A “monetarist” perspective on current equity markets
April 2, 2025 | NS Partners
A promising recovery in global money growth may be insufficient to offset lagged effects of prior tightness and the US trade policy shock.
Our
Experience & equity ownership
Privately owned firm designed to attract, retain, motivate, and
foster talented people.
Unique investment philosophy and process
Team approach with individual responsibility
Identify inflection points in liquidity conditions and steer fundamental stock selection to countries with a favorable market environment.
Fund managers have regional responsibility and accountability through systematic peer review of new and existing ideas. This behavioural finance rooted approach and capital discipline seeks out incremental, repeatable gains.
Proven track record
Strong consistent track record of outperformance
relative to peers and benchmark.
Insights
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Contradictory Fed
March 26, 2025 | NS Partners
The Fed’s economic forecasts are inconsistent with the suggestion of a 50 bp cut in rates by year-end, according to a model of its historical behaviour.
US money supply / demand in broad balance
March 21, 2025 | NS Partners
The economy and markets no longer enjoy support from an excess stock of money.
Vicious and virtuous investment circles revisited & Malaysia’s golden opportunity
March 20, 2025 | NS Partners
This month’s commentary covers Trump trades going in reverse, along with our research trip in Malaysia.
UK vacancies still weakening
March 20, 2025 | NS Partners
A fall in private sector postings pushed single-month vacancies further below the pre-pandemic level.
Japanese money update: still weakening
March 14, 2025 | NS Partners
Japanese inflation isn’t back and money trends suggest a coming major undershoot.
Market moves consistent with mid / late stockbuilding cycle
March 13, 2025 | NS Partners
Recent outperformance of non-US equity markets may be a signal of the end of the bull market rather than a harbinger of broadening strength.
Inflation worries are premature
March 7, 2025 | NS Partners
Recent policy upheavals may eventually prove inflationary but near-term risks are judged to remain on the downside.
Global industrial momentum peaking on schedule
March 4, 2025 | NS Partners
The US policy shock calls into question the previous baseline scenario of modest and temporary deceleration.
Magical thinking on tariffs
February 28, 2025 | NS Partners
The US may suffer greater economic damage from tariff hikes than China / the EU.
Weaker US / Eurozone money data
February 27, 2025 | NS Partners
January money numbers suggest that US policy chaos is damaging economic prospects.
Chinese stocks climb “wall of worry”
February 19, 2025 | NS Partners
Chinese money growth has normalised while the MSCI China index remains on a steep valuation discount despite recent outperformance.
UK inflation: it’s getting complicated
February 13, 2025 | NS Partners
The Bank of England expects rises in regulated prices and taxes to push headline CPI inflation up to 3.5% by June but the forecast likely underestimates disinflationary pressure from monetary weakness.
DeepSeek frenzy a reminder of China’s ability to innovate
February 12, 2025 | NS Partners
This month’s commentary explores the market implications of Chinese AI innovation and market implications of AI ubiquity.
Global industrial revival on track but obstacles ahead
February 5, 2025 | NS Partners
Manufacturing surveys may reach a short-term peak this spring, with the extent of any retracement partly depending on trade policy developments.
For additional information on NS Partners Ltd, please contact:
Brent Wilkins
Senior Vice President,
Head of Institutional Sales, Canada
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales, USA,
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales, USA
Anna Kirk
Chief Compliance Officer
& Head of Client Service
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NS Partners Ltd.
December 6th, 2021