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Home | Savings & Investment | Market Commentary
Market Commentary
Want to keep up with what's happening in New Zealand and international investment markets? Each month you can read the latest review of investment markets courtesy of TOWER Asset Management (TAM).
Please click on the document below to view the latest issue of TAM Portfolio.
- TOWER Portfolio - July 2010
Key themes: Weakening New Zealand equities market underscores value investment proposition
- TOWER Portfolio - June 2010
Key themes: The mysterious case of vanishing depreciation
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- TOWER Portfolio - May 2010
Key themes: Biofuel demand underpins agricultural commodities outlook.
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- Portfolio Benchmarks - May 2010
Retail funds: Performances including versus benchmarks.
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- TOWER Portfolio - April 2010
Key themes: Value investing opportunity opens up in the New Zealand sharemarket.
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- TOWER Portfolio - March 2010
Key themes: The long and grinding road.
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- TOWER Portfolio - February 2010
Key themes: Sovereign debt markets test the cockroach theory.
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- TOWER Portfolio - January 2010
Key themes: Tax change proposals loom over property investors.
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- TOWER Portfolio - December 2009
Key themes: Managing the return of inflation.
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- TOWER Portfolio - November 2009
Key themes: Big questions in need of answers.
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- TOWER Portfolio - October 2009
Key themes: Deleveraging costs hit commercial property funds.
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- TOWER Portfolio - September 2009
Key themes: What Price the US Dollar? The fate of the US dollar is emerging as a leading theme of the post-global credit crisis period.
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- TOWER Portfolio - August 2009
Key themes: How risky are risky assets? From early-March lows, risky assets have rallied impressively. High yield corporate debt for example has risen some 40% and equity markets have been similarly impressive rising nearly 50%.
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- TOWER Portfolio - July 2009
Key themes: Can The New Zealand Equity Bounce Be Sustained? The September 2008 to March 2009 period was extraordinary for financial markets. The global credit crisis intensified and the flow on effects to the real economy and equity markets were significant. After falling 16% in that six month period – and over 40% from its peak – the four months to July have seen a rebound of 15% for New Zealand equities. Is this move justified and can it be sustained?
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- TOWER Portfolio - June 2009
Key themes: It’s not just about the banks - We have written at great length on how official support packages have provided direct assistance to banks and financial institutions, but in the hundreds of assistance initiatives announced since September last year, we have only briefly touched on the succour offered directly to the consumer. As consumers or households make up around (60/70%) of all economic activity, it makes sense that any programmes pragmatically target this sector.
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- TOWER Portfolio - May 2009
Key themes: Is the Property Sector starved for cash? One investment analyst recently described the actions of an institutional manager to raise capital by a rights issue as “a cannon to the head” for existing investors. Not great reading, but perhaps some perspective is needed.
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- TOWER Portfolio - April 2009
Key themes: At the National Business Review 2009 INFINZ Industry Awards held in Auckland on 30 April, TOWER was delighted to win the prestigious Chapman Tripp Bond Fund Manager of the Year award.
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- TOWER Portfolio - March 2009
Key themes: It would be understandable if the events that unfolded over the last eighteen months have undermined investors’ faith in the ability of investment markets to deliver satisfactory returns over time. But has the world fundamentally changed? Should we be changing our strategic asset allocation? What alternatives are available?
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- TOWER Portfolio - February 2009
Key themes: Portfolio has a slightly different look this month. As before, included in each section are the key events from the previous month. But we are also hoping to provide you with a little more insight into what is really driving markets. Following is a summary of the outlook as TOWER sees it.
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- TOWER Portfolio - January 2009
Key themes: When the Reserve Bank cut the Official Cash Rate by a further 1.50% at the end of January to a new low of 3.50%, it brought the cumulative reduction in the OCR since July 2008 to 4.75% percentage points. What implication does this have for property investors?
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- TOWER Portfolio - December 2008
Key themes: While the economic outlook is gloomy, the investment outlook is more upbeat as there is already significant bad news factored into prices.
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- TOWER Portfolio - November 2008
Key themes: News headlines grab the attention, but what are they really saying?
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- TOWER Portfolio - October 2008
Key themes: The market is pricing in a lot of bad news; the measures suggest valuations are attractive; global backdrop tempers our view.
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- TOWER Portfolio - September 2008
Key themes: Lending policies based on rising property values the ultimate result is jingle mail; US residential property may have further to fall.
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- TOWER Portfolio - August 2008
Key themes:Growth concerns overtake inflation worries; new stage in the global credit crunch; equity valuations more attractive, but...
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- TOWER Portfolio - July 2008
Key themes: global credit markets remain unsettled; oil price down from peaks; easing cycle commences in New Zealand
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- TOWER Portfolio - June 2008
Key themes: prospects for slower growth and higher inflation concern markets; monetary conditions under review; developing markets set to weather storm.
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- TOWER Portfolio - May 2008
Key themes: oil prices continue to surge, moving beyond US$130; global bond yields rise on inflationary concerns; domestic economic data hits new lows this economic cycle.
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- TOWER Portfolio - April 2008
Key themes: equity markets rebound; credit spreads on bonds contract; oil moves above US$120 per barrel.
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- TOWER Portfolio - March 2008
Key themes: roller coaster ride for financial markets; central banks intervene; market observers split on predictions on likelihood of a US recession.
To view fund-specific commentaries click here
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