Weaker monetary news
January 20, 2026
Early numbers suggest that global six-month real narrow money momentum fell back sharply in December.
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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US broad money update: low household cash ratio
January 16, 2026
The share of money holdings in household financial wealth is near the bottom of its range since the mid-2000s, with equity exposure at a post-WW2 record.
LatAm’s rightward political shift is fuelling a continent-wide bull market
January 13, 2026
Following years of economic pain brought about by loose fiscal policy under socialist leaders, a “blue wave” of fiscal conservatism is sweeping across the continent. More muscular regional foreign policy by the United States is likely to reinforce the trend.
A “monetarist” perspective on current equity markets
January 7, 2026
Global money trends appear modestly supportive but cyclical clouds are gathering.
US money update: suspect deposit data
December 29, 2025
A sharp rise in US demand deposits in November probably reflects a statistical distortion, with broader money trends stable.
Quality by first principles in EM
December 17, 2025
Agility within an investment process is key in navigating inevitable style regime rotation.
UK inflation: another favourable surprise
December 17, 2025
November CPI numbers support “monetarist” optimism, with an undershoot now on the horizon.
Defiant Fed forecasts
December 11, 2025
The Fed’s economic forecasts continue to suggest that the window for easing will close in early 2026, based on a model of its historical behaviour.
Slowdown signals
December 9, 2025
Global manufacturing PMI new orders weakened on schedule but money trends currently suggest a limited decline.
Eurozone money update: disappointing response
December 3, 2025
Monetary trends suggest that interest rates remain above a “neutral” level.
Global money update: EM strength
November 27, 2025
Global money trends suggest that major economic weakness will be deferred until later in 2026.
UK inflation: “monetarist” optimism on track
November 19, 2025
Inflation is realigning with lagged money trends as policy distortions fade.
Chinese money update: lacklustre outlook
November 14, 2025
October money / credit numbers were mixed, suggesting a continuation of sluggish economic growth.
Flows before pros?
November 10, 2025
Structural liquidity and investor flows are reshaping market dynamics and asset prices in emerging markets.
Manufacturing roll-over?
November 6, 2025
The forecast of an inflection weaker in global manufacturing PMI new orders is supported by the “internals” of the latest survey.
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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NS Partners Ltd.
December 7th, 2021