The SGMT trading system generated a gross return of 5.83% in July 2016, with the strongest returns coming from the Japanese Yen and Australian Dollar. Overall market movements were volatile in July as markets assessed risks from Brexit and anticipated monetary policy actions from central banks. SGMT's risk management approach helped reduce volatility and generated modest excess returns compared to maintaining a full model exposure.
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This report features world capital market performance and a timeline of events for the last quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the performance of globally diversified portfolios and features a topic of the quarter.
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In this presentation, Philip Lawlor, managing director, global markets research at FTSE Russell, shares his analysis of global equity and bond markets, reviews current market drivers and explores what’s priced in and what could surprise in 2020.
Includes:
• An explanation of 2019’s rally in risk appetite given the slowdown in global growth expectations
• What is priced into markets as we enter the New Year
• Credibility that can be attached to 2020 consensus earnings growth forecasts
Investing for Doctors | Q3 Market ReviewLFGmarketing
This report features world capital market performance and a timeline of events for the last quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the performance of globally diversified portfolios and features a topic of the quarter.
2020 Investment Outlook: Risks and Opportunities for Investors in Global MarketsMaxine Elliott
In this presentation, Philip Lawlor, managing director, global markets research at FTSE Russell, shares his analysis of global equity and bond markets, reviews current market drivers and explores what’s priced in and what could surprise in 2020.
Includes:
• An explanation of 2019’s rally in risk appetite given the slowdown in global growth expectations
• What is priced into markets as we enter the New Year
• Credibility that can be attached to 2020 consensus earnings growth forecasts
On October 15, 2015 Tracey McNaughton from UBS Wealth Management presented an educational webinar at netwealth. Tracey is Executive Director and Head of Investment Strategy, Global Investment Solutions at UBS.
From the BPV Capital Management investment team comes our most recent update on capital markets. In this issue, we examine how the stabilizing global economy pushed equities, interest rates, and commodities higher in April.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report concludes with the performance of globally diversified portfolios and features a quarterly article.
This was a particularly rough quarter overall, with Real Estate and Bonds being the only asset classes in the black.
A general overview of the past quarter's financial market performance. It includes performance of stocks and bonds by country, asset class, and a small newsletter titled "Should Investors Sell After a Correction?". Also includes market performance compared to recent headlines.
Moneyweb Investment Focus, with Discovery Invest (November 2009)moneyweb
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This report features world capital market performance and a timeline of events for the last quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the performance of globally diversified portfolios and features a topic of the quarter.
On October 15, 2015 Tracey McNaughton from UBS Wealth Management presented an educational webinar at netwealth. Tracey is Executive Director and Head of Investment Strategy, Global Investment Solutions at UBS.
From the BPV Capital Management investment team comes our most recent update on capital markets. In this issue, we examine how the stabilizing global economy pushed equities, interest rates, and commodities higher in April.
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report concludes with the performance of globally diversified portfolios and features a quarterly article.
This was a particularly rough quarter overall, with Real Estate and Bonds being the only asset classes in the black.
A general overview of the past quarter's financial market performance. It includes performance of stocks and bonds by country, asset class, and a small newsletter titled "Should Investors Sell After a Correction?". Also includes market performance compared to recent headlines.
Moneyweb Investment Focus, with Discovery Invest (November 2009)moneyweb
The new normal - Alec Hogg, Moneyweb / Panning for gold in muddy waters - Kerrin Howard, Discovery Invest / Lessons learned from the collapse of Lehman Brothers - David Shapiro, Sasfin
This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.
We look closely at the fourth quarter of 2011. We reflect that anxiety over recent market developments is completely understandable, and it is quite human to feel concerned about events in Europe. But amid all the bad news, it is also clear that the world is changing in positive ways that provide plenty of cause for hope and, at the very least, gratitude for what we already have.
Investing for Physicians | Q2 Market ReviewLFGmarketing
This report features world capital market performance and a timeline of events for the last quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets. The report also illustrates the performance of globally diversified portfolios and features a topic of the quarter.
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Dr. Seth Naeve and Dr. Lee Johnston - Pork and BeansJohn Blue
Pork and Beans - Dr. Seth Naeve, soybean agronomist, associate professor, Agronomy and Plant Sciences Department, University of Minnesota; Dr. Lee Johnston, professor, swine nutrition and management, Department of Animal Science, University of Minnesota, from the Minnesota Pork Congress, January 20-21, 2010, Minneapolis, MN, USA.
Como José y María, también yo te llamo Jesús
Te adoro con ternura y gratitud.
Bendito seas Señor.
Siempre estás conmigo.
Eres el Emmanuel.
Canto para ti, mi Señor.
Todo mi ser se abre a la mirada de tu amor.
Jesús, siempre que me visitas,
se me llena de alegría el corazón.
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From the BPV Capital Management investment team comes our most recent update on capital markets. In this issue, we examine how the stabilizing global economy pushed equities and interest rates higher in May.
1. SGMT Capital Research Inc.
SYSTEMATIC GLOBAL MARKETS TREND
JULY, 2016
Investor Letter
The SGMT trading system had a gross return of 5.83% for Level II in the month of July, 2016
Source of Returns by Currency (July, 2016):
2016 Gross Returns by Month:
Level II Month Ccy Change SGMT Gross Return
Australian Dollar (AUD) 2.15% 1.60%
Canadian Dollar (CAD) -0.78% -0.19%
Swiss Franc (CHF) 0.88% 1.37%
Euro (EUR) 0.87% 0.47%
Great Britain Pound (GDB) -0.40% 0.26%
Japanese Yen (JPY) 1.20% 2.42%
Total Level II 5.83%
Jan Feb Mar Apr May Jun Jul YTD
0.07% 12.80% 5.39% 5.38% -6.22% -1.54% 5.83% 22.50%
2. Brexit in late June continued to ripple through July. However, with the victory of Abe’s party parliament
election in Japan, global stocks rose and the Yen weakened quickly on expectations of more BOJ stimulus
in Japan. It was followed by a global equity market rally into most of the month of July, despite global
tensions and disorders from various sources and the IMF’s lowered global growth expectations. In the
currency market, the dollar rallied on the expectations of a FED rate hike prospect as well as lesser
concerns of Brexit on the US economy from an emotional perspective regardless if these presumptions
could really drive fundamentals. From a commodity and bond market perspective Brexit risk requires more
time to evolve; otherwise, the economic trend (or more precisely, no-trend) picture has not fundamentally
changed. Clearly, most global markets were in a sideways risk and trend reassessment period while other
markets jumped forward creating certain risk informational dislocations among the markets. In the last
week of July and before the BOJ meeting announcement, Japanese Prime Minister Abe announced ¥28
trillion stimulus plus ¥13 trillion fiscal measures to pop up Japan’s economy. It temporarily pushed Yen
weaker. Finally, FED July meeting took no rate action as expected by markets but FED statement
indicated “diminished risks to US economy” to open the door for possible later in the year rate hikes while
a day later Atlantic FED Q2 GDP model predicated a 0.5% drop to 1.8%. The currency market had
jumped ahead of the FED meeting to push the dollar higher but it did not stay there while bond markets
reacted to the FED statement with lower yields, a clear sign of diverged views of different markets. In the
last day of July, market anxieties over BOJ decision were built up to a similar level of that of Brexit and
BOJ delivered a ¥6 trillion ETF purchases short of markets expectations and the BOJ’s own credibility to
predict Japan’s CPI returning to 1.7% in 2017. Overall, July currency market action was emotional jittering
that produced almost daily dollar up and down moves from speculation of the FED tightening, pushing
the dollar higher. Then on the last day of July, the US Q2 GDP report disappointed, it seemed the FED
and currency market proved to be more on the wrong side of US economic assessment than other
markets.
The implementation of the non-market event risk management actions taken by SGMT one day prior to
Brexit referendum in June were gradually lifted in first three weeks of July. The adaptation of gradual1
normalization to SGMT model was due to the consideration of a prolonged period of Brexit political risk
assessments rather than immediately material economic impacts. The gradual normalization of the SGMT
special risk management actions in GBP and JPY positions had reduced some degree of portfolio
volatilities in July and contributed about 0.5% pickup relative to SGMT full model. After the Brexit shock,
SGMT model had generated information that generally pointed to a richer dollar against some currencies
while a vulnerability of risk shocks for others. SGMT generally positioned itself in some dollar shorts and
some restricted dollar exposures in others. As discussed above as well as in our June Investor Letter, in
July, there were clearly some pockets of informational dislocations among the global markets as seen by
SGMT model and the currency market. The patience of the SGMT strategy reaped the rewards from
focusing on the fundamental identifications of the overall market information.
In looking forward, the patches of information voids or dislocations may continue to show up in the
markets after Brexit but will certainly diminish their impact as cooler risk assessments of global markets
continue. On the other hand, both the global economic status and the markets lack clear trends emerging
from recent developments. Therefore, it may take longer for a trend strategy such as SGMT’s to emerge as
the winner. Again SGMT will follow the markets as they further develop in coming months.
SGMT is a systematic FX trading strategy, so it might be useful to compare our returns to our peers and
similar competitors. The BTOP index is an index of other foreign exchange managers as provided by
BarclayHedge.com. The following table shows the SGMT Capital vertical comparison statistics to the
BTOP index components sourced from barclayhedge.com
See SGMT June Investor Letter1