In our recent paper diving deep into the asset allocations of Japanese institutional and household investors (This Time is Different in Japan, But Maybe Not for the Reasons You Think), we discussed how the demand curve for Japanese equities appears likely to have shifted higher given changes in the risk preferences of Japanese households. While this should change the expected long-term valuations on Japanese equities, fundamental active managers focus largely on the value created by individual holdings and their expected returns to shareholders. Here too, there is reason to be bullish on Japanese equities, due to market reforms and interventions over the past decade. In this note, we will recap those reforms we see as most relevant for global stock pickers, followed by insights from a selection of our high conviction boutique managers. https://lnkd.in/ezxi4nZ8
Xponance, Inc.’s Post
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The Xponance team recognizes #Juneteeth as a day for introspection and reflection; a day to honor the past, celebrate the present, and contemplate further progress in the ongoing effort to foster equality and advancement in society.
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Our CEO and founder Tina Byles Williams recently sat down with Paul Olschwanger for an episode of the CFA Society Dallas/Fort Worth Charterholder Chatter podcast. In their conversation, they discuss Tina’s journey to founding Xponance and the obstacles she overcame along the way, as well as how Xponance is transforming access to alpha. Listen to the full episode here: https://lnkd.in/eNHQqX67 #women-owned #minority-owned #femalefounder
CFA DFW Charterholder Chatter: Episode 53: “Pushing Against the Boxes Imposed by Others”…the Amazing and Inspiring Journey of Tina Byles Williams on Apple Podcasts
podcasts.apple.com
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Hear our thoughts on the equity rally in China from Adam Choppin, CFA, APFI, Assistant Portfolio Manager of Multi-Manager Strategies.
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Financial conditions have improved, GDP numbers look promising, corporate earnings have been better than anticipated, labor market conditions remain strong, manufacturing has increased, and market breadth has expanded. However, this has happened alongside higher-than-expected inflation figures, a rise in consumer debt, a fall in consumer spending, and dropping levels of consumer confidence. As we enter the second quarter of the year, market participants appear to be performing a balancing act on a tightrope amidst the crosscurrents of the macroeconomic data flow. https://lnkd.in/eRZxswRQ
Systematic Global Equities: Q1 2024 Update: Balancing on a Tightrope
https://www.xponance.com
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We are once again struck by the contradiction between careful data analysis and changing narratives regarding market direction. In our 4Q23 review, we noted that the idea of futures markets and market participants expecting 6-7 interest rate cuts by the Federal Open Market Committee (FOMC) over the course of the year made little sense absent a complete economic meltdown. As it turns out, we may end up with zero cuts by the FOMC, with the market currently pricing in only two. This rapid and significant increase in yields has been evident. While the market’s anticipation of large Fed Funds rate reductions has disappeared, many fixed income markets continue to predict smooth sailing with no storm clouds on the horizon. However, we have also noted in previous outlooks that some corners of the market (though very few) are beginning to prepare for foul weather. https://lnkd.in/esAfF--E
Shifting Market Narratives Forecast Smooth Sailing Despite Gathering Storm Clouds: Q1 2024 Fixed Income Update
https://www.xponance.com
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During this #WomensHistoryMonth our CEO Tina Byles Williams spoke with FundFire about attracting and retaining female talent in the asset management industry. Check out Tina’s insights alongside those from Laura Pollock, Kate Burke, and Christine Hurtsellers. https://lnkd.in/eHuSEE2m
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Xponance is pleased to share that our Founder and CIO, Tina Byles Williams, will join Board Member James C. Rhee for a "Conversation Between Two Founders" this Thursday, March 28th, at the Howard University School of Business Auditorium. We encourage interested Howard University Students to join for what will likely be an insightful discourse in investing and leadership (see registration information in the original post). And congratulations to James re your upcoming book release!
Mystery guest revealed. The super accomplished and super modest/gracious Tina Byles Williams, the founder and owner of Xponance, Inc., on whose board of directors I proudly serve. It's only fitting that the pre-launch of my book is happening at Howard University, in the nation's capital, with someone like Tina, whose life and professional entrepreneurship story should serve as inspiration and roadmap for so many. After the conversation, Johnny Graham, Ph.D. will announce the winners of the pitch competition - the culmination of Howard's second annual entrepreneurship week. Congratulations to the team. All registered student attendees are receiving free books compliments of the PNC Foundation. the red helicopter 🚁 This is a closed event (email me directly if you really wish to attend - especially former students in the area). A post-launch book event open to the public is happening in DC on April 10 at Politics and Prose Bookstore on the Wharf. Check out Updates Tab on redhelicopter.com or register directly here: https://lnkd.in/eqZpuWWM Carl Brown, CCA Debbi Jarvis ❤️🖤💚💛ERIN (Ear-in) HORNE MCKINNEY ❤️🖤💚💛 HarperOne, an imprint of HarperCollins Publishers
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