Market Outlook 2012

Watch the latest panel discussion

North American Market Outlook

The embedded video requires the latest version of Adobe Flash to be played - enable JavaScript on your browser to view.
If you do not have Adobe Flash/JavaScript enabled or you are viewing this page using a mobile device you can download this video as MP4

Questions to ask your advisor

  • Should I change my asset allocation given the outlook for equities and fixed income?
  • Is the dividend yield on my equities portfolio appropriate for my needs?

Questions to ask your advisor

  • How do I become more tactical in my investing?
  • What are some of the pitfalls we should look for in income investments?
  • At what point can we look at fundamentals in investing?

Questions to ask your advisor

  • How can I purchase direct equities in Europe?
  • What impact will Europe have on my equity investments?

Questions to ask your advisor

  • What is the outlook for the US dollar and what impact will it have on my investments?
  • What opportunities are available to access emerging markets equity and debt?
  • Which countries are typically emerging market commodity consumers, not producers?

Questions to ask your advisor

  • What percentage of my portfolio is invested in property assets and is this appropriate?
  • How can I access the growth in housing demand in China?

 

Questions to ask your advisor

  • How can I invest to access the global growing demand for food?
  • Which alternative asset managers are available for me to invest with?
  • Which assets have a low correlation to equities and are available for me to invest in?

Introduction

To start investing in the New Year with confidence, we’ve gathered leading experts from Macquarie’s worldwide network of professionals to provide our semi-annual Global Market Outlook. This informative package of written commentary and accompanying videos is designed to create a better understanding of the forces that will shape world markets in 2012.

Our knowledge base covers the world, and our more than 200 Macquarie Private Wealth advisors across Canada have the local understanding to make a real difference in the financial lives of our clients. I encourage you to speak with your advisor about ideas for putting some of the strategies outlined in the Global Market Outlook into action for your portfolio.

Sincerely,

Earl Evans CEO and Head of Macquarie Private Wealth

Biographies

Riccardo Briganti
Riccardo Briganti
Head of Research
Macquarie Private Wealth

Riccardo Briganti is Head of Research for Macquarie Private Wealth. He is responsible for providing research support to Macquarie's advisers and retail clients on financial markets and the economy. He is also the Chairman of the Macquarie Investment Committee which reviews managed funds and other investment opportunities to ensure their suitability for Macquarie clients. 

Riccardo joined Macquarie in 1995 as the international economist in the institutional research team. He subsequently held senior positions within the Equity Strategy and Quantitative Strategy teams. In these roles he formulated and conducted research on asset allocation, country selection and quantitative strategies and managed relationships with institutional clients at a senior level including marketing research and services to these clients. Prior to joining Macquarie, Riccardo worked at the Commonwealth Department of Finance, the Victorian Chamber of Commerce and Syntec - a leading economic consultant.

Bob Doll
Bob Doll
Chief Equity Strategist for Fundamental Equities, BlackRock

Bob Doll is BlackRock's Chief Equity Strategist for Fundamental Equities. Bob is also the head of the US Large Cap Series equity team and has primary portfolio management responsibility for these products.

Bob’s service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he served as the President and Chief Investment Officer and Senior Portfolio Manager of the Merrill Lynch Large Cap Series Funds.  Prior to joining MLIM, Bob served as the Chief Investment Officer of Oppenheimer Funds, Inc.  He received a BS in Accounting and a BA in Economics from Lehigh University and an MBA from the Wharton School of the University of Pennsylvania. Bob is both a Certified Public Accountant and a Chartered Financial Analyst.

As of 30 September 2011, BlackRock's assets under management total US$3.345 trillion across equity, fixed income, cash management, alternative investments and real estate strategies.

Hamish Douglass
Hamish Douglass
Chief Executive Officer and Portfolio Manager, Magellan Financial Group

Hamish Douglass is co-founder and Chief Executive Officer of Magellan Financial Group. Hamish manages the Magellan Global Fund and is also a Director of Magellan Flagship Fund Limited. Prior to Magellan, Hamish was Co-Head of Global Banking for Deutsche Bank AG in Australia and New Zealand.

Hamish is a member of the Federal Government’s Foreign Investment Review Board (FIRB), a member of the Australian Government’s Financial Literacy Board, a member of the Australian Government’s Takeovers Panel and is a member of the Forum of Young Global Leaders – World Economic Forum. Hamish is a member of Magellan’s Investment Committee and the lead Portfolio Manager for Global Equities.

Eric Schimpf
Eric Schimpf
Head of Macquarie Private Wealth

Eric Schimpf was appointed as Head of Macquarie Private Wealth in March 2010, which has more than 350 advisers providing tailored investment advice services to clients throughout Asia, Australia and New Zealand, covering all levels of financial advice and private banking.

Prior to this Eric spent 16 years with Merrill Lynch in the US, where he was Regional Managing Director, Private Banking & Investment Group (PBIG). Within this role Eric was responsible for Merrill Lynch’s operations in the south-eastern part of the United States and for the ultra-high net worth client activity in the region.

During his time with Merrill Lynch Eric also spent time working as a top producing financial adviser, an office manager and a regional manager leading a full service stockbroking business.

Having held positions across the full spectrum of client segments, Eric has gained a deep understanding of the importance of quality advice and how to build a culture based on the highest levels of client service.

Eric became a qualified financial adviser in 1994, after spending four years serving in the United States Army following the completion of his education at the United States Military Academy at West Point. Eric relocated to Sydney with his family from Atlanta, Georgia.

Rodger Nisbet
Rodger Nisbet
Deputy Chairman, Walter Scott

Rodger is the Deputy Chairman of Walter Scott. He joined the firm in 1993 and after working in the investment team for many years, was instrumental in establishing the Emerging Markets portfolios and latterly the firm’s Client Service Group.  He grew up in Asia and at the beginning of his career at Walter Scott gained a particular understanding of companies in emerging markets whilst also developing the global perspective that is the hallmark of the firm. With the benefit of such investment expertise he has played an instrumental role in the growth of Walter Scott's global client base and business strategy. Prior to joining the firm he ran his own real estate business and holds a BA (hons) in Environmental Design from the University of Dundee.

Louis-Vincent Gave
Louis-Vincent Gave
Chief Executive Officer 
GaveKal Research 

Louis-Vincent Gave joined MW GaveKal at its inception in July 2008 and is its Chief Executive Officer. Prior to this, Louis-Vincent worked for GaveKal, an independent research firm which he co-founded in 1999. Louis-Vincent also worked from Paribas Capital Markets where he was an equity research analyst from 1997 to 1999.

Between 1996 and 1997, Louis-Vincent served in the French Mountain Infantry Division as a Second Lieutenant. Louis-Vincent is also a published author, having written Our Brave New World, The End is Not Nigh and A Roadmap for Troubling Times. Louis-Vincent studied Economics, History and Chinese at Duke University and Nanjing University.

Eric C Moffett
Eric C. Moffett
Vice President, T. Rowe Price Group Inc. and T. Rowe Price Hong Kong

Eric Moffett is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Hong Kong Limited. He is an associate director of Equity Research for Asia ex-Japan and a research analyst in the Equity Division, covering Asian real estate sector.

Mr. Moffett has nine years of investment experience, four of which have been with T. Rowe Price. Prior to joining the firm in 2007, Mr Moffett was an analyst with Fayez Sarolfim & Company, where he covered the household products, communications equipment and lodging/leisure industries. Mr. Moffett also was employed as an associate at Audax Group and as a management consultant with Bain & Company.

Mr Moffett earned an A.B., magna cum laude, in economics from Princeton University and an M.B.A from Harvard Business School.

Craig Swanger
Craig Swanger
Global Business Director, Macquarie Banking and Financial Services Group

Craig Swanger is Global Business Director for the Macquarie Banking and Financial Services Group (BFS) and is responsible for Macquarie Global Investments which has approximately $8 billion in funds under management.

As Global Business Director Craig is focused on driving revenue growth derived from new markets and new products.

Craig sits on the BFS Executive Committee. He has been with Macquarie for 12 years and has more than 16 years experience in the banking and finance industry.

Craig's previous roles at Macquarie include: Head of Alternative Assets, Macquarie Global Investments  and Head of Macquarie Financial Services NZ, a stockbroking and funds management entity with around $NZ3 billion under advice and management.  

Prior to Macquarie, Craig was Managing Consultant of the Property, Infrastructure and Economic Development unit at Coopers & Lybrand (now PwC) from 1995 to 1998, and held a similar role previously with KPMG in 1994/95.

Mike Lynds
Mike Lynds
Head of Products and Services
Macquarie Private Wealth

Mike heads the Macquarie Private Wealth Products and Services group as well as Macquarie Insurance Services Limited in Canada. With more than 15 years experience, he has been active in Canada’s financial community working with wealth advisor professionals in designing, building and implementing sophisticated investment strategies. He coordinates investment research, services and products from around the globe to help private and institutional investors achieve their wealth goals.

James Price
James Price
Director of Fixed Income and Trading
Macquarie Private Wealth

James heads the Macquarie Private Wealth’s Fixed Income and Trading in Canada as well as other capital markets functions including equity trading, foreign exchange trading, and cash management functions. In addition to these roles, James contributes the Launch Pad, MPW’s daily market news and commentary, to keep our advisors and clients well informed. In collaboration with our FAST desk experts, James also produces fixed income reports that include updates on the bond market and economic commentary.

Craig Basinger
Craig Basinger
Chief Investment Officer
Macquarie Private Wealth

Craig brings more than 15 years of investment experience focused on market strategy, economics and managing equity portfolios. Craig combines a quantitative investment approach with a strong background in financial analysis and due diligence in both the public and private markets. Author of the Rundown, a weekly publication focused on market analysis and insights, Craig also manages a number of portfolios for Macquarie Private Wealth.

Important information

Macquarie Private Wealth Inc. is a member of Canadian Investor Protection Fund and IIROC.

Other than Macquarie Bank Limited ABN 46 008 583 542, any Macquarie Group entity or Macquarie managed fund noted in a program or on these pages is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of Macquarie Bank Limited. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Except as otherwise indicated, the programs available on this website have been prepared by a member of the Macquarie Group of Companies (Macquarie). To the extent that a program contains general advice, it does not take account of your objectives, financial situation or needs. Before acting on this general advice you should consider the appropriateness of the advice having regard to these matters. The programs have been prepared for the use of the clients of Macquarie and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this research in any way. Nothing in the programs shall be construed as a solicitation to buy or sell any security or product, to engage in or refrain from engaging in any transaction, or to make any financial investment. It is provided for information purposes only.

We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Every reasonable effort has been made to ensure the reports in these programs prepared by Macquarie are accurate and reliable, however some facts and opinions may change without notice due to changing market conditions and actual results may vary from forecasts provided.

Some programs have been prepared by a person other than Macquarie. The views or opinions expressed in these programs are the views of that person and may not reflect the views or opinions of Macquarie. Macquarie takes no responsibility for these programs and expresses no belief as to the truth or falsity of their content. BlackRock, Inc and its affiliates (BlackRock) have not prepared and are not responsible for the content of any programs on this website. Any statements expressed by BlackRock in these programs constitute general information only and are not intended to represent general or specific investment or professional advice.

Information, including forecast financial information and hypothetical examples should not be considered as a recommendation in relation to holding, purchasing or selling securities or other instruments. While due care has been used in the preparation of forecast information and hypothetical examples, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside the control of Macquarie. Past performance is not a reliable indication of future performance.

There are risks involved in securities trading. The price of securities can and does fluctuate and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment.

The information in the programs is current as at 10 January 2012.

Contact us

Speak with your advisor about investment strategies.

Read the report

 

Download the PDF to gain knowledge and perspective from leading industry experts on the forces shaping today’s investing climate.

 

 


> Download Market Outlook report