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.
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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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.
UK money update: still weak
January 31, 2025 | NS Partners
MPC inertia had condemned the UK to economic underperformance well before the October Budget.
Global money update: tentative positive
January 29, 2025 | NS Partners
US / Eurozone / Chinese money measures rose solidly in December but a further pick-up is required to warrant hopes of a 2026 global economic “boomlet”.
ECB policy easing is working
January 22, 2025 | NS Partners
Eurozone real money momentum has turned positive and is likely to rise further, signalling improving economic prospects.
Brazilian Blackjack: Decoding the allure of a high-risk, high-reward market
January 21, 2025 | NS Partners
This month’s commentary covers our search for a winning hand in beaten down Brazilian equities.
Chinese money update: positive signal
January 16, 2025 | NS Partners
Chinese money and credit numbers for December suggest that policy stimulus is becoming effective, warranting an upgraded assessment of economic prospects.
A “monetarist” perspective on current equity markets
January 7, 2025 | NS Partners
Global money growth remains subdued, support from a previous monetary overhang has ended, while the stockbuilding cycle is approaching a less favourable phase for risk assets.
Chinese money update: slow recovery
December 18, 2024 | NS Partners
Chinese money trends are normalising after weakness, suggesting modest economic improvement.
Weaker US business money trends
December 13, 2024 | NS Partners
Sectoral numbers show that recent US money growth has been focused on the household and financial sectors, with business holdings falling.
South Korea rocked by president’s attempt to impose martial law
December 12, 2024 | NS Partners
Political risks spike in South Korea, testing the country’s institutions, the currency and markets. The stampede into US equities continues. Is it sustainable?
UK money update: corporate liquidity squeeze
December 10, 2024 | NS Partners
Monthly UK money growth was boosted by households scrambling to dispose of assets ahead of the Budget, with a reversal likely and corporate liquidity trends worryingly weak.
Eurozone inflation: “monetarist” optimism on track
December 4, 2024 | NS Partners
Eurozone services price momentum is “unsticking” as expected, supporting the forecast of sub-2% 2025 inflation.
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 7th, 2021