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The Current State of Global Markets: Investors Say ‘No’ to Record-Low Yields Developed markets, for example the U.S., Canada and the UK, currently offer little to no yield for income-seeking investors. In fact, over US$10 trillion in government debt actually sport negative interest rates.¹ As a result, investors have been turning en masse to the emerging markets in search of greater yields, and the data…
Just when investors thought India could not grow any faster, the new Goods and Services Tax (GST) is projected to help boost the world’s fastest-growing, major economy by as much as 2 percent, according to Finance Minister Arun Jaitley.¹ On August 3, 2016, the bill passed in the Upper House, with an overwhelming 197 members in favour of the new bill, out of a total…
India’s monsoon is currently delivering heavy rains across most of the country, particularly central India. Investors often wonder why this is so important. Specifically, GDP growth rate could increase to over 8 percent for the current fiscal year, on the back of a strong monsoon season. This is incredible, considering that India already holds the title of the world’s fastest-growing major economy at 7.6 percent.¹…
India has over 45 million small- and medium-sized companies or SMEs. Compare that number to Canada, which has a registered number of around 1.1 million SMEs, according to the latest data from the Government of Canada.¹ As in most countries, SMEs are the driving force of the economy, normally employing a large majority of the working population and contributing significantly to GDP growth. With India…
Britain's decision to leave the European Union (EU) was a macro event that came as a surprise to global financial markets. In the aftermath of ‘Brexit’, our expectation is that major central banks are likely to maintain a stance of accommodative monetary policies over the short- to medium-term, while an interest rate hike in the U.S. now seems unlikely, especially before the end of 2016.…
The UK conducted a referendum on June 23, 2016, and the British populace has voted to exit the European Union (“EU”). Global financial markets reacted strongly as they do to any black swan events that can create uncertainty. The long term impact of Brexit outside of EU, however, should be limited. In particular, the emerging markets largely remain insulated from the adverse consequences of such…
India’s well-respected central bank governor, Raghuram Rajan, announced this weekend that he will be leaving his post at the Reserve Bank of India (RBI) in September to return to academia. Governor Rajan was appointed by the previous government to focus on reigning in rising inflation and stabilizing a declining rupee. The rupee has been more stable for the last three years and inflation is likely…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. gives his take on political developments in Argentina and Peru, where he believes more “market friendly” leaders have been elected recently. He also touches on Brazil, where he sees a similar political shift taking place, that will have lasting implications over the next few years. Scott Piper is the sub-adviser lead of the…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. explains how Latin America differs from other emerging market regions, for example Asia, where the focus is largely on consumption. Latin American countries, particularly Brazil, are focused on infrastructure spending and this is where growth opportunities can be found. Scott Piper is the sub-adviser lead of the Excel Latin America Fund.   Learn…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. breaks down his team’s investment process which is focused on catering to investors that want to tap into the greater growth potential of Latin America. His team looks for emerging companies that are leaders within their sectors, and that fit into secular growth themes that they are actively monitoring. Itaú USA Asset Management…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. outlines why active management is important when investing in a region such as Latin America, where new growth companies tend to exist in fragmented sectors. He points out that the companies that are going to double their market cap over the next 5-7 years have very limited or no index representation, therefore active…
Scott Piper, Head of Latin American Equities, Itaú USA Asset Management Inc. addresses concerns about debt levels in Latin America, noting that as growth starts to pick up, he expects a rejuvenated cycle will allow companies to deleverage their balance sheets more quickly, and this should flow into earnings. He also points out that most of the region’s debt is now in local currency and…

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