Latest News
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.
Expect extremes from oil and gas in 2010, says RCM
14 Jan 2010 – Chris Wheaton, a Director of RCM, gives his outlook for oil and gas in 2010.
In 2009 the oil price hit lows of $40 per barrel very early on, although it did seem at the time that a price as low as $25 per barrel was possible. Looking into 2010, it is worth considering the best and worst scenarios.
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%.
Mark Lovett comments on the outlook for European Equities
03 Nov 2009 – Mark Lovett, Co-CIO European Equities, RCM, comments on the outlook for European Equities. RCM is the global equity company within Allianz Global Investors.
- Equities continue to look an attractive asset class due to valuations and current earnings environment
- The shape of the economic recovery will be a gently upward sloping ‘L’
- Over the next few months there will be a broadening out of the market, due to a recognition that there are attractive valuations in areas which have not participated strongly in the recent rally
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.
RCM named No.1 leading fund manager for SRI
22 Jul 2009
RCM, the specialist global equity company within Allianz Global Investors, has been named the No.1 leading fund management firm for SRI in the survey conducted by Thomson Reuters Extel and UKSIF, the sustainable investment and finance association.
Outlook bright for China
20 Jul 2009 – Christina Chung, Senior Portfolio Manager at RCM, the global equity company of Allianz Global Investors, gives her macroeconomic outlook on the investment environment in China.
- China has potential for sustainable recovery in 2010
- Underlying domestic demand is strong in China and there are signs of recovery in domestic demand
RCM appointed by Church of England Pensions Board
08 Jul 2009
RCM, the specialist global equity company within Allianz Global Investors, has been awarded a Global Equity mandate valued at £100 million by the Church of England Pensions Board.
In selecting a suitable candidate for this appointment, the Church of England Pensions Board considered RCM’s track record, the strength and depth of its investment teams, process and investment style. The Church of England Pensions Board has total pension fund assets of £687m.
Where does Asia stand as we approach a new world order?
10 Jun 2009 – Mark Konyn, CEO Asia Pacific, and Raymond Chan, CIO Asia Pacific, at RCM share their perspectives on Asia and its place in the new world order which is emerging out of the financial crisis.
- China’s economic growth will become sustainable as it shifts from a reliance on exports to promote domestic consumption over the next several years
- There is evidence of economic decoupling in Asia, however the region remains dependent on global fund flows and global sentiment in the shorter-term and hence stock markets have been unable to decouple
- This new economic model for China has very significant implications for the global economy and the Asian region as it moves away from over-dependency on exports
Confidence is key to global recovery, says RCM
29 Apr 2009 – Andreas Utermann, Global CIO at RCM, the specialist global equity company within Allianz Global Investors, provides his latest global outlook.
- Fear and uncertainty fuelled the global meltdown
- There are signs that the macro environment is stabilising
- Concerns that the global financial system will collapse are slowly subsiding
US outlook: the worst may be behind us, says RCM
29 Apr 2009 – Scott Migliori, co-Chief Investment Officer of US Equities at RCM, the specialist global equity company of Allianz Global Investors, comments on the dynamics behind the current rally and the outlook for the US.
- The US is still in recession, but the worst may be behind us
- Sentiment and clarity have improved
- US government actions have been more Wall Street friendly than expected
There is still work to do
07 Apr 2009 – Neil Dwane, CIO Europe at RCM, the specialist global equity company within Allianz Global Investors, comments on the year to date and gives his outlook for the rest of 2009.
- Recent rally is not the beginning of the next bull market
- Many financials will require more capital rather than more liquidity
- There is no one ‘global fix’: solutions may be governed by the cultural histories of countries
- Global industrial production has deteriorated sharply due to a fall in demand
- Growth expected to gradually begin to reappear in 2010
G20 has reduced the risk of protectionism
06 Apr 2009 – Lucy MacDonald, CIO Global Equities at RCM, the specialist global equity company within Allianz Global Investors, comments on the impact of the G20 Summit on the global economy, and the consequences for global investors.
The impact of an additional $1 trillion for institutions such as the International Monetary Fund (IMF) and the World Bank, although less significant than the $5 trillion fiscal stimulus already announced by the G20 nations, is on balance a minor positive for confidence in financial markets. Also beneficial is the vision of a concerted global effort to alleviate the financial crisis and its aftermath, and a reduced risk of greater protectionism.
Savers will fund the global recovery
23 Feb 2009 – Andreas Utermann, Global CIO at RCM, the specialist global equity company within Allianz Global Investors, provides his latest global outlook.
- Things will get worse before they get better
- Deflation - not necessarily an evil
- Western savers and saving nations, such as China, will pay for recovery
- Equity values are at historic lows, but volatility will persist
A bad bank is the only solution
17 Feb 2009 – Neil Dwane, CIO Europe at RCM, the specialist global equity company within Allianz Global Investors, comments on the banks and their toxic assets.
RCM expands Global Equities team
02 Feb 2009
RCM, the specialist global equity company within Allianz Global Investors, announces today the appointment of Sue Chan as Senior Portfolio Manager, Global Equities. She will be a member of RCM’s Global Equity team which manages assets of nearly £4.5bn* and will report to Lucy MacDonald, CIO Global Equities. Sue will have responsibility for Global Sustainability portfolios, including RCM’s Global Sustainability fund, and will be based in London.
RCM appointed to KFC’s GB pension scheme
23 Jan 2009
RCM, the specialist global equity company within Allianz Global Investors, has been awarded by Kentucky Fried Chicken (GB) Pension Trust Limited a Global Equity High Alpha mandate valued at £17 million. The investment will be made via the RCM Global Equity High Alpha fund, part of the RCM Global Series Fund plc. Domiciled in Dublin, the fund is designed to meet the requirements of institutional investors both small and large.
The Global Equity High Alpha fund is managed by RCM's Global Equity team in London, led by Lucy MacDonald, Chief Investment Officer for Global Equities. Global Equity High Alpha is a flagship product for RCM and assets managed by the team have risen to nearly £2.3bn since the launch of the strategy.
America’s $6 trillion rescue plan
19 Jan 2009 – Peter Anderson, CIO US Equities at RCM, the specialist global equity company within Allianz Global Investors, comments on the US economic rescue plan ahead of Obama’s inauguration as President on Tuesday 20th January.
- Triumph of moderates in Obama’s team has reassured markets
- Will it work where Japan’s efforts failed?
- Longer-term the risk is inflation, not deflation
Mercer appoints RCM to multi-manager portfolio
18 Dec 2008
RCM, the specialist global equity company within Allianz Global Investors, has been appointed by Mercer Investment Nominees Limited in Australia to manage a AU$400m global equity mandate. The mandate will be managed by Lucy MacDonald, CIO for Global Equities, in accordance with RCM’s Global High Alpha strategy, targeting out-performance of MSCI World (ex Australia) Index +3%. The mandate will form part of the Mercer Multi-Manager Funds.
The Islington Council Pension Fund awards RCM £100m Global Equity High Alpha mandate
11 Dec 2008
The Islington Council Pension Fund has appointed RCM, the specialist global equity company within Allianz Global Investors, to actively manage a £100m global equity mandate. The mandate will be managed by Lucy MacDonald, CIO for Global Equities, in accordance with RCM’s Global High Alpha strategy, targeting out-performance against the FTSE All World ex UK Index by 3%.
RCM has grown total assets within its Global High Alpha strategy to £2.3 billion in the last 18 months1. These assets are managed by the Global Equity team in London, led by Lucy MacDonald.
Who will be the winners and losers of the US election?
28 Oct 2008 – Peter Anderson, CIO US Equities at RCM, the active equity company within Allianz Global Investors, offers his outlook on the implications of the forthcoming US election.
It appears increasingly likely that Barack Obama will win the US Presidential election. The Democratic party is likely to add significantly to its majorities in the House and Senate, which theoretically would prevent Republicans from mounting a filibuster against key legislation.
Alternative Energy a likely beneficiary of US Presidential Election race
21 Oct 2008
- Alternative energy sector set to benefit from package of measures under Presidential front runner Obama
- US wind and solar industries tipped to become largest in the world
- Tax cuts in US could soften the recession
- Measures to encourage jobs growth a boost for technology companies in data consolidation & automation
Neil Dwane comments on TARP
30 Sep 2008 – TARP still-born: farce and fact
With the dramatic political events unfolding last night and resulting in one of the largest falls in the S&P 500 ever, the financial pain will remain for a while longer. Markets abhor a vacuum. It was a farce last week to see an incumbent Administration having such low credibility with its fellow policymakers that TARP was not approved and mostly not approved by the Republican Party.
That Wall Street thought it could rush through a plan which so obviously bailed out themselves and offered only second line therapy to many US voters being foreclosed on their homes, was misguided. It was as misguided that with the markets already falling, and not driven by short sellers this time, the House of Representatives failed to approve this bill.
Sentiment and confidence in the financial markets has now allowed eight banks to be rescued or go bust in eight days and politicians and policy makers are deluding themselves that this is now still an USA problem. It is ludicrous that last week European Finance Ministers were jubilant that this problem was not in their backyard…Hypo Real Estate and Dexia now spring to mind.
The global economy may now slow even faster as markets move from one set of weaknesses to another, possibly now moving from the financials to the real economy and more of its citizens.
RCM offers 10 lessons so far in the financial crisis
19 Sep 2008 – Neil Dwane, CIO Europe are RCM, offers his 10 lessons so far in the financial crisis.
Lesson I - Northern Rock When credit and money markets lose confidence in a counterparty, business models collapse even in relatively safe mortgage-lending businesses.
Conclusion: Managements and regulators had become overly relaxed about the levels of leverage used in banking business models and when liquidity dried up during the bursting of the sub-prime crisis, the banks most affected were those reliant on wholesale funding. The Federal Reserve and the Bank of England were slow to recognise this liquidity trap whilst the European Central Bank (ECB) got on the case immediately. Clearly the public solution to Northern Rock was unsatisfactory and ironically was unnecessary at the time with Lloyds standing available to assist.
Neil Dwane on the outlook for the Financials sector
15 Sep 2008 – Neil Dwane, CIO Europe at RCM, the active equity company with Allianz Global Investors comments on the outlook for the Financials sector.
There is so much being written about Financials, so what can RCM add to the debate? Using a broad framework of subtitles: leverage and deleveraging, US and other housing markets, liquidity needs, normal levels of profitability in the future and future regulation, RCM can try to provide a roadmap for investors to assess the credit crisis as it crunches to a conclusion.
Investment outlook from Neil Dwane, CIO Europe at RCM
15 Sep 2008 – The State of the Nations
Recent political unrest between Russia and Georgia has highlighted the high risk nature of these sorts of conflict, when you consider the many oil pipelines in the region.
The Russians,for their part, are seeking to protect both their Soviet past of a giant empire, but also to enhance their new empire of metals and energy. Politically, Russia resents US and European involvement through NATO in Poland, Turkey, Ukraine and Georgia. In RCM's view Russia is now executing a strategy to control, or exert significant influence over, oil, gas and many metals markets, possibly creating many new OPECs. This would be assisted by closer influence over the Baku-Tbilisi-Ceyhan pipeline in Georgia.
In November we will learn who the new US President will be, however, at the moment it appears to be a close race. A McCain win may be viewed as the US remaining hard on diplomacy and a willingness to use force in all spheres of operations. From an investment perspective, RCM would conclude that defence stocks will remain well supported, particularly if a new Cold War surfaces.
The task for the new US President is not be made any easier by the exit of Musharraf in Pakistan, where it is now unclear who holds the key to the nuclear weapons and how the political scene of Pakistan, Afghanistan, Iran and the Middle East will unfold.
For investors, it’s clear that the first conclusion reached has been to sell out of Russian equities, which was probably already underway as risk was reduced and given the fall-out from the recent BP-TNK crisis. Valuations in Russia are discounting returns on equity of over 15%, historically a very attractive level, and many corporate results continue to show the attractiveness and growth rates of the booming Russian consumer economy. Sentiment is now very low towards Russia and will remain cautious. It is therefore likely that during 2009, the Russian Government will make moves to enhance its appeal to investors as the massive rebuilding of their economy accelerates, behind which confidence may grow.
Environment Agency awards RCM £100m Global Equity mandate
09 Sep 2008
The Environment Agency has awarded RCM, the specialist global equity company within Allianz Global Investors, a £100 million global equity mandate. The appointment follows a strategic review of their global equity fund managers. The mandate is to be managed by Lucy Macdonald, CIO for Global Equities at RCM. RCM has grown total assets managed by the Global Equity team in London to in excess of £2 billion in the last 18 months.
RCM appoints international product specialist
18 Aug 2008
RCM, the global equity company of Allianz Global Investors, has today announced the appointment of Jacqueline de Sanctis to the new position of Director, International Product Specialist.
Jacqueline will be based in San Francisco and will be responsible for representing in the U.S. RCM's suite of International Equity products managed out of Europe and Asia.
RCM expands Global Emerging Markets team
05 Aug 2008
RCM, the global equity company of Allianz Global Investors, has today announced the appointment of Guido Stiel as Director and Senior Portfolio Manager of emerging market equities.
Cambridgeshire County Council awards RCM £140m Global Equity High Alpha mandate
30 Jul 2008
Cambridgeshire County Council Pension Fund have awarded RCM, the specialist global equity company within Allianz Global Investors, a £140m global equity mandate. The appointment follows a manager selection exercise conducted by investment consultant Hymans Robertson. The mandate is to be managed by Lucy Macdonald, CIO for Global Equities, in accordance with RCM’s Global High Alpha strategy, targeting out-performance of MSCI World Index +3-4%. New assets into the strategy now total £1.8bn since the start of the financial year.
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