巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf

巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf

ID:54992564

大小:2.84 MB

页数:9页

时间:2020-05-07

巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf_第1页
巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf_第2页
巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf_第3页
巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf_第4页
巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf_第5页
资源描述:

《巴黎银行-新兴市场-投资策略-资产管理公司的狂欢结束了?-2019070.pdf》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库

1、FOCUS

2、EMEAPleaserefertoimportantinformationand9July2019MARdisclosuresattheendofthisreportEQUITY&DERIVATIVESPartytimeoverforassetmanagers?Passiveaggression:SincelastAugust,wehadKEYMESSAGESexpectedtheassetmanagementsectortoAssetmanagementcompanieshavehadastrongunderp

3、erform(seePassiveaggression,30Augustrallysincethestartoftheyear,followingtheequity2018).Sincepublication,ourselectionofassetmarketrebound.managers’stockshasunderperformedglobalfinancialsbyc.1%.Inthenear-term,webelieveequitymarketsareAssetmanagersunderperformedsigni

4、ficantlyduringalreadypricingalotofthegoodnewswhileriskstheselloffoflastyearandhaveralliedbackthisyear.remaintothedownside.WebelieveshortingassetOurBNPParibasGlobalAssetManagerBasketismanagers'stockscouldbeagoodwaytopositionnowtradingclosetothelevelswhereweinitiated

5、theforthesame.tradeinAugust2018.WhilepricesarebacktoAssetmanagerstendtobehighlycorrelatedtothepreviouslevels,ROEisstillsignificantlydownfromeconomiccycle–underperformingduringthelate-thecorrespondingperiodoflastyearandearningscycleasinvestorstakeriskoffthetable,res

6、ultinginmomentumremainsnegative.outflowsfromfunds.WebelievetherallyamongstassetmanagerssincethestartoftheyeardoesnotfullyreflectthepoorRegulatorypressureonmarginsofassetearningstrendofthesector.We,therefore,maintainmanagementcompaniesarelikelytostay.ourbearishviewo

7、nthisthematicbasket(BNPPGAM1PopularityofETFshascontinuedtogrowdespiteIndexforreferenceonBloomberg).liquidityconcernsduringtimesofmarketstress.Racetothebottom:TheassetmanagementindustryhascontinuedtocompeteonpriceoverthelastyearwiththelaunchofzerofeeETFs.Marginpress

8、ureandTRADEIDEAcompetitionhascontinuedtoputpressureonthemargintrend.Inaddition,poorperformancefromInvestorswhoagreewithourviewthatglobalactivemanagersrelativetobenchmarks,havenotassetmanagersarelikelytocontinuetoseeprofithelpedthemovefromactivetopassive.headwinds,m

9、ayconsidershortingtheBNPParibasGlobalAssetManagerBasketagainstFig.1:MorecyclicalfeatureofassetmanagersbeinglongMSCIWorldFinancialsindex.Risk:Ther

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。