J O Hambro Capital Management

101 Lesson of Structural growth versus recovery growth investing.

Are Chinese stocks good value? It’s a question we’re getting asked by a lot of clients. Some Chinese stocks may appear attractive from a valuations perspective – but you need to think differently about value investing in emerging markets.

Free from a house view on economies, markets or stocks, J O Hambro Capital Management’s (JOHCM) fund managers invariably see the world in different ways. We asked a number of our managers for their thoughts on the outlook for their asset class next year, what they would like to see and the possible surprises that 2021 could bring.

Free from a house view on economies, markets or stocks, J O Hambro Capital Management’s (JOHCM) fund managers invariably see the world in different ways. We asked a number of our managers for their thoughts on the outlook for their asset class next year, what they would like to see and the possible surprises that 2020 could bring.

What do Swiss cheese and high yield covenants have in common? A lot of holes! Unfortunately for investors, the covenants are not supposed to have holes. They are meant to preserve a lender’s claim value. In this note, we wanted to hash out why covenants are important and why should investors care about them.

Free from a house view on economies, markets or stocks, J O Hambro CapitalManagement’s (JOHCM) fund managers invariably see the world in different ways. We asked a number of our managers for their thoughts on the outlook for their asset class next year, what they would like to see and the possible surprises that 2019 could bring.

Today, we are finding income with a margin of safety in certain industries where we believe the threat of disruption is overblown. This is not to suggest that these industries (which include advertising, automobiles and retail) will not face disruption, but rather that the magnitude - or the timing - of the threat may be overstated.

In baseball terms, we believe the upward cycle of emerging markets (EM) is in roughly the third inning of a nine-inning game. In other words, we still see plenty of upside ahead and think it remains a good time to buy.

The country is in a period of substantially tighter monetary policy, which may have mixed implications for emerging markets, explains James Syme, manager of the JOHCM Emerging Markets Opportunities Fund.