Paolo Tonucci

Good product variety this week by both payoff and underlying. Product types include worst-ofs for higher yield, daily opportunity Autocalls, defensive last call levels. Underlyings feature the Nikkei 225, Eurostoxx-50 and SPX-500 plus a decrement version of the FTSE-100 in addition to the ever present FTSE-100

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Nice to see Joe Easton’s positive article focusing on London’s successes, far too often the commentary of London as a financial hub is overly negative. The stats show that the City remains an unrivalled centre, one which has the potential to attract significantly more activity and capital for the benefit of the whole of the UK. London Still Europe’s Share Sale Capital Even With Few IPOs - Share sales of $11.3 billion dwarf other European cities - UK remains in top spot even after rate hikes spurred downturn https://lnkd.in/eRtShiNM

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Who, why and how in #hedgefund manager selection. Multi-strategy funds. Trend following, mean reversion and market making. Big vs small. Collaborative vs pods. High Sharpe vs high capacity. All this and more as Sir Michael Fallon and I speak with special guest rishi narang, Founding Principal at T2AM LLC and the author of "Inside The Black Box" in a new episode of Capital Horizons The Podcast to be released this Friday. Tune in!

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thanks to Citywire and Gavin Lumsden for highlighting the ongoing sales of UK Equities at rock bottom valuations by asset allocators. In the half year report for Schroder Income Growth Fund PLC to end February 2024 which was published recently, I commented on the noticeable disconnect between company fundamentals and valuations. This disconnect has been recognised by overseas corporates, private equity buyers, as well as companies themselves, all of whom have begun to take advantage of the situation through bids and share buy backs. This trend will no doubt continue as long as valuations remain compelling. Such low valuations present attractive opportunities for forward returns for investors, large and small, institutional and retail, and should not be reserved solely for corporate and private equity buyers

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The rapid expansion of private markets has created an opportunity for investors to earn attractive returns in private IG credit, underpinned by the financing needs of asset managers and funds. Yet this segment of the market remains little known and less understood. See below from Barings Portfolio Finance.

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This week on The Weighing Machine, Robyn and I had an insightful discussion with Tyson Walker, Director of Portfolio Strategy at Orion OCIO (also known as TownSquare Capital). We delve into the intricacies of portfolio audits, exploring their goals, the evaluation of asset allocations, and much more. Key insights from this episode include: Tyson’s career journey and his current role Orion OCIO's unique investment philosophy Building a loyal advisor following Objectives and insights gained from portfolio audits Common findings and impacts on asset allocation Tyson’s favorite investment idea for 2024 As always, I'd appreciate it if you could like this post, follow me for more updates, and subscribe to The Weighing Machine for weekly market insights and industry trends. Listen now: https://bit.ly/4fbbpIf

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https://lnkd.in/eDg_YmhM The FX strategy team at JPMAM have held a long-term view that a global slowdown would not necessarily lead to broad US dollar strength, largely due to a huge shift in global capital flows since the GFC. We update our thinking below.

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