Our “Letters from” series of quarterly newsletters provide investors with a genuinely unique perspective on investment topics from various regions around the world. Our investment managers have a wealth of valuable insight from within the diverse markets they invest in. Through their “Letters”, investors can share their thought provoking and stimulating views on economic, market and corporate developments inside markets such as Japan, China, India and a selection of emerging markets.
Letter from India
Prime Minister Modi rode to power in 2014 on a wave of popular support. His pledge to remake India resonated with voters tired of political gridlock and sluggish economic growth. Three years on and India’s economy is back on track. GDP in the first quarter came in at a reported 7.1% – making it the world’s fastest-growing major economy. Inflation remains under control thanks, in part, to the tumbling oil price. This has allowed the Reserve Bank of India to cut interest rates.
Letter from Vietnam
A generation of fund managers has grown accustomed to investing in the shadow of the red flag of China, but another red flag state in Southeast Asia has been catching the eye of investors. The nation in question has been attracting a steady stream of frontier capitalists for a while, but is increasingly luring mainstream emerging market investors. Meet Asia’s new manufacturing workshop – Vietnam.
Letter from Tokyo
Japan is recovering, although challenges remain. Global demand has picked up, notably in Europe and in China, while the US has reached a stronger point in its economic cycle. This backdrop boosted Japan’s important export sector, the main driver of growth in late 2016.
Letter from China
Could the closing of a door in America provide an unexpected opening for China? With US President Donald Trump’s administration talking ‘America First’ and China pursuing a ‘One Belt, One Road’ agenda (building stronger links with its neighbours along the historic Silk Road), the two economic powerhouses appear to be moving in different directions.