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Alpinum Investment Management’s Blog offers an opportunity to share some of the knowledge we gathered over the years blended with current markets trends and activities.
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The option adjusted spread (OAS) over US Treasuries for B rated US high yield bonds has recently hit its major historical resistance level of 290bps (currently 341bps). In other words, the credit risk premium has shrunk to a level where extra bond returns from spread compression has become very limited. While we recommend a cautious […]
Credit risk premium at major resistance level Read More »
Within the S&P 500 index, the technology sector makes up 27% of the index, reached a price/sales ratio of 7.5x and has become more expensive than it ever was during the dot-com era. Valuations are extreme but in the current momentum driven market environment IT stocks can continue to overshoot. True, headwinds are building up
High expectations for US tech stocks Read More »
The Bank of America’s most recent Global Fund Manager Survey shows that the biggest perceived market tail risks are in inflation (29%) and a “taper tantrum” (26%). On sector level the survey shows that fund managers have the highest overweight in the IT sector, although technology stocks are perceived as the most crowded trade. The
Biggest perceived market tail risks Read More »
Alex Hinder, ein Schweizer Pionier im Bereich passiver Anlageprodukte, hatte im vergangenen April seinen Rückzug aus dem operativen Geschäft angekündigt. Nun hat er doch ein neues, aktives Amt übernommen, wie Recherchen von finews.ch zeigen. Anfang Juli 2021 ist der langjährige Finanzfachmann Alex Hinder als Portfolio Manager zur Firma Alpinum Investment Management gestossen, wie finews.ch erfahren hat. Er nutzt dazu das Angebot der Alpinum
Alex Hinder will es nochmals wissen | finews.ch Read More »
CLOs (collateralized loan obligations) have always offered an attractive premium to bond or loan spreads, but investors continue to overlook the asset class due to their complexity and as they tend to be less liquid during market stress periods. However, a rational investor should take advantage of this relative yield advantage as double BB rated
CLOs offer an attractive premium Read More »
CLOs have always offered an attractive premium to bond or loan spreads, but investors continue to overlook the asset class due to their complexity and as they tend to be less liquid during market stress periods. However, a rational investor should take advantage of this relative yield advantage. Now, the yield spread looks particularly interesting
BB CLOs 7.4% vs US HY bonds 3.0% Read More »
Governments and central banks remain commit-ted to generous stimulus measures. This in combination with consumer pent-up demand and a strong wave of capital expenditures form a robust backdrop for the global economy. GDP growth in the US is particularly strong and the service sector recovery is now driving the rebound and labor market recovery. The
Q3 2021 – Quarterly Investment Letter Read More »
Governments and central banks around the world remain committed to generous fiscal stimulus measures and keeping the cost of capital at historic lows. This combination is about to initiate a new investment cycle as companies have the cash to add new capacity. Hence, Oxford Economics, a consultancy, argues that “the time looks right for a
Catalysts needed to keep equity rally Read More »
Die UBS hat angekündigt, dass sie ab Juli 2021 Negativzinsen von -0.75 Prozent p.a. auf Bargeldguthaben über CHF 250’000.- erheben wird. Die Post Finance belastet ihren Kunden bereits heute ab einem Guthaben von CHF 100’000.- Negativzinsen von -0.75 Prozent p.a. Viele andere Banken folgen diesem Beispiel und belasten Negativzinsen auf Spar- und Depositenkonti in CHF
Negativzinsen | Tagesanzeiger Read More »
The Global Composite PMI has reached a 15-year high of 58.4 and after a decade of worries about inadequate demand and spending power in the aftermath of the global financial crisis, the shortage of supply for various products has become a fact. This can be seen from the cost to ship goods from Shanghai to
The Global Composite PMI at a 15-year high Read More »
