In the first quarter of 2021, the MSCI Value index outperformed the MSCI Growth index by 8 per cent, continuing the trend seen in the fourth quarter of 2020. In the second quarter of this year, growth stocks staged a comeback and moved clearly ahead. Valuations of value stocks still look very attractive compared to growth stocks, historically speaking. Is this just a snapshot or will value stocks continue to trade at a discount in the long run?
Kurt Kara, Fund Manager at Maj Invest Global Value Equities (ISIN: LU1321539576), one of the world’s most successful value investors, will provide you with answers to these questions in this ChampionsCall.
Compared to other asset classes, emerging market (EM) government bonds have not yet fully benefited from the improved global economic and trade outlook. Could this gap be closed in the future? Due to their lower debt burden and their stronger growth potential, EM appear to be well positioned to cope with the economic consequences of Covid - an advantage over the “developed markets”, whose national debt seems to know no bounds during the crisis. The lower sensitivity to US Treasuries and the good starting position of many national currencies compared to the sharp rise in commodity prices could make government bonds in local currencies particularly interesting for investors. With a sophisticated country selection process, Aktia Asset Management succeeds in identifying the most promising EM government bonds and composes a portfolio that promises attractive returns.
In this UI-ChampionsCall Mikko Kuisma and Kaj Paulamäki, Portfolio Managers of UI - Aktia EM Local Currency Bond+ I (ISIN LU1669794478) , present their thoughts and views on this asset class.
The success of vaccination campaigns is critical for the recovery of the global economy. Although the US is approaching the finish line faster than others, Sune Jensen, chief portfolio manager of Danish credit specialist Absalon Capital, also sees significant progress for the rest of the world. Following the easing of the lockdowns, he sees great potential for economic growth and an emerging period of growing optimism that will benefit emerging markets, and thus EM corporate bonds.
In an interview with Simon Weiler from e-fundresearch.com Sune Jensen shows the key factors that should be considered in the current environment for successful investing in emerging market credits, using the example of the ABSALON-EM Corporate Debt-I EUR.