Maria Municchi joined M&G in 2009. She is responsible for the systems and quant models used to manage convertible portfolios. She is also involved in client communications for the M&G Global Convertibles Fund, the M&G Dynamic Allocation Fund and the M&G Income Allocation Fund. Before joining M&G, Maria worked at Barings and UBS Asset Management. She has an MSc in international management and finance and is a CFA charterholder.
Earlier this week the IMF released its latest economic outlook. It was the debut of the newly appointed and first female IMF chief economist, Gita Gopinath.
She observed that “While global growth in 2018 remained close to post crisis highs, the global expansion is weakening”. Indeed, the… Read the article
Last week, Japanese Prime Minister Shinzo Abe called a snap election trying to capitalise on increased public support over the summer, as the North Korea issues intensified. If the election result was to grant him a larger majority, it will enable him more room to proceed with his economic plan.… Read the article
Despite the partial realignment of European long-dated government bond yields following the Euro crisis in 2012, there has been renewed divergence in yields in the last few years.
On a simplistic level, this runs contrary to improving fundamentals. While sharply accelerating Portuguese and Spanish debt levels partly explained… Read the article
There are a couple of (related) subconscious assumptions that investors seem to hold today. The first is that we are in a low return world, and the second is that investing for income is harder today.
Both of these beliefs are ultimately driven by the very low levels of government… Read the article
The past week has been rich in press conferences, speeches and comments from world leaders and entrepreneurs. Despite some inconsistencies, surprises, and doubts, they all seem to agree on an improvement in the underlying economy, be it already in place or about to come.
In the US, better economic conditions,… Read the article
There have been many suggestions that the sell-off in government bonds in the US was overdone. The argument was that weakness was a result of Trump’s victory, but that it is far too early to know what Trump will do or the effect it will have. We have some sympathy… Read the article
With the YES and NO campaigns now in full swing in Italy, polls are currently inconclusive in their predictions of what the Referendum result will be.
However, this uncertainty has not prevented commentators (many of whom had not foreseen Brexit, the rise of Trump or a range of… Read the article
You have just returned from a relaxing summer holiday sunbathing in Portugal, or sailing in the Med or maybe a more adventurous one discovering California’s natural beauty. However, markets don’t seem to agree with your current state of mind…and just a glance at WEI Bloomberg screen or recent NAV moves… Read the article
The last couple of days have seen equity markets being weaker on the back of very little news.
Some market commentators would argue that “geopolitical forces are causing liquidation and profit taking in the market”. More simply we would refer to this as investors’ behaviour taking the lead in the… Read the article
Here at the Episode Blog we are always looking to get a sense of how investor emotions might be affecting asset prices, and a recent trip to Italy provided the opportunity to do just that.
In the video below I discuss my reflections on what impact successive financial crises and… Read the article