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THE WisdomTree BLOG

WisdomTree / Macro Alerts, Emerging Markets 18 sept. 2017

Is your emerging markets allocation complete?

WisdomTree

Emerging market (EM) equities sold off sharply following the election of Donald Trump last November, perhaps owing to the protectionist rhetoric and tough trade talk from the president-elect. With that, the MSCI Emerging Markets Index fell 4.2% in the final quarter of 2016, breaking a streak of four consecutive positive quarters.

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Jesper Koll / Macro Alerts, Japan 15 sept. 2017

Japan's tourism boom to bring growing political support for Yen depreciation

Jesper Koll
The boom in Japan’s inbound tourism is arguably the most tangible success story of “Abenomics”. Propelled by a steady stream of visa rule deregulation that started right in the first week of “Team Abe” moving into the Prime Ministers’ office in December 2012, inbound tourist arrivals have risen almost four-fold, from a 2012 monthly average of 697,000 to 2.6 million recently.1 In terms of money spent, since 2012 inbound tourist spending has accounted for the equivalent of 16% of the growth in consumer spending (excluding spending on rent).2 Although the absolute amount of tourist spending is still small at less than 1.5%3 of all consumption, its exceptional growth rate has had a most positive impact on domestic Japan, with especially high positive multipliers for regional economies.
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WisdomTree / Macro Alerts 12 sept. 2017

India bull run part II: Household inflows propelling India toward multiple-year bull market

WisdomTree

We recently covered the ongoing structural changes in India that stand to benefit equities in the long run. In this post, we cover a second propeller for Indian equities that we believe will support gains in the market: the inflow from domestic investors.

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WisdomTree / Macro Alerts, Emerging Markets, Equities 04 sept. 2017

India bull run part I: Structural changes propelling India toward multiple-year bull market

WisdomTree

In many of our previous posts, we have pointed out the case for Indian equities. Some of the focus has been on macro aspects, some on reforms and the rest on market trends. In this post, we highlight the structural changes that are propelling India toward a multiple-year bull market.

 

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WisdomTree / Macro Alerts, Equities, Europe / Eurozone, Small Cap 31 août 2017

Why you can't afford to miss European small caps

WisdomTree

After getting past a variety of elections—most notably the French presidential election—without anti-market sentiment spreading throughout Europe, we have seen a relatively large shift in equity market performance. Fundamentals within Europe were allowed to drive performance as opposed to equity markets needing to be wary of Brexit or Trump-like election surprises.

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Nizam Hamid / Education, Equities, Europe / Eurozone 30 août 2017

How to use ETPs to manage equity risk

Nizam Hamid
Equity markets, as represented by MSCI Europe and the Euro STOXX 50, have generally followed positive trends reaching multi-year highs in the middle of May this year. At the same time investors have been faced with a benign environment in terms of volatility. This has been the case for both realised volatility that has remained at low levels, and Euro STOXX 50 Implied Volatility that has only recently drifted higher on the back of rising geopolitical tensions. The European macro-economic backdrop for equities has remained positive with a renewed focus on stronger underlying growth, and limited political risk compared to the first part of 2017. However, as recent market events have shown there is every reason for investors to consider efficient tools to help manage overall portfolio risk.
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Jesper Koll / Macro Alerts, Japan 23 août 2017

Japan GDP—into the sweet spot

Jesper Koll

The April-June GDP report suggests that the Japanese economy has entered into a sweet spot, with growth accelerating and broadening into all components of domestic demand. While the 4% annualised GDP growth rate marks peak slingshot acceleration, the details of the report fully verify our thesis that Japan has entered a self-sustaining domestic demand-led up-cycle. Looking ahead towards 2018/19, we maintain our call for 2-2.5% real GDP growth (and 3-3.5% nominal GDP growth). For policy makers, the margin for error on Yen strength is eroding quickly. Specifically, the Japan sweet spot is marked by the following factors.

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WisdomTree / Macro Alerts, Education 23 août 2017

Smart beta ETFs: Why not all strategies are created equally

WisdomTree

Smart beta isn’t a single strategy – it’s a variety of custom-made options for investors to choose from. And transparency and education are paramount in identifying the right smart beta approaches.

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Nizam Hamid / Macro Alerts, Emerging Markets 18 août 2017

Which India index offers the best equity market strategy?

Nizam Hamid

The Indian equity market, we believe, represents one of the most exciting opportunities in emerging markets with a dynamic, fast growing economy underpinned by structural reforms. Improving the business climate is a priority of government policy, with a focus on ease of doing business, bridging the skills gap through training, a domestic investment initiative and reducing bureaucracy. Recently the move to a new goods and services tax creating a national unified market for the first time is a further example of growth oriented policies. This commitment to positive change also has implications at a structural level for the economy and the sectors that are likely to benefit. 

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Nick Leung / Macro Alerts, Equity Income, Europe / Eurozone, FX / Currency Hedging 10 août 2017

Positioning defensively in Europe with yield premium intact and more sustainable dividends

Nick Leung

Part one of our European index rebalance articles highlighted an investment case for our Eurozone Quality Dividend Growth and Europe Small Cap Dividend strategies. In part two we now explore the valuation, style and country/sector opportunities for WisdomTree's Equity Income and Export-Tilted strategies.

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Jesper Koll / Macro Alerts, Japan 07 août 2017

Team Abe 3.0: From a new cabinet towards new policies

Jesper Koll

Prime Minister Abe has presented his new cabinet. It is Abe's third leadership team since becoming Prime Minister in December 2012 and, like his previous teams, it is dominated by close and trusted allies. Moreover, the key positions did not change—Aso stays as Finance Minister, Seko as Economics Minister, and Suga as Chief Cabinet Spokesman. I expect this new cabinet will present a next supplementary budget of around Y5trn by October, focusing on added support for women, families and elderly.

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Nizam Hamid / Macro Alerts 04 août 2017

How to use ETPs to hedge fixed income portfolios

Nizam Hamid

Fixed income has been at the heart of European investor portfolios for many years with average allocations in 2016 standing at 51%. Even in an environment of low or negative yielding domestic government bonds, overall allocations have remained high. Now Eurozone government bond investors are overwhelmingly focused on the risks relating to the end of quantitative easing and the potential for a rise in interest rates at some point in 2018. 

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Nizam Hamid

ETF Strategist

Nizam Hamid is an ETF Strategist for WisdomTree in Europe and has extensive experience in the European ETF market. Prior to this he was at C8 Investments, a systematic hedge fund, focusing on business development and quantitative strategies, before that he was a consultant at FTSE. From 2010 to 2012, he was Head of ETF Strategy and Deputy Head of Lyxor ETFs, at the time Europe’s second largest ETF issuer. Before joining Lyxor he was Head of Sales Strategy for the Europe and the Middle East at iShares in London. Prior to that, he was Global Head of ETFs, Portfolio and Index Strategy at Deutsche Bank from 1998 to 2008. He has also worked as a quantitative analyst in London and Tokyo for UBS, BZW and Bankers Trust / NatWest Markets. He holds a Degree in Economics from the University of Liverpool.

Viktor Nossek

Director of Research

Viktor, who has over 14 years’ experience in research, joined the firm from Renaissance Asset Managers where he was Head of Research. Viktor provides macro research on various themes covering equities, commodities and fixed income. His research for WisdomTree in Europe offers investment strategies for the current range of Smart Beta UCITS ETFs as well as the Boost range of short and leveraged Exchange Traded Notes. Viktor has previously worked as a Research Analyst at BlackRock and Thomson Financial. He started his career as an Equity Strategist at Commerzbank, after he completed a Masters in Economics from Maastricht University, in the Netherlands.

Nick Leung

Research Analyst

Nick Leung is a Research Analyst for WisdomTree in Europe. He is responsible for macroeconomic commentary and analysis, formulating investment strategies and trade ideas, as well as the maintenance of research collateral. Prior to joining in 2015, Nick was at Source, having completed his Master’s Degree at Imperial College London. During this time he was also involved in an ice-cream entrepreneurship project with Unilever. Nick holds a BA in Economics from the University of Nottingham.

Jose Poncela

Head of ETNs

Jose is Head of ETNs for WisdomTree in Europe and is responsible for managing WisdomTree’s Boost ETP platform and products. Prior to joining Boost/WisdomTree as a founding employee in 2012, Jose held positions as a structurer of strategic equity transactions at UBS and Nomura and qualified as an attorney working for a major US law firm. He holds an MBA from London Business School, Master in Laws from Fordham University in New York and legal and business degrees from Spanish universities.

Jesper Koll

WisdomTree's Head of Japan

Jesper Koll was appointed Chief Executive Officer of WisdomTree Japan on July 1, 2015. Over the past two decades Jesper has been consistently ranked as one of the top Japan strategists/economists, working as Chief Strategist and Head of Research for major U.S. investment banks J.P. Morgan and Merrill Lynch. His analysis and insights have earned him a position on several Japanese government advisory committees and Jesper is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written two books in Japanese, Towards a New Japanese Golden Age and The End of Heisei Deflation. After arriving in Japan in 1986 Jesper initially worked as an aide to a Member of Parliament. Jesper has a Masters degree from the School of Advanced and International Studies at Johns Hopkins University and was a research fellow at both Tokyo University and Kyoto University. He is a graduate of the Lester B. Pearson College of the Pacific.

Vania Pang

Capital Markets and Investment Solutions, Index and Quantitative Investment, ICBC Credit Suisse Asset Management (International) Company Limited

Ms. Pang is responsible for Capital Markets and Investment Solutions functions of the Index and Quantitative Investment department at the ICBC Credit Suisse Asset Management (International) Company Limited. From 2012 to 2016, Ms. Pang was the Vice President of Corporate Strategy and Development, Asia Coal Limited, where she led the strategic mergers and acquisitions, capital raising and investor relations management. Prior to that, she was the Associate Director, Business Development of Crown One Asset Management Company Limited, responsible for sales and marketing of fund products. Between 2007 and 2008, Ms. Pang was Assistant Manager, Public Distribution Hong Kong (Equity Derivatives and Private Investor Product Sales) of RBS, handling sales and marketing of listed equity derivatives products. Before joining RBS, she was an anchor and reporter with the Cable TV and Hong Kong Economic Journal.

Ms. Pang holds a M.Sc. in Development Finance from The University of Manchester, a M.A. in Journalism and a B.A. in Business Administration from The Chinese University of Hong Kong. 

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