Latest News
RCM expands Global Emerging Markets team
31 Aug 2010 - RCM, a company of Allianz Global Investors, has appointed Carlos de Leon as an analyst and portfolio manager in their Global Emerging Markets team.
As part of the team, Carlos will particularly focus on providing research and ideas relating to Latin American companies. He will be based in London, reporting to Michael Konstantinov, CIO of Global Emerging Markets, RCM...
European & United States bank stress tests fundamentally different, says RCM
6 Aug 2010 - Neil Dwane, Chief Investment Officer Europe at RCM reflects on the outlook for the banking sector in Europe now that the dust has settled after the European stress tests and with the loosening of Basel III regulations
“The US and European bank stress tests were fundamentally different in character. The US stress tests were less of a test and more of a forced recapitalisation of the banking industry, which led to a 35% rally in banking stocks in the US. However, once this was carried out in America, Europe had to carry out the tests in order to reassure the markets...
No reason to anticipate a double-dip recession in the US, says RCM
2 Aug 2010 - Stefan Hofrichter, Chief Economist at RCM, outlines the evidence against a double-dip recession in the US at this juncture:
“The OECD leading indicators clearly indicate a slowing of the recovery, but in our view they do not signify a looming recession. For most developed countries, their signal is consistent with below trend growth - a scenario that RCM has been expecting...
Rising asset correlations demands more dynamic solutions, says RCM
26 Jul 2010 – With asset class correlations back at the elevated levels of late 2008, David Hollis of RCM comments on the challenges facing investors:
“At the moment there is considerable uncertainty amongst investors with the realisation that fundamental global economic imbalances remain unresolved, that the fiscal boost gifted to the equity markets is winding down, and that the path to a more normal economic growth trajectory may be a volatile one. This has led to a reversion in asset class correlations to the elevated levels of late 2008...
The Chinese renminbi is set to appreciate substantially in the coming decade
22 July 2010 - Stefan Hofrichter, Chief Economist at RCM, comments on the substantial appreciation of the Chinese renminbi
“The US is repeatedly demanding an appreciation of the Chinese renminbi (RMB). While it is difficult to anticipate the timing of a nominal appreciation of the Chinese currency, as this is actually a decision to be taken by Chinese policy makers, we have a strong view that the RMB will appreciate substantially in real terms over the coming decade...
RCM comments on latest global macro economic outlook
15 July 2010 - Andreas Utermann, Global CIO of RCM, comments on the latest global macro economic outlooka.
“At present the market fears a double dip recession and the associated risk of deflation. We continue to believe that the second half of 2010 will be quite difficult in terms of macroeconomic news...
Gulf of Mexico oil spill: lessons to be learnt for investors
7 July 2010 - Barbara Evans, Sustainability Research Analyst at RCM, gives her support for the further integration of environmental, social and governance risks in investment decisions in the aftermath of the Gulf of Mexico oil spill.
“We would argue that if anything positive is to come out of the current environmental crisis in the Gulf of Mexico it should be further support for the integration of environmental, social and governance risks in fundamental company analysis...
EU bail out has bought time, but great uncertainty remains
12 May 2010 - Stefan Hofrichter, Chief Economist at RCM, comments on the EU bail-out package.
"The EU bail-out package is likely to soothe markets, as the immediate risk of a Government bond default and, consequently, of eventual write-offs on banks’ holdings of EMU Government bonds has been reduced substantially by the size and design of the measures taken. Most importantly, the package buys time...
RCM sees flexible exchange rates as key instrument for eliminating global imbalances
5 May 2010 - Andreas Utermann, Global Chief Investment Officer at RCM, on why the economic scales need more weight on the Asian currency side.
"In Europe we assumed for too long that the Greek rescue package put together by the EU and the IMF would only be a theoretical notion...
RCM voices concerns over increased regulation - but points to the positives of a hung parliament
29 Apr 2010 - Andreas Utermann, Global Chief Investment Officer at RCM, presents his outlook on regulation, prospects for the UK under a hung parliament, and current valuations of emerging markets.
“Regulators across the world, but especially in the US, are picking up the pace of reform. In particular they are proposing regulatory and capital restrictions to be imposed on the financial sector, which could potentially be a major issue for financial stocks...
Who will be the winners and losers from Obama’s US healthcare reform legislation?
23 Mar 2010 - Speaking from San Francisco, Michael Dauchot of RCM, looks at the likely winners and losers.
"FDR tried it in 1935. The Clinton administration attempted it again in 1993 and failed in a spectacular fashion. Now another highly popular Democratic leader, President Obama, has made healthcare reform the centrepiece of his presidency and with the invocation of some arcane US legislative manoeuvring, a degree of reform seems inevitable...
Greek tragedy will pave the way for ‘managed austerity’
22 Mar 2010 - Neil Dwane, Chief Investment Officer Europe at RCM, provides insight into recent events and the implications for markets.
“As markets look ahead to closure around the Greek episode, we will be left with the ongoing spectre of sovereign risk, which looks more likely to rise than disappear in the coming years...
Concerns over inflation, bubbles and budget deficits set the tone for 2010
02 Feb 2010 – Andreas Utermann, Global Chief Investment Officer at RCM, a company of Allianz Global Investors, presents an outlook for inflation, interest rates and equities.
The major themes for 2010 will be ongoing debates over inflation, budget deficits, bubbles, interest rates and the continued rise of emerging markets.
China’s economic growth engine is in a period of transition
27 Jan 2010 – Christina Chung, Senior Portfolio Manager at RCM, a company of Allianz Global Investors, gives her outlook on the future of China’s economic development.
- Exports will return to positive growth following the sharp contraction in exports over 2009
- Private consumption has huge growth potential during 2010
RCM to launch ‘second generation’ diversified growth fund
25 Jan 2010 – RCM, a company of Allianz Global Investors, today announces that, pending investor approval, it plans to launch a dynamic, diversified growth fund during Q1 of this year. The fund will aim to offer investors equity-like returns with a lower level of volatility, positive real returns over a market cycle, and importantly, genuine downside protection in times of market stress.
- Developed in response to client demand for equity-like returns with lower risk
- Aims to offer unconstrained asset allocation across a broad range of asset classes
- Sophisticated total return risk management provides genuine downside protection
Are we leaving the eye of the financial hurricane?
22 Jan 2010 – Neil Dwane, CIO Europe at RCM, a company of Allianz Global Investors, comments on President Obama’s latest proposals on financial institutions.
President Obama has been busy this week announcing two proposals which seek to address and possibly seek retribution for the costs and legacies of the financial crisis. The first was to formulate a method of taxing the balance sheets of the US banking industry, targeting the top 35 banks, which produces a revenue stream to "pay for" the uncovered losses, incurred by the US Government in stabilising the industry after the demise of Lehmans and AIG. Last night’s proposals call for new restrictions on the size and scope of financial institutions.
China takes the technology edge, says RCM
9 Dec 2009 – Walter Price, manager of the RCM Technology Trust plc comments on the Chinese technology industry and the opportunities to be found there.
- Environmental technology and E-commerce sectors are driving growth
- Valuations are at an attractive, sustainable level
2010 will show the real strength of the global economy, says RCM
9 Dec 2009 – Neil Dwane, CIO Europe for RCM, provides a global overview.
As 2009 draws to a close we have experienced both the worst and possibly the best of times, as global equities fell to decade lows, followed by one of the sharpest equity market rallies in history. What does this mean for markets in 2010 as the world economy stabilises and recovers? Fund managers at RCM, a company of Allianz Global Investors, provide insight into the key issues for investors to consider in the year ahead.
Who will be the winners from Copenhagen?
26 Nov 2009
The Sustainability Research team at RCM, a company of Allianz Global Investors, offer their outlook for the forthcoming Copenhagen Climate Change Conference.
RCM expands their Sustainability Research team
17 Nov 2009
RCM, the global equity company within Allianz Global Investors, has appointed Vipin Ahuja as Senior Research Analyst to their Sustainability Research team. He will report to Bozena Jankowska, Head of Sustainability Research and lead Global EcoTrends Portfolio Manager. Vipin will be responsible for stock picking and analysis with a focus on clean technology.
'Budget flush' signals opportunities in technology, says RCM's Walter Price
16 Nov 2009 – Walter Price, portfolio manager for the Global Technology strategy at RCM, the global equity company of Allianz Global Investors, believes that the closing months of 2009 could provide a boost for many technology companies.
- 'Budget flush' indicates return of confidence for technology companies
The world needs to get into oil ‘rehab’, says RCM
11 Nov 2009 – Christopher Wheaton, a Director of RCM, the specialist global equity company of Allianz Global Investors, explains why he believes the mismatch between the growth in oil demand and the growth in oil production could lead to future spikes in oil prices.
Surprisingly, the price elasticity of demand* for oil is actually lower than for products such as alcohol or nicotine. It is somewhere between zero and -0.1 in the short term, i.e. a 10% rise in oil price leads to less than a 1% fall in consumption1. Alcohol and nicotine on the other hand vary between -0.4 and -1, i.e. a 10% rise in their price will cut demand by between 4% and 10%.
The world is a tale of two halves
14 Aug 2009 – Neil Dwane, CIO Europe at RCM, comments on recent economic and market developments.
On the one hand, the Bank of England (BoE) and the Federal Reserve (Fed) have issued cautious reviews this week of their assessments of the current state of their economies and shorter term prospects, which the BoE had already foreshadowed by increasing its quantitative easing activities last week. Their analysis of developments in the short term is in stark contradiction to the more exuberant sentiment now fuelling the extension to the July rally, unless equity investors take a very long term perspective indeed.
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