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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.
All insights are written by the portfolio management team. Due to our expertise, we are also often contacted by media-creatives for statements, which we are pleased to make them available to you.
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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 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 »
The steepening of the US Treasury bond yield curve increased the volatility of interest rates overall. This is well illustrated by the MOVE index, an indicator that measures interest rate volatility using the implied volatility of a basket of government bond options. However, the MOVE index is far from its late February peak and is
Interest rate volatility calmed down Read More »
UBS announced that it will charge clients negative interest from July 2021 if cash balances exceed CHF 250’000. Many other banks have followed suit and are also charging negative interest on CHF and EUR cash balances. This measure is dictated by current money market rates, which are severely negative as demonstrated in Chart 1 for
Cash Plus Solution Read More »
Economies typically normalize again after bust/boom periods with inflation at marginally higher levels. The US is about to reach peak GDP growth levels, due to unprecedented monetary and fiscal stimulus measures. While the real economy is about to play catch-up with the equity market, the equity market is much ahead and priced on “steroids”. Center
