PRY Dispersion Supports High Active Bond Positioning
Central to Mondrian’s fixed income process is a measure called the Prospective Real Yield (PRY). A market’s PRY is defined as its 10-year government bond yield minus our proprietary inflation forecast for that market and sovereign credit risk.
Mondrian’s Purchasing Power Parity (PPP) Approach
Mondrian’s Purchasing Power Parity method (PPP) provides a consistent measure of value across all currencies – a process we have employed since the founding of our firm in 1990.
Emerging Markets Investment Outlook – Q3 2023
China’s economic challenges have been well documented. The hoped for economic rally following the opening up of the country post the almost three years of Covid disruption has failed to materialize.
International Equity Investment Outlook – Q3 2023
The most recent IMF forecasts for world growth estimate 3% real GDP growth for this year and next year, with the US economy avoiding a recession. While projected global growth is low against pre-pandemic history, most investors would be relieved to escape that easily.
Global Equity Investment Outlook – Q3 2023
The most recent IMF forecasts for world growth estimate 3% real GDP growth for this year and next year, with the US economy avoiding a recession. While projected global growth is low against pre-pandemic history, most investors would be relieved to escape that easily.
Emerging Markets Investment Outlook – Q2 2023
The theme which has overwhelmingly captivated markets this year is Artificial Intelligence, or AI. Since the public launch of the Chat GPT application by OpenAI late last year, the impressive way large language …
Global Equity Investment Outlook – Q2 2023
The Japanese equity market has enjoyed a resurgence of popularity as corporate governance reforms led by the Tokyo Stock Exchange have drawn investors back. This has been welcome for Mondrian’s …
International Equity Investment Outlook – Q2 2023
The Japanese equity market has enjoyed a resurgence of popularity as corporate governance reforms led by the Tokyo Stock Exchange have drawn investors back. This has been welcome for Mondrian’s international and global equity portfolios which more recently have had a differentiated and contrarian overweight position.
