13th Dec 2018, Chris De Leva

US earnings season delivers, but raises questions about future growth

Key Points:

• Q3 US Earnings season was strong with 410 of the S&P 500 stock index beating consensus expectations.
• What wasn’t so strong was earnings guidance, which has led the market to downgrade future earnings expectations.
• While the outlook for US earnings looks less certain, we take some comfort from macroeconomic data which paints a solid picture of economic expansion.

U.S. Federal Reserve tightening, trade wars, China uncertainty, Italy’s budget standoff with the European Commission and Brexit imply that 2018’s volatility should continue into 2019. We believe that 2020 marks the danger zone for a U.S. recession, which gives equity markets some upside in the year ahead.However, late-cycle risks are rising—and monitoring these risks will be critical to avoid buying a dip that turns into a prolonged slide …

Global equity markets continued to trade with an elevated level of volatility during November as investors were challenged by slowing global growth and tightening financial conditions. Despite this backdrop the New Zealand exchange was again a relative outperformer. As we head into the conclusion of 2018 with financial headlines full of references to trade wars and political uncertainty, it is important for investors to be aware of the strong fundamentals that have supported our […]

December 2018

3rd December 2018

4th December 2018

In our office, we have switched from Secret Santa to Bad Santa. In Bad Santa, each member of the office draws a number from a hat. The lowest number then starts by picking and opening a present from a pile of […]

4th December 2018

• Risk indicator note updated to reference the period 30 September 2018.
• PDS documents listed in each PDS include reference to the new AMP Capital Global Companies Fund.
• Reduction of minimum application amount to $50 for all funds.
• AMP Capital website and email […]
  

October 2018

The India Avenue Equity Fund’s fact sheet for the month ending October 2018 is now available for you to download.

In this month’s Fact Sheet, we cover the following:.

• Our current portfolio positioning
• We provide details on why we are still very confident on the long term investment opportunity that India provides despite poor performance this year
• The Non-Bank Financial Company (NBFC) sector has copped the brunt of the market sell off over the […]
  

Grant Hassle, Global Head of Fixed Income

I am writing to let you know about some changes within the New Zealand business. 

Today I have accepted the role of Global Head of Fixed Income, whereby I will be responsible for the management of over NZ$72 billion of Fixed Income funds globally. Unfortunately, this means I must relinquish my current position of Managing Director & CIO of AMP Capital in New Zealand.