Juan Nevado joined PPM (now M&G) in 1988 and has been working as part of the Multi Asset team led by Dave Fishwick since 1999. In January 2011, Juan was appointed co-manager of the M&G Episode Balanced Fund and the M&G Dynamic Allocation Fund. In November 2013, he was also appointed deputy manager of the M&G Income Allocation Fund upon its launch. Prior to joining M&G, Juan worked as a bond economist at the Bank of Montreal, and before that, as an economist for the Commodities Research Unit, a private business consultancy specialising in macro/micro research on commodities markets. Juan has a BSc in economics from the LSE and an MA in economics from Warwick University.
Last week Argentina was able to borrow from international investors for the first time since 2001. It was the biggest ever one day issuance by an emerging market economy, raising $16.5 billion, with demand for the new bonds apparently as high as $70 billion.
This has understandably raised some questions… Read the article
One behavioral trait that we frequently discuss is the tendency of investors to to lose sight of the long term for fear of short term losses. In the context of foreign exchange markets, this can often cause investors to focus too much on spot price moves and ignore a second… Read the article
For all the talk during the summer that China’s ‘Black Monday’ (24 August 2015) could be about to trigger the next global recession, by October markets appeared to have largely shrugged the issue off. This despite the fact there is no evidence that China’s economy today… Read the article
The relationship between asset prices and fundamentals is complex. Evidence and intuition suggest that sometimes prices move for no real reason.
But even those of us who pay lip service to behavioural finance often find ourselves looking for explanations when we see the type of moves we have seen over… Read the article
In recent days and weeks we seen have sharp movements across large parts of bond and currency markets. Until the past couple of days, bond yields had been moving upwards with alarming speed over pretty much all of Europe (with the exception of Switzerland and Sweden) and in the US… Read the article
Yesterday CNBC published a piece saying that Japanese households could be holding around ¥36 trillion in physical cash. They suggest that part of the reason for this is to avoid tax, and in a society where the deceased are still collecting pensions, it certainly seems that… Read the article
In these early stages of 2015, it is interesting to think about what the global investment landscape looked like this time last year, and what we have experienced since. Despite an often turbulent market environment, it is not obvious to us that there has been a material change in the… Read the article
Asking simple questions often provides a useful means of highlighting how perceptions can differ from reality when talking about financial markets. For example – over the past 30-years, would it have been better to be an equity investor or a bond investor? Considering the massive tail-winds bonds have had, it… Read the article
Amid signs that China’s economy has been slowing for some time now, the People’s Bank of China (PBoC) may be less willing to allow the renminbi to continue along the seemingly one-way appreciation path it had travelled until the beginning of this year.
What are Chinese policy makers trying to… Read the article