iM Global Partner

Growth stocks have generally been outperforming Value stocks for a while now, but is that trend likely to continue? According to our Partner Scharf Investments, LLC, it depends on the interest rate environment. As the chart below shows, growth stocks tend to outperform when rates are below 3%, but in higher interest rate environments, value tends to outperform. Interest rates have been quite low over the past 15 years. The current 10-year Treasury yield of around 4.4% is low compared to its historical average of 5.9% since 1960 (as of June 2024). "The Fed’s interest rate suppression policies contributed to the recent outperformance of growth stocks which conditioned many investors to believe growth stocks always outperform," says Scharf's President Brian Krawez, CFA. "There are many reasons to believe the Fed may no longer have the ability to pursue zero interest rate policies," he said. Read the full article here: https://lnkd.in/emwFQfcy #activemanagement #valueinvesting #PeoplePerformance

Last week the majority of our London team joined over 5000 other participants in The Standard Chartered Great City Race 2024. The 5km course runs through some of the capital's most famous landmarks, including St Paul's Cathedral, Tower 42 and the Bank of England. Proceeds from the race entry support Futuremakers by Standard Chartered, a global youth economic empowerment initiative that tackles inequality and promotes greater economic inclusion. To learn more, click here: https://lnkd.in/eKTGi5-Q Well done to our participating London team consisting of: Jamie Hammond, Jackie Mills, Claire Carr, Farrell J., Jaymie Clark, Baptiste Fullana, Lisa Williams, Himesh Kala, Greg Clerkson, Tammi Lotter and Isabelle Lee. #PeoplePerformance

In the latest monthly video update for the iMGP DBi Managed Futures Strategy (DBMF), Mike Pacitto speaks to Co-Portfolio Manager Andrew Beer who explains: * The June and year-to-date performance of the strategy * Longer-term performance * portfolio rotations and current positioning * and why simpler is often better in delivering alpha generation. Watch the full video here: https://lnkd.in/ecikiZuW Learn more about our Partner DBi here: https://lnkd.in/e7hdSs8t #Alternatives #HedgeFunds #CTAs #managedfutures #etf The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 800-960-0188 or visiting www.imgpfunds.com. Read it carefully before investing. A commission may apply when buying or selling an ETF. The iMGP DBi Managed Futures Strategy ETF is distributed by ALPS Distributors, Inc.

We are proud to announce that Jeffrey Royal has been promoted to Managing Director - Head of US Field Sales. Joining our Executive Management team, Jeff will continue to lead our team of US sales professionals to grow Partner funds and strategies, enhance relationships with wealth management firms and platforms, and grow brand awareness in the intermediary channels for all Partners. Congratulations Jeff! Learn more about our team here: https://lnkd.in/eEX_XZvE

Our Partner Richard Bernstein Advisors has been ranked among the top voices on VettaFi's 'Venerated Voices' for Q2, 2024. RBA's insights are submitted regularly to Advisor Perspectives/VettaFi and are ranked based on readership. The most popular topics in Q2 2024 among all commentaries were related to inflation, market valuations, dividend investing, and the debt crisis. Among individual commentators, Richard Bernstein was ranked 2nd while Dan James Suzuki, CFA and Matt Poterba, CFA from RBA were also ranked in the author category in 5th and 13th places respectively. RBA was placed third in the overall 'Firm' category and second for frequently posting firms. Richard's article 'Something's Gotta Give' was ranked 6th out of all the Commentaries. Read Richard's 'Something's Gotta Give' here: https://lnkd.in/eT8k_NNc Learn more about the ranking here: https://lnkd.in/eF7dU-tW

We are proud to announce that Patricia Martín, our Associate - Distribution (Iberia), has been awarded sales manager of the month by RankiaPro. The awards acknowledge the efforts of some of the most committed professionals in the asset management industry with readers and followers voting for their preferred candidate. Well done Patricia for receiving this recognition! Click here to read an article in Spanish in Rankia Pro quoting Patricia: https://lnkd.in/df8WiMdy

The markets seem obsessed with politics recently but what are they likely to do over the next six months? In the PDF below, our Partners and experts provide their views on which areas of the market seem attractive or just good value for investors with the wisdom to ignore the current political ‘noise’. Thanks so much to Régis Bégué from Zadig Asset Management, Dan James Suzuki, CFA from Richard Bernstein Advisors, Brian Krawez, CFA from Scharf Investments, LLC, Dave Breazzano from Polen Capital and our own CIO of Global Asset Management Philippe Uzan. #activemanagement #PeoplePerformance

Is active management poised for a rebound? At iM Global Partner, we believe active management is the best way to build portfolios that deliver superior, risk-adjusted returns to clients. The chart below shows the percentage of stocks outperforming the S&P 500 compared to that of active managers over 25 years. What we found is; - Index concentration is currently at levels not seen since the Dot-com bubble of 1998/99, with a handful of companies being responsible for the bulk of the S&P 500’s performance. - Historically, extreme levels of index concentration do not last for long periods and tend to revert to the mean. The success of active investment management is highly correlated to index diversification. Simply put, if there are more things driving returns and performance is dispersed across a higher number of companies, the opportunity set for active managers increases. With Magnificent 7 earnings slowing and the remainder of the S&P 500 expected to return to profitability in Q2 2024, this broadening and improvement of market fundamentals creates a more favourable environment for active managers. #InvestmentManagement #AssetManagement #ActiveManagement #PeoplePerformance

Our CIO of Global Asset Management, Philippe Uzan, was recently quoted in this article in Option Finance about how fund managers are finding innovative ways to offer institutional investors access to hedge funds. Thanks so much to Sandra Sebag (Dr) for putting together this interesting article discussing all the alternative strategies institutional investors are looking at, such as AMCs (active managed certificates), index funds and ETFs, to get exposure to hedge funds when they are not allowed to invest directly in them. Philippe explained how one of our Partners, DBi, specializes in replicating hedge fund performance by using highly liquid instruments. This Managed Futures strategy has proved popular with investors both in the US and Europe. “In Europe, we mainly target institutional investors and fund selectors,” continues Philippe Uzan. Our clients on this strategy include Scandinavian pension funds as well as private banks who are looking for alternative solutions to boost and diversify their portfolios." Subscribe to read the article here in French: https://lnkd.in/eamGaj2Y

If you are new to asset management, or just looking for some inspiration, here are some financial books that our asset management team recommends. Philippe UZAN, our CIO of Global Asset Management, said: 𝘈 𝘙𝘢𝘯𝘥𝘰𝘮 𝘞𝘢𝘭𝘬 𝘋𝘰𝘸𝘯 𝘞𝘢𝘭𝘭 𝘚𝘵𝘳𝘦𝘦𝘵, by Burton G. Malkiel, is a well-written beginner’s book about investing. It is also a good recommendation of a book that you can appreciate and recommend without sharing its main thesis: outperforming markets is indeed difficult, but not impossible to achieve. Our mission statement at iM Global Partner is to identify and partner with asset managers that have this rare capacity." Philippe also likes 𝘛𝘩𝘦 𝘉𝘪𝘨 𝘚𝘩𝘰𝘳𝘵 and 𝘓𝘪𝘢𝘳'𝘴 𝘗𝘰𝘬𝘦𝘳, by Michael Lewis. Kiko Vallarta, CFA, SVP Portfolio Management, says a few books that he really enjoyed when he started out in finance were: - 𝘛𝘩𝘦 𝘌𝘴𝘴𝘢𝘺𝘴 𝘰𝘧 𝘞𝘢𝘳𝘳𝘦𝘯 𝘉𝘶𝘧𝘧𝘦𝘵𝘵: 𝘓𝘦𝘴𝘴𝘰𝘯𝘴 𝘧𝘰𝘳 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘈𝘮𝘦𝘳𝘪𝘤𝘢, by Lawrence Cunningham, - 𝘍𝘰𝘰𝘭𝘦𝘥 𝘣𝘺 𝘙𝘢𝘯𝘥𝘰𝘮𝘯𝘦𝘴𝘴: 𝘛𝘩𝘦 𝘏𝘪𝘥𝘥𝘦𝘯 𝘙𝘰𝘭𝘦 𝘰𝘧 𝘊𝘩𝘢𝘯𝘤𝘦 𝘪𝘯 𝘓𝘪𝘧𝘦 𝘢𝘯𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘔𝘢𝘳𝘬𝘦𝘵𝘴, by Nassim Nicholas Taleb, - 𝘛𝘩𝘦 𝘓𝘦𝘴𝘴𝘰𝘯𝘴 𝘰𝘧 𝘏𝘪𝘴𝘵𝘰𝘳𝘺, by Will and Ariel Durant. Jason Steuerwalt, CFA, Director - Portfolio Management, seconds the recommendations of 𝘍𝘰𝘰𝘭𝘦𝘥 𝘣𝘺 𝘙𝘢𝘯𝘥𝘰𝘮𝘯𝘦𝘴𝘴 and 𝘓𝘪𝘢𝘳'𝘴 𝘗𝘰𝘬𝘦𝘳 and also recommends 𝘛𝘩𝘦 𝘔𝘰𝘴𝘵 𝘐𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘛𝘩𝘪𝘯𝘨: 𝘜𝘯𝘤𝘰𝘮𝘮𝘰𝘯 𝘚𝘦𝘯𝘴𝘦 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘛𝘩𝘰𝘶𝘨𝘩𝘵𝘧𝘶𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳, by Howard Marks.