Research and Commentary
FIS Group Archive | A Clear PerspectiveAbout Global Market Outlook Reports
About Global Market Outlook Reports
Our CIO, Tina Byles Williams, publishes our market outlook on a quarterly basis, based on research that examines market conditions over a three- to six-month period. These quarterly analyses serve as key inputs to our fund construction process, which incorporates strategic tilts to the market segments we believe will outperform over a six- to 12-month time frame. For global equity portfolios, these tilts incorporate regional, sector, and capitalization strata as well as investment process and style factors. For U.S. equity portfolios, tilts include sector, capitalization strata, investment process, and/or style factors.
Our objective is to construct a portfolio of “best in class” investments with weightings consistent with our overall investment strategy.
FIS Group Global Market Outlook Reports
Systematic Global Equities: Q1 2024 Update: Balancing on a Tightrope
As we enter the second quarter of the year, market participants appear to be performing a balancing act on a tightrope amidst the crosscurrents of the macroeconomic data flow.
This Time Really Is Different in Japan, But Maybe Not for the Reasons You Think
Japan had been hiding in the same place where it was last seen in 1989 off the coast of north east China; but apparently while no one was watching (or at least no one in the American financial press) the Japanese stock market’s bell weather index, the Nikkei 225, surpassed its historical high set in 1989.
Xponance Diverse & Emerging Manager CEO Roundtable
In December 2023 Tina Byles Williams, Founder, CEO and CIO of Xponance, hosted 24 CEOs from among the firm’s currently funded sub-advisors to participate in a roundtable discussion on the most pertinent challenges to emerging and diverse investment management companies.
Too Good to Be True: The Failure of Defensive Managers During Recent Inflationary Shocks
The failure of the returns-based approach, along with some interesting dynamics observed in factor contributions, opens an extremely interesting avenue for future analysis. What role did the macroeconomic regime (inflation, top line growth, and interest rates) play in the “defensiveness” of strategies, and what can be done to avoid misclassifying strategies during sharp regime changes?
U.S. Fixed Income: Q4 2023 Update
The 4th quarter Treasury and spread rally rescued the broad fixed income market from another year of negative or barely positive (depending on sector) returns. In traditional bond market fashion, however, we find much to worry about with stretched valuations in most of the spread sectors and an uncertain path forward for the economy and interest rates.
The View From the Top: What the Markets Look Like at a Potential Top of the Rate Cycle
Investors’ 2023 New Years’ resolution was apparently to forgive and forget their travails of 2022, as global markets spent 2023 shrugging off the prior years’ anxieties. Excluding emerging East Asia, major global markets have already fully recovered from their losses related to the inflation induced rate cycle kicked off in early 2022.
Market Insights Alert
Papers: FIS Group Proprietary Research
Allocators Are Derisking
Global institutional investors are selling public equities in favor of so-called safety assets, such as bonds and real assets. This rebalancing activity is driven by signs of an aging economic cycle and bull market (U.S. and Canadian investors) as well as elevating...
MiFID II: Another Well Intentioned Regulation that Could Undermine Investment Boutiques
FIS Group has focused on sourcing and evaluating small boutique managers, including minority and women-owned firms, for over 21 years. Our research product includes monitoring the industry environment, and how it impacts these firms. The Markets in Financial...
Whither the GEM manager?
The global integration of Chinese equity markets portend a significant structural transformation in the way allocators and managers approach global emerging markets investing over the next five years. In this next Market Insight Alert, we look at: The future...
I’m Mad as Hell and I’m Not Going to Take This Anymore – The Revenge of the Precariat Part Two
Donald Trump’s unexpected victory in the U.S. presidential elections was another resounding expression of the phenomenon which we described as The Revenge of the Precariat over Davos Man in our July post Brexit commentary.
Momentum: Beware of the Double-Edged Sword
This paper analyzes situations where momentum can be either a significant tailwind or exacerbate risks and undermine portfolio diversification. The Special Report looks at historical data and focuses on four key points.
If You Believe In Falling Basic Health Care Costs Go Long…Yemen?!?
At our just concluded 20th anniversary FIS investment conference in Philadelphia, we were privileged to have a guest speaker Professor Vivek Wadhwa. Prof. Wadhwa is an entrepreneur, author, and researcher at Carnegie Mellon University focused on the implications of...
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Market Outlook and Research Webinars
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