Inflation leading indicators still benign
May 9, 2025
Three indicators that signalled the 2021-22 global inflation spike and reversal continue to suggest a favourable outlook.
NS Partners is a research-driven, active manager that combines its
Stock selection is based on identifying companies that are expected to generate increasing economic — not accounting — profit (i.e., where returns on invested capital exceed their cost of capital). We closely monitor monetary conditions in the major economies and maintain a strategic bias to those companies, industries, and countries that have superior long-term growth potential.
Our rigorous research and screening process results in team members, each a specialist in a particular country or region, explaining the rationale for investing in the company before the stock is included in the portfolio. Decisions to buy or sell are made within a broader framework that looks at:
Buy thesis
Industry outlook
EVA
Addressable market and competitive dynamics
Contribution to portfolio risk
NS Partners’ overall objective is to maximize exposure to the best
market opportunities while keeping the portfolio within acceptable
risk tolerance levels and ensuring proper diversification of
investment ideas.
Insights
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Are US monetary conditions about to tighten?
May 1, 2025
“Treasury QE” has supported US broad money growth but a lifting of the debt ceiling promises a reckoning.
Are Eurozone money trends inflecting weaker?
April 30, 2025
Eurozone March money numbers suggest that further ECB policy easing will be required to insulate the economy from global weakness.
Global money update: cavalry arriving?
April 24, 2025
A rise in money growth, if sustained, could offset US tariff damage.
‘Beautiful’ tariffs and the end of exceptionalism
April 22, 2025
This month’s commentary considers how America-First trade policy has exposed US money and credit imbalances, and how this may signal the beginning of a new regime in global financial markets.
Echoes of 1971
April 17, 2025
Current events are reminiscent of the same stage of the last 54-year Kondratyev cycle.
Chinese / Japanese monetary divergence still widening
April 15, 2025
Monetary trends suggest that China’s economy is better placed to withstand tariff damage than Japan’s.
A “monetarist” perspective on current equity markets
April 2, 2025
A promising recovery in global money growth may be insufficient to offset lagged effects of prior tightness and the US trade policy shock.
International Equity Strategy Commentary
March 31, 2025
Strategy Commentary for Q1 2024 on the International Equity Strategy
Global Emerging Markets Equity Strategy Commentary
March 31, 2025
Strategy Commentary for Q1 2024 on the Global Emerging Markets Equity Strategy
Quarterly Liquidity Insight
March 31, 2025
Q1 2024 Quarterly Market Liquidity for Emerging Markets
Contradictory Fed
March 26, 2025
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
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
This month’s commentary covers Trump trades going in reverse, along with our research trip in Malaysia.
UK vacancies still weakening
March 20, 2025
A fall in private sector postings pushed single-month vacancies further below the pre-pandemic level.
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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