Australian Intelligence

Read the latest contributions from our investment teams on the Australian investment landscape

Publications

McNaughton Report (March 2014)

by Tracey McNaughton, Head of Investment Strategy

Summary of the Australian and global economic and market news for March 2014.

FI The message in the market (March 2014)

by Warren Tease, Head of Rate Strategies, Australia

Returns on traditional fixed income funds were in the low single digit range in 2013. Investors remain concerned that yields will rise sharply and erode their returns in the future. Indeed, this seems to be one of the main topics of conversation when we meet with our retail client base. We do expect that yields will rise further from here. However, it is likely that the extent of the rise will be moderate.

McNaughton Report (February 2014)

by Tracey McNaughton, Head of Investment Strategy

Summary of the Australian and global economic and market news for February 2014.

McNaughton Report (January 2014)

by Tracey McNaughton, Head of Investment Strategy

Summary of the Australian and global economic and market news for January 2014.

FI Investing in a healing world (January 2014)

by Warren Tease, Head of Rate Strategies, Australia

2013 was a mixed year for fixed income investors. Australian bond markets generated returns of around 2%, while global markets did a little better.1 What will 2014 bring? Below we set out our base case and explain how our strategies are positioned with this outlook in mind.

McNaughton Report (December 2013)

by Tracey McNaughton, Head of Investment Strategy

Summary of the Australian and global economic and market news for December 2013.

Looking Beyond the Noise (November 2013)

by Jakov Maleš, Head of Australian Equities

A 24 hour news cycle, news on the hour, breaking news, top 100 lists, latest fads, gossip and scandal, the list goes on…..as a society we are constantly bombarded with 'noise'! Head of Australian Equities, Jakov Maleš, discusses the market's increasing obsession with news and explains why it takes conviction to see beyond the noise and succeed over the long term.

Short term-ism (November 2013)

by Jakov Maleš, Head of Australian Equities

Behavioural finance has uncovered a wealth of explanations for why individuals make poor investment decisions. One such theory is 'framing'. If the same facts were presented with a different approach the decision reached by the investor would likely be different. Head of Australian Equities, Jakov Maleš, discusses how many investors focus on 'short-term' trends which lead to poor investment outcomes. It is what we refer to as 'short term-ism'.

What you see is what you get (October 2013)

by Warren Tease, Head of Rate Strategies, Australia

It has been a volatile ride for fixed income markets this year. The sharp rise in yields in the first half of the year produced a string of negative monthly returns for fixed income investors. It also encouraged thoughts of a great rotation out of fixed income that would depress returns further.1 Through the volatility the Australian fixed income market has delivered year-to-date returns of around 1.5%2: not great but well within the realms of historical experience.

It takes conviction to succeed (October 2013)

by Jakov Maleš, Head of Australian Equities

Why do we have conviction? We form our own views. HALO represents our highest conviction long term buy and hold stock views, carefully combined in a portfolio to weather all seasons. We know what we are buying and why we are buying it. We seek to deliver our clients risk adjusted returns superior than the market. So what makes us different? Our Head of Equities, Jakov Males explains below the difference between sell side and our approach at UBS Jakov.

The Great Australian Rotation (July 2013)

by Warren Tease, Head of Rate Strategies, Australia

One of the big debates in global financial markets at the moment is whether we are on the cusp of a great rotation out of fixed income and into other asset classes. This debate is driven by the fact that yields are at historically low levels almost everywhere and that there has been a very large increase in investors’ holdings of fixed income securities in the US over the past few years.

The Antipodean

By Tracey McNaugthon, Head of Investment Strategy

The Antipodean is designed to be a simple, thought-provoking piece on a market-relevant issue that is timely, topical and relevant for investment strategy. The article is written from an Australian perspective but will cover both domestic and international issues. A useful snapshot of key market and economic statistics will be updated with each new issue.

Recent publication

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013