portfolios
Research commentary published April 2013 – September 2017
81 entries · January 3, 2014 to December 31, 2014
December 31, 2014 · by James C · Filed under Uncategorized
The Accuvest Team invites you to download our Big Picture View for the 1st half of 2015. In the pages of our Outlook, we will provide some insight as to why the 2nd half of 2014 played out the way…
December 19, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
December 9, 2014 · by David A · Filed under Monthly Portfolio Notes
Notable Moves to the Upside… Spain… moved from an underweight position to a neutral weighting. Valuation metrics and fundamentals both showed improvements in November. Spain has the highest growth in EPS over the last year and has the 4th highest…
November 21, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
November 14, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
November 12, 2014 · by David A · Filed under Monthly Portfolio Notes
Notable Moves to the Upside… China… moved back to the top of the rankings after showing improving risk and valuation. They are now the cheapest country in the model. China has a forward P/E of 8.8 and a Growth to…
November 10, 2014 · by James C · Filed under Big Picture View
The October 31st announcements from the Bank of Japan, and the resulting moves in the Yen and Japanese equities, reemphasize the impact that central banks and monetary policy can have on markets and portfolios. When central banks are involved in…
October 24, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
October 21, 2014 · by Brad J · Filed under Highlights
For some time, one of our stronger themes has been to buy Japanese stocks with the yen hedged. An update on this topic seems warranted at this time. Measured to mid-October of this year, a fairly large range of returns…
October 17, 2014 · by James C · Filed under Weekly Chart Book
Europe is leading a worldwide rout of equities. While a myriad of headlines have contributed to the gloom, negative investor sentiment began to surge in earnest on October 2nd, when European Central Bank President Mario Draghi stopped short of quantifying…
October 14, 2014 · by David G · Filed under News and Events
In this video, David Garff discusses the following: -Notable changes to the country rankings in Q3 -Key country risks -Talking to clients about investing internationally -Q4 developments to watch out for If you have any questions for Dave as we…
October 14, 2014 · by David A · Filed under Monthly Portfolio Notes
In October, value countries have continued to underperform the market and have been a significant drag on country selection. Meanwhile, Latin America took a huge step back as Brazil was down -19.22% on the month, showing a significant turn in…
October 10, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
October 6, 2014 · by James C · Filed under Investing Ideas
Recent US Dollar Strength The last six months have seen impressive gains for the US Dollar versus the Yen, Euro, Emerging Market currencies, and commodities. USD strength is likely to persist; however, we expect that it will proceed at a…
October 3, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
September 26, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
September 12, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards, James disclosure: The…
September 11, 2014 · by David A · Filed under Monthly Portfolio Notes
Heading into September, we think that the 4 countries listed below warrant extra focus. Our complete list of country rankings can be 3 Points to set the Global Landscape Latin America is picking up momentum as we head into the…
September 5, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update on global financial conditions, fixed income markets, world equities, economic data releases and trends, major currencies, and commodities. Feel free to contact us with any questions or requests. Best Regards,…
September 2, 2014 · by Brad J · Filed under Highlights
In May, we posted . That piece received favorable feedback related specifically to its overview of energy reform taking place in Mexico. At that time, we mentioned that the reform is a journey and not a destination, stating that occasional…
August 30, 2014 · by James C · Filed under Weekly Chart Book
Breakeven inflation is the difference between the interest rate on Treasury bonds that are protected against inflation (TIPS) and nominal Treasury bonds, which are not. A breakeven rate is a measure of the inflation compensation an investor would need to…
August 25, 2014 · by David A · Filed under Big Picture View, Uncategorized
In Dave Garff’s 2011 whitepaper, , one of the most compelling charts was looking at the Monthly High-Low Range of country returns. The chart looked at 39 countries in both emerging and developed markets going back to 1991, and charted…
August 22, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
August 20, 2014 · by James C · Filed under Highlights
A review of the underlying exposures of India ETFs Summary Points Economic Reform is poised to unlock economic growth in India Stronger GDP growth will require substantial loan growth, benefiting Financials Loan growth will require bank recapitalization, especially for State…
August 15, 2014 · by James C · Filed under Weekly Chart Book
It had been 6 months (January 22, 2014) since the MSCI All Country World Index experienced a 5% correction (or consolidation) in equity prices. Sell-offs in the midst of well-established bull market offer an opportunity to identify new market leadership…
August 13, 2014 · by David A · Filed under Monthly Portfolio Notes
Heading into August, we think that the 4 countries listed below warrant extra focus. Our complete list of country rankings can be 3 Points to set the Global Landscape Developed Europe has been a drag for investors who were chasing…
August 8, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s update. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
August 6, 2014 · by David G · Filed under Big Picture View
In a previous whitepaper, we looked at using Momentum as a factor when investing across countries, and found it to be effective in generating outperformance vs. the benchmark. The full text can be found here. As investors who are biased…
August 1, 2014 · by James C · Filed under Weekly Chart Book
Year to date, we have seen a high correlation between the Japanese Yen and the yield on the 10 Year US Treasury. The primary trend has been Yen strength with US 10 year yields moving lower. However, from July 17th…
July 25, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access this week’s Global Market Update. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be…
July 21, 2014 · by James C · Filed under Highlights
Weakness in Russian equities, FX, and Fixed Income is likely to persist in the near to medium-term as more sanctions are likely to follow last week’s US-EU coordinated increase in pressure on Putin and Russian leadership. Russia is a HOLD…
July 18, 2014 · by James C · Filed under Weekly Chart Book
Credit instruments, like high yield bonds, are positively correlated to equities. Until late June of 2014, the iShares iBoxx USD High Yield Corporate Bond ETF: HYG tracked the trend of the S&P 500 in both slope and duration. Since June,…
July 11, 2014 · by James C · Filed under Weekly Chart Book
A key chart to monitor in the weekly is chart 36, “Germany: Eco Outlook, Industrial Production & PMI”. German economic data continues to decelerate from levels of growth seen last year. This is likely to weigh on euro-area growth. When…
July 9, 2014 · by David A · Filed under Monthly Portfolio Notes
Heading into July, we think that the 4 countries listed below warrant extra focus. Our complete list of country rankings can be 3 Points to set the Global Landscape For the first time in over 20 years, the range of…
July 9, 2014 · by James C · Filed under Highlights
A Powerful Relative Monetary Policy Advantage with Attractive Valuations, Fundamentals and Momentum What Happened in H1 2014? One of the most popular investment themes coming into 2014 was Hedged Japanese Equity (owning Japanese equities while simultaneously hedging out the risk…
July 3, 2014 · by Brad J · Filed under Big Picture View, News and Events
The Accuvest Team invites you to download our Big Picture View for the 2nd half of 2014. In the pages of our Outlook, we will provide some insight as to why the 1st half of 2014 played out the way…
June 20, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
June 18, 2014 · by Rachel J · Filed under News and Events
Topical Discussions, Tactical Approaches The Global Macro ETF Strategist Conference is a first-of-its-kind event that will bring together many of today’s leading global investors to discuss the current state of the global markets as well as what we can expect…
June 13, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
June 10, 2014 · by Rachel J · Filed under News and Events
The Quest for Quality. Factor-Based and Core Approaches to Asset Allocation Join the Accuvest team at the S&P Dow Jones Indices annual event tailored exclusively for financial advisors in the San Francisco Bay Area. Accuvest President and CIO David Garff…
June 10, 2014 · by David A · Filed under Big Picture View
Looking at which EU countries offer the best investment opportunity given the ECB actions The European Central Bank (ECB) took action last week to increase bank liquidity and lending with hopes of stimulating the economy and fighting deflation. There were…
June 9, 2014 · by David A · Filed under Monthly Portfolio Notes
Through the first 5 months of the year, country returns have been tight. The MSCI ACWI Index is up 4.22% this year and the average country is up 6.08%. Emerging markets are gaining momentum. Over the last 3 months the…
June 6, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
June 6, 2014 · by David G · Filed under Highlights
This blog post doesn’t have anything to do with country-focused or factor-based investing, so hopefully you’ll stay with me. I recently attended the Investment Management Consultant’s Association annual conference in Boston. It was two days of (mostly) strong content, and…
May 30, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
May 30, 2014 · by James C · Filed under Big Picture View
Exposure to Emerging Markets is often implemented with a single broad Emerging Markets ETF, like iShares’ EEM. However, with approximately 60% of the iShares Emerging Market ETF (EEM) assets allocated to only 4 countries, we set out to confirm that…
May 23, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
May 16, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
May 12, 2014 · by Brad J · Filed under Highlights
We have been traveling regularly to and investing on and off in Mexico for over thirty years. We have seen the Peso strengthen and bust a couple of times; government-owned banks privatized and then bust; an ongoing roller-coaster ride in…
May 12, 2014 · by David A · Filed under Monthly Portfolio Notes
This month, Spain and Italy dropped slightly in the model and were replaced by Germany in the top six. However, China and the United States maintained their positions at the top of the model. This year, value factors, which have…
May 9, 2014 · by David A · Filed under Big Picture View
Making the case for increasing exposure to international equities One of the ongoing challenges that advisors face is determining what percentage of their clients assets should be allocated to international equities. The magnitude of this decision is often amplified when…
May 2, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
April 25, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
April 24, 2014 · by James C · Filed under Big Picture View
In our last post we discussed the attractiveness of European equities in aggregate, and assessed the pros and cons of implementing this regional investment theme with a market capitalization weighted ETF (VGK – Vanguard). It was our conclusion that the…
April 23, 2014 · by James C · Filed under Big Picture View
A bullish investor consensus for European equities appears to be building. More and more, we are hearing and reading that European equities are attractive and undervalued. It may be the right time for greater exposure to developed international equities, and…
April 17, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
April 16, 2014 · by Brad J · Filed under Highlights
In recent travels and presentations, I was asked frequently about Israel. How is it that the Israeli market is #2 in our country ranking methodology? It seems as though the country is off the radar screen of most investors, so…
April 14, 2014 · by David G · Filed under Highlights
Global multi-factor investing is a passion of ours, and as such, we like to pay attention to what others are writing on the subject. In a recent blog post on ETF.com, Larry Swedroe provided a nice summary of a couple…
April 11, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
April 11, 2014 · by James C · Filed under Highlights
In an effort to update you on the Accuvest “U.S. Banking & Financial Services” investment theme, we have restated the core tenants of our positive outlook in 3 points below. In addition to monitoring these primary drivers, we are interested…
April 8, 2014 · by David A · Filed under Monthly Portfolio Notes
This month, some emerging markets had a strong performance while the three largest constituents in the MSCI ACWI Index stalled. Latin America, which was down -20.82% over the last 12 months, had a great month up 8.82%. While some European…
April 4, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
March 28, 2014 · by James C
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
March 14, 2014 · by James C
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
March 11, 2014 · by Brad J
Global investors have been experiencing an ongoing drag on returns to the extent they have had exposure to Emerging Market (EM) equities. It is difficult to abandon the asset class given historical performance, relative economic growth, current valuation discounts, and…
March 11, 2014 · by David G
This is the second commentary in a series about the relative attractiveness of different country stock markets. In a previous whitepaper, we looked at using Momentum as a factor when investing across countries, and found it to be effective in…
March 11, 2014 · by David A
This month, European markets are looking good. European countries continue to climb up the model. Sweden is the newest addition to the top 5 and boasts a profile in the top 10 of fundamentals, momentum, and risk. European markets have…
March 7, 2014 · by James C · Filed under Weekly Chart Book
Please use the link below to access the Weekly Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
March 7, 2014 · by James C · Filed under Investing Ideas
From the perspective of a U.S. Investor, an allocation to South African equities is largely a bet on the performance of the South African Rand. In fact, over the last 12 months 47.8% of the volatility exhibited in the iShares…
February 28, 2014 · by James C
Please use the link below to access this week’s Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
February 21, 2014 · by James C
The S&P 500, MSCI EAFE, and MSCI ACWI all remain below 2013 highs and closed this week failing at said resistance. The Dow Jones Industrials, Transports, Financials, and Emerging Markets have lagged and are well below 2013 closing levels. Relative…
February 21, 2014 · by David G
Today I am excited to offer my latest whitepaper, “Multi-Style Global Equity Investing: A Study on Combining Fundamentals, Momentum, Risk and Valuation for Improved Performance“. This is the first paper of its kind to look at the performance of a…
February 14, 2014 · by James C
Please use the link below to access this week’s Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
February 12, 2014 · by David A
Going into February, countries with accelerating momentum and quality fundamentals continued to struggle. Some of the best performers from 2013, including the US, Japan, and Belgium all had negative months. In our Country Ranking Model, Brazil continued to drop. Since…
January 31, 2014 · by James C
Please use the link below to access this week’s Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
January 28, 2014 · by James C
The worst selloff in emerging-market currencies in five years is beginning to reveal the extent of the fallout from the Federal Reserve’s tapering of monetary stimulus. Compounded by political and financial instability, the Turkish Lira (TRY) depreciated to a record…
January 24, 2014 · by James C
Please use the link below to access this week’s Chartbook. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used for…
January 17, 2014 · by James C
Please use the link below to access this week’s Chart Book. Best Regards, James disclosure: The opinions expressed in this Weekly Chart Book report are those of the author. The materials and commentary are strictly informational and should be used…
January 10, 2014 · by David A
2013 finished with the United States claiming the top spot as the best performing country in the model up 31.8%. Meanwhile, Emerging Markets continued to stumble and finished 2013 in negative territory. The biggest story in 2014 will be the…
January 3, 2014 · by James C · Filed under Charts to Watch
Please use the AGA Weekly Chartbook link below to access this week’s Chart Book. Financial Market Update: Equities sold off this week while, US Treasuries, Gold, and the US Dollar rallied Credit Spreads, including Mortgage Backed Securities, remain at historically…
January 3, 2014 · by Brad J
The Accuvest Team invites you to download our Big Picture View for 2014. In the pages of our Outlook, we will provide some insight as to why 2013 played out the way it did, what 2014 might bring, and most…