A “monetarist” perspective on current equity markets
July 2, 2026
The monetary backdrop for markets has become less favourable, while a pick-up in US money growth suggests rising medium-term inflation risks.
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 equities stalling?
June 25, 2026
The “excess” money backdrop for markets has become less favourable, with mixed prospects for H2.
Semiconductor lollapalooza stumbles
June 17, 2026
Semiconductors wobble as macro risk, momentum, leverage and crowding collide.
More slowdown signals
June 9, 2026
OECD leading indicator data and survey evidence on stocks support the forecast of a H2 loss of industrial momentum.
Alarming Eurozone / UK money data
June 2, 2026
April money numbers signal rising recession risk and suggest that policy-makers should be considering easing not tightening.
Is earnings momentum peaking?
May 27, 2026
An expected fall in global manufacturing PMI new orders suggests a moderation, at least, in current earnings strength.
Rallying EM equities reflect an AI-powered earnings surge
May 20, 2026
The AI boom is powering emerging market equities, led by South Korean DRAM giants which are now among the most profitable companies in the world.
Policy perversity
May 7, 2026
The policy biases of the Fed, ECB and Bank of England are opposite to those warranted by economic / monetary conditions.
Global money update: inflation squeeze
May 6, 2026
Global six-month real narrow money growth is slowing from a January-February peak, suggesting a loss of economic momentum during H2.
Rising Eurozone recession risk
April 29, 2026
The April ECB bank lending survey signals an “endogenous” tightening of monetary conditions.
Semis and the stockbuilding cycle
April 23, 2026
A surge in prices of electronic components is another indication of a cycle peak.
One interesting signal amid the noise – the USD has not behaved like a safe haven
April 20, 2026
Navigating market shocks successfully requires a nimble and repeatable process that helps you learn fast, stay disciplined and keep portfolio risk aligned with conviction.
A “monetarist” perspective on current equity markets
April 8, 2026
Global monetary trends were supportive pre-shock but an inflation squeeze on real growth is now likely, reinforcing a cautionary message from cycle analysis.
International Equity Strategy Commentary
March 31, 2026
Strategy Commentary for Q1 2024 on the International Equity Strategy
Global Emerging Markets Equity Strategy Commentary
March 31, 2026
Strategy Commentary for Q1 2024 on the Global Emerging Markets Equity Strategy
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 7, 2021