Eurozone money update: further softening
July 25, 2025
June money numbers cast doubt on ECB President Lagarde’s assertion that policy-makers are “in a good place”.
NS Partners’ investment philosophy rests on a belief that liquidity and the supply and demand for equity drives markets.
We believe that companies generating an improving rate of economic profit will exhibit superior long-term share price performance.
As a research-driven active manager of global equities, we combine bottom-up
fundamental company analysis with industry, sector, and regional analyses. Our
investment style is core with a quality growth bias, and predominantly large cap.
We utilize the stock-picking skills of each of our managers in their respective areas of specialization to
identify companies with distinct competitive advantages that are generating a high or improving
return on invested capital, with good earnings momentum.
Emphasis is placed on macro liquidity analysis
for assessing the broad market environment
and prospects for regional performance.
We maintain a strategic bias to those
companies, industries and countries that
have superior long-term growth potential.
Our overall objective is to maximize
exposure to the best market
opportunities while keeping portfolios
within acceptable risk tolerance levels
and ensuring proper diversification
of investment ideas.
To consistently add value through
all phases of the market cycle, we
believe it is necessary to have a process
that is systematic and disciplined. All
components of portfolio construction
are considered carefully.
Insights
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Value-Up trade revived in South Korea as President Lee takes power
July 21, 2025
In this month’s commentary we cover the surge in South Korean equities fuelled by recently elected President Lee’s embrace of governance reform
EM money update: India hotting up
July 18, 2025
Six-month real narrow money momentum remains stronger in the E7 than G7, with India a new source of strength and China stabilising after a pull-back.
Why has UK money growth slumped?
July 11, 2025
Monetary weakness may partly reflect temporary factors but also signals an overrestrictive policy stance.
A “monetarist” perspective on current equity markets
July 9, 2025
Global six-month real narrow money momentum fell sharply between March and May, suggesting economic weakness from late 2025.
Hong Kong’s US dollar overhang
June 24, 2025
Demand for US dollar deposits may be starting to wane, contributing to weakness in local rates and upward pressure on the RMB.
Chinese money update: losing momentum
June 17, 2025
Chinese monetary trends suggest a continuation of lacklustre economic growth with negligible inflation.
Are EM equities great again?
June 16, 2025
In this month’s commentary we go under the hood of the recent rally in EM equities, and cover Mexico’s controversial judicial elections and their impact on the country’s institutional quality.
A “monetarist” perspective on UK medium-term inflation prospects
June 11, 2025
Historical lags and exchange rate appreciation suggest that disinflation has much further to run.
Disappointing Eurozone / UK money numbers
June 6, 2025
Eurozone / UK money growth has weakened despite rate cuts, suggesting that central banks have more work to do.
Global industrial momentum still weakening
June 5, 2025
Trade disruption and a monetary relapse suggest receding prospects for a H2 recovery in global manufacturing PMI new orders.
Global money update: renewed weakness
June 4, 2025
A hopeful signal from an earlier monetary pick-up has fizzled.
US money update: balance of payments drag
May 30, 2025
US money growth is slowing, suggesting less support for the economy and improving prospects for rate cuts.
UK inflation: underlying softening
May 28, 2025
UK April inflation numbers were much less bad than reported.
Implications of Asian currency tremors
May 16, 2025
This month’s commentary examines how the violent surge in the Taiwan dollar in early May could signal the start of a broader shift in global capital that could have big implications for which markets out- or underperform going forward.
For additional information on NS Partners Ltd, please contact:
![Jean-Philippe-Lemay, CC&L FG [504x504_03]](https://ns-partners.cclgroup.com/wp-content/uploads/sites/3/2025/06/FG_-Jean-Philippe-Lemay_504x504_03.jpg)
Jean-Philippe Lemay
Managing Director,
Head of Institutional Sales, Global
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales, USA
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales, USA
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