CURRENT
POLL

Equity markets

Are equity markets entering a correction phase?

25%
Y
75%
N
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Paul Severin am 19th May 2017

The best global equity funds under one roof

(c) iStock

Markus Jandrisevits has been the manager of our global flagship equity fund ESPA BEST OF WORLD since 28 February 2002. The performance to date is impressive on an international scale. I asked Markus what was special about his investment approach and how he has positioned himself in the current stock market phase of high political risks.

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Johann Griener am 18th May 2017

Curves (part 6) – provider of yields

(c) Andre/Sutton/EXPA/picturedesk.com

Have you ever been to a Californian beach? If you have, you may have noticed the hoards of “searching”, elderly people. They would usually be holding a metal rod that beeps, looking for valuables that no-one else has found. And sometimes somebody finds a lost golden watch on the beach. But most of the time the things that turn up are only worthless beer caps.

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Gast-AutorIn / Guest Author am 17th May 2017

Afterthoughts on the Turkish referendum

(c) Fotolia

Author: Sevda Sarp
Research Analyst

After the ballots were counted on 16 April 2017, the state-run Anadolu news agency reported that “Yes” had won by securing 51.4% of the votes, which was later also confirmed by the Electoral Commission. Serious concerns were raised by the OSCE. It is also important to note that the referendum took place during a “state of emergency”. That is to say, in a highly repressive climate in which the President and the government controlled the media, jailed critical journalists and leaders of pro-Kurdish parliamentary opposition, and arbitrarily detained and prosecuted the President’s opponents. The result of the referendum has paved the way for the most controversial changes that Turkey has faced in its history.

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Paul Severin am 16th May 2017

YIELD RADAR: May 2017

After the first interest rate hike in March by the US-Federal Reserve market participants expect two more steps this year. The first one already in June, after the US-labour market data turned out to be better than expected which fuelled also the expectations for stronger GDP-Growth in Q2.

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Paul Severin am 12th May 2017

What investors can learn from Maria Theresia and the Vienna stock exchange

(c) akg-images / picturedesk.com

Austria celebrates the 300th birthday of Maria Theresa. She was born on 13 May 1717 in Vienna. It was her who founded the Vienna stock exchange in 1771 on the basis of an imperial patent (see image), after an earlier, failed attempt in 1761. Even though a lot has changed politically, economically, and technically since then, the eventful history of the Vienna stock exchange is still very instructive for every investor.

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Gast-AutorIn / Guest Author am 11th May 2017

My impressions from IMF meeting in Washington: Emerging markets “alive and kicking”

Jose Luis Magana / AP / picturedesk.com
Felix Dornaus, Senior Fund Manager Emerging Markets Bonds

Author: Felix Dornaus
Senior Fund Manager

 

The spring meeting of the International Monetary Fund was held in Washington from 20th to 23rd April. This event was the reason for an investor conference that I attended in order to get an idea of the status quo of the global economy as well as of risks and opportunities.

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Johann Griener am 10th May 2017

Curves (part 5) – the offensive decides the match

Football has two strategies. Some prefer focusing on the defensive so as not to concede a goal – i.e. they try to maintain the status quo. Other teams favour the offensive and actively engage in a fight for victory – i.e. they take risks. The strategies on the bond markets are similar. Credit-safe government bonds are preferably used to protect one’s wealth, whereas risky corporate bonds are chosen to produce surplus gains.

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Gerhard Winzer am 08th May 2017

Macron wins French elections

(c) iStock

The elections are over. The next President of France will be Emmanuel Macron. This strengthens the camp of the liberal EU supporters. What does this result mean for the capital markets?

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Johann Griener am 05th May 2017

Curves (part 4) – the premium, or spread, is the clincher

(c) iStock

The interest rates, or coupons, that bonds pay differ due to a variety of parameters. If bond A pays a higher interest rate than bond B, this premium is referred to as spread.

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Harald Egger am 03rd May 2017

Stock exchange rules – myth or reality

(c) iStock

“SELL IN MAY AND GO AWAY (BUT REMEMBER TO COME BACK IN SEPTEMBER)”

Who has not heard of the old stock exchange rule “Sell in May and go away” – sometimes complemented by “but remember to come back in September”. We had a closer look at this adage and have analysed the performance on the global stock exchanges over the past 48 years. To this end, we looked at an index that measures exactly that: the company MSCI launched its MSCI World index on 1 January 1970, This is also the start date of our analysis.

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