FREDERICA ABAN/iStock via Getty Images Russell Shtern, CFA Portfolio Manager Kai Yee Wong Portfolio Manager Susanna Jacob Portfolio Manager Strategy overview Emerging markets equity strategy seeks to maximize total return and generate higher income than the reference Index, using model-driven stock selection call options writing. Key takeaways During the quarter, the Fund ( IHD ) outperformed its ...
FREDERICA ABAN/iStock via Getty Images Russell Shtern, CFA Portfolio Manager Kai Yee Wong Portfolio Manager Susanna Jacob Portfolio Manager Strategy overview Emerging markets equity strategy seeks to maximize total return and generate higher income than the reference Index, using model-driven stock selection call options writing. Key takeaways During the quarter, the Fund ( IHD ) outperformed its benchmark. Within the equity sleeve, both the core model and the higher dividend yield contributed. Within the core model, the valuation pillar contributed the most while the management pillar detracted the most. Global conditions in 1Q26 became more challenging as geopolitical tensions, policy uncertainty, and slowing growth weighed on risk sentiment. Disinflation progress proved uneven, financial conditions tightened modestly, and equity markets pulled back, led by growth-oriented segments. U.S. economic activity slowed but remained resilient, while market leadership rotated toward more defensive and value-oriented areas. Looking ahead, global equity performance remains mixed. Europe and the United Kingdom face fiscal and growth headwinds, Japan continues to benefit from reform momentum, and China remains constrained by property stress and weak confidence. Opportunities remain selective amid elevated volatility. Portfolio review For the quarter, the Fund provided a total return of 2.50% on a net asset value basis, and a total return of 7.92% on a market price basis. The Fund's reference Index, the MSCI Emerging Markets Index, returned -0.17%. Equity Portfolio The equity sleeve outperformed the reference Index. Within the equity sleeve, both the core model and the higher dividend yield contributed. Within the core model, the valuation pillar contributed the most while the management pillar detracted the most. On the sector level, stock selection within financials, communication services, and health care sectors contributed. Conversely, selection within the information tech...
Better internet connectivity and smartphone technology laid the foundation for the launch of Airbnb (NASDAQ: ABNB) . This company has been a notable success story of the mobile era. In less than two decades, it has become a dominant force in the travel industry. For the business, the rise has been impressive. But its investors haven't profited lately. Over the past five years, shares have fallen b...
Better internet connectivity and smartphone technology laid the foundation for the launch of Airbnb (NASDAQ: ABNB) . This company has been a notable success story of the mobile era. In less than two decades, it has become a dominant force in the travel industry. For the business, the rise has been impressive. But its investors haven't profited lately. Over the past five years, shares have fallen by 11% (as of June 10). While the stock's movements have been choppy, Airbnb has basically traded sideways for years. Knowing this backdrop might make it a challenge to be bullish about the stock. But long-term investors may recognize this as an opportunity to own a piece of a successful business with a bright future. Continue reading
格隆汇6月12日｜据彭博，本周，意大利银行及保险股全面爆发。针对意大利西雅那银行(Banca Monte dei Paschi di Siena SpA)可能展开的竞购大战，引发了该国金融板块的普涨。西雅那银行本周股价大涨19%，创下六年来最佳单周表现。与此同时，米兰投资银行(Mediobanca SpA)、BPER银行(BPER Banca SpA)以及联保保险(Unipol Assicuraz...
格隆汇6月12日｜据彭博，本周，意大利银行及保险股全面爆发。针对意大利西雅那银行(Banca Monte dei Paschi di Siena SpA)可能展开的竞购大战，引发了该国金融板块的普涨。西雅那银行本周股价大涨19%，创下六年来最佳单周表现。与此同时，米兰投资银行(Mediobanca SpA)、BPER银行(BPER Banca SpA)以及联保保险(Unipol Assicurazioni SpA)均录得两位数的涨幅。此外，商业银行(Banco BPM SpA)和忠利保险(Assicurazioni Generali SpA)也出现了可观的上涨。这波行情的导火索是联合圣保罗银行(Intesa Sanpaolo SpA)对西雅那银行发出了价值306亿欧元(约合350亿美元)的收购要约。这使得联合圣保罗银行将与商业银行(Banco BPM)展开正面交锋，而后者此前已经对这家被认为是全球最古老的银行发起了竞标。联合圣保罗银行的计划包括保留西雅那银行去年获得控制权的米兰投资银行，以及该行所持有的忠利保险股份。 巴克莱银行分析师称，就像21世纪初发生过的那样，意大利银行体系的格局正在发生改变。已宣布的潜在交易总体上对每股收益(EPS)和资本充足率具有积极影响。市场目前的普遍观点是，本轮合并潮将以一种能够实现价值增值的方式，几乎把所有银行都卷入其中。 任何对西雅那银行的潜在交易都将重新点燃意大利金融业的并购浪潮。这一浪潮始于2024年底，当时意大利Banco BPM提出收购资产管理公司Anima Holding，随后西雅那银行控制了Mediobanca。尽管意大利裕信银行对Banco BPM的收购尝试未获成功，但裕信仍在关注其本土市场的交易机会。