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The corollary to the recent falls in emerging market equities is that valuations begin to look attractive, says Bill O’Neill, EMEA Chief Investment Officer of Merrill Lynch Wealth Management…
The MSCI Emerging Market Index is trading (as at end September) on an 8.8x one year forward price earnings ratio, nearly 20% below its average since 2002. Similarly, on a price to book basis at 1.6x, the index is around 27.5% below its average since 2004. The argument is not clear cut, however. Relative to the MSCI World Index, the emerging market index relative P/E ratio is 10.8% above the average;
The Hennessee Hedge Fund Index declined 3.7% in September (-5.2% YTD), while the S&P 500 declined 7.2% (-10.0% YTD), the Dow Jones Industrial Average fell 5.9% (-3.9% YTD), and the NASDAQ Composite Index decreased 6.4% (-9.0% YTD).
Treasury and high quality bonds rallied amid the volatility, as the Barclays Aggregate Bond Index advanced 0.7% (+6.7% YTD), while the Barclays High Yield Credit Bond Index fell 3.3% (-1.8% YTD).
“September was another challenging month for hedge funds, capping one the of the worst performance quarters in history, largely driven by increased European sovereign debt risks and not declining domestic equity
Apply now to attend the summitt
Wednesday 19 October, 20 Canada Square, Canary Wharf, London E14 5LH
12.00 Registration and sandwich lunch

12.30 -14.00 Seminar


S&P Capital IQ Equity Research’s July 2011 recent report on the mining sector highlights the key drivers of performance and future challenges for the industry. Since publication of the report, general economic uncertainty and stock market sell-off has plunged already low sector valuations back towards their 2008 lows.
Why is the market discounting a sharp drop in earnings for a sector that consensus estimates are expecting record earnings from?
Which commodities are most exposed to
Anello Asset Management (AAM), the independent alternative investment manager and specialist managed account provider, has launched its Diversified Futures Program which has a six year positive track record, managed by the company’s newest recruit, Stuart Barron.
The program is a multi asset managed account, following long term trends with a systematic, technically driven trading methodology. The DFP relies on robust risk management and diversity across asset classes. The program is mostly invested in commodity futures; including industrial and precious metals, energy and food.
The program is offered as an individual managed account, with a minimum investment of USD150,000, for US
Chris Wyllie, chief investment officer at Iveagh Private Investment House (Guinness family office), comments on the BoE’s announcement of a further GBP75bn of QE…
We are not surprised by the BoE’s move as it was well flagged, however increasing the existing QE program by such a large sum (more than a third) is bold. The Bank has ventured where the Fed feared to tread, pumping more money into the British economy whilst current inflation is elevated. The UK money supply is more constricted than in the US, which probably persuaded the Bank they could get away with it. This will
On 6 October over 170 professionals from the Dutch financial alternatives community came together to show their support for the fund raising initiative of the Alternatives 4 Children foundation. During their first charity gala the foundation raised more than EUR80,000 for better education of children in Timbuktu and Bangalore.
This support will enable Alternatives 4 Children to contribute to the running costs of two small projects, the Edelweiss school in a slum in Bangalore, India and the Scarab school in a small village outside Timbuktu, Mali. The 118 children who attend these two schools will be able – due to
GSO Capital Partners LP (“GSO”), the global credit platform of The Blackstone Group, has acquired Harbourmaster Capital, a leading European leveraged loan manager which manages and advises on approximately EUR8 billion (USD11 billion) of assets.
The Harbourmaster Capital Dublin-based team will continue to support the Harbourmaster funds, and will form a combined platform with GSO’s existing European leveraged loan business to develop new European focused funds for their global investor base. The combined European leveraged loan platform will have approximately EUR11.5 billion (USD15.5 billion) in assets under management supported by a combined team of 40 professionals in both Dublin and
Troubled Franco-Belgian bank Dexia is set to sell various wealth management and investment-related businesses based in Luxembourg or tracing their origins to the group’s bank in the grand duchy, Dexia-BIL, as part of a rescue plan also involving fresh aid from the French and Belgian governments.
French prime minister François Fillon, his Belgian counterpart Yves Leterme and Luxembourg finance minister Luc Frieden met on Sunday in Brussels to work out a financial solution to underpin the break-up of the Dexia group, which was created from the 1996 merger of Crédit Communal de Belgique and Crédit Local de France.
Dexia announced
More than 125 delegates at the Channel Islands Funds Forum, held at the Hotel de France on 28 September and sponsored by KPMG, heard from a number of expert speakers that EU and US laws coming into force over the next few years will significantly increase the burden of regulation.
The event organised by Channel Island business magazine, Business Life, saw experts Margaret Chamberlain, Chair of the British Venture Capital Association, Ben Robins of Mourant Ozannes, James Greig of PWC Legal and Benoît Le Bret, partner at French law firm Gide Loyrette Nouel, speak about the EU’s Alternative Investment Fund
A survey released by Naisscent Capital, a Swiss FoF manager, has found that the number of alternative Ucits funds available to investors has exceeded 1,000 reported Financial News thi
