Autos/Steel: slowing rate of decline (cont)
With respect to comments above we turn to the Autos and their supply chain. According to a number of analysts, most Auto companies argued that Q1 WAS the trough for volumes, and H1 a low point for...
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But for portfolio balance, consider the second derivative of improving...
Eurostat, the European Union’s official statistics agency, said today that industrial production rose 1.0% in March from February, the strongest MoM increase since July 2011. Output was down 1.7% YoY,...
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HGQG: performance last month, look what is leading
It is the financials and industrials at the top, these are the quality growth (cyclicals) investors seem prepared to buy.
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Within High Quality Growth, market still hungry for industrials
Looking at the week of trading, it is clear WITHIN High Quality Growth what the market is prepared to buy at the margin. Those stocks with industrial exposure have the best chance of holding onto high...
View ArticleIt’s begun: Kone raises guidance on China
Kone upgrades ’13 Sales, Ebit Outlook on Strong China Deliveries The primary reason for the upgrades is the business impact of the improved liquidity situation in the Chinese economy, as a result of...
View ArticleKONE Corporation signals vastly improved Chinese liquidity
Kone Corporation (KNEBV FH) the 17Bn EUR elevator company has come out with some very interesting comments on their recent experience in China. The upgraded their FY sales and operating income (EBIT)...
View ArticleCapex/M&A (cont): Fund-managers want CFOs to spend their money
Further to our recent comments on this, note we have had two US deals in two days, one in the chemicals space and the other in paper (the most recent being Huntsman buying Rockwood Titanium for...
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Global Capex & M&A (cont): “Looking for an Investment Boom”
More join us in support calling for an increase in Global Capex & M&A (inorganic capex). The heading of Deloitte’s Monday Briefing today is “Looking for an Investment Boom”. In it they provide...
View ArticleThe dichotomy of style (cont)
As discussed yesterday, despite being more vocal on value-cyclicals since the Summer (ref our Templeton Screen), we are not bearish on quality-growth and to become so now seems trite, especially for...
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Keep adding quality laggards…
Further to our discussion as to buying quality laggards we note this chart of our HQGB vs. the SXXR (Total Return) Index. Decent relative support. We are happy to add to the likes of Reckitt, Adidas,...
View ArticleHigh Quality Growth
We have no style preference. We at least try to maintain a detached and rational approach to our thematic calls. When the facts change we will change our minds. One of our longest running themes has...
View ArticleHigh Quality Growth Basket, No. 5
The year to April 2014 was the worst year for High Quality Growth (HQG) since inception four years ago. While most stocks in the basket upheld the HQG criteria, i.e. strong organic growth, margin...
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