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September 2021 - MONTHLY UPDATES FROM:


Global Market Review & Outlook

In a relatively quiet month for markets, equities made further progress while government bond markets slipped back

Wall Street rose for the seventh consecutive month, taking its gain over this period to 23%. Chinese markets stabilised after the sharp falls in July, but remain down by 27% from their February peak. The dollar gained ground against other major currencies while emerging market currencies rallied after falls in the previous two months. The biggest moves by far came in commodities: the oil price fell by over 4% as OPEC confirmed that it will ramp up production by 400,000 barrels per day until all the production cuts during the pandemic have been reversed, copper fell by 3% and the iron ore price collapsed by 18% in the month, taking its fall from mid-July to 30%, as China, which produces 55% of the world’s steel, introduced production curbs, in part to reduce emissions as the country heads into winter and in part due to the slowdown in the economy. Those calling a commodities super-cycle have been given pause for thought. MORE...


VAM Investment Update: The Mythical Taper? - September 2021




Robust corporate earnings and abundant liquidity enabled global equity markets to make further gains in August and establish all-time highs towards the end of the month. Although economic growth remains strong in absolute terms, at the margin actual numbers and survey data have surprised on the downside. MORE...




Q4 Update: Growing pains

The COVID-19 delta variant, inflation and central bank tapering are unnerving investors. We expect the pandemic-recovery trade to resume as inflation subsides, infection rates decline, and tapering turns out to not equal tightening. The outlook favours equities over bonds, the value factor over the growth factor and non-U.S. over U.S. stocks. MORE...


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