We exercise our voting rights on behalf of our clients diligently because we believe it is one of the most effective ways of entrenching corporate citizenry. We therefore review the voting issues per resolution at each annual general meeting and vote in line with our policy. In March, we voted on 90 resolutions of which 59 were in favour and 31 were against.
All major local asset classes delivered decent returns in April. The JSE All Bond Index bounced back on easing global inflation concerns on the back of an unequivocal commitment to defend the low-interest rate regime from the US Federal Reserve Bank (Fed). The Fed reassured markets that the inflation prints and employment numbers are still far from its targets.
When we are young, retirement is so far away that we can be forgiven for not having it on our list of goals to achieve. The problem is that if we do not plan for those retirement years, our old age could be a financial disaster.
On the back of the rally in local and global equity markets, value has experienced a dramatic turnaround, beating growth and momentum over the last two quarters. Over and above this, there have been a number of style based reversals, most notably small and mid caps beating large tickers as well as high volatility dominating the likes of quality and low vol. The past quarters style note will explore these changes as well as provide quantitatively determined estimates of style performance over the next quarter.
We exercise our voting rights on behalf of our clients diligently because we believe it is one of the most effective ways of entrenching corporate citizenry. We therefore review the voting issues per resolution at each annual general meeting and vote in line with our policy. In March, we voted on 90 resolutions of which 59 were in favour and 31 were against.
We have concluded the first innings of 2021, with reflation assets dominating the playing field and market leaders of 2020 falling behind.
A recent spike in inflation expectations has left many investors guessing how central banks would respond. Judging from the spike in yields of the widely watched US 10-year treasuries and selloff of long duration equites, it seems most investors expect the Fed and other central banks to tighten the monetary policy sooner than planned. We think the Fed will be more concerned about the stability of the financial system and sustaining the ongoing economic recovery more than inflation risk. Therefore, instead of tightening the monetary policy as expected, the Fed may go the opposite direction.
A recent spike in inflation expectations has left many investors guessing how central banks would respond. Judging from the spike in yields of the widely watched US 10-year treasuries and selloff of long duration equites, it seems most investors expect the Fed and other central banks to tighten the monetary policy sooner than planned. We think the Fed will be more concerned about the stability of the financial system and sustaining the ongoing economic recovery more than inflation risk. Therefore, instead of tightening the monetary policy as expected, the Fed may go the opposite direction.
We exercise our voting rights on behalf of our clients diligently because we believe it is one of the most effective ways of entrenching corporate citizenry. We therefore review the voting issues per resolution at each annual general meeting and vote in line with our policy. In March, we voted on 90 resolutions of which 59 were in favour and 31 were against.
A recent spike in inflation expectations has left many investors guessing how central banks would respond. Judging from the spike in yields of the widely watched US 10-year treasuries and selloff of long duration equites, it seems most investors expect the Fed and other central banks to tighten the monetary policy sooner than planned. We think the Fed will be more concerned about the stability of the financial system and sustaining the ongoing economic recovery more than inflation risk. Therefore, instead of tightening the monetary policy as expected, the Fed may go the opposite direction.
