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Informes

GWS Equity Insights

[Inglés]

/ 14 Dic 2017

Grinding Higher

While we have been more positive than most about equities, we did not expect November to be as strong as it was. For the month, the MSCI All Country World returned 2% and was led higher by the S&P 500, which appreciated 3.1%; Japan, which added 1.4%; and Emerging Markets, which were up 0.2%. . Europe was down 2.1% during November. Last month, we wrote about the “Swan Market,” which was characterized by what we called “corrections taking place under the surface.” Interestingly, during November, equity markets experienced another underthe- surface correction. The Transportation Index dropped 6%, the Russell 2000 (small caps) and the Financials both fell 4% while the S&P only went down 1.5%.

GWS Equity Insights

[Inglés]

/ 30 Nov 2017

The Swan Market

Swans, by all accounts, are graceful. They glide across the water with their heads held high and an almost regal posture. Under the surface, however, swans kick rapidly, creating bubbles and turbulence, in stark contrast to their poised visible demeanor. Similarly, since February 2016, global equities have risen in a somewhat graceful, unabated manner which has, at times, been in contrast to the action under the surface. Whether through sector or regional rotations or through sell-offs in individual equities, turbulence has been occurring, but it hasn’t hasn’t always been easy to see because it has not happened at the headline index level.

GWS Equity Insights

[Español]

/ 29 Sep 2017

¿Miedo o Codicia?

Siempre evaluamos a los mercados de renta variable desde cuatro perspectivas distintas: 1) fundamentos corporativos - ¿están mejorando las ventas de las compañías, sus ganancias están creciendo? ¿cúales son sus pespectivas? ¿cómo se encuentra el entorno operativo?; 2) valuaciones - vemos varias métricas para tratar de caracterizar las valuaciones y entender cuánto están dispuestos a pagar los inversores; 3) technicals - esto es una combinación de tendencia, flujos de dinero, y dirección del mercado; y 4) el sentimiento - aunque esto puede ser el menos cuantitativo, a menudo sólo tratamos de determinar si los inversores, en general, se encuentran codiciosos o temerosos.

GWS Global Investment Outlook

[Español]

/ 22 Sep 2017

Tomando Ganancias

Renta Fija. Hemos mantenido obstinadamente una recomendación overweight en renta fija high yield, lo que ha sido nuestra decisión de inversión más rentable durante los últimos dos años. De hecho, los bonos high yield han recompensado a los inversores con casi un 19% de retorno total desde que abrimos esta recomendación en noviembre de 2015.